消息面上，亚德诺公布2025财年第三季度业绩，收入同比增长25%，达28.8亿美元，超出分析师预期的 27.6亿美元；调整后每股收益为2.05美元，超过分析师预期的1.95美元；调整后毛利率提高130个基点， 达69.2%。另外，公司预计第四财季营收约为30亿美元，调整后每股收益约为2.22美元，均超预期。董 事会宣布，每股普通股将派发季度股息99美分。(格隆汇) 芯片制造商亚德诺(ADI.US)涨近5%，最高触及241.78美元。 ...

Core Viewpoint - Analog Devices (ADI) reported quarterly earnings of $2.05 per share, exceeding the Zacks Consensus Estimate of $1.93 per share, and showing a year-over-year increase from $1.58 per share [1] Financial Performance - The company achieved revenues of $2.88 billion for the quarter ended July 2025, surpassing the Zacks Consensus Estimate by 4.45%, compared to $2.31 billion in the same quarter last year [2] - Over the last four quarters, Analog Devices has consistently exceeded consensus EPS estimates [2] Stock Performance - Analog Devices shares have increased approximately 8.5% since the beginning of the year, while the S&P 500 has gained 9% [3] - The stock currently holds a Zacks Rank 2 (Buy), indicating expectations of outperforming the market in the near future [6] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $1.98 on revenues of $2.79 billion, and for the current fiscal year, it is $7.40 on revenues of $10.58 billion [7] - The trend of estimate revisions for Analog Devices was favorable prior to the earnings release [6] Industry Context - The Semiconductor - Analog and Mixed industry is currently ranked in the top 18% of over 250 Zacks industries, suggesting a positive outlook for stocks within this sector [8]

Core Insights - Analog Devices reported a 25% year-over-year revenue growth for Q3 FY2025, reaching $2.88 billion, exceeding analyst expectations of $2.76 billion [1] - Adjusted earnings per share (EPS) were $2.05, surpassing the forecast of $1.95 [1] - Adjusted gross margin improved by 130 basis points to 69.2% [1] Revenue Breakdown - Industrial revenue increased by 23% year-over-year, amounting to $1.29 billion [1] - Automotive business revenue grew by 22% year-over-year, reaching $850.6 million [1] Dividend Announcement - The board declared a quarterly dividend of $0.99 per share [1] Future Outlook - For Q4, the company anticipates revenue of approximately $3 billion, higher than the analyst estimate of $2.82 billion [1] - Adjusted EPS is expected to be around $2.22, also above the analyst forecast of $2.03 [1] - The CEO noted a continued increase in backlog and healthy order trends, particularly in the industrial end market [1]

Core Viewpoint - The rapid development of artificial intelligence (AI) technology is creating widespread opportunities in the market, with a focus on analyzing AI concept stocks and market trends [2]. Group 1: AI Chip Collaboration - ByteDance is reportedly collaborating with Chipone Technology to design an advanced AI computing chip, although ByteDance has denied any such partnership [4]. Group 2: Regulatory Perspective on AI - U.S. Federal Reserve Vice Chair Bowman emphasized the necessity for banks and regulators to embrace new technologies like AI and cryptocurrencies to avoid losing relevance in the economy [4]. Group 3: Market Performance - On August 19, U.S. stock indices closed mixed, with major tech stocks experiencing significant declines, particularly NVIDIA, which fell by 3.5%, marking its largest drop in nearly four months [4][5]. - The overall decline in large tech stocks led to a 1.69% drop in the Nasdaq-100 index, with NVIDIA losing over $155 billion in market value (approximately 1.1 trillion RMB) [5]. Group 4: Semiconductor Sector Outlook - Citigroup analysts suggest that semiconductor stocks have further upside potential, recommending buying on dips. The Philadelphia Semiconductor Index (SOX) initially fell by 5% but rebounded due to strong performance in the AI sector [9][10]. - Despite a 6% downward adjustment in overall earnings expectations, AI remains a bright spot, with companies like Meta, Microsoft, and Google expected to increase capital expenditures by $18 billion by 2025 [10]. - Key semiconductor stocks identified for continued growth include Microchip Technology, Texas Instruments, Broadcom, Micron, and NXP Semiconductors, with AI-related revenue contributions highlighted [9][10].

