Analog Devices reports record Q3 FY2026 revenue, raises Q4 outlook

Analog Devices (NASDAQ: ADI ) held its third-quarter earnings conference call on Wednesday.

Below is the complete transcript from the call.

This transcript is brought to you APIs.

For real-time access to our entire catalog, please visit for a consultation.

The full earnings call is available at Watch the full earnings call below: Summary Analog Devices reported a record $4.02 billion in revenue for Q3 FY2026, marking an 11% sequential and 40% year-over-year increase, driven by strong demand across all markets, particularly in data center and industrial sectors.

The company's strategic focus on AI, infrastructure, and energy systems, including investments in grid-to-chip solutions and hybrid manufacturing networks, has bolstered its market position and growth prospects.

CEO Vincent Roesch highlighted the growing demand for high-performance power management and optical connectivity, with expectations of continued strong growth in data center and energy sectors through 2030.

The company successfully closed its acquisition of Empower Semiconductor for $1.5 billion, enhancing its power management capabilities.

Q4 revenue guidance is set at $4.3 billion, with an expected operating margin of 52% and adjusted EPS of $3.86, reflecting continued confidence in capturing cyclical and secular tailwinds in AI and related markets.

Full Transcript OPERATOR Good morning and welcome to the Analog Devices third quarter fiscal year 2026 earnings conference call, which is being audio webcast via telephone and over the web.

I'd now like to introduce your host for today's call, Mr.

Jeff Ambrose, Head of Investor Relations.

Sir, the floor is yours.

Jeff Ambrose, Head of Investor Relations Thank you, Danny, and good morning, everybody.

Thank you for joining our third quarter fiscal 2026 conference call.

Joining me today is ADI CEO and Chair Vincent Roesch and ADI CFO Richard Puccio.

For anyone who missed the release, you can find it at investor.analog.com along with related financial schedules.

The information we're about to discuss includes forward-looking statements, which are subject to certain risks and uncertainties as further described in our earnings release, periodic reports, and other materials filed with the SEC.

Actual results could differ materially from the forward-looking information as these statements reflect our expectations only as of the date of this call.

We undertake no obligation to update these statements except as required by law.

References to gross margin, operating and non-operating expenses, operating margin, tax rate, earnings per share, and free cash flow in our comments today will be on a non-GAAP basis, which excludes special items when comparing our results to our historical performance.

Special items are also excluded from prior periods.

Reconciliations of these non-GAAP measures to their most directly comparable GAAP measures and additional information about our non-GAAP measures are included in today's earnings release.

References to earnings per share are on a fully diluted basis, and with that I will turn the call over to ADI CEO and Chair Vincent Roesch.

Vincent Roche, CEO Thank you, Jeff, and a very good morning to you all.

Well, as you've seen, third quarter revenue, margin, and earnings all exceeded our outlook, with growth across all of our end markets led by data center and industrial, propelling us to the first $4 billion quarter in Analog Devices' history.

Demand for our solutions continues to grow, supported by robust AI and defense spending, cyclical momentum, and underlying secular content growth across our diversified end markets.

Through targeted R&D, we continue to extend the limits of technology performance and accelerate the pace with which we are delivering more comprehensive solutions to our customers' toughest problems.

In tandem, investments in our hybrid manufacturing network have enabled us to increase the agility and responsiveness of our supply chain and consistently capture above seasonal growth for more than two years now.

For the rest of my remarks today, I'll focus on how we're helping customers meet unprecedented and still accelerating demand for AI, infrastructure, and energy systems.

The fact that data center capacity is now measured in gigawatts rather than flops and TOPS underscores one of the most defining challenges of the AI era: power availability has become the primary constraint to further AI progress.

Solving this challenge requires more than simply adding more energy, however.

It demands a grid-to-chip system-level approach that encompasses both improving the availability and delivery of energy and extracting the maximum computing power from every watt delivered.

Now let me walk you through some of the key elements of our grid-to-chip strategy, starting at the grid where the AI bottleneck begins.

As electricity networks become more complex, visibility, efficiency, and resilience are becoming critical challenges.

Customers are turning to Analog Devices' grid monitoring solutions to illuminate the flow of energy across the network, providing real-time insight into voltage, current, power quality, and system health.