US semiconductor manufacturer Analog Devices has used an Irish entity to shift more than €5.4 billion of dividends back to the US in less than two years.
The company, valued at more than $181 billion (€155.6 billion), employs close to 2,000 people across operations in Limerick, Dublin and Cork.
New financial filings by several Irish entities linked to the company, which has a fiscal year that begins in November, have shown billions of euro worth of dividends moved between them since November 2024.
The dividends were filtered into the group’s main Irish entity Analog Devices Atlantic Unlimited Company, which has declared it paid $4.05 billion (€3.47 billion) to a Delaware-based firm called Maxim International Holding Inc.
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A note attached to the company’s accounts added that subsequent to the year end on November 1st, 2025, the company paid a further $2.3 billion (€1.97 billion) dividend to Analog’s US operation.
Analog, which has a 65,775sq m fabrication plant in Limerick, moved $20.7 billion worth of intellectual property (IP) into Ireland in 2018. The IP included licenses and technology trade names.
The Irish entity Analog Devices International Unlimited Company, which now holds more than $21 billion of IP, has been used for many years to consolidate global sales and profits, with these funds then distributed to its US parent.
Last year, it booked $10 billion of revenue, up from $8.6 billion the previous year. Revenues were linked to Analog Devices’ operations in the US, Europe, Japan, China and the rest of Asia. Operating profits at the firm also rose from $390 million to $1.2 billion.
Analog Devices International Unlimited Company paid a $4.05 billion dividend in the year that ended November 1st, 2025 to its parent Analog Devices Limerick Unlimited Company, which passed the full amount on to Analog Devices Atlantic Unlimited Company.
Since year end, under a similar process, $2.3 billion was passed on to the main Irish entity.
Based on the company’s annual report, the Irish operating firm accounted for more than 90 per cent of Analog Devices’ revenues in the year and a large share of its $2.71 billion of global pretax profits.
The annual report for Analog Devices Inc also reported its effective tax rate rose from 8 per cent to 16.4 per cent in the latest fiscal year.
The company said in the filings its effective tax rates for the two most recent fiscal years were lower than the US statutory rate of 21 per cent due to lower statutory tax rates applicable abroad.
“For fiscal 2025 and fiscal 2024 our pretax income was primarily generated in Ireland at a tax rate of 12.5 per cent,” the annual report said.
The company did not respond to a request for comment.
In the past two years, Analog Devices has returned large sums of cash to shareholders through close to $2 billion of dividends and more than $2 billion of share buy-backs.
