Analog Devices, Inc. (ADI) Cash Flow Statement
Where ADI’s cash came from and went, FY2025
October 31, 2025 · U.S. dollars- Cash from operations
- $4.81B +24.9% vs FY2024
- Capital expenditures
- $533.6M 4.8% of revenue
- Free cash flow
- $4.28B 38.8% margin
- Returned to shareholders
- $4.09B 96% of free cash flow
- Change in cash
- $508.1M cash at year-end $2.50B
Drawn to scale: where the cash came from and how it was used. Hover for values.
ADI operating cash flow, capex and free cash flow
ADI cash flow trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $1.28BFY2016 | $4.81BFY2025 | +15.8%/yr | |
| Capital expenditures | $127.4MFY2016 | $533.6MFY2025 | +17.3%/yr | |
| Free cash flow | $1.15BFY2016 | $4.28BFY2025 | +15.7%/yr | |
| Free cash flow margin | 33.7%FY2016 | 38.8%FY2025 | +5.1 pts | |
| Operating cash flow / net income | 1.49FY2016 | 2.12FY2025 | +0.64 | |
| Stock-based compensation | $63.4MFY2016 | $321.6MFY2025 | +19.8%/yr | |
| Dividends paid | $513.2MFY2016 | $1.92BFY2025 | +15.8%/yr | |
| Share buybacks (net) | $370.1MFY2016 | $2.16BFY2025 | +21.7%/yr | |
| Capex / revenue | 3.7%FY2016 | 4.8%FY2025 | +1.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ADI cash flow by activity
ADI net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
ADI cash flow statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $2.27B | $1.64B | $3.31B | $2.75B | $1.39B | $1.22B | $1.36B | $1.50B | $727.3M | $861.7M |
| Depreciation & amortization | $2.00B | $2.10B | $2.29B | $2.30B | $1.07B | $810.9M | $811.3M | $799.1M | $584.1M | $209.8M |
| Stock-based compensation | $321.6M | $262.7M | $299.8M | $323.5M | $243.6M | $149.5M | $150.3M | $151.2M | $104.2M | $63.4M |
| Change in working capital | $481.0M | $194.7M | −$645.6M | −$883.7M | −$86.4M | −$104.2M | −$35.3M | $696.9M | $216.9M | $120.5M |
| Other non-cash items | −$256.6M | −$344.5M | −$444.3M | −$10.5M | $112.8M | −$68.5M | −$36.2M | −$700.2M | −$519.8M | $25.5M |
| Cash from operating activities | $4.81B | $3.85B | $4.82B | $4.48B | $2.74B | $2.01B | $2.25B | $2.44B | $1.11B | $1.28B |
| Investing activities | ||||||||||
| Capital expenditures | −$533.6M | −$730.5M | −$1.26B | −$699.3M | −$343.7M | −$165.7M | −$275.4M | −$254.9M | −$204.1M | −$127.4M |
| Investments (net) | −$1.32B | −$1.10B | −$1.27B | −$657.4M | $30.1M | −$180.5M | −$293.2M | −$314.0M | $3.23B | −$989.2M |
| Acquisitions & other investing | $533.6M | $730.5M | $1.26B | $699.3M | $2.46B | $165.7M | $275.4M | $254.9M | −$9.65B | −$101.7M |
| Cash from investing activities | −$1.32B | −$1.10B | −$1.27B | −$657.4M | $2.14B | −$180.5M | −$293.2M | −$314.0M | −$6.62B | −$1.22B |
| Financing activities | ||||||||||
| Dividends paid | −$1.92B | −$1.80B | −$1.68B | −$1.54B | −$1.11B | −$886.2M | −$777.5M | −$703.3M | −$602.1M | −$513.2M |
| Share repurchases & issuance (net) | −$2.16B | −$615.6M | −$2.96B | −$2.58B | −$3.11B | −$244.5M | −$613.0M | −$226.0M | −$46.5M | −$370.1M |
