Income StatementBalance SheetCash FlowSegments
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Analog Devices Cash Flow Statement

Operating, investing, and financing cash movements

Analog Devices generated $5.1B in operating cash flow over the trailing twelve months. After $493.9M in capital expenditures, free cash flow was $4.6B. Free cash flow increased 0.4% year-over-year. Based on the Q4 2025 filing.

Net Cash From Operating (TTM)$5.1BNet Cash From Investing (TTM)-$1.2BNet Cash From Financing (TTM)-$3.3BCapital Expenditures (TTM)$493.9MDepreciation And Amortization Cf (TTM)$414.2MNet Change In Cash (TTM)$956.8M
Latest FilingQ4 2025
Report Date2026-02-18
Market Cap$208.36B
P/E Ratio76.98
ROE7.86%

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Acquisitions, net of cash acquired$0.0$45.7M———$0.0
Capital expenditures$165.4M$149.0M$90.3M$79.2M$215.2M$109.3M
Net cash from investing activities-$111.6M-$194.3M$328.2M-$1.2B-$225.3M-$107.0M
Other investing activities$15.5M-$329.0K$13.2M$715.0K$10.2M$7.7M
Proceeds from maturities/sales of investments$69.3M$0.0$372.8M——$10.0M

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Amortization of intangible assets$423.2M$417.2M$400.3M$384.8M$389.9M$384.6M
Change in accounts payable-$33.4M$164.3M$164.3M$164.3M$164.3M—
Change in accounts receivable-$33.4M$22.7M$22.7M$22.7M$22.7M—
Change in income taxes payable/receivable$22.9M$23.6M$23.6M$23.6M$23.6M—
Change in inventories-$47.8M$52.2M$52.2M$52.2M$52.2M—
Change in other assets$8.6M-$1.7M-$1.7M-$1.7M-$1.7M—
Change in other liabilities-$48.5K$3.3M$3.3M$3.3M$3.3M—
Other working capital changes$0.0$799.0K-$5.0M$5.7M$8.4M-$13.4M
Deferred income taxes-$98.0M-$59.5M-$89.9M$153.8M-$149.3M-$60.7M
Depreciation and amortization$97.2M$98.4M$100.3M$102.5M$105.5M$105.9M
Change in other non-current liabilities-$48.5K$3.3M$3.3M$3.3M$3.3M—
Net cash from operating activities$1.1B$1.1B$819.5M$1.2B$1.7B$1.4B
Net income$478.1M$391.3M$569.8M$518.5M$787.7M$830.8M
Other long-term liabilities-$48.5K$3.3M$3.3M$3.3M$3.3M—
Increase (Decrease) in Prepaid Expense and Other Assets$13.3M-$2.3M-$2.3M-$2.3M-$2.3M—
Stock-based compensation$70.4M$77.6M$72.8M$84.7M$86.5M$85.7M

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net change in commercial paper$2.5B$2.0B$2.3B$2.6B$2.6B$3.0B
Dividends paid$456.8M$456.3M$491.0M$490.2M$486.9M$484.3M
Net cash from financing activities-$1.1B-$573.9M-$1.1B$0.0-$1.3B-$855.0M
Other financing activities-$7.4M$438.0K-$1.9M$41.8M—-$297.0K
Proceeds from issuance of common stock$4.9M$41.7M$19.8M$42.8M$4.6M$49.6M
Repurchases of common stock$94.9M$160.4M$248.6M$1.1B$680.5M$516.5M

Free Cash Flow

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free cash flow$885.4M$977.8M$729.2M$1.1B$1.5B$1.3B

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net increase (decrease) in cash—$358.7M$26.2M—$178.2M$406.5M