Analog Devices Inc.

Q2 results beat guidance (strong upside, new “high watermarks”) - Revenue: $3.62B, +15% sequentially and +37% YoY, finishing above the high end of outlook. - Industrial leadership: Industrial was 50% of Q2 revenue, +20% sequentially and +56% YoY; all industrial sub-segments grew sequentially and YoY (Aerospace & Defense, ATE, ETM, broad market). - Profitability: Gross margin 73% (+180 bps QoQ, +360 bps YoY) driven by mix, utilization, pricing; Op margin 49%, well above high end of guidance. - EPS: $3.09 (record), +26% QoQ and +67% YoY. - Cash return: Over trailing 12 months FCF $4.6B (36% of revenue); returned $5B to shareholders via dividends + buybacks.

Demand narrative: strong and “generally calm” with improved visibility; supply chokepoints remain - Management said customer conversations reflect general calm: lead times are “in pretty good shape” and the demand book is rising. - Main supply concern is specific semiconductor chokepoints (notably memory)—most relevant to consumer customers (where choices may be constrained). - Surprise/positive: CEO emphasized ADI’s hybrid manufacturing model and capacity/optionality (internal + external process flexibility) as a key reason ADI can capture upside without losing service.

Segment mix: strongest growth in communications/data center; auto resilient but consumer more cyclical - Communications: 15% of revenue, +22% sequentially, +79% YoY; data center now >75% of communications and up >90% YoY, driven by both optical and power. - Wireless: >35% YoY growth (increasing demand). - Automotive: 24% of revenue, +8% sequentially, +2% YoY—positive momentum led by next-gen ADAS/infotainment content gains (e.g., GMSL, functionally safe power, A2B); BMS returned to YoY growth for the first time in 2 years. - Consumer: 11% of revenue, flat QoQ, +23% YoY; management expects near-term consumer impact from macro/inflation as conditions normalize.