Analog Devices (ADI) · Q2 2026 results and valuation

At −2.8% growth a year (3-year revenue growth), the model's fair value is $68.43 a share — the stock trades 498% above it. Today's price assumes 19.6% growth a year.

1. Guidance

   Margin guidance reflects an upcoming first-quarter seasonal shutdown that will create some medium-term drag.

   Source quote

   “So if we look to medium term, I would remind you that we do have a seasonal shutdown coming up in our first quarter, which does create some drag...”

2. Figure

   ADI hit its first $4 billion quarterly revenue milestone, driven by strong demand in data center and industrial segments.

   Source quote

   “Led by data center and industrial, propelling us to the first $4 billion quarter in ADI's history Demand for our solutions...”

3. Fading

   Consumer is expected to be down single digits sequentially, while communications is the fastest grower, up low to mid-teens.

   Source quote

   “Consumer is expected to be down single digits sequentially for us based on some of the things I just described. From a comms perspective, we expect to be our fastest grower, up low to mid-teens sequentially. And then important baked into that outlook is also a flat...”

Upbeat — more upbeat than in Q1 2026.

Sentences that drove the tone

“Here, customers choose ADI's industry leading battery management technology to help maximize usable energy improve system efficiency, extend battery life, enhance safety, and, of course, improve ROI.”

“We achieved year over year growth across smartphones, hearables, and wearables and saw accelerated growth in our B2B like prosumer franchise.”

“And we believe our opportunity will continue to grow substantially as density demands of AI clusters continue to increase.”