Analog Devices (ADI)
Designs data converters, power chips, sensors, and RF components for complex electronic systems.
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Analog Devices makes the small chips that let machines sense the physical world, turn those signals into usable data and control power. Factory gear and cars still carry most of the business, while chip-testing machines and AI data centers are pulling growth forward. Its staying power comes from a huge catalog of designs that often remain in products for years.
Item facts: FY2025 · year ended Nov 1, 2025, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
7 in detail · 15 more below
Industrial
Factory automation, measurement, energy and healthcare chips form the broad core. Excluding test equipment and defense, sales grew more than 40% in first-half FY2026 but remained below prior peaks; watch whether the recovery lasts.
Competes with Industrial automation portfolio (Texas Instruments) · Factory Automation portfolio (STMicroelectronics)
In plain English
The unglamorous shelf behind modern machines. ADI supplies the small parts that sense temperature and motion, measure electrical signals, manage power and tell factory equipment what to do. The same broad family also reaches energy systems and medical equipment.
Equipment makers choose these parts while designing a machine, then keep buying them as long as that design stays in production. ADI earns when parts ship, often through distributors. Its catalog is like a hardware store with tens of thousands of specialized drawers: no single drawer matters much, but customers return because the exact part they already trust is still there.
Aerospace and Defense
Rugged parts for radar, electronic warfare, communications and space were running above $1 billion a year around FY2025 Q4. Watch government budgets, export approvals and the long qualification schedules that decide when programs ship.
Competes with Defense and aerospace radio products (Qorvo) · Aerospace and Defense products (MACOM)
In plain English
Radar and satellites have to hear very faint signals and turn them into useful information without mistakes. ADI sells the radio, measurement and power-control chips that do that work in aircraft, defense systems and spacecraft.
Large defense contractors and space-system builders choose the parts for funded programs. They pay as hardware is produced, but first the components must survive demanding checks for reliability and safety. That makes entry slow; once a part is approved, the program can keep ordering it for years. Revenue therefore follows government budgets, export permission and long equipment schedules more than quick consumer-style launches.
Automated Test Equipment
These parts sit inside machines that test other chips and reached roughly an $800 million annual pace by late FY2025. Watch whether more complex AI and memory chips keep raising the amount of testing each device needs.
Competes with ISL55100B tester contact controls (Renesas) · ATE measurement-card parts (Texas Instruments)
In plain English
Every advanced chip takes an electrical exam before it ships. A testing machine touches many points, supplies exact amounts of power and measures whether each response is correct. ADI sells the contact-control, power-supply and measuring parts inside that machine.
Tester makers build those parts into their equipment; chipmakers and specialist testing houses create the demand when they need more machines or tougher tests. ADI gets paid for components as systems are built. The more complicated a processor or memory chip becomes, the more test connections and power checks it can require, though spending still rises and falls with the semiconductor equipment cycle.
Automotive
Car electronics produced $3.28 billion in FY2025. The parts manage batteries, carry camera and audio data, control power and sense conditions; watch vehicle production and how much electronics each new design contains.
Competes with FPD-Link camera and display connection (Texas Instruments) · APIX3 car display connection (Inova Semiconductors)
In plain English
Open a modern car and much of its nervous system is electronic. ADI supplies parts that monitor battery cells, move pictures from cameras to displays, carry audio around the cabin, sense conditions and distribute power.
Automakers and their major parts suppliers choose these components while planning a vehicle, often years before the first car is built. ADI then earns on each part shipped through the model's production life. Safety checks and long validation make switching difficult once a design is set, but sales still depend on how many vehicles are built and whether new models add more cameras, battery controls and connected features.
Consumer
Audio, sensing and power parts for portable devices generated $1.43 billion in FY2025. Consumer fell to one-tenth of company sales in FY2026 Q3; watch component content because device shipment growth is modest.
Competes with Smart wearable-audio chips (Cirrus Logic) · Audio converter and amplifier chips (Texas Instruments)
In plain English
Headphones, watches, phones and audio gear need tiny parts to clean up sound, notice movement and use a battery carefully. ADI sells those pieces to the companies assembling finished devices.
