ADI

Analog Devices, Inc.

AI '24: IC and Components AI '26: Power Components AI Power '26: Active Power Mgmt Edge AI Long '24: Edge Processors Edge AI Long '26: NPU + Mobile Inference Humanoid '25: Sensing & Perception Humanoid '25: Tactile, Magnetic & Motion Sensors Space Supply Chain '26: Space-Grade Chips & Electronics

Loading…

Overview

Analog Devices, Inc. designs integrated circuits, software, and subsystems that translate real-world signals into digital data and manage power. Its Q2 FY26 rev

Analog Devices, Inc. designs integrated circuits, software, and subsystems that translate real-world signals into digital data and manage power. Its Q2 FY26 revenue was 50% industrial, 24% automotive, 15% communications, and 11% consumer. ADI sells to global manufacturers and data center operators, providing essential components for AI infrastructure, factory automation, electric vehicles, and healthcare, recently acquiring Empower Semiconductor for AI power delivery.

What They Do (Plain English & Analogies): Analog Devices (ADI) acts like the 'senses' and 'nervous system' for electronic devices, translating real-world physical signals into digital information that computers can understand, and vice-versa. Imagine a high-tech thermostat that senses the exact temperature (an analog signal) and converts it into digital data for a smart home system to process. ADI makes the specialized chips and software that perform this crucial translation with extreme precision. They also manage the power efficiently within these systems, ensuring everything runs smoothly. So, while a powerful computer chip might be the 'brain,' ADI provides the 'eyes, ears, and touch' that allow the brain to interact with and control the physical world, whether it's in a self-driving car, a factory robot, a medical device, or the complex infrastructure of an AI data center.
Very Brief History: Founded in 1965 and headquartered in Wilmington, Massachusetts, Analog Devices has grown into a global semiconductor leader. Its expansion has been significantly shaped by strategic acquisitions, notably the $14.8 billion purchase of Linear Technology in 2017 and the $21 billion acquisition of Maxim Integrated in 2021. These moves broadened ADI's expertise and market reach, particularly in power management and high-performance analog technologies.
"Street Stereotype": Analog Devices is widely regarded as a 'High-Quality Blue Chip' in the analog semiconductor space. Investors typically perceive it as a high-margin business with a strong competitive moat, largely due to the critical nature and long design cycles of its components, which foster a 'sticky' customer base. While historically seen as a bellwether for the global industrial economy, the market is increasingly re-rating ADI as a premier AI infrastructure play, recognizing its essential role in data center power management, optical connectivity, and semiconductor testing.
Subsidiaries On Linked In*: Trinamic Motion Control GmbH & Co. KG (an Analog Devices company) — Distinct company page on LinkedIn, acquired by Analog Devices.; LinkedIn: trinamic
Empower Semiconductor — Distinct company page on LinkedIn; acquisition by Analog Devices is planned to close following regulatory approval.; LinkedIn: empower-semiconductor
Customer Sectors & Example Clients: ADI serves a diverse range of customer sectors including Industrial, Automotive, Communications, and Consumer. Specific top clients in the **Industrial** sector include major manufacturers like Siemens, Rockwell Automation, and ABB. In **Automotive**, clients include Tesla, BMW, General Motors, and Ford. For **Communications**, examples are Nokia, Ericsson, and Cisco. In the **Consumer** market, they serve companies such as Apple, Samsung, and Sony. Additionally, ADI has a significant presence in **Aerospace & Defense**, working with contractors like Lockheed Martin and Raytheon, and is increasingly serving large data center operators and hyperscalers.
New Customers / Segments They'Re Targeting: Analog Devices is actively targeting new customer segments driven by several megatrends. These include the hypergrowth AI accelerator space, where their planned acquisition of Empower Semiconductor will provide cutting-edge integrated voltage regulator (IVR) technology and silicon capacitors to address the critical need for power density and delivery efficiency in AI-driven computing and connectivity. They are also focusing on autonomy, proactive healthcare (including advanced imaging, patient monitoring, surgical robotics, and wearable solutions for outpatient management), and sustainable energy transition (upgrading electrical infrastructure, managing renewable resources, and supporting energy storage systems with battery management platforms). Furthermore, ADI is pursuing opportunities in advanced robotics, including humanoids, for digital factories and other automated environments.
Supply Chain And Sourcing Geographies: Analog Devices operates a dynamic hybrid manufacturing model, combining internal production with external supply sources. The company has significantly increased its internal capacity, more than doubling it since the pre-COVID cycle, and has built substantial optionality into its external supply chain for process technologies not manufactured internally. This includes geographical optionality to enhance resilience and capacity. While specific sourcing countries for all components are not detailed, ADI has internal manufacturing facilities in locations such as Limerick, Ireland (fabrication, assembly, test), Wilmington, Massachusetts, USA (headquarters, some manufacturing/R&D), Santa Clara, California, USA (R&D, some manufacturing from acquisitions), Cavite, Philippines (assembly and test), and Penang, Malaysia (assembly and test). They also utilize external foundry partners, including those in Taiwan, and have a presence in China for external manufacturing, sales, and R&D.
Sales Geographies And Expansion Plans: Analog Devices currently sells its products globally across various regions. These include the United States, the rest of North and South America, Europe, Japan, China, and the rest of Asia. In the second quarter of fiscal year 2026, the company observed a material pickup in China for its automotive business, alongside record performance in Europe and Japan. While the transcript does not explicitly detail plans to expand into entirely new geographical regions, ADI's strategy focuses on deepening its penetration within existing high-growth markets, particularly those driven by AI infrastructure investments and the energy transition globally.
How Key Themes May Help/Hurt: The buildout of 'Sensing & Perception' (Humanoid '25) is a significant tailwind for Analog Devices. The company explicitly mentions that 'humanoids and other advanced robotics modalities are steadily increasing our opportunity pipeline value' within its automation business. ADI's portfolio of high-performance sensing, signal chain, power management, and connectivity solutions are crucial for enabling the edge intelligence and real-time communication required in digital factories and next-generation robots. As robots become more sophisticated and autonomous, they will demand more advanced and precise sensors, which aligns perfectly with ADI's core capabilities in converting real-world analog signals into digital information. The broader 'Edge AI' and 'AI '24: IC and Components' themes also benefit ADI by driving demand for its high-performance analog, mixed-signal, and power management solutions that are essential for AI-driven computing and connectivity, autonomy, and proactive healthcare, all of which rely heavily on sophisticated sensing and processing at the edge. The company's focus on solving complex problems at the 'intelligent edge' positions it to capitalize on the increasing sensor and perception content per system in various applications.

