Analog Devices Inc.

Q3 performance (strong beat; record quarter) - Revenue $4.02B, above the high end of outlook; +11% sequentially and +40% YoY. - Gross margin 72.5% ( +33 bps YoY, -50 bps QoQ ), helped by higher revenue/utilization and favorable mix. - Operating margin ~50% (high end of outlook), +780 bps YoY; EPS $3.45 (record), +68% YoY and +12% QoQ.

Q4 guidance / near-term outlook (healthy profitability trajectory) - Revenue $4.3B ± $100M; operating margin 52% ± 100 bps (midpoint). - Adjusted EPS $3.86 ± $0.15; tax rate 12–14%; non-operating expenses ~$80M. - Gross margin expectation: ~74% (about +150 bps vs current level), driven mainly by mix, higher fixed-cost absorption, and price adjustment; management expects GM to hold near exit level into Q4 barring revenue/mix slippage.

Demand strength & where growth is coming from (broad-based + secular) - Industrial: 49% of revenue, +10% QoQ, +53% YoY (notably ATE, electronic test/measurement, aerospace & defense, automation). - Automotive: 25% of revenue, +14% QoQ, +16% YoY (share/content above SAAR). - Communications: 16% of revenue, +18% QoQ, +84% YoY; data center now ~80% of comms, with 100%+ YoY growth in both optical and power. - Consumer: 10%, flat QoQ, +6% YoY; resilient despite memory-driven challenges.