• Fourth quarter revenue of $2.7 billion with continued double-digit year-over-year growth in Automotive
• Fiscal 2023 revenue of $12.3 billion driven by new records in Industrial & Automotive
• Fiscal 2023 operating cash flow of $4.8 billion and free cash flow of $3.6 billion
• Returned more than $4.6 billion to shareholders in fiscal 2023, including $3.0 billion of share repurchases and $1.7 billion of dividends

WILMINGTON, Mass. — (BUSINESS WIRE) — November 21, 2023 — Analog Devices, Inc. (Nasdaq: ADI), a global semiconductor leader, today announced financial results for its fourth quarter and fiscal year 2023, which ended October 28, 2023.

“For the fourth quarter, ADI delivered revenue and profitability above the midpoint of our outlook, despite the difficult macroeconomic environment. For the year, 2023 was our third consecutive year of record revenue, led by the strength of our Industrial and Automotive businesses,” said Vincent Roche, CEO and Chair. “As outlined last quarter, we expect customer inventory digestion to persist into the first half of the year, a reflection of our return to normal lead times and the challenging macro landscape. Despite that backdrop, the robustness of our business model and our continued focus on execution excellence will buttress our operating margins and free cash flow through the cycle.”

Roche continued, “Long-term, the opportunities ahead for ADI remain strongly positive. Our product portfolio is designed to take advantage of numerous secular trends, our opportunity pipeline is robust and expanding, and our commitment to strategic investment in innovation, customer engagement, and supply resiliency remains undeterred. Altogether, I am extremely confident in our ability to leverage these strengths to drive shareholder value for years to come.”