실적분석 2026년 8월 19일

Analog Devices ($ADI) FY2026 Q3 Earnings Analysis — Revenue and Adjusted EPS Beat Expectations, Issues New Q4 Guidance

Earnings Scorecard

Revenue: $4.022 billion (+40% year-over-year, vs. $3.925 billion estimate) ✅ Beat

EPS: Adjusted $3.45 (vs. $3.33 estimate; GAAP $2.74) ✅ Beat

Guidance: Newly issued — FY2026 Q4 revenue of $4.3 billion (±$100 million), adjusted EPS of $3.86 (±$0.15)

Stock reaction: After-hours +0.87% ($379.91) — as of 08-19 20:44 KST

Highlights

Industrial revenue +53%: Industrial revenue of $1.972 billion, 49% of total

Communications revenue +84%: Communications revenue of $655 million, with data center as the growth driver

Adjusted operating margin 50%: Up 780bp from 42.2% in the prior-year period

Analog Devices, an analog and mixed-signal semiconductor company, saw its top line lifted by data center and industrial demand. Improving profitability went hand in hand with revenue growth, and cash generation remained robust, with trailing-twelve-month operating cash flow of $5.5 billion and free cash flow of $4.9 billion.

Weak Spots

Consumer growth +6%: The slowest of the four end markets

Adjusted vs. GAAP gap: Adjusted EPS of $3.45 vs. GAAP EPS of $2.74

Inventory $1.93 billion: Up from the start of the fiscal year ($1.656 billion)

Only the consumer segment posted clearly tepid growth. The gap between GAAP and adjusted earnings widened due to amortization of acquisition-related intangibles and similar items, so it's safer to look at both metrics together when assessing core operating performance.

What Management Said

CEO Vincent Roche said the company leveraged broad-based demand to come in above the midpoint of its revenue, margin, and earnings outlook. CFO Richard Puccio explained that strengthening demand across the product portfolio and geographies was reflected in the Q4 outlook.

Market Reaction and What to Watch Next

Despite the earnings beat and aggressive Q4 guidance, the after-hours response was limited. The improvement appears to have already been largely priced into the stock.

Monitor whether Q4 revenue lands near the midpoint of guidance ($4.3 billion).

Watch whether the communications and industrial growth momentum carries into another quarter.

Track progress toward the 52% adjusted operating margin guidance.