NASDAQ : AMAT
Applied Materials, Inc. — Financial statements
Technology · Semiconductor Equipment & Materials · United States
Last price 390.09 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 309.57B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Applied Materials, Inc. (AMAT) reported revenue of 30.84B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year November - October; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 30.84B | 28.37B | 27.18B | 26.52B | 25.79B | 23.06B |
| Cost of Revenue | 15.60B | 14.56B | 14.28B | 14.13B | 13.79B | 12.15B |
| Gross Profit | 15.23B | 13.81B | 12.90B | 12.38B | 11.99B | 10.91B |
| Selling, General & Admin | 1.63B | 1.73B | 1.80B | 1.63B | 1.44B | 1.23B |
| Research & Development | 3.97B | 3.57B | 3.23B | 3.10B | 2.77B | 2.48B |
| Operating Expenses | 5.61B | 5.30B | 5.03B | 4.73B | 4.21B | 3.71B |
| Operating Income | 9.63B | 8.51B | 7.87B | 7.65B | 7.78B | 7.20B |
| Interest Expense | -277.00M | -269.00M | -247.00M | -238.00M | -228.00M | -236.00M |
| Interest & Investment Income | 414.00M | 430.00M | 512.00M | 273.00M | 32.00M | |
| Currency Exchange Gain (Loss) | 29.00M | |||||
| Other Non Operating Income (Expenses) | -10.00M | |||||
| EBT Excluding Unusual Items | 9.77B | 8.67B | 8.13B | 7.69B | 7.59B | 6.98B |
| Merger & Restructuring Charges | -193.00M | -181.00M | 4.00M | -157.00M | ||
| Impairment of Goodwill | -41.00M | -41.00M | ||||
| Gain (Loss) on Sale of Investments | 1.45B | 821.00M | 20.00M | 27.00M | 7.00M | 99.00M |
| Other Unusual Items | -154.00M | |||||
| Pretax Income | 10.73B | 9.27B | 8.15B | 7.72B | 7.60B | 6.77B |
| Income Tax Expense | 1.46B | 2.27B | 975.00M | 860.00M | 1.07B | 883.00M |
| Net Income | 9.27B | 7.00B | 7.18B | 6.86B | 6.53B | 5.89B |
| Net Income to Common | 9.27B | 7.00B | 7.18B | 6.86B | 6.53B | 5.89B |
| Shares Outstanding (Basic) | 794.25M | 804.00M | 827.00M | 840.00M | 871.00M | 910.00M |
| Shares Outstanding (Diluted) | 799.00M | 808.00M | 834.00M | 845.00M | 877.00M | 919.00M |
| EPS (Basic) | 11.67 | 8.70 | 8.68 | 8.16 | 7.49 | 6.47 |
| EPS (Diluted) | 11.59 | 8.66 | 8.61 | 8.11 | 7.44 | 6.40 |
| Free Cash Flow | 5.62B | 5.70B | 7.49B | 7.59B | 4.61B | 4.77B |
| Free Cash Flow Per Share | 7.04 | 7.05 | 8.98 | 8.99 | 5.26 | 5.20 |
| Dividend Per Share | 1.98 | 1.78 | 1.52 | 1.22 | 1.02 | 0.94 |
| Gross Margin | 49.40% | 48.68% | 47.46% | 46.70% | 46.51% | 47.32% |
| Operating Margin | 31.22% | 30.00% | 28.95% | 28.87% | 30.19% | 31.22% |
| Profit Margin | 30.05% | 24.67% | 26.41% | 25.86% | 25.30% | 25.53% |
| Free Cash Flow Margin | 18.23% | 20.09% | 27.55% | 28.64% | 17.89% | 20.70% |
| EBITDA | 10.15B | 8.95B | 8.26B | 8.17B | 8.23B | 7.59B |
| EBITDA Margin | 32.93% | 31.54% | 30.39% | 30.81% | 31.91% | 32.93% |
| D&A For EBITDA | 527.00M | 435.00M | 392.00M | 515.00M | 444.00M | 394.00M |
| EBIT | 9.63B | 8.51B | 7.87B | 7.65B | 7.78B | 7.20B |
| EBIT Margin | 31.22% | 30.00% | 28.95% | 28.87% | 30.19% | 31.22% |
| Effective Tax Rate | 13.61% | 24.52% | 11.96% | 11.15% | 14.13% | 13.04% |
Balance sheet
