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Analog Devices’s Q2 Earnings Call: Our Top 5 Analyst Questions

By: StockStory

ADI Cover Image

Analog Devices delivered better-than-expected results for Q2, with management attributing the strong performance to robust demand across all end markets and a significant acceleration in its industrial business. CEO Vincent Roche highlighted that double-digit year-over-year growth was achieved in sectors such as industrial automation, aerospace and defense, and healthcare, with automation returning to double-digit growth after lagging other segments previously. Roche emphasized the role of advanced robotics, increased AI investment, and customer collaborations in driving these results. CFO Richard Puccio noted, “Our industrial recovery has continued with sequential growth across all subsectors and regions.”

Is now the time to buy ADI? Find out in our full research report (it’s free).

Analog Devices (ADI) Q2 CY2025 Highlights:

  • Revenue: $2.88 billion vs analyst estimates of $2.76 billion (24.6% year-on-year growth, 4.3% beat)
  • Adjusted EPS: $2.05 vs analyst estimates of $1.95 (5.1% beat)
  • Adjusted EBITDA: $1.70 billion vs analyst estimates of $1.23 billion (59.1% margin, 38.3% beat)
  • Revenue Guidance for Q3 CY2025 is $3 billion at the midpoint, above analyst estimates of $2.82 billion
  • Adjusted EPS guidance for Q3 CY2025 is $2.22 at the midpoint, above analyst estimates of $2.03
  • Operating Margin: 28.4%, up from 21.2% in the same quarter last year
  • Inventory Days Outstanding: 133, down from 135 in the previous quarter
  • Market Capitalization: $125.8 billion

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From Analog Devices’s Q2 Earnings Call

  • Timothy Arcuri (UBS) pressed on whether the industrial segment’s growth was above end-market consumption and if inventory build could be distorting results; CFO Richard Puccio replied that channel inventories remain lean, with end demand still below consumption, and stated, “We are in the cyclical upturn.”
  • Harlan Sur (JPMorgan) sought clarification on gross margin performance and drivers for improvement; Puccio explained that a temporary factory issue held margins back but expected a return to 70% gross margin as industrial mix rises.
  • Tore Svanberg (Stifel) asked about the long-term growth outlook for automation and the impact of robotics trends; CEO Vincent Roche said the automation business could double by 2030 due to new applications and increasing content per system.
  • James Schneider (Goldman Sachs) inquired about automotive order pull-ins and regional dynamics; Puccio confirmed recent demand was driven by China and expects a sequential decline as those pull-ins normalize.
  • Stacy Rasgon (Bernstein Research) questioned whether industrial growth could also be the result of pulled-forward demand; Roche countered that industrial bookings have followed expected patterns, with no signs of anomalous behavior outside automotive.

Catalysts in Upcoming Quarters

Looking ahead, the StockStory team will be watching (1) the pace of industrial recovery and the durability of automation and robotics demand, (2) the margin impact from a higher mix of industrial and improved factory utilization, and (3) how quickly the automotive segment stabilizes after recent pull-ins. We will also monitor management’s ability to navigate external risks such as tariffs and evolving customer inventory strategies.

Analog Devices currently trades at $255.85, up from $230.59 just before the earnings. Is there an opportunity in the stock?The answer lies in our full research report (it’s free).

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