Analog Devices Stock Pulls Back from Record Before Earnings

Analog Devices Inc (NASDAQ:ADI) will report fiscal second-quarter earnings before the open on Tuesday, May 20. According to Zacks Research, analysts expect earnings of $2.89 per share on revenue of $3.51 billion, representing year-over-year growth of 56% and 33%, respectively.

Options traders are bracing for a sizable post-earnings move. The options pits are pricing in a next-day swing of 10.1%, nearly double the stock's historical earnings move of 5.4% over the last eight quarters. Analog Devices stock has leaned bullish after earnings lately, closing six of its last eight post-earnings sessions higher, including its last three. 

The shares were last seen down 1.3% at $413.06, moving further from their recent May 13 record high of $435.72. Since the start of 2026, ADI is outperforming with a 52.5% lead. 

Analyst sentiment remains firmly bullish. Of the 32 brokerages in coverage, 23 carry a "strong buy" rating, compared to four "buy" ratings and just five "hold" ratings, with no "sell" or "strong sell" recommendations on the books. Elevated expectations could leave the shares vulnerable to bear notes, should earnings disappoint.