3 Main Long-Term Bull Details

AI Infrastructure as a Massive Growth Engine: ADI's data center and Automated Test Equipment (ATE) businesses are experiencing significant growth, driven by AI infrastructure investments. These segments, which are projected for double-digit growth over several years, benefit from the demand for advanced test systems, high-performance power management, and optical solutions essential for increasing compute density and data movement in AI data centers.
Diversified and Resilient Industrial Segment Recovery & Secular Tailwinds: The Industrial segment, ADI's largest and most profitable, is in a cycle of broad-based high growth, compounded by strong investments in secular opportunities. This includes robust demand in automation (digital factories, next-gen robots), electronic test and measurement (ETM), aerospace and defense, sustainable energy transition (grid management, battery storage), and healthcare. These areas offer long product life cycles and strong demand signals, positioning ADI for sustained growth.
Innovation Premium and Strategic Acquisitions for Market Expansion: ADI maintains an innovation premium through its extensive and evolving technology stack, deep application domain expertise, and ability to capture more value with each new product generation. Strategic acquisitions, such as the planned Empower Semiconductor deal, further augment its portfolio with critical, unique intellectual property (like IVR technology) to expand its total addressable market in hypergrowth areas like AI accelerators and solve complex customer problems more completely and quickly.

3 Main Long-Term Bear Details

Macroeconomic Headwinds and Geopolitical Tensions: Persistent macroeconomic challenges and heightened geopolitical tensions introduce significant uncertainty and can impact demand across ADI's end markets. While ADI has a resilient supply chain, broader economic slowdowns or escalating trade conflicts could still lead to demand softness or disruptions, particularly if customer ordering patterns shift from consumption to inventory adjustments.
Intense Competition and Potential Margin Pressure: Despite ADI's strong competitive position and high ASPs, the semiconductor industry, especially in power management and sensing, remains highly competitive. Increased competition, potentially from large established players or emerging regional competitors, could pressure market share and limit ADI's ability to sustain its high gross margins and premium pricing, especially if product mix shifts unfavorably or if the value proposition of new innovations is challenged.
Supply Chain Choke Points and Capacity Constraints: While ADI has significantly expanded its internal and external manufacturing capacity and built geographical optionality, the industry-wide steepness of the demand ramp, particularly for AI-related applications, could lead to choke points in the broader semiconductor supply chain (e.g., memory). Although ADI believes it has sufficient capacity, unforeseen constraints in specific process nodes or materials could impact its ability to meet surging demand and capture upside.

Competitors And Differentiation: Analog Devices operates in a highly competitive semiconductor market. While specific competitor names are not extensively detailed in the transcript, the company differentiates itself through several key strategies. ADI boasts the highest Average Selling Price (ASP) in the industry, significantly above the average, reflecting the high value and performance of its products. Its products are characterized by very long life cycles, and once a design-in is secured, competitive substitution is effectively zero, creating strong customer 'stickiness.' ADI also emphasizes its 'unrivaled application domain expertise' and 'trusted brand,' which are critical in solving complex, system-level problems for customers. The planned acquisition of Empower Semiconductor further highlights ADI's strategy to acquire critical and unique intellectual property, such as integrated voltage regulator (IVR) and silicon capacitor technology, to fill portfolio gaps and capture new market opportunities in high-performance areas like AI accelerators.
Recent Performance & What The Market'S Focused On: Analog Devices delivered strong second-quarter fiscal year 2026 results, with revenue, profitability, and earnings per share all finishing above the high end of guidance, establishing new records. Revenue was $3.62 billion, up 15% sequentially and 37% year-over-year, driven by industrial and data center businesses. Industrial revenue was up 20% sequentially and 56% year-over-year, while data center revenue (over 75% of communications) grew more than 90% year-over-year. Automotive also returned to year-over-year growth for BMS solutions for the first time in two years. For the third quarter, ADI expects revenue of $3.9 billion (plus or minus $100 million) and adjusted EPS of $3.30 (plus or minus $0.15). The market is focused on ADI's continued strong growth in industrial and AI-related applications (data center and ATE), the sustainability of its gross margins after a one-time channel inventory repricing benefit, and the ongoing recovery and content gains in the automotive segment.

Revenue Segments And Estimated Mix: Industrial — Mix: 50%; Source: Q2 FY26 earnings transcript; Trend: Up 20% sequentially and 56% year-over-year; expected to grow mid- to high single digits sequentially in Q3 FY26.
Automotive — Mix: 24%; Source: Q2 FY26 earnings transcript; Trend: Up 8% sequentially and 2% year-over-year; BMS solutions returned to year-over-year growth; expected to grow mid- to high single digits sequentially in Q3 FY26.
Communications — Mix: 15%; Source: Q2 FY26 earnings transcript; Trend: Up 22% sequentially and 79% year-over-year, with data center (over 75% of comms) up >90% year-over-year; expected to be fastest grower, up low to mid-teens sequentially in Q3 FY26.
Consumer — Mix: 11%; Source: Q2 FY26 earnings transcript; Trend: Flat sequentially and up 23% year-over-year; expected to be down single digits sequentially in Q3 FY26.
Product Brands: Analog Devices
Linear Technology (integrated)
Maxim Integrated (integrated)
ADI Trinamic
GMSL
A2B
Empower Semiconductor (planned acquisition)

Bull / Bear Details

Analog Devices is in a robust AI-driven expansion, achieving record Q2 FY26 results fueled by strong demand in data center, ATE, and broad industrial markets. S

Thesis

Analog Devices is in a robust AI-driven expansion, achieving record Q2 FY26 results fueled by strong demand in data center, ATE, and broad industrial markets. Strategic acquisitions like Empower Semiconductor enhance its AI accelerator TAM and power delivery solutions. With a diversified model, strong content gains in automotive, and capacity for sustained growth, ADI remains a compelling semiconductor investment as of June 3, 2026, despite geopolitical and macroeconomic uncertainties.

