Analog Devices dividend
Analog Devices pays a quarterly dividend of $1.10, and its 2025 free cash flow covered its dividends, leaving $189.599 million undistributed after dividends and buybacks. Across fiscal 2021–2025, Analog Devices generated $17,124,374 thousand of free cash flow and paid shareholders $19,478,616 thousand.
How much does Analog Devices pay per share?
Debt activity partly recycled borrowing, although total debt still rose in 2025 while net debt fell as cash increased. The board later added a $10 billion buyback authorization, and the quarterly dividend rose to $1.10. Those commitments make the central test unavoidable: did the acquisitions and investments produce enough lasting cash for each remaining share?
Dividends rise in the base case from $4.84 per share to $5.85. The bear case holds at $4.40, the current annualized rate, while the bull case reaches $6.00. The base rate reflects the latest 11% increase and ADI’s record of 22 consecutive annual increases, but the board has not promised a fixed growth rate.
| Nov 2025 | Nov 2024 | Oct 2023 | Oct 2022 | Oct 2021 | |
|---|---|---|---|---|---|
| Real free cash flow per share | 7.97 | 5.73 | 6.44 | 6.60 | 5.35 |
| FCF per share — the company's own count | 8.61 | 6.26 | 7.03 | 7.22 | 5.96 |
| − Dividends paid, per share | 3.87 | 3.60 | 3.32 | 2.95 | 2.76 |
Does Analog Devices' cash cover its dividend?
Free cash flow means operating cash after capital spending. Across fiscal 2021–2025, ADI generated $17,124,374 thousand of free cash flow. It paid shareholders $19,478,616 thousand, or $2,354,242 thousand more than that cash generation.
In 2025 ADI paid $1.924 billion in dividends and $2.165 billion in buybacks. That left $189.599 million of free cash flow undistributed. Buybacks can increase each remaining share’s ownership, but only if ADI does not overpay.
| Nov 2025 | Nov 2024 | Oct 2023 | Oct 2022 | Oct 2021 | |
|---|---|---|---|---|---|
| Free cash flow | 4,278,650 | 3,122,066 | 3,556,171 | 3,776,094 | 2,391,393 |
| − Dividends paid | 1,924,413 | 1,795,459 | 1,679,106 | 1,544,552 | 1,109,344 |
| − Share buybacks | 2,164,638 | 615,590 | 2,963,955 | 2,577,015 | 3,105,144 |
| = Free cash flow not paid out | 189,599 | 711,017 | |||
| Paid to shareholders | 4,089,051 | 2,411,049 | 4,643,061 | 4,121,567 | 4,214,488 |
| Paid out, % of free cash flow | 95.6% | 77.2% | 130.6% | 109.1% | 176.2% |
What could change Analog Devices' dividend?
The case strengthens with sustained data-center shipments and Empower adoption. Renewed inventory digestion or weaker factory loading would move it toward bear. The estimated November 24, 2026 results date is unconfirmed. Alif is expected to close before calendar year-end 2026; the $1.35 billion cash payment and December’s $900 million note maturity will test competing cash demands. Fiscal Q1 2027 brings a seasonal manufacturing shutdown and further cost increases. ADI’s investment case rests on demand converting into durable cash returns.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| Normal operating profit | 4,522 (3,857 / 4,788) | 5,054 (3,990 / 5,586) | 5,586 (4,256 / 6,384) |
| Dividends per share | 4.84 (4.40 / 4.95) | 5.32 (4.40 / 5.45) | 5.85 (4.40 / 6.00) |
| Net debt | 11,715 (10,387 / 12,356) | 11,126 (9,138 / 11,893) | 10,042 (7,519 / 10,583) |