Analyst Consensus ?
ConsensusBuy53 ratings
Bullish4483.0%
Neutral917.0%
Bearish00.0%
Analog Devices, Inc. · ADI · FY2026 Q2 · Calendar Q2 2026
ADI Record Q2 FY26 on Industrial, Data-Center Strength; Empower Deal Adds AI Power TAM
Analog Devices delivered record Q2 FY26 results with revenue of $3.62B (up 37% YoY) and EPS of $3.09, beating consensus on both lines. Growth was led by industrial (50% of revenue, up 56% YoY) and data-center/communications (up over 90% YoY). The Empower Semiconductor acquisition adds IVR and silicon-capacitor technology, expanding ADI's TAM in high-density AI accelerator power. Despite a negative initial market reaction, shares subsequently drifted higher.
Reported Before market openNASDAQTechnology
$181.14B market cap
90quality score
Company context
Snapshot as of publicationAnalog Devices, Inc. (ADI) is a technology leader specializing in the conception, production, validation, and global marketing of integrated circuits (ICs), software solutions, and advanced subsystems. Their offerings leverage sophisticated analog, mixed-signal, and digital signal processing technologies. The company's comprehensive product lineup features data converters, which are critical for transforming real-world analog signals into digital data and subsequently converting digital data back into analog signals. They also provide power management and reference devices, essential for power conversion, driver supervision, system sequencing, and energy optimization in industries such as automotive, telecommunications, industrial applications, and premium consumer markets. These power ICs are supported by integrated performance, integration, and software design simulation tools for precise power supply development.…
Earnings scorecard
Reported versus consensus
Reported EPS
$3.09
Consensus $3
EPS surprise
+6.9%
Reported versus consensus
Reported revenue
$3.62B
Consensus $3.51B
Revenue surprise
+3.1%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$371.8Current
$170Low
$365.53Average
$675High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Aug 27, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Baird | Outperform | Outperform | Maintain | Aug 24, 2026 |
| BMO Capital | Outperform | Outperform | Maintain | Aug 21, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Aug 20, 2026 |
| TD Cowen | Buy | Buy | Maintain | Aug 20, 2026 |
| Seaport Global | Buy | Neutral | Upgrade | Aug 20, 2026 |
| Needham | Buy | Buy | Maintain | Aug 20, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Aug 20, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Aug 20, 2026 |
| Bernstein | Outperform | Market Perform | Upgrade | Aug 20, 2026 |
| Cantor Fitzgerald | Overweight | Overweight | Maintain | Aug 17, 2026 |
| Keybanc | Overweight | Overweight | Maintain | Jul 14, 2026 |
| Stifel | Buy | Buy | Maintain | Jun 24, 2026 |
| Truist Securities | Hold | Hold | Maintain | May 21, 2026 |
| Jefferies | Buy | Buy | Maintain | May 21, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | May 21, 2026 |
| Citigroup | Buy | Buy | Maintain | May 21, 2026 |
| Barclays | Overweight | Overweight | Maintain | May 21, 2026 |
| B of A Securities | Buy | Buy | Maintain | May 21, 2026 |
| Oppenheimer | Outperform | Outperform | Maintain | May 12, 2026 |
| UBS | Buy | Buy | Maintain | Feb 19, 2026 |
| Susquehanna | Positive | Positive | Maintain | Feb 19, 2026 |
| Piper Sandler | Neutral | Neutral | Maintain | Feb 19, 2026 |