Bull case

ADI's AI-driven infrastructure segments, including data center and ATE, are experiencing hypergrowth, with data center revenue up over 90% year-over-year in Q2 FY26. The strategic acquisition of Empower Semiconductor further solidifies ADI's position in the AI accelerator market by providing critical integrated voltage regulator (IVR) technology, expanding its total addressable market and addressing key power density challenges for AI workloads.
The Industrial segment, ADI's largest and most profitable, is in a broad-based high-growth cycle, with Q2 FY26 revenue up 56% year-over-year. This growth is driven by record demand in aerospace and defense, ATE, ETM, and strong performance across automation, sustainable energy, and healthcare. These sectors are still below prior cycle highs with lean channel inventories, indicating significant runway for continued expansion.
ADI's automotive segment demonstrated resilience, growing 2% year-over-year in Q2 FY26, with BMS solutions returning to double-digit year-over-year growth for the first time in two years. This is driven by continued content and share gains in next-generation ADAS and infotainment systems. The company anticipates mid-to-high single-digit sequential growth for automotive in Q3, supporting full-year growth expectations.

Bear case

Despite strong demand signals, the macroeconomic and geopolitical environment remains dynamic and challenging, as acknowledged by management. While channel inventories are lean, management explicitly states that demand is primarily at consumption levels, with no evidence of broad-based customer restocking, which could limit upside from inventory rebuilds.
While Q2 FY26 gross margin reached 73%, Q3 guidance anticipates a 50 basis point decline, primarily due to the non-recurrence of a one-time channel inventory repricing benefit. Furthermore, management indicates limited future upside to gross margins from utilization, suggesting that significant further expansion will be challenging without substantial favorable mix shifts.
Visibility for ADI remains largely limited to approximately one quarter, making the company susceptible to sudden shifts in customer demand or unforeseen macroeconomic shocks. Additionally, the consumer segment is projected to experience a sequential decline in Q3, and concerns persist regarding potential choke points in the broader semiconductor supply chain, particularly memory.

Bull / Bear Case

Bear Case: Despite favorable demand indicators, the macro backdrop remains fluid, and management explicitly notes no broad-based customer restocking, indicating demand is at consumption levels, which could limit upside if the recovery falters. The automotive segment faces near-term sequential weakness in Q2 due to tariff and macro pull-in unwinds, posing a risk if the projected H2 fiscal '26 recovery is weaker than anticipated. While gross margins are strong, approximately 50 basis points of Q2's price lift is a one-time channel inventory repricing, making sustained expansion dependent on continued favorable mix and pricing power amidst competition. Limited visibility (one quarter) and intense competition in power management, particularly in data centers, could challenge long-term differentiation and market share.
Bull Case: Analog Devices is positioned for a banner fiscal 2026, driven by accelerating AI infrastructure demand. Its ATE and Data Center businesses, now nearly 20% of revenue, grew 40% and 50% respectively in fiscal '25 and are projected for double-digit growth for several years, fueled by HBM4, vertical power, and optical solutions. The largest Industrial segment (47% of revenue) is experiencing a robust cyclical recovery, with Q1 up 38% year-over-year and Q2 guided up 20% sequentially, supported by a book-to-bill well above one and secular tailwinds in aerospace & defense and energy transition. Despite near-term auto headwinds, full-year fiscal '26 automotive growth is expected from structural content gains. ADI's strong innovation, high gross margins, and commitment to shareholder returns further bolster the bullish outlook.
More Compelling & Why: Bull. Given ADI's strong Q1 performance and robust Q2 guidance, the bull case is more compelling, despite a potentially elevated forward P/E ratio compared to some peers. The accelerating double-digit growth in AI-driven ATE and Data Center segments, coupled with the strong cyclical recovery and book-to-bill in the high-margin Industrial segment, provides powerful secular and cyclical tailwinds. This justifies the market's current premium valuation. My view would flip if ADI fails to deliver on its projected double-digit growth for AI segments or if the Industrial segment's sequential growth significantly decelerates, indicating a fundamental weakening of demand.

