Analog Devices (ADI) Q2 2026 Earnings
Reported May 20, 2026 at 7:01 AM ET · SEC Source
Q2 26 EPS
$3.09
BEAT +6.19%
Est. $2.91
Q2 26 Revenue
$3.62B
BEAT +3.13%
Est. $3.51B
vs S&P Since Q2 26
-10.8%
TRAILING MARKET
ADI -9.9% vs S&P +0.9%
Market Reaction
Did ADI Beat Earnings? Q2 2026 Results
Analog Devices delivered a standout fiscal second quarter, posting adjusted EPS of $3.09 against a consensus estimate of $2.90, a beat of 6.48%, while revenue of $3.62 billion topped the $3.51 billion estimate by 3.13% and surged 37.3% year-over-year… Read more Analog Devices delivered a standout fiscal second quarter, posting adjusted EPS of $3.09 against a consensus estimate of $2.90, a beat of 6.48%, while revenue of $3.62 billion topped the $3.51 billion estimate by 3.13% and surged 37.3% year-over-year. The outperformance was fueled by broad-based demand recovery across all four end markets, with Industrial charging ahead 56% and Communications climbing 79% year-over-year, as CEO Vincent Roche credited record demand and operational discipline for the results. Profitability expanded sharply alongside the top-line gains, with adjusted operating margin reaching 49.0% and GAAP net income more than doubling to $1.18 billion from $569.77 million a year ago. The company also announced the acquisition of Empower Semiconductor for $1.5 billion, a move to strengthen its position in power management for AI servers, underscoring its push into high-growth infrastructure markets. Looking ahead, ADI guided fiscal Q3 2026 revenue to $3.90 billion and adjusted EPS to $3.30, signaling continued confidence in sustained demand momentum across its core markets.
Key Takeaways
- • Record demand across all end markets
- • Sharp operational discipline driving margin expansion
- • Industrial and Communications led year-over-year growth
- • Record bookings across B2B markets (Industrial, Automotive, Communications)
- • GAAP gross margin expanded 630 basis points to 67.3%
- • Adjusted operating margin expanded 780 basis points to 49.0%
ADI Forward Guidance & Outlook
For fiscal Q3 2026 (three months ending August 1, 2026), ADI forecasts revenue of $3.9 billion (+/- $100 million). Reported operating margin is expected at approximately 39.0% (+/-150 bps) and adjusted operating margin at approximately 49.0% (+/-100 bps). Reported EPS is planned at $2.60 (+/-$0.15) and adjusted EPS at $3.30 (+/-$0.15). Tax rate is expected at 12%-14%. Management noted positive demand signals with record bookings across B2B markets of Industrial, Automotive, and Communications, reflecting continued strong growth momentum.
ADI YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
ADI Revenue by Segment
With YoY comparisons, source: SEC Filings
“ADI's second quarter revenue and earnings were above the high end of our outlook, reflecting the combination of record demand and sharp operational discipline.”
— Vincent Roche, Q2 2026 Earnings Press Release
ADI Earnings Trends
ADI vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
ADI EPS Trend
Earnings per share: estimate vs actual
ADI Revenue Trend
Quarterly revenue: estimate vs actual
ADI Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT | $2.91 | $3.09 | +6.19% | $3.62B | +3.13% |
| Q1 26 BEAT | $2.31 | $2.46 | +6.49% | $3.16B | +1.43% |
| Q4 25 BEAT FY | $2.23 | $2.26 | +1.35% | $3.08B | +1.97% |
| FY Full Year | — | $7.79 | — | $11.02B | — |
| Q3 25 BEAT | $1.95 | $2.05 | +5.13% | $2.88B | +4.40% |