| Goldman Sachs | Buy | Buy | Maintain | Feb 19, 2026 |
| Benchmark | Buy | Buy | Maintain | Feb 19, 2026 |
| Edward Jones | Buy | Hold | Upgrade | Dec 22, 2023 |
| Raymond James | Outperform | Outperform | Maintain | Aug 24, 2023 |
| Credit Suisse | Buy | Buy | Maintain | Feb 16, 2023 |
| Cowen & Co. | Outperform | Outperform | Maintain | Feb 16, 2023 |
| Deutsche Bank | Hold | Hold | Maintain | Oct 18, 2022 |
| RBC Capital | Outperform | Outperform | Maintain | Feb 16, 2021 |
| SunTrust Robinson Humphrey | Buy | Buy | Maintain | May 21, 2020 |
| CFRA | Hold | Buy | Downgrade | Feb 20, 2020 |
| Bank of America | Buy | Buy | Maintain | Dec 19, 2019 |
| Nomura | Neutral | Neutral | Maintain | Nov 27, 2019 |
| Daiwa Capital | Outperform | Outperform | Maintain | Oct 22, 2019 |
| PiperJaffray | Overweight | Overweight | Maintain | Nov 21, 2018 |
| Stifel Nicolaus | Buy | Buy | Maintain | Sep 27, 2018 |
| B. Riley Securities | Buy | Buy | Maintain | Aug 23, 2018 |
| B. Riley FBR | Buy | Buy | Maintain | Aug 23, 2018 |
| Loop Capital | Buy | Buy | Maintain | Jun 22, 2018 |
| B. Riley | Buy | Buy | Maintain | Mar 1, 2018 |
| Argus Research | Buy | Buy | Maintain | Mar 1, 2018 |
| Argus | Buy | Buy | Maintain | Mar 1, 2018 |
| Stephens & Co. | Overweight | Equal Weight | Upgrade | Apr 24, 2017 |
| MKM Partners | Neutral | Neutral | Maintain | Nov 23, 2016 |
| CLSA | Outperform | Outperform | Maintain | Oct 20, 2016 |
| Pacific Crest | Overweight | Overweight | Maintain | Jul 27, 2016 |
| Drexel Hamilton | Buy | Buy | Maintain | Mar 1, 2016 |
| Maxim Group | Neutral | Neutral | Maintain | Aug 19, 2015 |
| ISI Group | Neutral | Buy | Downgrade | Oct 3, 2014 |
| Macquarie | Outperform | Outperform | Maintain | Aug 27, 2014 |
| Sterne Agee | Neutral | Neutral | Maintain | Nov 28, 2012 |
| Canaccord Genuity | Buy | Buy | Maintain | Aug 22, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $371.8. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Robert W. Baird | Tristan Gerra | $675 | $373.09 | +81.5% | Aug 24, 2026 |
| BMO Capital | Harsh Kumar | $430 | $370.24 | +15.7% | Aug 20, 2026 |
| Seaport Global | Jay Goldberg | $425 | $373.26 | +14.3% | Aug 20, 2026 |
| Needham | Quinn Bolton | $450 | $373.26 | +21.0% | Aug 20, 2026 |
| Morgan Stanley | Analyst unavailable | $458 | $373.26 | +23.2% | Aug 20, 2026 |
| Wells Fargo | Analyst unavailable | $500 | $373.26 | +34.5% | Aug 20, 2026 |
| Goldman Sachs | Analyst unavailable | $480 | $373.26 | +29.1% | Aug 19, 2026 |
| Bernstein | Stacy Rasgon | $465 | $373.26 | +25.1% | Aug 19, 2026 |
| KeyBanc | Analyst unavailable | $525 | $386.01 | +41.2% | Jul 14, 2026 |
| Cantor Fitzgerald | Matthew Prisco | $550 | $386.91 | +47.9% | Jun 29, 2026 |
| Fundamental Research | Analyst unavailable | $550 | $386.91 | +47.9% | Jun 29, 2026 |
| Stifel Nicolaus | Analyst unavailable | $498 | $407.26 | +33.9% | Jun 24, 2026 |
| Argus Research | Jim Kelleher | $460 | $422.3 | +23.7% | May 26, 2026 |
| Bernstein | Stacy Rasgon | $430 | $384.17 | +15.7% | May 21, 2026 |
| Raymond James | Analyst unavailable | $430 | $388.3 | +15.7% | May 21, 2026 |
| Evercore ISI | Analyst unavailable | $474 | $388.18 | +27.5% | May 21, 2026 |
| Robert W. Baird | Analyst unavailable | $450 | $398.05 | +21.0% | May 21, 2026 |
| KeyBanc | John Vinh | $500 | $398.05 | +34.5% | May 21, 2026 |
| Wolfe Research | Chris Caso | $475 | $398.05 | +27.8% | May 21, 2026 |
