APPLIED MATERIALS INC /DE financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data APPLIED MATERIALS INC /DE files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	10,825	14,698	16,705	14,608	17,202	23,063	25,785	26,517	27,176	28,368
Cost of revenue	6,314	8,086	9,188	8,222	9,510	12,149	13,792	14,133	14,279	14,560
Gross profit	4,511	6,612	7,517	6,386	7,692	10,914	11,993	12,384	12,897	13,808
Research and development	1,540	1,781	2,022	2,054	2,234	2,485	2,771	3,102	3,233	3,570
Selling, general and administrative								1,628	1,797	1,768
Selling and marketing	429	457	521	521	526	609	703	776	836	858
General and administrative	390	438	483	461	567	620	735	852	961	910
Operating expenses	2,359	2,676	3,026	3,036	3,327	4,025	4,205	4,730	5,030	5,519
Operating income	2,152	3,936	4,491	3,350	4,365	6,889	7,788	7,654	7,867	8,289
Interest expense	155	198	234	237	240	236	228	238	247	269
Interest income								262	486	406
Other non-operating income	16	78	139	156	41	118	39	300	532	1,251
Pre-tax income	2,013	3,816	4,396	3,269	4,166	6,771	7,599	7,716	8,152	9,271
Income tax	292	297	1,358	563	547	883	1,074	860	975	2,273
Net income	1,721	3,519	3,038	2,706	3,619	5,888	6,525	6,856	7,177	6,998
EBITDA	2,541	4,343	4,948	3,713	4,741	7,283	8,232	8,169	8,259	8,724
EPS, basic	1.56	3.28	3.00	2.89	3.95	6.47	7.49	8.16	8.68	8.71
EPS, diluted	1.54	3.25	2.96	2.86	3.92	6.40	7.44	8.11	8.61	8.66
Shares, basic (weighted)	1,107	1,073	1,013	937	916	910	871	840	827	804
Shares, diluted (weighted)	1,116	1,084	1,026	945	923	919	877	845	834	808
Dividend per share	0.10	0.10	0.70	0.83	0.87	0.94	1.02	1.22	1.52	1.78

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	3,406	5,010	3,440	3,129	5,351	4,995	1,995	6,132	8,022	7,241
Short-term investments	343	2,266	590	489	387	464	586	737	1,449	1,332
Receivables	2,279	2,338	2,323	2,533	2,963	4,953	6,068	5,165	5,234	5,185
Inventory	2,050	2,707	3,721	3,474	3,904	4,309	5,932	5,725	5,421	5,915
Other current assets	275	374	530	581	764	1,386	1,344	1,388	1,094	1,208
Total current assets	8,353	12,918	10,604	10,206	13,369	16,107	15,925	19,147	21,220	20,881
Property, plant and equipment	937	1,066	1,407	1,529	1,604	1,934	2,307	2,723	3,339	4,610
Lease right-of-use assets				0	252	294	389	370	375	509
Goodwill	3,316	3,368	3,368	3,399	3,466	3,479	3,700	3,732	3,732	3,707
Intangible assets	575	412	213	156	153	104	339	294	249	226
Long-term investments	929	1,143	1,568	1,703	1,538	2,055	1,980	2,281	2,787	4,327
Other non-current assets			248	265	260	229	691	345	314	806
Total assets	14,570	19,419	17,633	19,024	22,353	25,825	26,726	30,729	34,409	36,299
Accounts payable	813	945	996	958	1,124	1,472	1,755	1,478	1,570	1,978
Accrued liabilities	517	666	639	559	800	924	905	1,024	1,188	1,221
Deferred revenue	905	1,284	1,201	1,336	1,321	2,076	3,142	2,975	2,849	2,566
Short-term debt	200	0	0	600	0		0	0	700	0
Total current liabilities	3,632	4,115	3,922	4,447	4,459	6,344	7,379	7,372	8,468	7,999
Long-term debt	3,125	5,304	5,309	4,713	5,448	5,452	5,457	5,461	5,460	6,455
Lease liabilities				0	195	228	287	252	259	404
Other non-current liabilities	77	99	126	163	662	692	732	714	810	1,074
Total liabilities	7,353	10,070	10,788	10,810	11,775	13,578	14,532	14,380	15,408	15,884
Total debt	3,125	5,304	5,309	5,313	5,448	5,452	5,457	5,461	6,160	6,455
Paid-in capital	6,809	7,056	7,274	7,595	7,904	8,247	8,593	9,131	9,660	10,333
Retained earnings	15,252	18,258	20,880	24,386	27,209	32,246	37,892	43,726	49,651	55,227
Treasury stock	-14,740	-15,912	-21,194	-23,596	-24,245	-27,995	-34,097	-36,299	-40,150	-45,043
Other comprehensive income	-115	-64	-125	-180	-299	-260	-202	-217	-168	-110
Shareholders' equity	7,413	9,630	6,845	8,214	10,578	12,247	12,194	16,349	19,001	20,415
Total equity	7,413	9,630	6,845	8,214	10,578	12,247	12,194	16,349	19,001	20,415
Total liabilities and equity	14,570	19,419	17,633	19,024	22,353	25,825	26,726	30,729	34,409	36,299
Shares outstanding	1,078	1,060	967	916	914	892	844	833	818	793