Key Factors5 rows

Key Factor	Why It Matters	What To Watch	What It Signals	Where/How To Track	Free Alt Data	Paid Alt Data
AI Infrastructure (Data Center & ATE) Revenue Growth & Empower Semiconductor Integration	This segment is a primary driver of ADI's AI-driven expansion, with record performance and significant growth. The Empower acquisition further solidifies ADI's position in the hypergrowth AI accelerator space, expanding its total addressable market and addressing critical power delivery challenges.	Q3 FY26 Data Center and ATE revenue growth (YoY and sequential). Updates on Empower Semiconductor's regulatory approval, closure, and any announced design wins or revenue projections for 2027.	Bullish: Data Center revenue growth (YoY) remains at or above 90% in Q3 FY26; ATE revenue growth (YoY) remains strong (e.g., >40%); Empower acquisition closes as expected; Management provides specific 2027 revenue targets for Empower. Bearish: Data Center or ATE YoY growth decelerates significantly below Q2 FY26 levels; Delays in Empower acquisition closure beyond Q3 FY26.	Company earnings calls and releases (Q3 FY26 earnings expected August 2026), SEC filings (8-K for acquisition closure), investor presentations.	Hyperscaler CapEx announcements (e.g., Google, Microsoft, Amazon earnings calls for commentary on infrastructure spending), industry reports on AI infrastructure spending (e.g., IDC, Gartner press releases).	Dell'Oro Group: Data Center Switch Market Share; LightCounting: Optical Transceiver Market Forecast.
Channel Inventory Levels & Customer Restocking	Channel inventory levels provide insight into demand stability and potential for future order fluctuations. While ADI aims for lean inventory, any signs of broad-based customer restocking would indicate stronger underlying demand beyond current consumption levels.	Management's specific statements on channel inventory weeks (currently 6-7 weeks) and any explicit mentions of OEM customer restocking activity in Q3 FY26 earnings call.	Bullish: Management reports channel inventory weeks decreasing below 6 weeks; Management reports initial signs of OEM customer restocking. Bearish: Management reports channel inventory weeks increasing above 7 weeks; Management explicitly states no restocking activity despite improving demand signals.	Company earnings calls and releases (Q3 FY26 earnings expected August 2026).	Distributor inventory reports (e.g., Arrow Electronics, Avnet earnings calls for commentary on inventory trends).	Supplyframe: Component Lead Time Index; Susquehanna Financial Group: Semiconductor Distributor Inventory Survey.
Automotive Segment Sequential Revenue Growth & BMS Performance	Automotive is a key secular growth engine for ADI, driven by content gains in ADAS and BMS. Its return to sequential growth and year-over-year growth in BMS signals a healthy recovery and validates the long-term thesis despite prior headwinds.	Q3 FY26 Automotive segment sequential revenue growth. Management commentary on BMS revenue growth (YoY) and ADAS content gains.	Bullish: Automotive sequential revenue growth for Q3 FY26 is mid- to high single digits (e.g., >= 5%); BMS revenue continues double-digit YoY growth. Bearish: Automotive sequential revenue growth for Q3 FY26 is below mid-single digits (e.g., < 5%); BMS revenue growth decelerates to single digits or turns negative YoY.	Company earnings calls and releases (Q3 FY26 earnings expected August 2026).	China Association of Automobile Manufacturers (CAAM) data on EV sales; European Automobile Manufacturers' Association (ACEA) data on EV registrations.	S&P Global Mobility: Global Light Vehicle Production Forecast; Canalys: EV Sales Tracker.
Industrial Segment Sequential Revenue Growth & Demand Signals	Industrial is ADI's largest and most profitable segment. Sustained strong sequential growth and positive demand signals confirm the cyclical recovery and validate ADI's ability to capitalize on secular tailwinds in automation, aerospace & defense, and energy transition.	Q3 FY26 Industrial segment sequential revenue growth. Management commentary on the book-to-bill ratio and demand trends in automation, ETM, energy, healthcare, and broad market.	Bullish: Industrial sequential revenue growth for Q3 FY26 is mid- to high single digits (e.g., >= 5%); Book-to-bill ratio remains consistently above 1.0. Bearish: Industrial sequential revenue growth for Q3 FY26 is below mid-single digits (e.g., < 5%); Book-to-bill ratio falls consistently below 1.0.	Company earnings calls and releases (Q3 FY26 earnings expected August 2026).	ISM Manufacturing PMI (US), Caixin Manufacturing PMI (China), Eurozone Manufacturing PMI (S&P Global).	S&P Global Market Intelligence: Industrial Production Index; Bloomberg Terminal: Industrial Sector Analyst Estimates.
Non-GAAP Gross Margin Trajectory & Pricing Power	Gross margin is a critical profitability metric, reflecting ADI's pricing power, product mix, and operational efficiency. Sustaining strong gross margins, even after one-time benefits, indicates favorable product mix (e.g., higher-margin industrial/AI products) and effective cost management.	Q3 FY26 Non-GAAP Gross Margin percentage. Management commentary on factors influencing gross margin, including product mix and pricing.	Bullish: Q3 FY26 Non-GAAP Gross Margin is above 72.5% (i.e., declines less than 50 bps from Q2's 73%); Management attributes strong margin to favorable product mix from high-growth segments. Bearish: Q3 FY26 Non-GAAP Gross Margin is at or below 72.5% (i.e., declines 50 bps or more from Q2's 73%); Management cites unfavorable product mix or increased competitive pricing.	Company earnings calls and releases (Q3 FY26 earnings expected August 2026).	Producer Price Index (PPI) for Semiconductor Manufacturing (Bureau of Labor Statistics).	Gartner: Semiconductor Manufacturing Cost Analysis; IC Insights: IC Industry Cost Trends.

Key Reported Metrics3 rows

Metric	Why It Matters	Last Period
Communications Revenue	This segment, heavily influenced by AI-driven data center investments and the Empower acquisition, is expected to be ADI's fastest-growing, signaling continued AI-driven expansion and revenue diversification.	+79%
Non-GAAP Gross Margin	Gross margin is a critical profitability metric. Its performance against guidance, especially after a one-time benefit in Q2, will indicate ADI's sustainable pricing power, product mix, and operational efficiency.	+3.6%
Industrial Revenue	As ADI's largest and most profitable segment, its strong growth confirms the cyclical recovery and validates the "Humanoid '25" thesis, indicating robust demand in factory automation and sensing.	+56%

Key Questions

Can Analog Devices sustain its projected mid-to-high single-digit sequential growth in the Industrial segment for Q3 and beyond, confirming a definitive cyclica

Can Analog Devices sustain its projected mid-to-high single-digit sequential growth in the Industrial segment for Q3 and beyond, confirming a definitive cyclical recovery driven by consumption and lean channel inventories, or will broader macroeconomic headwinds eventually impact this momentum?

Question 2: Can the Automotive segment sustain its renewed mid-to-high single-digit sequential growth in Q3 and beyond, particularly with the return to double-digit year-over-year growth in BMS and lean customer inventories, or will broader market dynamics and EV penetration rates temper this momentum?
Question 3: Can Analog Devices sustain or further expand its gross margin in Q3 and beyond, particularly after the 50 basis points one-time channel inventory repricing benefit dissipates, given current high utilization rates and the impact of product mix from high-growth segments like data center and industrial?

Rerating Thresholds3 rows

Metric	What'S Needed For Rerating	Why It Matters	Earnings Date
Total Revenue	ADI needs to deliver Q1 revenue of $2.45 billion or higher (exceeding the high end of its $2.25B–$2.45B guidance) and provide Q2 guidance implying sequential growth of 4-5% (above $2.55B). This must be supported by Industrial revenue growing 5%+ sequentially and Data Center revenue maintaining its $1B+ annual run rate.	Hitting these targets confirms the industrial cycle has definitively troughed and validates ADI's transition into an AI-infrastructure play. It proves that secular gains in ATE and Data Centers can offset automotive tariff 'pre-buy' risks, justifying a premium valuation multiple as investors pivot from cyclical recovery to sustained expansion.	2026-02-18
Automotive Revenue	ADI needs to deliver year-over-year growth of 5% to 8%, effectively reversing the current contraction and outperforming management's 'mid-single digit' sequential decline guidance. This requires proving that structural content gains in Battery Management Systems (BMS) and ADAS are successfully offsetting the anticipated 'tariff-related pull-in' inventory unwind.	Automotive is ADI's primary secular growth engine. Achieving 5-8% growth confirms the thesis that semiconductor content gains can decouple from stagnant vehicle production. This reduces cyclical volatility concerns, justifying a valuation rerate toward a premium forward P/E multiple as investors pivot from 'trough' pricing to recovery growth.	2026-02-18
Industrial Revenue	To trigger a further rerating, ADI must sustain year-over-year Industrial growth above 30% and deliver sequential (QoQ) growth of at least 5%, significantly outperforming the typical seasonal decline. Additionally, the book-to-bill ratio must remain consistently above 1.05, and management must provide guidance confirming that the recovery in factory automation and aerospace is accelerating into the second half of 2026.	Industrial is ADI's highest-margin segment; sustaining this growth is essential to push non-GAAP gross margins back above the 70% threshold. Achieving these targets validates the 'Humanoid '25' thesis and justifies ADI's premium valuation by proving the cyclical recovery is transitioning into a durable, AI-driven secular expansion.	2026-02-18

