Analog Devices (ADI) official guidance

We continue to expect fiscal 2026 CapEx to be within our long-term model of 4%-6% of revenue.

We expect non-operating expenses of approximately $80 million and a tax rate of 12%-14%.

Based on these inputs, adjusted EPS is expected to be $3.86, ±$0.15.

We are actually expecting a gross margin increase of about 150 basis points to about 74%.

Operating margin at the midpoint is expected to be 52%, ±100 basis points.

We expect non-operating expenses of approximately $80 million

Now moving on to our fourth quarter outlook. Revenue is expected to be $4.3 billion, ±$100 million.

So basically at the midpoint of our outlook, we're expecting industrial to be up high single digits, communications to lead the growth, obviously led by data center up about 10%, consumer up high single digits, and automotive to be up low single digits.

So basically at the midpoint of our outlook, we're expecting industrial to be up high single digits, communications to lead the growth, obviously led by data center up about 10%, consumer up high single digits, and automotive to be up low single digits.

So basically at the midpoint of our outlook, we're expecting industrial to be up high single digits, communications to lead the growth, obviously led by data center up about 10%, consumer up high single digits, and automotive to be up low single digits.

My sense is that we'll see an extended runway to at least 2030 for strong double-digit growth across the data center market, as well as the energy space, by the way, which today is about a $0.5 billion revenue for ADI.

So basically at the midpoint of our outlook, we're expecting industrial to be up high single digits, communications to lead the growth, obviously led by data center up about 10%, consumer up high single digits, and automotive to be up low single digits.

My sense is that we'll see an extended runway to at least 2030 for strong double-digit growth across the data center market, as well as the energy space, by the way, which today is about a $0.5 billion revenue for ADI.

So basically at the midpoint of our outlook, we're expecting industrial to be up high single digits, communications to lead the growth, obviously led by data center up about 10%, consumer up high single digits, and automotive to be up low single digits.

Based on current design wins and customer commitments, our OCS revenue is poised to approximately double this year, and we're targeting a similar level of growth in 2027.

Based on current design wins and customer commitments, our OCS revenue is poised to approximately double this year, and we're targeting a similar level of growth in 2027.

Well, we are well on track. We will generate about $700 million this year.

I expect that we will hit $1 billion+ in 2027 as well.

| Tax rate | 12% - 14% | 12% - 14% (2) |

We are planning for reported EPS to be $3.14, +/-$0.15, and adjusted EPS to be $3.86, +/-$0.15.