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Analog Devices cash flow, quarter by quarter

Latest: Q3 FY26 · from the cash-flow statements filed with the SEC

Free cash flow$1.5B in Q3 FY26 · $4.9B over twelve months

Operating cash flow$1.6B
Capital spending−$146M
Free cash flow+$1.5B
Cash / net income1.2×
Cash conversion cycle137 days

Analysis

In Q3 FY26, Analog Devices generated $1.6B of operating cash flow and spent $146M on capital projects, leaving free cash flow of $1.5B.

Over the twelve months to Aug 1, 2026, operating cash flow was $5.5B; the largest uses were other financing ($15.2B), buybacks ($3.1B), dividends ($2.0B); besides operations, cash came from net borrowing (+) / repaid (−) ($15.7B), other investing ($1.0B); the cash balance fell by $155M.

Operating cash flow was $1.6B against net income of $1.3B — 1.2× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$494M, deferred taxes −$161M, stock-based pay +$96.3M.

Its cash conversion cycle was 137 days (receivables 50 + inventory 131 − payables 44).

Free cash flow

Analog Devices: free cash flow by quarterAnalog Devices: free cash flow by quarter$885MQ4 FY24$978MQ1 FY25$729MQ2 FY25$1.1BQ3 FY25$1.5BQ4 FY25$1.3BQ1 FY26$734MQ2 FY26$1.5BQ3 FY26
Operating cash flow less capital spending.
Analog Devices: operating cash flow against capital spendingAnalog Devices: operating cash flow against capital spendingOperating cash flowCapital spending$1.1B$165MQ4 FY24$1.1B$149MQ1 FY25$819M$90.3MQ2 FY25$1.2B$79.2MQ3 FY25$1.7B$215MQ4 FY25$1.4B$109MQ1 FY26$872M$138MQ2 FY26$1.6B$146MQ3 FY26
Latest (Q3 FY26): Operating cash flow $1.6B, Capital spending $146M.

Capital allocation, year by year

Analog Devices: where the cash came from (up) and went (down), by fiscal yearAnalog Devices: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY21: Operating cash flow $2.7BFY21: Net borrowing $3.9BFY21: Shares issued $63.1MFY21: Asset sales $35.7MFY21: Capital spending −$344MFY21: Acquisitions $2.5BFY21: Buybacks −$2.6BFY21: Dividends −$1.1B$9.2BFY21FY22: Operating cash flow $4.5BFY22: Net borrowing $296MFY22: Shares issued $33.9MFY22: Capital spending −$699MFY22: Buybacks −$2.6BFY22: Dividends −$1.5B$4.8BFY22FY23: Operating cash flow $4.8BFY23: Net borrowing $5.3BFY23: Shares issued $119MFY23: Capital spending −$1.3BFY23: Buybacks −$3.0BFY23: Dividends −$1.7B$10.2BFY23FY24: Operating cash flow $3.9BFY24: Net borrowing $588MFY24: Shares issued $121MFY24: Capital spending −$730MFY24: Buybacks −$616MFY24: Dividends −$1.8B$4.6BFY24FY25: Operating cash flow $4.8BFY25: Net borrowing $10.6BFY25: Shares issued $109MFY25: Asset sales $58.9MFY25: Capital spending −$534MFY25: Acquisitions −$45.7MFY25: Buybacks −$2.2BFY25: Dividends −$1.9B$15.5BFY25
Over these 5 years operating cash flow totalled $20.7B; the largest uses were buybacks ($10.9B) and dividends ($8.1B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$2.3B
Debt$9.1B
Net debt$6.8B
Due within a year$2.3B

Analog Devices funds itself: free cash flow was $4.9B over the last twelve months, and $2.3B of cash and investments stands against $9.1B of debt ($2.3B due within a year, 1.0× covered by cash).

Where the cash came from and went

Analog Devices: sources (+) and uses (−) of cash, Q3 FY26Analog Devices: sources (+) and uses (−) of cash, Q3 FY26Net borrowing (+) / repaid (−)$5.9BOther financing−$5.4BOperating cash flow$1.6BAcquisitions−$1.5BBuybacks−$1.2BOther investing$931MDividends−$535MCash drawn (+) / kept (−)$271MCapital spending−$146MShares issued$61.7M
Analog Devices: sources (+) and uses (−) of cash, TTM to Q3 FY26Analog Devices: sources (+) and uses (−) of cash, TTM to Q3 FY26Net borrowing (+) / repaid (−)$15.7BOther financing−$15.2BOperating cash flow$5.5BBuybacks−$3.1BDividends−$2.0BAcquisitions−$1.5BOther investing$1.0BCapital spending−$608MCash drawn (+) / kept (−)$155MShares issued$126M

From profit to cash

Analog Devices: net income to operating cash flow, Q3 FY26Analog Devices: net income to operating cash flow, Q3 FY26Net income$1.3BDepreciation & amortization$494MStock-based pay$96.3MDeferred taxes−$161MOther non-cash−$24.1MOperating cash flow$1.6B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 FY265013144137
Q2 FY264313944138
Q1 FY264014045135
Q4 FY254413041133
Q3 FY254613038138
Q2 FY254413335142
Q1 FY254713439142
Q4 FY244612740133

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 FY26$1.6B−$146M−$1.5B−$1.2B−$535M$5.9B$61.7M$271M$1.5B
Q2 FY26$872M−$138M−$35.9M−$773M−$536M$4.1B$9.9M$469M$734M
Q1 FY26$1.4B−$109M—−$516M−$484M$3.0B$49.6M−$406M$1.3B
Q4 FY25$1.7B−$215M—−$680M−$487M$2.6B$4.6M−$178M$1.5B
Q3 FY25$1.2B−$79.2M—−$1.1B−$490M$1.5B$42.8M$55.0M$1.1B
Q2 FY25$819M−$90.3M—−$249M−$491M$2.3B$19.8M−$26.2M$729M
Q1 FY25$1.1B−$149M−$45.7M−$160M−$456M—$41.7M−$359M$978M
Q4 FY24$1.1B−$165M—−$94.9M−$457M−$500M$4.9M$115M$885M

Analog Devices: income statement and cash flow

Analog Devices, Q3 FY26: revenue $4.0B (+40% year over year), operating margin 40.1%. The chart follows the revenue to costs, profit and cash.

Analog Devices: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.