Money arrives with each component shipment, so a popular model can create a burst of volume. The catch is speed: consumer products change far faster than a factory machine or car, and buyers can redesign the next version around another supplier. With phone and wearable unit growth expected to be slow, this business increasingly depends on winning more valuable jobs inside each device rather than simply riding a much larger number of devices.
Data Center
Power-control and optical-link chips for AI data centers ended FY2025 above a $1 billion annual pace. This is now the main communications growth engine; watch whether Empower's new power parts move from development into production.
Competes with Intelli-Phase AI-server power parts (Monolithic Power Systems) · RAA229139 processor power controller (Renesas)
In plain English
An AI server is both a huge electricity user and a frantic messenger. It needs tightly controlled power near its processors and fast optical links—connections that move data using light—between rows of machines. ADI sells the controllers, protection parts and switch controls that handle those jobs.
Large data-center operators and AI-chip makers create demand as they build new systems, and ADI earns when the components ship. The newly acquired Empower Semiconductor adds tiny power regulators and silicon capacitors placed close to a processor. Its early contribution was small, so the next step is turning customer development programs into volume production.
Wireless Communications
Base-station radio, timing and power chips were flat in FY2025, then grew 25% in FY2026 Q3. Watch carrier spending and private-network buildouts; this is a recovery story, not the data-center surge.
Competes with AFE8190 base-station radio chip (Texas Instruments) · LMS7002M programmable radio chip (Lime Microsystems)
In plain English
Picture the equipment cabinet beneath a mobile antenna. It has to turn digital information into radio waves, aim signals toward many users, keep every step in time and manage power. ADI supplies the chips that perform those jobs for large base stations and smaller private networks.
Telecom equipment makers buy the parts, while network operators ultimately drive demand by upgrading coverage or adding capacity. Revenue follows equipment shipments rather than phone subscriptions. Spending can pause for years after a build-out, and trade restrictions can limit where systems go, so the recent rebound depends on carriers reopening budgets rather than the explosive AI spending helping data centers.
IndustrialFactory automation, measurement, energy and healthcare chips form the broad core. Excluding test equipment and defense, sales grew more than 40% in first-half FY2026 but remained below prior peaks; watch whether the recovery lasts.Factory automation, measurement, energy and healthcare chips form the broad core. Excluding test equipment and defense, sales grew more than 40% in first-half FY2026 but remained below prior peaks; watch whether the recovery lasts.
In plain English
The unglamorous shelf behind modern machines. ADI supplies the small parts that sense temperature and motion, measure electrical signals, manage power and tell factory equipment what to do. The same broad family also reaches energy systems and medical equipment.
Equipment makers choose these parts while designing a machine, then keep buying them as long as that design stays in production. ADI earns when parts ship, often through distributors. Its catalog is like a hardware store with tens of thousands of specialized drawers: no single drawer matters much, but customers return because the exact part they already trust is still there.
Competes with Industrial automation portfolio (Texas Instruments) · Factory Automation portfolio (STMicroelectronics)
Aerospace and DefenseRugged parts for radar, electronic warfare, communications and space were running above $1 billion a year around FY2025 Q4. Watch government budgets, export approvals and the long qualification schedules that decide when programs ship.Rugged parts for radar, electronic warfare, communications and space were running above $1 billion a year around FY2025 Q4. Watch government budgets, export approvals and the long qualification schedules that decide when programs ship.
In plain English
Radar and satellites have to hear very faint signals and turn them into useful information without mistakes. ADI sells the radio, measurement and power-control chips that do that work in aircraft, defense systems and spacecraft.
Large defense contractors and space-system builders choose the parts for funded programs. They pay as hardware is produced, but first the components must survive demanding checks for reliability and safety. That makes entry slow; once a part is approved, the program can keep ordering it for years. Revenue therefore follows government budgets, export permission and long equipment schedules more than quick consumer-style launches.
Competes with Defense and aerospace radio products (Qorvo) · Aerospace and Defense products (MACOM)
Automated Test EquipmentThese parts sit inside machines that test other chips and reached roughly an $800 million annual pace by late FY2025. Watch whether more complex AI and memory chips keep raising the amount of testing each device needs.These parts sit inside machines that test other chips and reached roughly an $800 million annual pace by late FY2025. Watch whether more complex AI and memory chips keep raising the amount of testing each device needs.