Earnings Transcript Summary3 rows

2026-05-20 · 2026Q2 Earnings Call

3 Things Management Is Most Focused On	Call Takeaway & Tone	Prior Quarter'S Y/Y Growth By Segment	3 Things Analysts Most Pressed On (And Mgmt Responses)	Revenue Segments
1. Capitalizing on record demand for products and solutions, particularly in AI-driven computing and connectivity, autonomy, proactive healthcare, sustainable energy transition, and immersive consumer experience, which are driving growth in data center, ATE, and aerospace & defense businesses. 2. Leveraging their dynamic hybrid manufacturing model and robust investments in the supply chain to enhance scale, optionality, and resilience, enabling ADI to address demand surges and capture upside. 3. Expanding their power technology portfolio through strategic acquisitions, such as Empower Semiconductor, to address critical challenges like power density and delivery efficiency in AI workloads and to expand their total addressable market.	The overall takeaway from the call is that Analog Devices delivered a record second quarter for fiscal 2026, with revenue, profitability, and EPS exceeding guidance. The company is experiencing broad-based demand across all end markets, with particular strength and acceleration in Industrial and Communications (driven by data center and AI-related applications). Management is confident in ADI's ability to capitalize on both cyclical and secular opportunities, supported by strategic investments in supply chain resilience and M&A (Empower Semiconductor) to address hypergrowth areas like AI. The tone of the call was confident and optimistic, emphasizing strong execution, innovation, and a positive outlook despite ongoing macroeconomic and geopolitical challenges.	Industrial: +38% y/y; Automotive: +8% y/y; Communications: +63% y/y; Consumer: +27% y/y	1. Customer conversations and supply concerns: Analysts inquired about customer sentiment regarding supply and capacity. Management responded that the atmosphere is generally calm, lead times are in good shape, and ADI has significantly increased internal capacity and external optionality, allowing them to meet increasing demand and maintain good service scores. 2. Pricing strategy and sustainability: Analysts asked about ADI's tactical and strategic approach to pricing. Management stated they increased prices to absorb inflation, and newer products capture more value due to their high ASPs and sticky, long-lifecycle design-ins. They clarified that Q2's upside was volume-driven, not from incremental price, and that pricing actions are expected to add a couple of points to 2026 growth. 3. Empower Semiconductor acquisition rationale and impact: Analysts questioned the reasons behind the Empower acquisition and its expected revenue contribution. Management explained that Empower fills a critical gap in their power portfolio, providing unique IVR and silicon capacitor technology essential for solving power density and delivery efficiency bottlenecks in AI workloads. They anticipate significant revenue from Empower starting in 2027, with some immaterial revenue in the latter half of 2026.	Industrial: +56% y/y; Automotive: +2% y/y; Communications: +79% y/y; Consumer: +23% y/y

2026-02-18 · 2026Q1 Earnings Call

3 Things Management Is Most Focused On	Call Takeaway & Tone	Prior Quarter'S Y/Y Growth By Segment	3 Things Analysts Most Pressed On (And Mgmt Responses)	Revenue Segments
1. Investing in relentless innovation and deep customer engagement, particularly aligning strategic investments to key megatrends such as AI-driven computing and connectivity, autonomy, proactive healthcare, sustainable energy transition, and immersive sensory experience. 2. Delivering consistent shareholder returns by committing to return 100% of free cash flow to shareholders over the long term, evidenced by an 11% increase in the annual dividend. 3. Disciplined execution and capitalizing on improving demand signals across end markets, with a strong second quarter outlook reinforcing the belief that fiscal '26 has the potential to be a banner year for ADI.	The overall takeaway from the call is that Analog Devices delivered strong first-quarter fiscal 2026 results, exceeding guidance for revenue, profitability, and EPS. The company is experiencing broad-based year-over-year growth, with particular strength and acceleration in Industrial and Communications, driven significantly by AI infrastructure investments (ATE and data center businesses). Management is highly optimistic about the second quarter outlook and the potential for fiscal '26 to be a banner year, citing improving demand signals and disciplined execution. The tone of the call was confident and positive, emphasizing the strength of ADI's diversified business model, relentless innovation, and strategic investments in megatrends, while acknowledging a fluid macro backdrop but seeing favorable demand indicators.	Industrial: +34% y/y; Automotive: +19% y/y; Communications: +37% y/y; Consumer: +7% y/y	1. Industrial segment performance and potential restocking: Analysts questioned if above-seasonal performance in Industrial would continue and if there were signs of OEM customer restocking. Management responded that Industrial is expected to continue strong, up 20% sequentially and 50% year-over-year, aided by cyclical recovery and strength in ATE and ADAS. They explicitly stated that they do not see any evidence of restocking at this point in the cycle. 2. Gross Margin and OpEx drivers: Analysts sought color on the drivers for gross margin and OpEx embedded in the guidance. Management explained that Q1 gross margin was higher due to better mix, stronger utilization, and discrete items. For Q2, they expect 100 bps of gross margin expansion (150 bps excluding discrete items) driven by favorable mix and price. OpEx is expected to grow mid-single digits but fall as a percentage of revenue, with full-year OpEx growth trailing revenue growth by roughly half. 3. Automotive segment stabilization: Analysts asked about signs of stabilization or potential growth in the automotive segment beyond the subsidy environment. Management attributed Q1's below-seasonal performance to a tariff and macro pull-in unwind from the prior year. They expect Q2 to be flat to down sequentially, below seasonal, due to softer bookings and China exposure. However, they expressed confidence that the second half of fiscal '26 would be stronger, with automotive expected to grow for the full fiscal year compared to fiscal '25.	Industrial: +38% y/y; Automotive: +8% y/y; Communications: +63% y/y; Consumer: +27% y/y

