Analog Devices, Inc. 2025年度报告

investor.analog.com Ahead ofWhat’s Possible™ Analog Devices, Inc. (ADI) is a global semiconductor leader that bridges the physical and digitalworlds to enable breakthroughs at the Intelligent Edge. ADI combines analog, digital, artificialintelligence (AI), and software technologies into solutions that help drive advancements inautomation and robotics, mobility, energy and data centers, and healthcare, combat climatechange, and reliably connect humans and the world. Our Market Performance Our industry-leading scale, scope, and diversity enable strong market performance in analog, digital, andsoftware solutions. FY2025 Revenue by End Market1 Letter from ourCEO and Chair Dear Fellow Shareholders, In ADI’s fiscal 2025, we further demonstrated the enduring strength of our business model.Even as the semiconductor industry navigated a complex cyclical recovery, and broadergeopolitical and macroeconomic uncertainty persisted, ADI delivered robust financialperformance and made meaningful strategic progress. Our diversified portfolio – spanningindustrial, healthcare, automotive, sustainable energy, data center infrastructure,communications, and advanced consumer applications – once again provided optionalityand stability, enabling ADI to capture demand through the business cycle. Durable Growth, Disciplined Execution In fiscal 2025, revenue grew to $11 billion, up 17% year-over-year, driven by healthy demand acrossall end markets. Our topline strength, paired with operational discipline, generated $4.8 billion inoperating cash flow (44% of revenue) and a record $4.3 billion in free cash flow, or 39% of revenue,and we returned $4.1 billion to our shareholders through dividends and stock buybacks. In a world rich with opportunity, we continued to sharpen our focus this year on the areas thatmatter most as we build an even more exciting future for ADI. Innovation has always been integral to ADI’s brand and value proposition, forming the foundationfor our superior financial performance. Accordingly, we continue to prioritize R&D as our most vitalcapital allocation. We made record investments in 2025 to further extend our leadership in our coreanalog, mixed signal, and power technologies. Simultaneously, we intensified our developmentactivities in software, digital, and artificial intelligence to augment our core franchise, enabling usto address increased customer complexity and expedite their innovation cycles and time-to-market.In addition, we continued to dedicate resources to explore emerging technology frontiers – on ourown and in partnership with leading institutional and ecosystem partners – to ensure ADI defines thestructural framework of the future. The combination of our ever more comprehensive technology portfolio with our extensiveapplications and domain expertise uniquely positions ADI to proactively identify and resolve ourcustomers’ most complex engineering challenges and deliver solution-centric offerings thatcapture higher levels of value. Further, we are pairing our powerful innovation engine with additionalinvestments in our development and deployment support environment, leveraging proprietary ADItools as well as leading ecosystem and open-source platforms, to further streamline and accelerateour customers’ product development cycles. supporting our long-term vision for sustained growth.Over the last few years, we have also invested more than $3 billion in capital expenditures tosignificantly enhance supply chain capacity, optionality, and resilience for our customers, Ultimately, these actions fortify our foundation for compounding value, and position ADI as thetrusted partner of choice as industries transform, new possibilities emerge, and our solutionsfacilitate our customers’ future leadership. Our Past is Prologue to an Exciting Future Over our history, we have combined semiconductor artistry with human insight to deliversolutions that create lasting impact. For six decades, ADI has thrived by anticipating how markets,technologies, and customer needs evolve – and by being first in getting ahead of those needs. Today, customers are grappling with burgeoning technology complexity, increasing innovationspeeds, and the need for operational resiliency in an era of growing volatility. These dynamics areplaying out against the backdrop of a new epoch where a few key themes will shape the next era ofprosperity for ADI: Automationis entering a new maturity curve as industries redesign how work gets done – fromadaptive factories and next-generation mobility, to defense systems and emerging classes ofrobotics. Customers are moving toward highly sensed, software-defined, real-time systemsthat demand precision, reliability, and autonomy at scale. ADI enables this shift by driving robustsensing, signal integrity, tightly coupled control intelligence, and connectivity into the heart ofthese machines, allowing them to operate faster, more safely, and with greater adaptability. Healthcareis und