In plain English
Every advanced chip takes an electrical exam before it ships. A testing machine touches many points, supplies exact amounts of power and measures whether each response is correct. ADI sells the contact-control, power-supply and measuring parts inside that machine.
Tester makers build those parts into their equipment; chipmakers and specialist testing houses create the demand when they need more machines or tougher tests. ADI gets paid for components as systems are built. The more complicated a processor or memory chip becomes, the more test connections and power checks it can require, though spending still rises and falls with the semiconductor equipment cycle.
Competes with ISL55100B tester contact controls (Renesas) · ATE measurement-card parts (Texas Instruments)
AutomotiveCar electronics produced $3.28 billion in FY2025. The parts manage batteries, carry camera and audio data, control power and sense conditions; watch vehicle production and how much electronics each new design contains.Car electronics produced $3.28 billion in FY2025. The parts manage batteries, carry camera and audio data, control power and sense conditions; watch vehicle production and how much electronics each new design contains.
In plain English
Open a modern car and much of its nervous system is electronic. ADI supplies parts that monitor battery cells, move pictures from cameras to displays, carry audio around the cabin, sense conditions and distribute power.
Automakers and their major parts suppliers choose these components while planning a vehicle, often years before the first car is built. ADI then earns on each part shipped through the model's production life. Safety checks and long validation make switching difficult once a design is set, but sales still depend on how many vehicles are built and whether new models add more cameras, battery controls and connected features.
Competes with FPD-Link camera and display connection (Texas Instruments) · APIX3 car display connection (Inova Semiconductors)
ConsumerAudio, sensing and power parts for portable devices generated $1.43 billion in FY2025. Consumer fell to one-tenth of company sales in FY2026 Q3; watch component content because device shipment growth is modest.Audio, sensing and power parts for portable devices generated $1.43 billion in FY2025. Consumer fell to one-tenth of company sales in FY2026 Q3; watch component content because device shipment growth is modest.
In plain English
Headphones, watches, phones and audio gear need tiny parts to clean up sound, notice movement and use a battery carefully. ADI sells those pieces to the companies assembling finished devices.
Money arrives with each component shipment, so a popular model can create a burst of volume. The catch is speed: consumer products change far faster than a factory machine or car, and buyers can redesign the next version around another supplier. With phone and wearable unit growth expected to be slow, this business increasingly depends on winning more valuable jobs inside each device rather than simply riding a much larger number of devices.
Competes with Smart wearable-audio chips (Cirrus Logic) · Audio converter and amplifier chips (Texas Instruments)
Data CenterPower-control and optical-link chips for AI data centers ended FY2025 above a $1 billion annual pace. This is now the main communications growth engine; watch whether Empower's new power parts move from development into production.Power-control and optical-link chips for AI data centers ended FY2025 above a $1 billion annual pace. This is now the main communications growth engine; watch whether Empower's new power parts move from development into production.
In plain English
An AI server is both a huge electricity user and a frantic messenger. It needs tightly controlled power near its processors and fast optical links—connections that move data using light—between rows of machines. ADI sells the controllers, protection parts and switch controls that handle those jobs.
Large data-center operators and AI-chip makers create demand as they build new systems, and ADI earns when the components ship. The newly acquired Empower Semiconductor adds tiny power regulators and silicon capacitors placed close to a processor. Its early contribution was small, so the next step is turning customer development programs into volume production.
Competes with Intelli-Phase AI-server power parts (Monolithic Power Systems) · RAA229139 processor power controller (Renesas)
Wireless CommunicationsBase-station radio, timing and power chips were flat in FY2025, then grew 25% in FY2026 Q3. Watch carrier spending and private-network buildouts; this is a recovery story, not the data-center surge.Base-station radio, timing and power chips were flat in FY2025, then grew 25% in FY2026 Q3. Watch carrier spending and private-network buildouts; this is a recovery story, not the data-center surge.
In plain English
Picture the equipment cabinet beneath a mobile antenna. It has to turn digital information into radio waves, aim signals toward many users, keep every step in time and manage power. ADI supplies the chips that perform those jobs for large base stations and smaller private networks.