Fiscal year November - October; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 7.04B | 7.24B | 8.02B | 6.13B | 2.00B | 5.00B |
| Short-Term Investments | 2.20B | 1.33B | 1.45B | 737.00M | 586.00M | 464.00M |
| Cash & Short-Term Investments | 9.23B | 8.57B | 9.47B | 6.87B | 2.58B | 5.46B |
| Receivables | 7.69B | 5.18B | 5.23B | 5.17B | 6.24B | 5.15B |
| Inventory | 6.56B | 5.92B | 5.42B | 5.72B | 5.93B | 4.31B |
| Prepaid Expenses | 1.27B | 1.06B | 974.00M | 976.00M | 710.00M | 592.00M |
| Other Current Assets | 335.00M | 148.00M | 120.00M | 412.00M | 461.00M | 593.00M |
| Total Current Assets | 25.09B | 20.88B | 21.22B | 19.15B | 15.93B | 16.11B |
| Property, Plant & Equipment | 6.42B | 5.12B | 3.71B | 3.20B | 2.70B | 2.23B |
| Long-Term Investments | 5.27B | 4.33B | 2.79B | 2.28B | 1.98B | 2.06B |
| Goodwill | 3.87B | 3.71B | 3.73B | 3.73B | 3.70B | 3.48B |
| Other Intangible Assets | 315.00M | 226.00M | 249.00M | 294.00M | 339.00M | 104.00M |
| Long-Term Deferred Tax Assets | 1.10B | 1.23B | 2.39B | 1.73B | 1.40B | 1.62B |
| Other Long-Term Assets | 1.45B | 806.00M | 314.00M | 345.00M | 691.00M | 229.00M |
| Total Assets | 43.52B | 36.30B | 34.41B | 30.73B | 26.73B | 25.82B |
| Accounts Payable | 2.39B | 1.98B | 1.57B | 1.48B | 1.75B | 1.47B |
| Accrued Expenses | 1.30B | 1.22B | 1.19B | 1.02B | 974.00M | 987.00M |
| Short-Term Debt | 100.00M | 100.00M | 99.00M | 100.00M | ||
| Current Portion of Long-Term Debt | 1.20B | 700.00M | ||||
| Current Portion of Leases | 120.00M | 91.00M | 87.00M | 186.00M | 85.00M | 73.00M |
| Current Income Taxes Payable | 317.00M | 380.00M | 535.00M | 282.00M | 319.00M | 734.00M |
| Current Unearned Revenue | 3.27B | 2.57B | 2.85B | 2.98B | 3.14B | 2.08B |
| Other Current Liabilities | 1.66B | 1.66B | 1.44B | 1.33B | 1.10B | 1.00B |
| Total Current Liabilities | 10.36B | 8.00B | 8.47B | 7.37B | 7.38B | 6.34B |
| Long-Term Debt | 5.25B | 6.46B | 5.46B | 5.46B | 5.46B | 5.45B |
| Long-Term Leases | 682.00M | 404.00M | 259.00M | 252.00M | 287.00M | 228.00M |
| Pension & Post-Retirement Benefits | 146.00M | 151.00M | 142.00M | 126.00M | 107.00M | 193.00M |
| Other Long-Term Liabilities | 1.47B | 875.00M | 1.08B | 1.17B | 1.30B | 1.36B |
| Total Liabilities | 17.90B | 15.88B | 15.41B | 14.38B | 14.53B | 13.58B |
| Common Stock | 8.00M | 8.00M | 8.00M | 8.00M | 8.00M | 9.00M |
| Additional Paid-In Capital | 10.57B | 10.33B | 9.66B | 9.13B | 8.59B | 8.25B |
| Retained Earnings | 61.39B | 55.23B | 49.65B | 43.73B | 37.89B | 32.25B |
| Treasury Stock | -46.18B | -45.04B | -40.15B | -36.30B | -34.10B | -28.00B |
| Comprehensive Income & Other | -165.00M | -110.00M | -168.00M | -217.00M | -202.00M | -260.00M |
| Shareholders' Equity | 25.63B | 20.41B | 19.00B | 16.35B | 12.19B | 12.25B |
| Total Liabilities & Equity | 43.52B | 36.30B | 34.41B | 30.73B | 26.73B | 25.82B |
| Total Debt | 7.35B | 7.05B | 6.61B | 6.00B | 5.83B | 5.75B |
| Net Cash (Debt) | 1.89B | 1.52B | 2.87B | 870.00M | -3.25B | -294.00M |
| Net Cash Per Share | 2.36 | 1.88 | 3.44 | 1.03 | -3.70 | -0.32 |
| Filing Date Shares Outstanding | 793.60M | 792.94M | 813.68M | 831.07M | 844.14M | 888.51M |