2025-11-25 · 2025Q4 Earnings Call

3 Things Management Is Most Focused On	Call Takeaway & Tone	Prior Quarter'S Y/Y Growth By Segment	3 Things Analysts Most Pressed On (And Mgmt Responses)	Revenue Segments
1. AI Infrastructure Expansion: Scaling the Data Center business (now at a $1B annual run rate) and Automatic Test Equipment (ATE) to capture demand for high-performance compute and HBM4 memory. 2. Maxim Revenue Synergies: Executing on the $1B revenue synergy target by 2027, with hundreds of millions already realized in FY25 through cross-selling power and connectivity solutions. 3. Manufacturing Resiliency: Investing over $3B in CapEx to enhance internal capacity and 'optionality,' ensuring supply chain stability for customers as they move toward the 'Intelligent Edge.'	The takeaway is that ADI has successfully navigated its cyclical trough and is now seeing a sharp acceleration in growth, particularly in AI-related segments (Data Center and ATE). The company is benefiting from content gains in Automotive and a recovery in Industrial. The tone was highly confident and optimistic, signaling that the 'inventory digestion' phase is over and the company is now focused on capturing secular growth at the intelligent edge.	Industrial: -14% y/y; Automotive: -1% y/y; Communications: -19% y/y; Consumer: -1% y/y. (Note: Q4 results represent a massive acceleration across all segments compared to Q3 FY25).	1. Gross Margin Trajectory: Analysts questioned why margins weren't higher given the revenue beat. Management responded that while utilization is up, the mix was less favorable than planned due to higher Automotive revenue relative to Industrial. 2. Automotive Pull-ins and Tariffs: Analysts pressed on whether recent growth was driven by customers 'pre-buying' to avoid tariffs. Management acknowledged some potential policy-related upside but noted that Q4 bookings remained normal and they are guiding Q1 cautiously. 3. FY26 Growth Visibility: Analysts sought confirmation of double-digit growth for the next fiscal year. Management stated that while visibility remains limited to ~1 quarter, cyclical recoveries in Industrial and Communications, combined with AI tailwinds, support a broad-based growth outlook.	Industrial: +34% y/y; Automotive: +19% y/y; Communications: +37% y/y; Consumer: +7% y/y; Total Revenue: +26% y/y.

Transcript Tidbits3 rows

2026-05-20

About Expanding Eligible Market	About Competition	About The Broader Industry	Where Things Are Headed	Updates On Theme	Broader Themes Emerging	Bullish-Leaning Quotes (Short)	Bearish-Leaning Quotes (Short)	Hiring
Analog Devices is pursuing areas that offer the greatest future growth potential, namely AI-driven computing and connectivity, autonomy, proactive health care, sustainable energy transition, and immersive consumer experience. The planned acquisition of Empower Semiconductor will further augment ADI's power technology portfolio, providing cutting-edge proprietary integrated voltage regulator (IVR) technology and silicon capacitors. This transaction is expected to expand ADI's total addressable market within the hypergrowth AI accelerator space and solidify its position as an indispensable hardware partner for maximum compute density per server rack. The company also sees longer-term opportunities in humanoids and other advanced robotics modalities, and is enabling the digitalization of clinical environments and wearable solutions for outpatient management, extending the digital network edge to the human body.	Analog Devices has the highest average selling price (ASP) in the industry across its entire portfolio, at 4 to 5 times the industry average. With each new generation of innovation, the company captures more value, reflected in higher ASPs for newer products. The stickiness of ADI's products is very high due with long life cycles, and competitive substitution is effectively zero once a design-in is achieved. The company's competitive advantage lies in its extensive and evolving tech stack, six decades of experience, and deep application domain expertise, which are increasingly important as customers tackle complex challenges at the intelligent edge.	The broader industry is characterized by heightened geopolitical tensions and ongoing macroeconomic challenges, yet Analog Devices is experiencing record demand for its products and solutions. There are strong AI-driven infrastructure investments, particularly in data centers and Automated Test Equipment (ATE). Megatrends such as the onshoring of advanced manufacturing and evolving labor dynamics are increasing demand for digital factories and next-generation robots. The continued evolution of consumption patterns due to deeper electrification and high-performance computing is putting immense pressure on legacy electrical grids. The healthcare industry is undergoing ongoing digitalization, migrating beyond clinical to nonclinical environments, driving demand for wearable solutions.	Analog Devices' second quarter revenue, profitability, and earnings per share finished above the high end of guidance, establishing new high watermarks. The company is seeing record demand and expects continued strong growth for its data center and ATE businesses into 2027. The aerospace and defense business is on a strong multiyear growth path, and all industrial sectors are poised for continued strong growth in the coming quarters and longer term. Automation is transitioning to autonomy, and the energy business is expected to continue its growth trajectory for many years. Healthcare is projected for continued double-digit revenue growth. For the third quarter, revenue is expected to be $3.9 billion, plus or minus $100 million, with adjusted EPS of $3.30, plus or minus $0.15. Industrial and automotive are expected to grow mid- to high single digits sequentially, while communications is projected to be the fastest grower, up low to mid-teens sequentially. Consumer is expected to be down single digits sequentially. The company is comfortable with its capacity to support up to $20 billion in revenue as part of its 2030 vision.	Sensing	AI-driven computing and connectivity, autonomy, proactive health care, sustainable energy transition, and immersive consumer experience are identified as megatrends. Other emerging themes include the onshoring of advanced manufacturing, evolving labor dynamics, and the ongoing digitalization of clinical and nonclinical healthcare environments.	second quarter revenue, profitability and earnings per share finished above the high end of our guidance, establishing new high watermarks for both revenue and for earnings. we're currently seeing record demand for our products and solutions. Our data center and ATE businesses are taking advantage of strong AI-driven infrastructure investments to achieve new highs. aerospace and defense business, which reached a new revenue high this quarter. all of our industrial sectors are poised for continued strong growth in the coming quarters and indeed over the longer term. We're driving double-digit revenue growth in our health care market, and we expect continued growth over the coming years. industrial end market is currently in a cycle of broad-based high growth. Our confidence in our future has never been greater. Revenue in the second quarter was a record $3.62 billion, finishing above the high end of our outlook. EPS was a record $3.09. Revenue is expected to be $3.9 billion, plus or minus $100 million. We continue to see constructive demand signals in our order book and backlog, particularly in industrial, AI-related applications and automotive. we are comfortable that we have the capacity to support up to the $20 billion that we've been talking about as part of our 2030 vision.	Despite the quarter's heightened geopolitical tensions and ongoing macroeconomic challenges. There are some concerns, of course, around the choke points in the semiconductor supply chain, memory being one of those. The future -- we don't see a ton of future upside on gross margin from utilization given where we're running the factories today. Consumer is expected to be down single digits sequentially for us based on some of the things I just described. While we remain mindful of the dynamic macro and geopolitical environment.