Telecom equipment makers buy the parts, while network operators ultimately drive demand by upgrading coverage or adding capacity. Revenue follows equipment shipments rather than phone subscriptions. Spending can pause for years after a build-out, and trade restrictions can limit where systems go, so the recent rebound depends on carriers reopening budgets rather than the explosive AI spending helping data centers.
Competes with AFE8190 base-station radio chip (Texas Instruments) · LMS7002M programmable radio chip (Lime Microsystems)
Named in filings, launches and programs
- Empower SemiconductorBrand · RampingA $1.5 billion purchase adding tiny power-control parts and silicon capacitors for AI processors; its first post-deal contribution was immaterial.
- Analog and Mixed Signal (Data Converters)Product lineThe biggest technology family, turning physical signals into computer-readable numbers and back across every end market.
- Power Management & ReferenceProduct lineParts that convert, monitor and steady electricity across factory, car, consumer and communications designs.
- Amplifiers/RF and MicrowaveProduct lineParts that strengthen faint signals and handle radio waves in instruments, wireless equipment and defense systems.
- Sensors & ActuatorsProduct lineMotion, temperature and isolation parts that let electronics notice and safely interact with the physical world.
- Digital Signal Processing and System ProductsProduct lineProcessors and combined systems that add computing around ADI's sensing, measurement and control parts.
- GMSLEcosystemA fast in-car connection carrying camera, radar and display data over simple cables.
- A²BEcosystemA two-wire car audio connection that reduces the cabling needed for speakers and microphones.
- E²BEcosystem · RampingA newer in-car connection that carries standard network data out to electronics near each vehicle zone.
- Battery Management SystemsProduct lineParts that measure and control individual battery cells in electric vehicles and stationary energy storage.
- CodeFusion Studio 2.0PlatformA software workspace released in late 2025 for building programs around ADI processors and combined systems.
- Power StudioPlatformSoftware for setting up ADI power systems and watching how they behave.
- Physical IntelligenceEcosystemADI's umbrella for sensing, movement and local computing in robots and other machines that act on their surroundings.
- Optical Circuit SwitchingProduct line · RampingPrecision controls for switches that redirect light paths inside data centers; management expects calendar-2026 revenue to roughly double.
- Maxim Revenue SynergiesCustomer program · RampingCross-selling from the 2021 Maxim purchase, with management targeting $1 billion by FY2027.
Empower SemiconductorBrand · Ramping
A $1.5 billion purchase adding tiny power-control parts and silicon capacitors for AI processors; its first post-deal contribution was immaterial.
Analog and Mixed Signal (Data Converters)Product line
The biggest technology family, turning physical signals into computer-readable numbers and back across every end market.
Power Management & ReferenceProduct line
Parts that convert, monitor and steady electricity across factory, car, consumer and communications designs.
Amplifiers/RF and MicrowaveProduct line
Parts that strengthen faint signals and handle radio waves in instruments, wireless equipment and defense systems.
Sensors & ActuatorsProduct line
Motion, temperature and isolation parts that let electronics notice and safely interact with the physical world.
Digital Signal Processing and System ProductsProduct line
Processors and combined systems that add computing around ADI's sensing, measurement and control parts.
GMSLEcosystem
A fast in-car connection carrying camera, radar and display data over simple cables.
A²BEcosystem
A two-wire car audio connection that reduces the cabling needed for speakers and microphones.
E²BEcosystem · Ramping
A newer in-car connection that carries standard network data out to electronics near each vehicle zone.
Battery Management SystemsProduct line
Parts that measure and control individual battery cells in electric vehicles and stationary energy storage.
CodeFusion Studio 2.0Platform
A software workspace released in late 2025 for building programs around ADI processors and combined systems.
Power StudioPlatform
Software for setting up ADI power systems and watching how they behave.
Physical IntelligenceEcosystem
ADI's umbrella for sensing, movement and local computing in robots and other machines that act on their surroundings.
Optical Circuit SwitchingProduct line · Ramping
Precision controls for switches that redirect light paths inside data centers; management expects calendar-2026 revenue to roughly double.
Maxim Revenue SynergiesCustomer program · Ramping
Cross-selling from the 2021 Maxim purchase, with management targeting $1 billion by FY2027.