PART I — FINANCIAL INFORMATION This section provides the unaudited condensed consolidated financial statements and management's discussion for the three and nine months ended August 2, 2025 [Financial Statements](index=2&type=section&id=ITEM%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for the three and nine months ended August 2, 2025, along with detailed explanatory notes [Condensed Consolidated Statements of Income](index=2&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) The company reported strong year-over-year growth in revenue and net income for both the third quarter and the first nine months of fiscal 2025 Q3 & Nine Months FY2025 Financial Performance (YoY) | Financial Metric | Three Months Ended Aug 2, 2025 (Millions USD) | Three Months Ended Aug 3, 2024 (Millions USD) | YoY Change | Nine Months Ended Aug 2, 2025 (Millions USD) | Nine Months Ended Aug 3, 2024 (Millions USD) | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Revenue** | $2,880.3 | $2,312.2 | +24.6% | $7,943.6 | $6,984.0 | +13.7% | | **Gross Margin** | $1,789.7 | $1,311.2 | +36.5% | $4,831.7 | $3,965.2 | +21.8% | | **Operating Income** | $818.0 | $491.3 | +66.5% | $1,987.3 | $1,463.4 | +35.8% | | **Net Income** | $518.5 | $392.2 | +32.2% | $1,479.6 | $1,157.2 | +27.9% | | **Diluted EPS** | $1.04 | $0.79 | +31.6% | $2.97 | $2.32 | +28.0% | [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets remained stable at $48.19 billion, with increased long-term debt and a decrease in shareholders' equity as of August 2, 2025 Key Balance Sheet Items (As of August 2, 2025 vs. November 2, 2024) | Account | August 2, 2025 (Millions USD) | November 2, 2024 (Millions USD) | | :--- | :--- | :--- | | **Total Current Assets** | $6,924.6 | $5,484.7 | | **Total Assets** | $48,192.6 | $48,228.3 | | **Long-term Debt** | $8,139.9 | $6,634.3 | | **Total Liabilities** | $14,106.8 | $13,051.9 | | **Total Shareholders' Equity** | $34,085.8 | $35,176.3 | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow increased to $3.11 billion, while financing activities used $1.69 billion primarily due to stock repurchases and dividends Cash Flow Summary (Nine Months Ended) | Cash Flow Activity | August 2, 2025 (Millions USD) | August 3, 2024 (Millions USD) | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $3,111.4 | $2,801.7 | | **Net cash used for investing activities** | ($1,096.2) | ($993.2) | | **Net cash used for financing activities** | ($1,685.3) | ($660.5) | | **Net increase in cash and cash equivalents** | $329.8 | $1,148.0 | [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail special charges, strong revenue growth across all markets, debt issuance and repayment, and tax law impacts Revenue by End Market (Q3 FY2025 vs Q3 FY2024) | End Market | Revenue (Q3 2025, Millions USD) | % of Revenue | YoY Growth | | :--- | :--- | :--- | :--- | | **Industrial** | $1,285.0 | 45% | 23% | | **Automotive** | $850.6 | 30% | 22% | | **Consumer** | $372.2 | 13% | 21% | | **Communications** | $372.5 | 13% | 40% | | **Total Revenue** | **$2,880.3** | **100%** | **25%** | - The company recorded net special charges of **$70.0 million** in the first nine months of fiscal 2025 as part of its Global Repositioning Actions, primarily for employee severance costs[28](index=28&type=chunk) - In June 2025, the company issued **$850.0 million** of 4.250% senior notes due 2028 and **$650.0 million** of 4.500% senior notes due 2030, also repaying **$400.0 million** of notes due in April 2025[48](index=48&type=chunk)[49](index=49&type=chunk)[50](index=50&type=chunk) - The OBBBA tax law in Q3 2025 resulted in a net deferred tax expense of **$153.8 million**, with the company contesting a separate IRS assessment of approximately **$267.0 million** for fiscal years 2018 and 2019[53](index=53&type=chunk)[54](index=54&type=chunk)[56](index=56&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=19&type=section&id=ITEM%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses strong Q3 2025 financial performance, including 25% revenue growth, improved gross margins, and capital allocation strategies [Results of Operations](index=20&type=section&id=Results%20of%20Operations) Revenue grew **25%** year-over-year, driven by strong demand and **40%** growth in Communications, with gross margin improving to **62.1%** - Revenue increased **25%** in Q3 2025 year-over-year, attributed to a broad-based increase in demand, with the Communications end market growing **40%** due to data center infrastructure build-outs for artificial intelligence