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Side-by-side financial comparison of Analog Devices (ADI) and ARM HOLDINGS PLC (ARM). Click either name above to swap in a different company.
Analog Devices is the larger business by last-quarter revenue ($3.2B vs $1.2B, roughly 2.5× ARM HOLDINGS PLC). Analog Devices runs the higher net margin — 26.3% vs 18.0%, a 8.3% gap on every dollar of revenue. On growth, Analog Devices posted the faster year-over-year revenue change (30.4% vs 26.3%). Analog Devices produced more free cash flow last quarter ($1.3B vs $186.0M). Over the past eight quarters, ARM HOLDINGS PLC's revenue compounded faster (24.1% CAGR vs 21.0%).
Analog Devices, Inc. (ADI), also known simply as Analog, is an American multinational semiconductor company specializing in data conversion, signal processing, and power management technology, headquartered in Wilmington, Massachusetts.
Raspberry Pi Holdings plc is a British technology company that designs and markets single-board computers (SBCs), semiconductors, and related accessories marketed under the Raspberry Pi brand. The first Raspberry Pi computer was developed by the Raspberry Pi Foundation to promote computer science education. The devices were soon adopted by hobbyists and professionals, and are now widely used in industrial and embedded applications. To support commercialization and growing demand, the Foundati...
ADI vs ARM — Head-to-Head
Income Statement — Q1 2026 vs Q3 2026
| Metric | | |
|---|---|---|
| Revenue | $3.2B | $1.2B |
| Net Profit | $830.8M | $223.0M |
| Gross Margin | 64.7% | 97.6% |
| Operating Margin | 31.5% | 14.9% |
| Net Margin | 26.3% | 18.0% |
| Revenue YoY | 30.4% | 26.3% |
| Net Profit YoY | 112.3% | -11.5% |
| EPS (diluted) | $1.69 | $0.21 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $3.2B | — | ||
| Q4 25 | $3.1B | $1.2B | ||
| Q3 25 | $2.9B | $1.1B | ||
| Q2 25 | $2.6B | $1.1B | ||
| Q1 25 | $2.4B | — | ||
| Q4 24 | $2.4B | $983.0M | ||
| Q3 24 | $2.3B | $844.0M | ||
| Q2 24 | $2.2B | $939.0M |
| Q1 26 | $830.8M | — | ||
| Q4 25 | $787.7M | $223.0M | ||
| Q3 25 | $518.5M | $238.0M | ||
| Q2 25 | $569.8M | $130.0M | ||
| Q1 25 | $391.3M | — | ||
| Q4 24 | $478.1M | $252.0M | ||
| Q3 24 | $392.2M | $107.0M | ||
| Q2 24 | $302.2M | $223.0M |
| Q1 26 | 64.7% | — | ||
| Q4 25 | 63.1% | 97.6% | ||
| Q3 25 | 62.1% | 97.4% | ||
| Q2 25 | 61.0% | 97.2% | ||
| Q1 25 | 59.0% | — | ||
| Q4 24 | 58.0% | 97.2% | ||
| Q3 24 | 56.7% | 96.2% | ||
| Q2 24 | 54.7% | 96.5% |
| Q1 26 | 31.5% | — | ||
| Q4 25 | 30.7% | 14.9% | ||
| Q3 25 | 28.4% | 14.4% | ||
| Q2 25 | 25.7% | 10.8% | ||
| Q1 25 | 20.3% | — | ||
| Q4 24 | 23.3% | 17.8% | ||
| Q3 24 | 21.2% | 7.6% | ||
| Q2 24 | 17.9% | 19.4% |
| Q1 26 | 26.3% | — | ||
| Q4 25 | 25.6% | 18.0% | ||
| Q3 25 | 18.0% | 21.0% | ||
| Q2 25 | 21.6% | 12.3% | ||
| Q1 25 | 16.1% | — | ||
| Q4 24 | 19.6% | 25.6% | ||
| Q3 24 | 17.0% | 12.7% | ||
| Q2 24 | 14.0% | 23.7% |
| Q1 26 | $1.69 | — | ||
