Filing Flows › Analog Devices (ADI) › Q2 FY26
Analog Devices (ADI) Q2 FY26 earnings results (second quarter fiscal 2026)
10-Q filed May 20, 2026
Analog Devices (ADI) reported revenue of $3.6B for the second quarter fiscal 2026 (Q2 FY26), +37% from a year earlier and +15% from the quarter before. Operating margin was 38.1%, net earnings $1.2B (32.5% of revenue).
Analog Devices, Q2 FY26: revenue $3.6B (+37% year over year), operating margin 38.1%, net earnings $1.2B, operating cash flow $872M. The chart follows the revenue to costs, profit and cash.
| Q2 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.6B | +15% | +37% |
| Gross profit | $2.4B | +19% | +51% |
| Operating profit | $1.4B | +38% | +104% |
| Net earnings | $1.2B | +42% | +106% |
| Operating cash flow | $872M | -36% | +6% |
| Free cash flow | $734M | — | — |
What changed
Revenue was $3.6B in Q2 FY26, up 37% year over year and up 15% from the previous quarter.
Gross margin was 67.3%, up 6.3 points from Q2 FY25. Operating profit was $1.4B, a 38.1% margin (up 12.4 points year over year). Of the extra revenue versus Q2 FY25, 71% reached operating profit, above the 26% margin then. Operating expenses grew 14% against revenue growth of 37%. The fastest-growing cost line was SG&A (+20%). Net earnings were $1.2B, up 106% year over year. The effective tax rate was 11.2%.
Operating cash flow was $0.87B (up 6% year over year), 74% of net earnings. Non-cash charges added back $0.49B of depreciation and amortization and $0.08B of share-based compensation. Working capital and other items used $0.88B. After capital expenditures ($0.14B), free cash flow as the company reports it was $0.73B.
Questions
What was Analog Devices' revenue in the second quarter fiscal 2026?
Analog Devices (ADI) reported revenue of $3.6B for the second quarter fiscal 2026 (Q2 FY26), +37% from a year earlier and +15% from the quarter before.
Was Analog Devices profitable in the second quarter fiscal 2026?
Operating profit was $1.4B (38.1% of revenue) and net earnings $1.2B.
Source: Analog Devices 10-Q on SEC EDGAR.