applications[71](index=71&type=chunk)[72](index=72&type=chunk)[73](index=73&type=chunk) - Gross margin percentage increased by **540 basis points** in Q3 2025 year-over-year, primarily due to higher utilization of factories resulting from increased customer demand[78](index=78&type=chunk) - R&D and SMG&A expenses increased by **25%** and **27%** respectively in Q3 2025 year-over-year, primarily due to higher employee-related variable compensation expenses[79](index=79&type=chunk)[80](index=80&type=chunk) - The effective income tax rate for Q3 2025 was **32.1%**, a significant increase from **7.3%** in the prior-year period, mainly due to a **$153.8 million** net deferred tax expense related to the passage of the OBBBA tax law[85](index=85&type=chunk) [Liquidity and Capital Resources](index=24&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintained **$3.5 billion** in liquidity, with **$3.1 billion** from operations, and allocated capital to stock repurchases and dividends - As of August 2, 2025, the company's principal source of liquidity was **$3.5 billion** of cash, cash equivalents, and short-term investments[88](index=88&type=chunk) - In the first nine months of fiscal 2025, the company used **$1.48 billion** for common stock repurchases and **$1.44 billion** for dividend payments[19](index=19&type=chunk)[93](index=93&type=chunk) - As of August 2, 2025, **$10.3 billion** remained available for repurchases under the company's common stock repurchase program[102](index=102&type=chunk) - In August 2025, the company increased the aggregate amount it may issue under its commercial paper program from **$2.5 billion** to **$3.0 billion**[60](index=60&type=chunk)[99](index=99&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=28&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes in market risks were reported for the nine-month period ended August 2, 2025, compared to the prior fiscal year - There were no material changes in the company's market risks during the nine-month period ended August 2, 2025, compared to those disclosed in the fiscal 2024 Form 10-K[108](index=108&type=chunk) [Controls and Procedures](index=28&type=section&id=ITEM%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were deemed effective as of August 2, 2025, with no material changes to internal control over financial reporting - The CEO and CFO concluded that the company's disclosure controls and procedures were effective at the reasonable assurance level as of August 2, 2025[109](index=109&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, the company's internal control[110](index=110&type=chunk) PART II — OTHER INFORMATION This section provides other information including risk factors, equity security purchases, and exhibits [Risk Factors](index=29&type=section&id=ITEM%201A.%20Risk%20Factors) This section refers to previously disclosed risk factors from the fiscal year 2024 Form 10-K, with no new material changes reported - The company directs investors to the risk factors identified in its Annual Report on Form 10-K for the fiscal year ended November 2, 2024[113](index=113&type=chunk) [Issuer Purchases of Equity Securities](index=30&type=section&id=ITEM%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased **4.68 million** shares for **$1.06 billion** in Q3 2025, with **$10.3 billion** remaining for future repurchases Issuer Purchases of Equity Securities (Q3 FY2025) | Period | Total Shares Purchased | Average Price Paid Per Share (USD) | Value of Shares Remaining for Purchase (Millions USD) | | :--- | :--- | :--- | :--- | | **May 4 - May 31, 2025** | 1,217,136 | $214.45 | $11,095.4 | | **June 1 - June 28, 2025** | 1,402,921 | $228.08 | $10,777.0 | | **June 29 - Aug 2, 2025** | 2,061,232 | $235.04 | $10,294.7 | | **Total** | **4,681,289** | **$227.60** | **$10,294.7** | [Other Information](index=30&type=section&id=ITEM%205.%20Other%20Information) CEO and Chair Vincent Roche adopted a new Rule 10b5-1 trading plan on May 23, 2025, for the sale of up to **90,000** shares - On May 23, 2025, CEO and Chair Vincent Roche terminated a Rule 10b5-1 trading arrangement and adopted a new one for the sale of up to **90,000** shares of company stock[116](index=116&type=chunk) [Exhibits](index=31&type=section&id=ITEM%206.%20Exhibits) Key exhibits filed include a supplemental indenture for new debt, CEO and CFO certifications, and XBRL interactive data files - Key exhibits filed with this report include the Supplemental Indenture for the June 2025 notes, Sarbanes-Oxley certifications by the CEO and CFO, and XBRL interactive data files[119](index=119&type=chunk)

