---
schema_version: "secwatch.filing_event.v1"
accession: "0000006281-23-000177"
form_type: "8-K"
ticker: "ADI"
cik: "0000006281"
company_name: "ANALOG DEVICES INC"
filed_at: "2023-08-23T23:59:59+00:00"
generated_at: "2026-06-11T05:06:31.860837+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# ADI Q3 revenue $3.08B (-1% YoY); guides Q4 revenue $2.7B midpoint, inventory headwind continues

## Summary
- Revenue $3.076B, down 1% YoY; GAAP EPS $1.74 (+21% YoY), adjusted EPS $2.49 (-1% YoY).
- Q3 adjusted operating margin 47.8% vs 50.1% a year ago; gross margin 63.8% (down 190 bps).
- Customer inventory adjustments accelerated due to deteriorating economic conditions (CEO comment).
- Q4 guidance: revenue $2.7B midpoint, adjusted EPS $2.00, adjusted operating margin ~44.0%.
- Free cash flow $818M in Q3, trailing 12 mo $3.69B; returned $1.12B to shareholders in Q3.

## SEC filing metadata
- accession: 0000006281-23-000177
- form_type: 8-K
- ticker: ADI
- cik: 0000006281
- company_name: ANALOG DEVICES INC
- filed_at: 2023-08-23T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/6281/000000628123000177/0000006281-23-000177-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/6281/000000628123000177/adi-20230823.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000006281-23-000177
- JSON: https://secwatch.observer/filing/0000006281-23-000177.json
- Plain text: https://secwatch.observer/filing/0000006281-23-000177.txt

## Key facts
- Earnings Releases
  ANALOG DEVICES INC reported fiscal third quarter ended July 29, 2023 results: revenue $3.08 billion, EPS $1.74.
  - Period: fiscal third quarter ended July 29, 2023
  - Revenue: $3.08 billion
  - EPS: $1.74
  - Result: reported results
  source text: Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. --- EX-99.1 (EX-99.1) --- Analog Devices Reports Third Quarter Fiscal 2023 Financial Results • Revenue of $3.08 billion with continued year-over-year growth in Industrial & Automotive • Operating cash flow of $4.8 billion and free cash flow of $3.7 billion on a trailing twelve-month basis •
  evidence_url: https://www.sec.gov/Archives/edgar/data/6281/000000628123000177/0000006281-23-000177-index.htm
- Earnings Releases
  ANALOG DEVICES INC reported fourth quarter of fiscal 2023 results: revenue $2.70 billion, +/- $100 million, EPS $1.19, +/-$0.10. Guidance initiated.
  - Period: fourth quarter of fiscal 2023
  - Revenue: $2.70 billion, +/- $100 million
  - EPS: $1.19, +/-$0.10
  - Guidance: initiated
  - Result: guidance update
  source text: For the fourth quarter of fiscal 2023, we are forecasting revenue of $2.70 billion, +/- $100 million.
  evidence_url: https://www.sec.gov/Archives/edgar/data/6281/000000628123000177/0000006281-23-000177-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.