| Total Common Shares Outstanding | 793.60M | 793.00M | 818.00M | 833.00M | 844.00M | 892.00M |
| Working Capital | 14.74B | 12.88B | 12.75B | 11.78B | 8.55B | 9.76B |
| Book Value Per Share | 32.29 | 25.74 | 23.23 | 19.63 | 14.45 | 13.73 |
| Tangible Book Value | 21.44B | 16.48B | 15.02B | 12.32B | 8.15B | 8.66B |
| Tangible Book Value Per Share | 27.01 | 20.78 | 18.36 | 14.79 | 9.66 | 9.71 |
| Land | 573.00M | 558.00M | 492.00M | 393.00M | 387.00M | 334.00M |
| Buildings | 3.18B | 2.93B | 2.36B | 2.19B | 2.03B | 1.78B |
| Machinery | 4.00B | 3.56B | 3.36B | 3.12B | 2.83B | 2.54B |
| Construction In Progress | 2.04B | 1.46B | 898.00M | 672.00M | 389.00M | 326.00M |
| Order Backlog | 15.00B |
Cash flow statement
Fiscal year November - October; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 9.27B | 7.00B | 7.18B | 6.86B | 6.53B | 5.89B |
| Depreciation & Amortization | 527.00M | 435.00M | 392.00M | 515.00M | 444.00M | 394.00M |
| Asset Writedown & Restructuring Costs | 191.00M | 179.00M | ||||
| Loss (Gain) From Sale of Investments | -1.43B | -792.00M | -15.00M | -16.00M | ||
| Stock-Based Compensation | 701.00M | 668.00M | 577.00M | 490.00M | 413.00M | 346.00M |
| Other Operating Activities | -240.00M | 670.00M | -571.00M | 80.00M | -191.00M | 158.00M |
| Change in Accounts Receivable | -1.92B | 49.00M | -69.00M | 903.00M | -1.11B | -1.99B |
| Change in Inventory | -717.00M | -494.00M | 304.00M | 207.00M | -1.59B | -405.00M |
| Change in Accounts Payable | 584.00M | 307.00M | 281.00M | -138.00M | 390.00M | 465.00M |
| Change in Unearned Revenue | 794.00M | -283.00M | -126.00M | -167.00M | 1.04B | 755.00M |
| Change in Income Taxes | 1.01B | 250.00M | 389.00M | -20.00M | -541.00M | 396.00M |
| Change in Other Net Operating Assets | -368.00M | -29.00M | 338.00M | -10.00M | 19.00M | -566.00M |
| Operating Cash Flow | 8.40B | 7.96B | 8.68B | 8.70B | 5.40B | 5.44B |
| Capital Expenditures | -2.77B | -2.26B | -1.19B | -1.11B | -787.00M | -668.00M |
| Sale of Property, Plant & Equipment | 6.00M | 33.00M | ||||
| Cash Acquisitions | -262.00M | -29.00M | -25.00M | -441.00M | -12.00M | |
| Investment in Securities | -262.00M | -526.00M | -1.14B | -404.00M | -129.00M | -536.00M |
| Investing Cash Flow | -3.29B | -2.78B | -2.33B | -1.53B | -1.36B | -1.22B |
| Short-Term Debt Issued | 503.00M | 401.00M | 991.00M | |||
| Long-Term Debt Issued | 991.00M | 694.00M | ||||
| Total Debt Issued | 1.49B | 1.49B | 1.09B | 991.00M | ||
| Short-Term Debt Repaid | -1.20B | -400.00M | -900.00M | |||
| Long-Term Debt Repaid | -102.00M | -7.00M | ||||
| Total Debt Repaid | -1.20B | -1.20B | -502.00M | -907.00M | ||
| Net Debt Issued (Repaid) | 291.00M | 292.00M | 593.00M | 84.00M | ||
| Issuance of Common Stock | 263.00M | 261.00M | 243.00M | 227.00M | 199.00M | 175.00M |
| Repurchase of Common Stock | -2.50B | -5.14B | -4.11B | -2.37B | -6.37B | -3.93B |
| Common Dividends Paid | -1.51B | -1.38B | -1.19B | -975.00M | -873.00M | -838.00M |
| Other Financing Activities | -1.00M | -3.00M | ||||
| Financing Cash Flow | -3.46B | -5.98B | -4.47B | -3.03B | -7.04B | -4.59B |
| Net Cash Flow | 1.64B | -801.00M | 1.88B | 4.13B | -3.00B | -365.00M |