| Wolfe Research | Analyst unavailable | $460 | $398.05 | +23.7% | May 21, 2026 |
| Wells Fargo | Joe Quatrochi | $515 | $398.05 | +38.5% | May 21, 2026 |
| Barclays | Tom O'Malley | $450 | $398.05 | +21.0% | May 21, 2026 |
| Jefferies | Blayne Curtis | $475 | $398.05 | +27.8% | May 20, 2026 |
| Goldman Sachs | Analyst unavailable | $450 | $398.05 | +21.0% | May 20, 2026 |
| Truist Financial | Analyst unavailable | $405 | $398.05 | +8.9% | May 20, 2026 |
| Stifel Nicolaus | Analyst unavailable | $450 | $417.49 | +21.0% | May 18, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $510 | $431.67 | +37.2% | May 13, 2026 |
| Wells Fargo | Analyst unavailable | $470 | $419.65 | +26.4% | May 13, 2026 |
| Oppenheimer | Analyst unavailable | $450 | $422.73 | +21.0% | May 12, 2026 |
| Robert W. Baird | Analyst unavailable | $365 | $345.6 | -1.8% | Feb 19, 2026 |
| UBS | Analyst unavailable | $430 | $340.32 | +15.7% | Feb 19, 2026 |
| Truist Financial | William Stein | $364 | $340.45 | -2.1% | Feb 19, 2026 |
| Evercore ISI | Analyst unavailable | $387 | $343.46 | +4.1% | Feb 19, 2026 |
| Morgan Stanley | Joseph Moore | $373 | $346.37 | +0.3% | Feb 19, 2026 |
| Susquehanna | Analyst unavailable | $400 | $346.37 | +7.6% | Feb 19, 2026 |
| Needham | Quinn Bolton | $400 | $346.37 | +7.6% | Feb 19, 2026 |
| KeyBanc | John Vinh | $430 | $346.37 | +15.7% | Feb 19, 2026 |
| Piper Sandler | Harsh Kumar | $360 | $346.37 | -3.2% | Feb 19, 2026 |
| Barclays | Tom O'Malley | $430 | $346.37 | +15.7% | Feb 19, 2026 |
| Jefferies | Analyst unavailable | $410 | $346.37 | +10.3% | Feb 19, 2026 |
| Oppenheimer | Analyst unavailable | $400 | $346.37 | +7.6% | Feb 19, 2026 |
| Goldman Sachs | Analyst unavailable | $370 | $346.37 | -0.5% | Feb 18, 2026 |
| Stifel Nicolaus | Tore Svanberg | $405 | $346.37 | +8.9% | Feb 18, 2026 |
| Stifel Nicolaus | Analyst unavailable | $360 | $332.27 | -3.2% | Feb 17, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $400 | $337.1 | +7.6% | Feb 17, 2026 |
| Barclays | Tom O'Malley | $375 | $337 | +0.9% | Feb 12, 2026 |
| UBS | Analyst unavailable | $400 | $321.36 | +7.6% | Feb 9, 2026 |
| Susquehanna | Analyst unavailable | $360 | $304.97 | -3.2% | Jan 22, 2026 |
| UBS | Analyst unavailable | $350 | $302.95 | -5.9% | Jan 21, 2026 |
| Morgan Stanley | Joseph Moore | $314 | $306.19 | -15.5% | Jan 16, 2026 |
| Stifel Nicolaus | Analyst unavailable | $330 | $306.04 | -11.2% | Jan 16, 2026 |
| Oppenheimer | Analyst unavailable | $350 | $302.1 | -5.9% | Jan 16, 2026 |
| Barclays | Tom O'Malley | $315 | $297.99 | -15.3% | Jan 15, 2026 |
| Wells Fargo | Analyst unavailable | $340 | $297.99 | -8.6% | Jan 15, 2026 |
| KeyBanc | Analyst unavailable | $375 | $293.86 | +0.9% | Jan 13, 2026 |
| Truist Financial | Analyst unavailable | $291 | $274.92 | -21.7% | Dec 19, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $350 | $280.52 | -5.9% | Dec 16, 2025 |
| UBS | Timothy Arcuri | $320 | $281.29 | -13.9% | Dec 8, 2025 |
| Truist Financial | William Stein | $258 | $258.4 | -30.6% | Nov 26, 2025 |
| Morgan Stanley | Joseph Moore | $293 | $255.42 | -21.2% | Nov 26, 2025 |
| Robert W. Baird | Analyst unavailable | $275 | $252.02 | -26.0% | Nov 26, 2025 |
| Bernstein | Stacy Rasgon | $270 | $258.73 | -27.4% | Nov 26, 2025 |
| Goldman Sachs | James Schneider | $300 | $252.02 | -19.3% | Nov 25, 2025 |
| Piper Sandler | Analyst unavailable | $290 | $252.02 | -22.0% | Nov 25, 2025 |