| Net borrowing (repayment) | $989.7M | $588.4M | $481.5M | −$223.0M | $194.5M | −$354.4M | −$850.0M | −$1.53B | $6.10B | $830.6M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $116.7M | $108.3M | $97.8M | $53.8M | $60.3M | $64.4M | $113.7M | $102.5M | $176.7M | $29.7M |
| Cash from financing activities | −$2.98B | −$1.71B | −$4.06B | −$4.29B | −$3.96B | −$1.42B | −$2.13B | −$2.36B | $5.63B | −$22.9M |
| Summary | ||||||||||
| Net change in cash | $508.1M | $1.03B | −$512.5M | −$507.4M | $922.1M | $407.5M | −$168.3M | −$231.2M | $126.7M | $36.8M |
| Cash at end of period | $2.50B | $1.99B | $958.1M | $1.47B | $1.98B | $1.06B | $648.3M | $816.6M | $1.05B | $921.1M |
| Free cash flow | $4.28B | $3.12B | $3.56B | $3.78B | $2.39B | $1.84B | $1.98B | $2.19B | $908.5M | $1.15B |
| Free cash flow margin | 38.8% | 33.1% | 28.9% | 31.4% | 32.7% | 32.9% | 33.0% | 35.1% | 17.3% | 33.7% |
| Capex / revenue | 4.8% | 7.7% | 10.3% | 5.8% | 4.7% | 3.0% | 4.6% | 4.1% | 3.9% | 3.7% |
| Operating cash flow / net income | 2.12 | 2.36 | 1.45 | 1.63 | 1.97 | 1.65 | 1.65 | 1.63 | 1.53 | 1.49 |
| Jul '26 | Apr '26 | Jan '26 | Oct '25 | Jul '25 | Apr '25 | Jan '25 | Oct '24 | Jul '24 | Apr '24 | Jan '24 | Oct '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $1.34B | $1.18B | $830.8M | $787.7M | $518.5M | $569.8M | $391.3M | $478.1M | $392.2M | $302.2M | $462.7M | $498.4M |
| Depreciation & amortization | $494.2M | $490.9M | $490.5M | $495.3M | $487.3M | $500.6M | $515.6M | $520.5M | $530.3M | $528.3M | $525.3M | $536.1M |
| Stock-based compensation | $96.3M | $81.7M | $85.7M | $86.5M | $84.7M | $72.8M | $77.6M | $70.4M | $64.1M | $58.4M | $69.8M | $72.7M |
| Change in working capital | −$141.5M | −$8.7M | $8.7M | $489.0M | $28.2M | −$238.8M | $202.6M | $80.6M | −$36.8M | −$27.6M | $178.5M | $112.1M |
| Other non-cash items | −$185.1M | −$868.2M | −$47.2M | −$157.7M | $46.4M | −$84.9M | −$60.3M | −$98.8M | −$94.8M | −$53.5M | −$97.5M | −$32.0M |
| Cash from operating activities | $1.60B | $872.0M | $1.37B | $1.70B | $1.17B | $819.5M | $1.13B | $1.05B | $855.0M | $807.9M | $1.14B | $1.19B |
| Investing activities | ||||||||||||
| Capital expenditures | −$145.7M | −$137.7M | −$109.3M | −$215.2M | −$79.2M | −$90.3M | −$149.0M | −$165.4M | −$153.9M | −$188.2M | −$223.0M | −$476.4M |
| Investments (net) | $842.8M | $137.8M | $10.0M | −$225.3M | −$1.23B | $328.2M | −$194.3M | −$111.6M | −$172.1M | −$602.1M | −$219.1M | −$479.1M |
| Acquisitions & other investing | −$1.41B | −$52.0M | −$7.7M | $215.2M | $79.2M | $90.3M | $149.0M | $165.4M | $153.9M | $188.2M | $223.0M | $476.4M |
| Cash from investing activities | −$714.9M | −$51.9M | −$107.0M | −$225.3M | −$1.23B | $328.2M | −$194.3M | −$111.6M | −$172.1M | −$602.1M | −$219.1M | −$479.1M |
| Financing activities | ||||||||||||
| Dividends paid | −$535.3M | −$536.5M | −$484.3M | −$486.9M | −$490.2M | −$491.0M | −$456.3M | −$456.8M | −$456.5M | −$456.1M | −$426.1M | −$428.0M |
