Analog Devices (ADI) Q2 FY26 earnings call

ADI delivered a record quarter driven by a broad, cyclical upturn in industrial layered on secular data-center and aerospace/defense strength, with all end markets up sequentially and year-over-year. Management frames the industrial recovery as still early — most sub-markets remain below prior-cycle highs with lean channel inventories — supporting confidence in continued above-seasonal growth into the back half and into 2027. The forward stance is constructive but capacity-aware: internal capacity has more than doubled versus pre-COVID with added external optionality, and margins look near a l