| Evercore ISI | Mark Lipacis | $282 | $252.02 | -24.2% | Nov 25, 2025 |
| CFRA | Angelo Zino | $280 | $252.02 | -24.7% | Nov 25, 2025 |
| Wells Fargo | Analyst unavailable | $265 | $252.02 | -28.7% | Nov 25, 2025 |
| Stifel Nicolaus | Tore Svanberg | $290 | $252.02 | -22.0% | Nov 25, 2025 |
| Stifel Nicolaus | Tore Svanberg | $280 | $230.72 | -24.7% | Nov 21, 2025 |
| BNP Paribas | David O'Connor | $300 | $231.33 | -19.3% | Nov 4, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $300 | $244.79 | -19.3% | Sep 30, 2025 |
| Wells Fargo | Joe Quatrochi | $235 | $231.8 | -36.8% | Jun 16, 2025 |
| Williams Trading | David Williams | $260 | $210.47 | -30.1% | May 23, 2025 |
| Morgan Stanley | Analyst unavailable | $214 | $174.99 | -42.4% | Apr 21, 2025 |
| Williams Trading | David Williams | $245 | $214.61 | -34.1% | Feb 14, 2025 |
| Piper Sandler | Harsh Kumar | $220 | $214.7 | -40.8% | Nov 27, 2024 |
| Truist Financial | William Stein | $233 | $226.78 | -37.3% | Sep 23, 2024 |
| Truist Financial | William Stein | $266 | $221.91 | -28.5% | Aug 22, 2024 |
| Morgan Stanley | Joseph Moore | $257 | $227.21 | -30.9% | Aug 22, 2024 |
| Morgan Stanley | Joseph Moore | $250 | $203.69 | -32.8% | Aug 5, 2024 |
| Barclays | Tom O'Malley | $250 | $235.61 | -32.8% | Jul 18, 2024 |
| Robert W. Baird | Tristan Gerra | $250 | $234.63 | -32.8% | May 24, 2024 |
| Truist Financial | William Stein | $275 | $237.76 | -26.0% | May 23, 2024 |
| Goldman Sachs | Toshiya Hari | $252 | $240.16 | -32.2% | May 23, 2024 |
| Barclays | Tom O'Malley | $235 | $240.16 | -36.8% | May 23, 2024 |
| Wells Fargo | Gary Mobley | $230 | $240.16 | -38.1% | May 23, 2024 |
| Bernstein | Stacy Rasgon | $220 | $240.16 | -40.8% | May 23, 2024 |
| Deutsche Bank | Ross Seymore | $225 | $240.16 | -39.5% | May 22, 2024 |
| Jefferies | Blayne Curtis | $280 | $240.16 | -24.7% | May 22, 2024 |
| Stifel Nicolaus | Tore Svanberg | $265 | $240.16 | -28.7% | May 22, 2024 |
| CFRA | Angelo Zino | $240 | $240.16 | -35.4% | May 22, 2024 |
| Stifel Nicolaus | Tore Svanberg | $240 | $214.08 | -35.4% | May 20, 2024 |
| Barclays | Tom O'Malley | $210 | $214.08 | -43.5% | May 20, 2024 |
| Evercore ISI | Mark Lipacis | $254 | $190.29 | -31.7% | Apr 15, 2024 |
| Morgan Stanley | Joe Moore | $212 | $192.78 | -43.0% | Feb 22, 2024 |
| Piper Sandler | Harsh Kumar | $175 | $189.4 | -52.9% | Feb 21, 2024 |
| Wolfe Research | Chris Caso | $225 | $185.43 | -39.5% | Jan 17, 2024 |
| Truist Financial | William Stein | $206 | $183.05 | -44.6% | Nov 27, 2023 |
| Susquehanna | Christopher Rolland | $210 | $182.67 | -43.5% | Nov 22, 2023 |
| Raymond James | Melissa Fairbanks | $200 | $173.89 | -46.2% | Aug 24, 2023 |
| Truist Financial | William Stein | $251 | $192.71 | -32.5% | Feb 21, 2023 |
| Cowen & Co. | Cowen Cowen | $200 | $171.68 | -46.2% | Dec 15, 2022 |
| UBS | Timothy Arcuri | $195 | $168.43 | -47.6% | Nov 23, 2022 |
| Deutsche Bank | Analyst unavailable | $170 | $170.57 | -54.3% | Aug 18, 2022 |
| Truist Financial | Analyst unavailable | $209 | $170.89 | -43.8% | Aug 18, 2022 |
| Citigroup | Analyst unavailable | $195 | $168.38 | -47.6% | Aug 18, 2022 |
| Piper Sandler | Analyst unavailable | $190 | $167.18 | -48.9% | Aug 18, 2022 |
| Deutsche Bank | Ross Seymore | $165 | $171.96 | -55.6% | Jul 30, 2022 |
| Morgan Stanley | Analyst unavailable | $173 | $159.04 | -53.5% | Jun 10, 2022 |
| Truist Financial | William Stein | $203 | $162.44 | -45.4% | May 21, 2022 |