2026-02-18

About Expanding Eligible Market	About Competition	About The Broader Industry	Where Things Are Headed	Updates On Theme	Broader Themes Emerging	Bullish-Leaning Quotes (Short)	Bearish-Leaning Quotes (Short)	Hiring
Analog Devices is aligning strategic investments to mega trends like autonomy, proactive healthcare, sustainable energy transition, immersive sensory experience, and AI-driven computing and connectivity. New approaches such as vertical power and higher voltage distribution are opening incremental Serviceable Addressable Market (SAM) for ADI, with smart power stage shipments to the first vertical power customer and accelerating adoption of intermediate bus converter modules for 48- and 54-volt architectures. The company is also positioned to benefit from AI-driven infrastructure investment as AI scales, driving exponential data movement within and between data centers and leading to re-architecting networks with Optical Circuit Switches (OCS).	ADI enjoys industry leadership across major test platforms, with content per tester stretching into tens of thousands of dollars, and has earned a durable role as a leading-edge technology partner in the evolving Automated Test Equipment (ATE) market. The company thrives in solving increasingly difficult problems in power systems, approaching solutions at the system level by leveraging knowledge in thermodynamics, electromagnetics, circuit magic, and mixed-signal and signal processing technology. ADI's analog and mixed-signal solutions enable higher compute density and better system-level performance, driving increasing demand and design wins.	The industrial and communications sectors are experiencing cyclical improvement. The semiconductor industry is seeing rising complexity and proliferation of connected intelligent devices. AI's demand for faster processing speeds, greater power density, and monumental data volume is creating exponentially greater complexity in data centers, driving faster innovation cycles and new architectures. Power is becoming a strategic constraint in AI data centers, and AI workloads are driving faster upgrade cycles and new network architectures. While the macro backdrop remains fluid, demand indicators continue to trend favorably, evidenced by improving PMIs and positive book-to-bill ratios across all industrial sectors and geographies.	Fiscal 2026 has the potential to be a banner year for ADI, assuming no unforeseen material changes in the macroeconomic and geopolitical backdrop. The company is aligning strategic investments to mega trends offering outsized long-term secular growth potential, including autonomy, proactive healthcare, sustainable energy transition, immersive sensory experience, and AI-driven computing and connectivity. The ATE and data center businesses are expected to grow at double digits over the next several years. Automotive is anticipated to be stronger in the second half of fiscal 2026 and is expected to grow for the full fiscal year compared to fiscal 2025, despite first-half headwinds. The company expects about 50 basis points of incremental growth in each of Q3 and Q4 related to price.	Sensing	Autonomy, proactive healthcare, sustainable energy transition, immersive sensory experience, and AI-driven computing and connectivity are emerging as broader industry mega trends. The industry is also seeing AI-driven automation in 'Humanoid' robotics, the transition to 1.6 terabit electro-optical interfaces in data centers, and the 'Energy Transition' involving grid management and battery storage systems as a primary industrial growth driver.	We extended our momentum through the first quarter with revenue, profitability and earnings per share, all coming in above the midpoint of our guidance. Fiscal '26 has the potential to be a banner year for ADI. ATE Revenue increased approximately 40% in fiscal '25 and further accelerated in the first quarter of '26. Data center business, which grew approximately 50% in fiscal '25 and also saw accelerated growth in the most recent quarter. These areas will all grow at double digits over the next several years. Our book-to-bill in Industrial was well above 1. Industrial continuing strong, up 20% sequentially. Auto will grow in fiscal '26 versus what was a record fiscal '25.	Barring unforeseen material changes in the macroeconomic and geopolitical backdrop. While the macro backdrop remains fluid. We don't see any evidence whatsoever of that [restocking] at this point in the cycle. Auto will be flat to down sequentially, a bit below seasonal. Once we get past the headwinds in the first half. Roughly half of the price lift relates to repricing of channel inventory, which will not repeat in Q3.	The company is continuing to hire in strategic investment areas.

2025-11-25

About Expanding Eligible Market	About Competition	About The Broader Industry	Where Things Are Headed	Updates On Theme	Broader Themes Emerging	Bullish-Leaning Quotes (Short)	Bearish-Leaning Quotes (Short)	Hiring
ADI is expanding its Serviceable Addressable Market (SAM) through the new E2B Ethernet bus for automotive systems and a new Acoustics platform that triples the value generated over legacy designs in consumer and healthcare. The company is also targeting growth in the low earth orbit (LEO) satellite market, diabetes management solutions, and the emerging humanoid robotics sector, which they view as a significant long-term opportunity driven by AI advancements.	The company reported significant share gains in China, particularly within the light vehicle market and Level 2+ ADAS systems. Management highlights their 'unrivaled application domain expertise' and 'trusted brand' as key differentiators against competitors. They are also seeing stronger value capture and higher average selling prices (ASPs) in new products compared to legacy offerings, indicating a competitive advantage in high-complexity engineering challenges.	The industry is seeing a massive surge in AI infrastructure investment, with hyperscaler CapEx expected to grow double digits. A key structural shift is the transition to HBM4 (High Bandwidth Memory), which is driving demand for advanced automatic test equipment (ATE). While wireless communications faced a cyclical bottom in 2025, the broader semiconductor industry is navigating macro and geopolitical headwinds, including persistent tariff and trade uncertainties.	ADI expects broad-based growth in fiscal 2026, led by the Industrial and Communications sectors. The Aerospace and Defense business is projected to potentially double by the end of the decade. In the data center space, 'vertical power' technology is described as being at the 'knee of the curve' for exponential growth. Financially, the company is targeting a 100% free cash flow return to shareholders over the long term.	Sensing	AI-driven automation in 'Humanoid' robotics; the transition to 1.6 terabit electro-optical interfaces in data centers; and the 'Energy Transition' involving grid management and battery storage systems as a primary industrial growth driver.	Our data center segment surpassed the $1 billion run rate this quarter; Design pipeline grew more than 20% in fiscal '25; We're at the knee of the curve... to see exponential growth; Aerospace and defense achieved record results.	Wireless communications is one of the few areas of softness; Mindful of the macro environment and the continued impacts of tariffs; Visibility tends to be pretty low right now; It will take us higher revenue dollars to continue to expand beyond 70% [gross margin].

