AI data-center demand
comms +79%
data center >75% of that segment
Industrial recovery
+56% YoY
~half of sales, off inventory correction
Record B2B bookings
GM 73% · OM ~49%
industrial · auto · comms booking ramp → beats
ADI demand-to-EPS mechanism with channel-inventory gate AI data-center and industrial demand flow into ADI signal-chain content and record bookings, converting through revenue and margins into EPS beats, conditioned by a channel-inventory gate. 1 · demand drivers 2 · ADI content & bookings 4 · margin conversion 5 · conditioning gate AI data centers comms +79% YoY DC >75% of comms Industrial recovery +56% YoY · ~half of end-market sales ADI signal chain power + sensing content ADC / DAC · PMIC signal-chain sensors Record B2B bookings industrial · auto · communications 3 · conversion GM 73% OM ~49% EPS beat streak top-line upside → beats utilization + richer mix Channel gate lean → converts re-stock → stalls ~55x TTM multiple ramp interrupted· margin + multiple compression
Channel inventory and book-to-bill are not disclosed. Watch order and inventory commentary on the Aug 19, 2026 earnings call.
Flow: demand → content → bookings → revenue ramp → margins → EPS beats → multiplegate reroutes the conversion