Analog Devices (ADI): revenue up 40%, a record outlook, and tracked funds trimming

Analog Devices closed at $406.19 on October 9, 2026, worth $197 billion. The stock is up 70.8% over twelve months and 49.8% in 2026, and 8.8% below its high of $445.48 on June 22. The dividend yield is 1.1%.

A record quarter after a down cycle

Analog Devices’ fiscal year ends in early November. Revenue fell from $12.3 billion in fiscal 2023 to $9.4 billion in fiscal 2024 and recovered to $11.0 billion in fiscal 2025. The fiscal third quarter of 2026, ended August 1, set a record: revenue of $4.02 billion, up 40%, with growth led by data center and industrial customers, an operating margin of 40.1% against 28.4% a year earlier, and diluted earnings per share of $2.74 (+163%). The company guided to fourth-quarter revenue of $4.3 billion, plus or minus $100 million, calling it a record outlook. Over twelve months, free cash flow was $4.9 billion, 36% of revenue.

Other filings since July: on September 9, ADI agreed to acquire Alif Semiconductor, a maker of low-power microcontrollers with AI acceleration, expected to close in the fourth quarter of 2026 (no price was disclosed); on September 17 it sold $3.0 billion of senior notes due 2029 to 2036; and in July it set up a $3.0 billion 364-day revolving credit facility. On July 29 it disclosed unauthorized access to some of its systems, identified on June 23; the company said operations were not interrupted and that it does not expect a material impact, and that it was separately assessing public reports of a different cybersecurity matter.

The quarterly dividend rose from $0.99 to $1.10 (+11%) in March 2026. By our count of annual totals, it has increased for 21 consecutive years (2005–2025).

Who held it at the end of June

Eleven of the 38 managers held Analog Devices at both the end of March and the end of June, but their combined shares fell from 5.65 million to 4.10 million: of the eleven March holders, eight cut and Renaissance Technologies sold out, while Maverick returned with a tiny position. Steve Cohen’s Point72 sold 71%, and Ken Griffin’s Citadel and Israel Englander’s Millennium about half. The largest holder is Tom Gayner’s Markel, with about a million shares. A 13F does not say on which day of the quarter shares were traded.

Insiders

From mid-July to early October, insiders sold $21.5 million of stock and none bought. $18.0 million went through 10b5-1 trading plans, including $11.2 million by chief executive Vincent Roche and $3.3 million by director Ray Stata in 41 small sales. $3.5 million was not marked as planned, led by operations and technology chief Vivek Jain ($3.0 million). Daily data is on the Analog Devices page. Not investment advice.