Explain this page
Arphra AIPlain-English read on Analog Devices, Inc.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $7.32B | $12.01B | $12.31B | $9.43B | $11.02B | $14.7B | $16.92B | $18.54B | $18.99B |
| Cost of revenue | $2.46B | $4.21B | $4.43B | $4.05B | $4.25B | $5.72B | $6.49B | $7.24B | $7.51B |
| Gross profit | $4.86B | $7.8B | $7.88B | $5.38B | $6.77B | $8.88B | $10.05B | $11.12B | $11.32B |
| Gross margin | +66.36% | +64.96% | +64.01% | +57.08% | +61.47% | +60.40% | +59.36% | +59.96% | +59.62% |
| Operating | |||||||||
| Research & development | $1.3B | $1.7B | $1.66B | $1.49B | $1.77B | $2.28B | $2.58B | $2.87B | $2.95B |
| Selling, general & administrative | $918.7M | $1.27B | $1.28B | $1.08B | $1.26B | $1.64B | $1.91B | $2.07B | $2.1B |
| Total operating expenses | $3.16B | $4.53B | $4.05B | $3.35B | $3.84B | $4.92B | $5.9B | $6.36B | $6.56B |
| Operating income | $1.69B | $3.28B | $3.82B | $2.03B | $2.93B | $3.98B | $4.52B | $5.04B | $4.94B |
| Operating margin | +23.12% | +27.29% | +31.07% | +21.56% | +26.61% | +27.11% | +26.69% | +27.20% | +26.00% |
| EBITDA | $2.59B | $5.6B | $6.17B | $4.2B | $5.03B | $6.77B | $7.86B | $8.92B | $8.84B |
| EBIT | $1.51B | $3.3B | $3.87B | $2.1B | $3.03B | $4.02B | $4.55B | $4.98B | $5.23B |
| Below the line | |||||||||
| Interest expense | $184.83M | $200.41M | $264.64M | $322.23M | $317.72M | $422.98M | $485.18M | $529.69M | $537.61M |
| Interest income | $1.22M | $6.91M | $41.29M | $78.82M | $105.27M | $105.27M | $118.2M | $133.49M | $134.33M |
| Other income / expense | -$363.49M | -$179.95M | -$215.11M | -$255.46M | -$220.38M | — | — | — | — |
| Pre-tax income | $1.33B | $3.1B | $3.61B | $1.78B | $2.71B | $3.46B | $4.14B | $4.42B | $4.55B |
| Income tax expense | -$61.71M | $350.19M | $293.42M | $142.07M | $444.77M | $390.04M | $449.55M | $494.71M | $502.81M |
| Earnings | |||||||||
| Net income | $1.39B | $2.75B | $3.31B | $1.64B | $2.27B | $3.16B | $3.66B | $3.93B | $4.04B |
| Net income · continuing ops | $1.39B | $2.75B | $3.31B | $1.64B | $2.27B | $3.25B | $3.6B | $4B | $4.01B |
| Net margin | +19.00% | +22.88% | +26.94% | +17.35% | +20.58% | +21.49% | +21.63% | +21.18% | +21.30% |
| EPS · basic | $3.50 | $5.29 | $6.60 | $3.30 | $4.59 | $12.32 | $15.05 | $16.98 | $17.26 |
| EPS · diluted | $3.46 | $5.25 | $6.55 | $3.28 | $4.56 | $12.27 | $14.80 | $16.98 | $17.00 |
| EPS · low estimate | — | — | — | — | — | $12.11 | $13.16 | $12.80 | $14.56 |
| EPS · high estimate | — | — | — | — | — | $12.97 | $15.82 | $19.40 | $18.18 |
| Shares · basic | 397.46M | 519.23M | 502.23M | 496.17M | 494.38M | 499.14M | 496.05M | 491.2M | 490M |
| Shares · diluted | 401.29M | 523.18M | 505.96M | 498.7M | 496.71M | 494.88M | 493.97M | 497.93M | 498.92M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 21 | 22 | 14 | 7 |
| Analysts (EPS) | — | — | — | — | — | 18 | 18 | 7 | 4 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
Full income statement, balance sheet, and cash-flow history is included with Pro.
Upgrade to Pro