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	1,721	3,519	3,038	2,706	3,619	5,888	6,525	6,856	7,177	6,998
Depreciation and amortization	389	407	457	363	376	394	444	515	392	435
Stock-based compensation	201	220	258	263	307	346	413	490	577	668
Deferred income tax	-21	-12	198	51	68	60	195	-358	-678	1,153
Change in receivables	-542	-37	16	-207	-427	-1,989	-1,109	903	-69	49
Change in inventory	-216	-809	-1,014	248	-421	-405	-1,590	207	304	-494
Change in payables	184	371	170	-247	327	465	390	-138	281	307
Cash from operations	2,566	3,789	3,787	3,247	3,804	5,442	5,399	8,700	8,677	7,958
Capital expenditures	-253	-345	-622	-441	-422	-668	-787	-1,106	-1,190	-2,260
Acquisitions	-16	-68	-6	-28	-107	-12	-441	-25	0	-29
Purchases of investments	-1,390	-4,856	-2,077	-1,914	-1,355	-2,007	-1,492	-1,672	-3,588	-6,054
Sales and maturities of investments	1,234	2,743	3,276	1,940	1,754	1,471	1,363
Cash from investing	-425	-2,526	571	-443	-130	-1,216	-1,357	-1,535	-2,327	-2,782
Debt issued	0	2,176	0	0	2,979	0	0	0	694	991
Debt repaid	-1,207	-205	0	0	-2,882	0	0	0	0	-700
Stock issued	88	97	124	145	174	175	199	227	243	261
Share buybacks	-1,892	-1,172	-5,283	-2,403	-649	-3,750	-6,103	-2,189	-3,823	-4,895
Dividends paid	-444	-430	-605	-771	-787	-838	-873	-975	-1,192	-1,384
Cash from financing	-3,532	341	-5,928	-3,115	-1,337	-4,591	-7,043	-3,032	-4,470	-5,977
Net change in cash	-1,391	1,604	-1,570	-311	2,337	-365	-3,001	4,133	1,880	-801
Free cash flow	2,313	3,444	3,165	2,806	3,382	4,774	4,612	7,594	7,487	5,698
Interest paid	151	186	219	219	219	205	205	205	205	239
Income taxes paid	157	194	300	522	542	851	1,869	1,006	957	1,504

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to July 26, 2026; growth uses fiscal years. Valuation uses the share price of $485.00 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	49.4%	Gross profit / revenue.
Operating margin	29.6%	Operating income / revenue.
EBITDA margin	31.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	34.8%	Pre-tax income / revenue.
Net margin	30.1%	Net income / revenue.
FCF margin	18.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	27.2%	Cash from operations / revenue.
Effective tax rate	13.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	36.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	21.3%	Net income / average total assets.
Return on invested capital (ROIC)	31.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	12.9%	Research and development expense / revenue.
SG&A / revenue	5.4%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	2.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	9.0%	Capital expenditures / revenue.
D&A / revenue	1.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	4.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	3.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	10.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	7.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	4.8%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	12.4%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	5.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	2.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	13.7%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	5.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	2.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	13.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-2.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	2.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	14.1%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	0.6%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	5.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	17.2%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-8.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	13.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	15.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-23.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	7.3%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	11.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	17.1%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	20.4%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	15.4%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	7.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	18.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	14.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	5.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	10.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	10.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-3.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-2.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-2.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.42x	Current assets / current liabilities.
Quick ratio	1.63x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.89x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.25x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	14.8%	Total debt / total assets.
Liabilities / assets	41.1%	Total liabilities / total assets.
Net debt	-$2.79B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.29x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	33.0x	Operating income / interest expense.
Working capital	$14.74B	Current assets - current liabilities.
Goodwill and intangibles / assets	9.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	$21.44B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.71x	Revenue / average total assets.
Fixed asset turnover	5.50x	Revenue / average property, plant and equipment.
Inventory turnover	2.38x	Cost of revenue / average inventory.
Days inventory	154 days	365 x average inventory / cost of revenue.
Receivables turnover	4.01x	Revenue / average receivables.
Days sales outstanding	91 days	365 x average receivables / revenue.
Days payables	56 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	189 days	Days inventory + days sales outstanding - days payables.
FCF conversion	60.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	33.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$11.58	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$38.55	Revenue / diluted weighted shares.
FCF per share	$7.03	Free cash flow / diluted weighted shares.
Operating cash flow per share	$10.50	Cash from operations / diluted weighted shares.
Book value per share	$32.03	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$26.80	Tangible book value / shares outstanding.
Cash per share	$11.54	(Cash + short-term investments) / shares outstanding.
Payout ratio	16.3%	Dividends paid / net income, when net income is positive.
Dividends / FCF	26.9%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	36.1%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$385.07B	Share price x shares outstanding.
Enterprise value	$382.28B	Market cap + total debt - cash - short-term investments.
P/E	41.6x	Market cap / net income. Only when net income is positive.
P/S	12.5x	Market cap / revenue.
P/B	15.0x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	18.0x	Market cap / tangible book value, when positive.
P/FCF	68.5x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	45.9x	Market cap / cash from operations, when positive.
EV/Sales	12.4x	Enterprise value / revenue.
EV/EBIT	41.8x	Enterprise value / operating income, when both are positive.
EV/EBITDA	39.5x	Enterprise value / EBITDA, when both are positive.
EV/FCF	68.0x	Enterprise value / free cash flow, when both are positive.
FCF yield	1.5%	Free cash flow / market cap.
Earnings yield	2.4%	Net income / market cap (the inverse of P/E).
Dividend yield	0.4%	Dividends paid over the period / market cap.
Shareholder yield	0.9%	(Dividends paid + share buybacks) / market cap.
PEG	8.00x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was APPLIED MATERIALS INC /DE's revenue in fiscal 2025?

APPLIED MATERIALS INC /DE reported revenue of $28.37B for fiscal 2025, 4.4% higher than the year before.

Was APPLIED MATERIALS INC /DE profitable in fiscal 2025?

Yes. Net income was $7.00B, a net margin of 24.7%.

How much free cash flow did APPLIED MATERIALS INC /DE generate in fiscal 2025?

Cash from operations of $7.96B minus capital expenditures of $2.26B left free cash flow of $5.70B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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