Earnings Results3 rows

Analog Devices reported Q1 fiscal 2026 revenue of $3.16 billion, significantly exceeding the rerating trigger of $2.45 billion. The company also provided a stro

Metric	Prior Quarter	Rerating Trigger	Actual Reported	Hit Target?	Notes
Total Revenue	-7.1%	ADI needs to deliver Q1 revenue of $2.45 billion or higher (exceeding the high end of its $2.25B–$2.45B guidance) and provide Q2 guidance implying sequential growth of 4-5% (above $2.55B). This must be supported by Industrial revenue growing 5%+ sequentially and Data Center revenue maintaining its $1B+ annual run rate.	$3.16 billion (30% y/y growth)	Yes	Analog Devices reported Q1 fiscal 2026 revenue of $3.16 billion, significantly exceeding the rerating trigger of $2.45 billion. The company also provided a strong Q2 revenue outlook of $3.5 billion, implying approximately 11% sequential growth, well above the 4-5% target. Furthermore, the data center business is now operating at an annual run rate of over $2 billion, surpassing the $1 billion target. This strong performance and optimistic outlook contributed to management's belief that fiscal '26 has the potential to be a banner year for ADI.
Automotive Revenue	-1.1%	ADI needs to deliver year-over-year growth of 5% to 8%, effectively reversing the current contraction and outperforming management's 'mid-single digit' sequential decline guidance. This requires proving that structural content gains in Battery Management Systems (BMS) and ADAS are successfully offsetting the anticipated 'tariff-related pull-in' inventory unwind.	8% y/y growth	Yes	Automotive revenue grew 8% year-over-year in Q1 fiscal 2026, meeting the upper end of the rerating trigger range of 5% to 8%. Despite this, the segment experienced an 8% sequential decline, which was below seasonal expectations, attributed to a 'tariff and macro pull-in unwind' from the previous year. Management anticipates Q2 to be flat to down sequentially, but remains confident that the second half of fiscal '26 will be stronger, projecting full fiscal year 2026 growth for automotive compared to fiscal 2025.
Industrial Revenue	-14.2%	To trigger a further rerating, ADI must sustain year-over-year Industrial growth above 30% and deliver sequential (QoQ) growth of at least 5%, significantly outperforming the typical seasonal decline. Additionally, the book-to-bill ratio must remain consistently above 1.05, and management must provide guidance confirming that the recovery in factory automation and aerospace is accelerating into the second half of 2026.	38% y/y growth (5% sequential growth)	Partially	Industrial revenue grew 38% year-over-year and 5% sequentially in Q1 fiscal 2026, successfully meeting the year-over-year growth target (above 30%) and the sequential growth target (at least 5%). The Q2 outlook for Industrial is even stronger, with an expected 20% sequential growth and 50% year-over-year growth. The book-to-bill ratio was reported as 'well above 1' in Q1, excluding pricing impact, but was not explicitly stated to be above 1.05. Management expressed confidence in the continued strength of the industrial segment, driven by cyclical recovery and robust performance in ATE and Aerospace and Defense, and noted that the broader industrial market still has significant room for growth.

NotesTable

Date	Comment	Comment Type	Comment Sentiment	Link	IS CHANGE	Price Reaction
2026-02-18	Analog Devices reported strong Q1 FY26 results, exceeding guidance, driven by broad-based growth and significant AI-related demand in ATE and data centers. The company issued a robust Q2 outlook, expecting industrial strength and continued AI momentum. The market reacted very positively, with ADI's stock outperforming SPY by over 4% post-earnings, indicating strong confidence in the company's execution and future growth prospects despite anticipated near-term automotive softness.	Other	Bullish		False	+5.19% (vs SPY: +4.23%)

Upcoming Events6 rows

Catalyst ID	Estimated Timing	Estimated Date Start	Estimated Date End	Catalyst	Why It Matters	Ticker Or Theme Specific	Transcript Date	Source Type
ADI_231dd993	once we get past the headwinds in the first half, our second half will be stronger	2026-04-28	2026-10-27	Analog Devices' Automotive segment performance in the second half of fiscal year 2026. Management expects stronger performance and year-over-year growth after facing headwinds from tariff and macro pull-in unwind in the first half.	Confirmation of stronger growth in the Automotive segment would validate ADI's content gains and ability to overcome macro pressures, supporting a bullish outlook. Conversely, a failure to achieve this growth could indicate persistent headwinds or weaker underlying demand, negatively impacting investor sentiment and valuation.	Ticker	2026-02-18	earnings_transcript
ADI_607f9973	a little later following regulatory approval	2026-07-01	2026-10-31	Regulatory approval and closing of the Empower Semiconductor acquisition.	The acquisition is expected to expand ADI's total addressable market within the hypergrowth AI accelerator space and solidify its position, driving significant revenue growth starting in fiscal 2027.	Ticker	2026-05-20	earnings_transcript
ADI_56d19667	second half of fiscal '26	2026-05-01	2026-10-31	Continued stronger-than-expected performance and growth in the Automotive segment in the second half of fiscal year 2026.	This would confirm the recovery and structural content gains in ADAS and BMS, offsetting previous headwinds and supporting full-year growth for ADI's automotive business.	Ticker	2026-05-20	earnings_transcript
ADI_a7d6e3f4	coming quarters and indeed over the longer term	2026-05-01	2026-10-31	Industrial segment sustaining above-seasonal growth in the coming quarters.	Continued strong performance in the industrial segment, ADI's most profitable business, validates the cyclical recovery and secular tailwinds, positively impacting revenue and margins.	Ticker	2026-05-20	earnings_transcript
ADI_4d6694d6	through 2026, our confidence in their continued growth into '27 is increasing	2026-05-01	2026-12-31	Data Center and ATE businesses maintaining their steep growth trajectories through fiscal 2026 and into 2027.	Sustained high growth in these AI-driven segments is crucial for ADI's overall revenue growth and market positioning as a key AI infrastructure player.	Ticker	2026-05-20	earnings_transcript
ADI_72ba1305	Q3 and the potential trend into Q4	2026-05-01	2026-10-31	ADI's ability to maintain or expand gross margins in Q3 and Q4 2026 after the 50 basis points one-time channel inventory repricing benefit dissipates.	Sustaining gross margin expansion beyond the one-time benefit will depend on continued favorable product mix and pricing power, impacting overall profitability.	Ticker	2026-05-20	earnings_transcript