| Q4 25 | $1.60 | $0.21 | ||
| Q3 25 | $1.04 | $0.22 | ||
| Q2 25 | $1.14 | $0.12 | ||
| Q1 25 | $0.78 | — | ||
| Q4 24 | $0.95 | $0.24 | ||
| Q3 24 | $0.79 | $0.10 | ||
| Q2 24 | $0.61 | $0.21 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $2.9B | $3.5B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $33.8B | $7.8B |
| Total Assets | $48.0B | $10.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $2.9B | — | ||
| Q4 25 | $3.7B | $3.5B | ||
| Q3 25 | $2.3B | $3.3B | ||
| Q2 25 | $2.4B | $2.9B | ||
| Q1 25 | $2.3B | — | ||
| Q4 24 | $2.4B | $2.7B | ||
| Q3 24 | $2.1B | $2.4B | ||
| Q2 24 | $2.4B | $2.5B |
| Q1 26 | $33.8B | — | ||
| Q4 25 | $33.8B | $7.8B | ||
| Q3 25 | $34.1B | $7.4B | ||
| Q2 25 | $35.0B | $7.0B | ||
| Q1 25 | $35.1B | — | ||
| Q4 24 | $35.2B | $6.4B | ||
| Q3 24 | $35.2B | $6.0B | ||
| Q2 24 | $35.2B | $5.7B |
| Q1 26 | $48.0B | — | ||
| Q4 25 | $48.0B | $10.2B | ||
| Q3 25 | $48.2B | $9.7B | ||
| Q2 25 | $47.3B | $9.4B | ||
| Q1 25 | $48.0B | — | ||
| Q4 24 | $48.2B | $8.5B | ||
| Q3 24 | $48.6B | $8.1B | ||
| Q2 24 | $48.9B | $7.9B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $1.4B | $365.0M |
| Free Cash FlowOCF − Capex | $1.3B | $186.0M |
| FCF MarginFCF / Revenue | 39.8% | 15.0% |
| Capex IntensityCapex / Revenue | 3.5% | 14.4% |
| Cash ConversionOCF / Net Profit | 1.65× | 1.64× |
| TTM Free Cash FlowTrailing 4 quarters | $4.6B | $1.2B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $1.4B | — | ||
| Q4 25 | $1.7B | $365.0M | ||
| Q3 25 | $1.2B | $567.0M | ||
| Q2 25 | $819.5M | $332.0M | ||
| Q1 25 | $1.1B | — | ||
| Q4 24 | $1.1B | $423.0M | ||
| Q3 24 | $855.0M | $6.0M | ||
| Q2 24 | $807.9M | $-290.0M |
| Q1 26 | $1.3B | — | ||
| Q4 25 | $1.5B | $186.0M | ||
| Q3 25 | $1.1B | $429.0M | ||
| Q2 25 | $729.2M | $178.0M | ||
| Q1 25 | $977.8M | — | ||
| Q4 24 | $885.4M | $360.0M | ||
| Q3 24 | $701.1M | $-47.0M | ||
| Q2 24 | $619.7M | $-319.0M |
| Q1 26 | 39.8% | — | ||
| Q4 25 | 48.3% | 15.0% | ||
| Q3 25 | 37.7% | 37.8% | ||
| Q2 25 | 27.6% | 16.9% | ||
| Q1 25 | 40.4% | — | ||
| Q4 24 | 36.2% | 36.6% | ||
| Q3 24 | 30.3% | -5.6% | ||
| Q2 24 | 28.7% | -34.0% |
| Q1 26 | 3.5% | — | ||
| Q4 25 | 7.0% | 14.4% | ||
| Q3 25 | 2.7% | 12.2% | ||
| Q2 25 | 3.4% | 14.6% | ||
| Q1 25 | 6.1% | — | ||
| Q4 24 | 6.8% | 6.4% | ||
| Q3 24 | 6.7% | 6.3% | ||
| Q2 24 | 8.7% | 3.1% |
| Q1 26 | 1.65× | — | ||
| Q4 25 | 2.16× | 1.64× | ||
| Q3 25 | 2.25× | 2.38× | ||
| Q2 25 | 1.44× | 2.55× | ||
| Q1 25 | 2.88× | — | ||
| Q4 24 | 2.20× | 1.68× | ||
| Q3 24 | 2.18× | 0.06× | ||
| Q2 24 | 2.67× | -1.30× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ADI
| Sales Channel Directly To Consumer | $1.4B | 44% |
| Automotive | $794.4M | 25% |
| Communications | $476.8M | 15% |
| Consumer | $399.8M | 13% |
| Other | $71.3M | 2% |
| Sales Channel Other | $40.8M | 1% |
ARM
| Royalty | $737.0M | 59% |
| Transferred Over Time | $294.0M | 24% |
| Transferred At Point In Time | $211.0M | 17% |