| Free Cash Flow | 5.62B | 5.70B | 7.49B | 7.59B | 4.61B | 4.77B |
| Free Cash Flow Margin | 18.23% | 20.09% | 27.55% | 28.64% | 17.89% | 20.70% |
| Free Cash Flow Per Share | 7.04 | 7.05 | 8.98 | 8.99 | 5.26 | 5.20 |
| Levered Free Cash Flow | 3.08B | 3.65B | 5.57B | 5.39B | 3.12B | 3.28B |
| Unlevered Free Cash Flow | 3.25B | 3.82B | 5.72B | 5.54B | 3.26B | 3.43B |
| Cash Interest Paid | 260.00M | 239.00M | 205.00M | 205.00M | 205.00M | 205.00M |
| Cash Income Tax Paid | 1.02B | 1.41B | 942.00M | 953.00M | 1.71B | 824.00M |
| Change in Working Capital | -619.00M | -200.00M | 1.12B | 775.00M | -1.79B | -1.34B |
Ratios
Fiscal year November - October; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 309.57B | 182.23B | 153.77B | 109.84B | 77.19B | 123.39B |
| Enterprise Value | 307.69B | 181.98B | 151.34B | 109.40B | 79.49B | 122.59B |
| Last Close Price | 390.09 | 227.49 | 183.58 | 128.26 | 86.81 | 131.11 |
| PE Ratio | 33.65 | 26.04 | 21.43 | 16.02 | 11.83 | 20.95 |
| Forward PE | 22.12 | 25.45 | 20.07 | 17.34 | 13.19 | 17.07 |
| PS Ratio | 10.04 | 6.42 | 5.66 | 4.14 | 2.99 | 5.35 |
| PB Ratio | 12.08 | 8.93 | 8.09 | 6.72 | 6.33 | 10.07 |
| P/TBV Ratio | 14.44 | 11.06 | 10.24 | 8.91 | 9.46 | 14.24 |
| P/FCF Ratio | 55.06 | 31.98 | 20.54 | 14.46 | 16.74 | 25.84 |
| P/OCF Ratio | 36.87 | 22.90 | 17.72 | 12.62 | 14.30 | 22.67 |
| PEG Ratio | 0.72 | 3.33 | 1.71 | 2.24 | 1.58 | 0.77 |
| EV/Sales Ratio | 9.98 | 6.42 | 5.57 | 4.13 | 3.08 | 5.32 |
| EV/EBITDA Ratio | 30.30 | 20.34 | 18.32 | 13.39 | 9.66 | 16.14 |
| EV/EBIT Ratio | 31.96 | 21.38 | 19.24 | 14.29 | 10.21 | 17.03 |
| EV/FCF Ratio | 54.72 | 31.94 | 20.21 | 14.41 | 17.24 | 25.68 |
| Debt / Equity Ratio | 0.29 | 0.34 | 0.35 | 0.37 | 0.48 | 0.47 |
| Debt / EBITDA Ratio | 0.72 | 0.79 | 0.79 | 0.73 | 0.70 | 0.75 |
| Debt / FCF Ratio | 1.31 | 1.24 | 0.88 | 0.79 | 1.26 | 1.21 |
| Net Debt / Equity Ratio | -0.07 | -0.07 | -0.15 | -0.05 | 0.27 | 0.02 |
| Net Debt / EBITDA Ratio | -0.19 | -0.17 | -0.35 | -0.11 | 0.40 | 0.04 |
| Net Debt / FCF Ratio | -0.34 | -0.27 | -0.38 | -0.12 | 0.70 | 0.06 |
| Asset Turnover | 0.79 | 0.80 | 0.83 | 0.92 | 0.98 | 0.96 |
| Inventory Turnover | 2.52 | 2.57 | 2.56 | 2.42 | 2.69 | 2.96 |
| Quick Ratio | 1.63 | 1.72 | 1.74 | 1.63 | 1.20 | 1.67 |
| Current Ratio | 2.42 | 2.61 | 2.51 | 2.60 | 2.16 | 2.54 |
| Return on Equity (ROE) | 41.07% | 35.51% | 40.61% | 48.04% | 53.39% | 51.59% |
| Return on Assets (ROA) | 15.48% | 15.05% | 15.10% | 16.65% | 18.52% | 18.68% |
| Return on Invested Capital (ROIC) | 35.64% | 36.68% | 43.82% | 43.99% | 47.77% | 54.24% |
| Return on Capital Employed (ROCE) | 29.00% | 30.10% | 30.30% | 32.80% | 40.20% | 37.00% |
| Earnings Yield | 2.97% | 3.84% | 4.67% | 6.24% | 8.45% | 4.77% |
| FCF Yield | 1.82% | 3.13% | 4.87% | 6.91% | 5.97% | 3.87% |
| Dividend Yield | 0.54% | 0.78% | 0.81% | 0.92% | 1.11% | 0.68% |
| Payout Ratio | 17.68% | 19.78% | 16.61% | 14.22% | 13.38% | 14.23% |
| Buyback Yield / Dilution | 2.08% | 3.12% | 1.30% | 3.65% | 4.57% | 0.43% |
| Total Shareholder Return | 2.63% | 3.89% | 2.11% | 4.57% | 5.68% | 1.11% |