Applied Materials
AMAT · NasdaqSemiconductors & Related Devices · Fiscal year ends Oct 26
Applied Materials reported revenue of $28.4B in the fiscal year ended Oct 2025, up 4.4% from the year before. Operating income was $8.3B, an operating margin of 29.2%, and net income was $7B. Operating cash flow of $8B less capital expenditure of $2.3B left free cash flow of $5.7B. It held more cash than debt (net cash $786M).
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Oct 2021 | Oct 2022 | Oct 2023 | Oct 2024 | Oct 2025 |
|---|---|---|---|---|---|
| Revenue | $23.1B | $25.8B | $26.5B | $27.2B | $28.4B |
| Cost of revenue | $12.1B | $13.8B | $14.1B | $14.3B | $14.6B |
| Gross profit | $10.9B | $12B | $12.4B | $12.9B | $13.8B |
| Research & development | $2.5B | $2.8B | $3.1B | $3.2B | $3.6B |
| Selling, general & admin | – | – | $1.6B | $1.8B | $1.8B |
| Operating income | $6.9B | $7.8B | $7.7B | $7.9B | $8.3B |
| Interest expense | $236M | $228M | $238M | $247M | $269M |
| Pre-tax income | $6.8B | $7.6B | $7.7B | $8.2B | $9.3B |
| Income tax | $883M | $1.1B | $860M | $975M | $2.3B |
| Net income | $5.9B | $6.5B | $6.9B | $7.2B | $7B |
| Diluted EPS | 6.40 | 7.44 | 8.11 | 8.61 | 8.66 |
| Diluted shares | 919M | 877M | 845M | 834M | 808M |
Balance sheet
| Fiscal year | Oct 2021 | Oct 2022 | Oct 2023 | Oct 2024 | Oct 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $5B | $2B | $6.1B | $8B | $7.2B |
| Receivables | $5B | $6.1B | $5.2B | $5.2B | $5.2B |
| Inventory | $4.3B | $5.9B | $5.7B | $5.4B | $5.9B |
| Current assets | $16.1B | $15.9B | $19.1B | $21.2B | $20.9B |
| Net PP&E | $1.9B | $2.3B | $2.7B | $3.3B | $4.6B |
| Goodwill | $3.5B | $3.7B | $3.7B | $3.7B | $3.7B |
| Total assets | $25.8B | $26.7B | $30.7B | $34.4B | $36.3B |
| Payables | $1.5B | $1.8B | $1.5B | $1.6B | $2B |
| Deferred revenue | $2.1B | $3.1B | $3B | $2.8B | $2.6B |
| Current liabilities | $6.3B | $7.4B | $7.4B | $8.5B | $8B |
| Short-term debt | – | $0 | $0 | $700M | $0 |
| Long-term debt | $5.5B | $5.5B | $5.5B | $5.5B | $6.5B |
| Total liabilities | $13.6B | $14.5B | $14.4B | $15.4B | $15.9B |
| Shareholders' equity | $12.2B | $12.2B | $16.3B | $19B | $20.4B |
Cash flow
| Fiscal year | Oct 2021 | Oct 2022 | Oct 2023 | Oct 2024 | Oct 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $5.4B | $5.4B | $8.7B | $8.7B | $8B |
| Capital expenditure | $668M | $787M | $1.1B | $1.2B | $2.3B |
| Free cash flow | $4.8B | $4.6B | $7.6B | $7.5B | $5.7B |
| Depreciation & amortisation | $394M | $444M | $515M | $392M | $435M |
| Stock-based compensation | $346M | $413M | $490M | $577M | $668M |
| Acquisitions | $12M | $441M | $25M | $0 | $29M |
| Share buybacks | $3.8B | $6.1B | $2.2B | $3.8B | $4.9B |
| Dividends paid | $838M | $873M | $975M | $1.2B | $1.4B |
| Dividend per share | 0.94 | 1.02 | 1.22 | 1.52 | 1.78 |
Key ratios
| Fiscal year | Oct 2021 | Oct 2022 | Oct 2023 | Oct 2024 | Oct 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 11.8% | 2.8% | 2.5% | 4.4% |
| Operating income growth (YoY) | – | 13.0% | −1.7% | 2.8% | 5.4% |
| EPS growth (YoY) | – | 16.3% | 9.0% | 6.2% | 0.6% |
| Gross margin | 47.3% | 46.5% | 46.7% | 47.5% | 48.7% |
| Operating margin | 29.9% | 30.2% | 28.9% | 28.9% | 29.2% |
| Net margin | 25.5% | 25.3% | 25.9% | 26.4% | 24.7% |
| Return on equityBlank when equity is negative | 48.1% | 53.5% | 41.9% | 37.8% | 34.3% |
| ROCEEBIT ÷ (assets − current liabilities) | 35.4% | 40.3% | 32.8% | 30.3% | 29.3% |
| Free cash flow margin | 20.7% | 17.9% | 28.6% | 27.6% | 20.1% |
| Cash conversion (CFO ÷ net income) | 0.92x | 0.83x | 1.27x | 1.21x | 1.14x |
| Receivable days | 78 | 86 | 71 | 70 | 67 |
| Inventory days | 129 | 157 | 148 | 139 | 148 |
| Payable days | 44 | 46 | 38 | 40 | 50 |
| Interest cover | 29.2x | 34.2x | 32.2x | 31.9x | 30.8x |
| Debt ÷ equity | 0.45x | 0.45x | 0.33x | 0.32x | 0.32x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $457M | $3.5B | −$671M | −$1.9B | −$786M |
| Current ratio | 2.54x | 2.16x | 2.60x | 2.51x | 2.61x |
Recent filings
More in Semiconductors & Related Devices
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.