| Share repurchases & issuance (net) | −$1.16B | −$772.9M | −$516.5M | −$680.5M | −$1.08B | −$248.6M | −$160.4M | −$94.9M | −$118.0M | −$222.4M | −$180.4M | −$469.9M |
| Net borrowing (repayment) | $454.9M | $7.2M | $96.4M | −$102.0M | $1.49B | −$399.7M | $665,000 | −$499.7M | — | — | — | $2.5M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $77.4M | $13.1M | $49.3M | −$27.9M | $84.5M | $17.9M | $42.2M | −$2.6M | $57.8M | $1.11B | $32.2M | −$4.0M |
| Cash from financing activities | −$1.16B | −$1.29B | −$855.0M | −$1.30B | $10.0M | −$1.12B | −$573.9M | −$1.05B | −$516.6M | $430.4M | −$574.2M | −$899.4M |
| Summary | ||||||||||||
| Net change in cash | −$271.0M | −$468.9M | $406.5M | $178.2M | −$55.0M | $26.2M | $358.7M | −$114.7M | $166.3M | $636.1M | $345.5M | −$191.2M |
| Cash at end of period | $2.17B | $2.44B | $2.91B | $2.50B | $2.32B | $2.38B | $2.35B | $1.99B | $2.11B | $1.94B | $1.30B | $958.1M |
| Free cash flow | $1.46B | $734.3M | $1.26B | $1.49B | $1.09B | $729.2M | $977.8M | $885.4M | $701.1M | $619.7M | $915.9M | $710.9M |
| Free cash flow margin | 36.3% | 20.3% | 39.8% | 48.3% | 37.7% | 27.6% | 40.4% | 36.2% | 30.3% | 28.7% | 36.4% | 26.2% |
| Capex / revenue | 3.6% | 3.8% | 3.5% | 7.0% | 2.7% | 3.4% | 6.1% | 6.8% | 6.7% | 8.7% | 8.9% | 17.5% |
| Operating cash flow / net income | 1.20 | 0.74 | 1.65 | 2.16 | 2.25 | 1.44 | 2.88 | 2.20 | 2.18 | 2.67 | 2.46 | 2.38 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
ADI cash generation
In fiscal 2025 (ended October 31, 2025), Analog Devices generated $4.8 billion of cash from operations (up 24.9%) and spent $533.6 million on capital expenditures, leaving free cash flow of $4.3 billion, 38.8% of revenue. It returned $4.1 billion to shareholders through dividends ($1.9 billion) and net share buybacks ($2.2 billion). Cash and equivalents rose by $508.1 million over the year.
Related: ADI income statement, ADI balance sheet, ADI dividend history. See the ADI stock overview for the latest quote and news.
ADI cash flow FAQ
What is Analog Devices's free cash flow?
Analog Devices's free cash flow was $4.3 billion in fiscal 2025: $4.8 billion of operating cash flow minus $533.6 million of capital expenditures It was $3.1 billion a year earlier..
How much cash does Analog Devices generate from operations?
Analog Devices generated $4.8 billion of cash from operating activities in fiscal 2025, 2.12 times its net income of $2.3 billion.
How much does Analog Devices spend on capital expenditures?
Analog Devices spent $533.6 million on capital expenditures in fiscal 2025, 4.8% of revenue, compared with $730.5 million the year before.
How much stock does Analog Devices buy back?
Analog Devices spent $2.2 billion on net share repurchases in fiscal 2025.
How much does Analog Devices pay in dividends?
Analog Devices paid $1.9 billion in dividends in fiscal 2025, 45.0% of free cash flow.