Exhibit 99.1 Analog Devices Reports Fiscal Third Quarter 2025 Financial Results WILMINGTON, Mass.--August 20, 2025--Analog Devices, Inc. (Nasdaq: ADI), a global semiconductor leader, today announced financial results for its fiscal third quarter 2025, which ended August 2, 2025. "Despite geopolitical challenges, ADI's third-quarter revenue and earnings per share exceeded the high end of our expectations," stated CEO and Chair Vincent Roche. "While tariffs and trade fluctuations are creating market uncertain ...

Financial Performance - Analog Devices, Inc. reported third-quarter revenue of $2.88 billion, representing a 25% increase year-over-year from $2.31 billion [3][31] - The gross margin for the quarter was $1.79 billion, with a gross margin percentage of 62.1%, up from 56.7% in the same quarter last year, reflecting a 540 basis points improvement [3][32] - Operating income increased by 67% to $818 million, with an operating margin of 28.4%, compared to 21.2% in the prior year [3][32] - Diluted earnings per share (EPS) rose by 32% to $1.04, compared to $0.79 in the same quarter last year [3][32] Cash Flow and Shareholder Returns - The company generated $1.17 billion in net cash from operating activities, representing 40% of revenue, and $1.09 billion in free cash flow, or 38% of revenue for the quarter [6][33] - Analog Devices returned $1.56 billion to shareholders in the third quarter, including $0.49 billion in dividends and $1.07 billion in stock repurchases [6][33] Market Outlook - For the fourth quarter of fiscal 2025, the company forecasts revenue of approximately $3.0 billion, with an expected operating margin of around 30.5% and adjusted operating margin of about 43.5% [5][34] - The anticipated diluted EPS for the fourth quarter is projected to be $1.53, with adjusted EPS expected to be $2.22 [5][34] Revenue by End Market - In the third quarter, revenue from the Industrial segment was $1.29 billion, up 23% year-over-year, while Automotive revenue reached $850 million, a 30% increase [30][31] - Consumer and Communications segments also saw growth, with revenues of $372 million and $372 million respectively, reflecting year-over-year increases of 21% and 40% [31][30] Strategic Positioning - The company emphasized its focus on innovation and a diverse business model that allows it to navigate market uncertainties, particularly in light of geopolitical challenges [2][6] - The continued backlog growth and healthy bookings trends, especially in the Industrial end market, position the company for sustained growth [2][6]

Core Viewpoint - The article highlights the capabilities and offerings of a chip distribution company, emphasizing its extensive inventory, quality control measures, and customer service efficiency. Group 1: Inventory and Facilities - The company operates a 1,600 square meter smart warehouse with over 1,000 stock models and around 100 brands, holding a total of 50 million chips valued at over 100 million [1] - An independent laboratory is established in Shenzhen for quality control (QC) inspections on every material [1] Group 2: Procurement and Sales - The company is actively seeking specific chip models, including VISHAY, ADI, and ST brands, with quantities ranging from 3,000 to 21,000 units [2] - It offers advantageous materials for sale at discounted prices, including significant quantities of chips from brands like Realtek, MPS, and Renesas, with stock levels reaching up to 1.7 million pieces [3] Group 3: Customer Engagement and Service - The company has served a cumulative total of 20,000 users and can complete transactions in as fast as half a day [4] - It promotes a mini-program for factory surplus materials, indicating a focus on facilitating sales for hard-to-sell inventory [5]

Core Insights - Analog Devices (ADI) is expected to report quarterly earnings of $1.93 per share, a 22.2% increase year-over-year, with revenues projected at $2.76 billion, reflecting a 19.2% increase compared to the same period last year [1] Revenue Estimates by End Market - Revenue from the Consumer end market is forecasted to reach $352.36 million, indicating an 11.3% increase from the prior-year quarter [4] - Revenue from the Communications end market is projected at $321.10 million, suggesting a 20.4% year-over-year change [4] - Revenue from the Automotive end market is likely to be $798.62 million, reflecting a 19.1% increase from the year-ago quarter [5] - Revenue from the Industrial end market is expected to reach $1.27 billion, indicating a 20.3% year-over-year change [5] Market Performance - Over the past month, shares of Analog Devices have returned -2%, while the Zacks S&P 500 composite has seen a +3.3% change [5] - Currently, ADI holds a Zacks Rank 3 (Hold), suggesting its performance may align with the overall market in the near future [5]

Core Insights - Analog Devices, Inc. (ADI) is set to report its third-quarter fiscal 2025 results on August 20, with expected revenues of approximately $2.75 billion, reflecting a 19.2% increase year-over-year [1][9] - The anticipated adjusted earnings per share (EPS) is $1.92, indicating a 22.2% rise from the previous year's quarter, with a slight upward revision in estimates over the past 60 days [2] Revenue and Earnings Expectations - ADI's revenue forecast of $2.75 billion is within a range of +/- $100 million, while the Zacks Consensus Estimate stands at $2.76 billion [1] - The consensus for adjusted EPS is $1.93, with ADI having consistently surpassed earnings estimates in the last four quarters, averaging a surprise of 5.6% [2] Factors Influencing Q3 Performance - The third-quarter performance is expected to benefit from inventory normalization across direct and distribution channels, alongside improved bookings and lean inventory levels following the semiconductor industry's cyclical downturn [3] - Secular growth trends in industrial automation, healthcare, surgical robotics, automotive, AI infrastructure, and high-end consumer devices are anticipated to drive revenue growth [4] Challenges and Market Conditions - Despite positive growth factors, ADI faces macroeconomic challenges such as tariff-related uncertainties, geopolitical tensions, and inflationary pressures that may impact performance [5] Earnings Prediction Model - The earnings prediction model indicates a strong likelihood of an earnings beat for ADI, supported by a positive Earnings ESP of +0.72% and a Zacks Rank of 3 [6]