| Morgan Stanley | Analyst unavailable | $186 | $162.18 | -50.0% | May 19, 2022 |
| Morgan Stanley | Analyst unavailable | $178 | $158.74 | -52.1% | May 16, 2022 |
| Piper Sandler | Harsh Kumar | $210 | $158.74 | -43.5% | Apr 10, 2022 |
| Citigroup | Christopher Danely | $192 | $159.65 | -48.4% | Feb 17, 2022 |
| UBS | Pradeep Ramani | $225 | $159.65 | -39.5% | Feb 17, 2022 |
| Barclays | Blayne Curtis | $180 | $172.91 | -51.6% | Jan 12, 2022 |
| Wells Fargo | Gary Mobley | $185 | $171.24 | -50.2% | Dec 21, 2021 |
| Bank of America Securities | Vivek Arya | $220 | $180.89 | -40.8% | Nov 24, 2021 |
| J.P. Morgan | Harlan Sur | $220 | $180.89 | -40.8% | Nov 24, 2021 |
| Raymond James | Chris Caso | $210 | $180.89 | -43.5% | Nov 24, 2021 |
| BMO Capital | Ambrish Srivastava | $220 | $180.87 | -40.8% | Nov 23, 2021 |
| Oppenheimer | Rick Schafer | $210 | $187.17 | -43.5% | Nov 19, 2021 |
| KeyBanc | John Vinh | $200 | $166.16 | -46.2% | Jul 6, 2021 |
| Bernstein | Stacy Rasgon | $185 | $156.76 | -50.2% | May 20, 2021 |
Track every rating change on ADI the moment it posts. Free to start.
Start freeMarket reaction
prior-close to event-session close
Stock move
-3.9%
Event window
SPY move
+1.0%
Same window
Abnormal move
-4.9%
Stock minus SPY
Volume
2.8×
Versus trailing sessions
Subsequent drift
+9.1%
Up to 20 sessions
ADISPY benchmark
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Try FN2 freeTranscript intelligence
What changed
Q2 FY26 revenue reached a record $3.62B, up 15% sequentially and 37% YoY, beating consensus by 3.1%. EPS of $3.09 beat the $2.89 estimate by 6.9%, with gross margin at 73%. Data-center and communications revenue surged over 90% YoY, driven by optical and power portfolios. ADI announced the acquisition of Empower Semiconductor to add IVR and silicon-capacitor technology. Internal manufacturing capacity has doubled since pre-COVID, positioning ADI to support up to $20B of revenue by 2030.
Guidance delta
maintained
Key takeaways
- Q2 revenue and EPS both set new records, with margins expanding on favorable mix and utilization.
- Industrial businesses contributed 50% of revenue and posted 56% YoY growth, driven by aerospace & defense, automation, ETM and energy.
- Data-center and communications revenue surged over 90% YoY, powered by both optical and power portfolios.
- Pricing strategy remains volume-focused; average selling prices are 4-5x industry average and are expected to add a few percentage points to growth in 2026.
- Empower acquisition will enhance ADI's power-delivery platform and open new TAM in high-density AI accelerator market.
Management priorities
- Integrate Empower's IVR and capacitor technology into ADI product lines, targeting significant revenue contribution by 2027.
- Continue investing in AI-accelerator power solutions, data-center optics, and high-performance sensing for automation.
- Maintain capex at 4-6% of revenue to support capacity expansion and technology development.
- Deliver 100% free-cash-flow return over the long term via dividends and share buybacks.
Sources
- Earnings call transcript and parsed analysis · 2026-05-20T16:22:08.869288+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-28T15:19:14.196092+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-28T15:19:14.193399+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated . For educational purposes only; not investment advice.