Applied Materials Inc. (AMAT) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$3.39	$3.5	+3.2%	—	—	—
Q4 26	$2.69	$2.86	+6.3%	—	—	—
Q3 26	$2.21	$2.38	+7.7%	—	—	—
Q2 26	$2.09	$2.17	+3.8%	—	—	—
Q1 26	$2.36	$2.48	+5.1%	—	—	—
Q4 25	$2.31	$2.39	+3.5%	—	—	—
Q3 25	$2.3	$2.38	+3.5%	—	—	—
Q2 25	$2.19	$2.32	+5.9%	—	—	—
Q1 25	$2.03	$2.12	+4.4%	—	—	—
Q4 24	$1.99	$2.09	+5.0%	—	—	—
Q3 24	$1.91	$2.13	+11.5%	—	—	—
Q2 24	$2	$2.12	+6.0%	—	—	—
Q1 24	$1.74	$1.9	+9.2%	—	—	—
Q4 23	$1.84	$2	+8.7%	—	—	—
Q3 23	$1.93	$2.03	+5.2%	—	—	—
Q2 23	$1.73	$2.03	+17.3%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$8.71	—	—	$28.4B	—
FY24	—	$8.68	—	—	$27.2B	—
FY23	—	$8.16	—	—	$26.5B	—
FY22	—	$7.49	—	—	$25.8B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$10.8B	$14.7B	$16.7B	$14.6B	$17.2B	$23.1B	$25.8B	$26.5B	$27.2B	$28.4B
YoY change	+12.1%	+35.8%	+13.7%	-12.6%	+17.8%	+34.1%	+11.8%	+2.84%	+2.49%	+4.39%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	10.8B	14.7B	16.7B	14.6B	17.2B	23.1B	25.8B	26.5B	27.2B	28.4B
Cost of revenue	6.3B	8.1B	9.2B	8.2B	9.5B	12.1B	13.8B	14.1B	14.3B	14.6B
Gross profit	4.5B	6.6B	7.5B	6.4B	7.7B	10.9B	12B	12.4B	12.9B	13.8B
Gross margin	41.7%	45%	45%	43.7%	44.7%	47.3%	46.5%	46.7%	47.5%	48.7%
Research & development	1.5B	1.8B	2B	2.1B	2.2B	2.5B	2.8B	3.1B	3.2B	3.6B
Selling, general & administrative	819M	895M	1B	982M	1.1B	1.2B	1.4B	1.6B	1.8B	1.8B
Operating expenses	2.4B	2.7B	3B	3B	3.3B	3.7B	4.2B	4.7B	5B	5.3B
Operating income	2.2B	3.9B	4.5B	3.4B	4.4B	7.2B	7.8B	7.7B	7.9B	8.5B
Operating margin	19.9%	26.8%	26.9%	22.9%	25.4%	31.2%	30.2%	28.9%	28.9%	29.9%
Non-operating income, net	—	—	—	—	—	-311M	4M	—	—	-181M
Pretax income	2B	3.8B	4.4B	3.3B	4.2B	6.8B	7.6B	7.7B	8.2B	9.3B
Income tax	292M	297M	1.4B	563M	547M	883M	1.1B	860M	975M	2.3B
Net income	1.7B	3.5B	3B	2.7B	3.6B	5.9B	6.5B	6.9B	7.2B	7B
Net margin	15.9%	23.9%	18.2%	18.5%	21%	25.5%	25.3%	25.9%	26.4%	24.7%
EBITDA	2.6B	4.4B	5.1B	3.9B	4.8B	7.7B	8.3B	8.5B	8.8B	10.2B
EPS	1.56	3.2	3.27	2.89	3.95	6.47	7.49	8.16	8.68	8.71
Diluted EPS	1.54	3.17	3.23	2.86	3.92	6.4	7.44	8.11	8.61	8.66

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Revenue	6.7B	6.7B	6.6B	6.8B	7B	7.2B	7.1B	7.3B	6.8B	7B	7.9B	9.1B
Cost of revenue	3.6B	3.5B	3.5B	3.6B	3.7B	3.7B	3.6B	3.7B	3.5B	3.6B	4B	4.5B
Gross profit	3.2B	3.2B	3.2B	3.2B	3.3B	3.5B	3.5B	3.6B	3.3B	3.4B	3.9B	4.6B
Gross margin	47.1%	47.8%	47.4%	47.3%	47.3%	48.8%	49.1%	48.8%	48%	49%	49.9%	50.3%
Research & development	789M	754M	785M	836M	858M	859M	893M	901M	917M	928M	1B	1.1B
Selling, general & administrative	409M	483M	456M	427M	431M	462M	423M	428M	455M	411M	397M	411M
Operating expenses	1.2B	1.2B	1.2B	1.3B	1.3B	1.3B	1.3B	1.3B	1.4B	1.3B	1.4B	1.5B
Operating income	2B	2B	1.9B	1.9B	2B	2.2B	2.2B	2.2B	1.9B	2.1B	2.5B	3.1B
Operating margin	29.3%	29.3%	28.8%	28.7%	29%	30.4%	30.5%	30.6%	27.8%	29.9%	31.9%	33.7%
Non-operating income, net	—	—	—	—	—	—	—	—	—	-265M	—	—
Pretax income	2.2B	2.3B	2B	2B	1.9B	2.1B	2.3B	2.6B	2.3B	2.3B	3.2B	2.9B
Income tax	168M	284M	272M	255M	164M	934M	185M	784M	370M	302M	419M	369M
Net income	2B	2B	1.7B	1.7B	1.7B	1.2B	2.1B	1.8B	1.9B	2B	2.8B	2.5B
Net margin	29.8%	30.1%	25.9%	25.2%	24.6%	16.5%	30.1%	24.4%	27.9%	28.9%	35.5%	27.8%
EBITDA	2.4B	2.5B	2.1B	2.1B	2.1B	2.3B	2.5B	2.7B	2.5B	2.8B	3.4B	3.2B
EPS	2.4	2.43	2.08	2.06	2.11	1.46	2.64	2.23	2.39	2.55	3.53	3.2
Diluted EPS	2.38	2.41	2.06	2.05	2.09	1.45	2.63	2.22	2.38	2.54	3.51	3.17

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	32.2B	60.5B	33.3B	50.8B	54.3B	124.4B	76.9B	111.2B	150.2B	187.4B	386.3B
Enterprise value	31.8B	58.6B	34.6B	52.5B	54.2B	124.6B	80.1B	110.3B	147.3B	185.9B	383B
Shares outstanding	1.1B	1.1B	1B	937M	916M	910M	871M	840M	827M	804M	804M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	18.7	17.2	11	18.8	15	21.1	11.8	16.2	20.9	26.8	42
P/S	2.97	4.12	1.99	3.48	3.15	5.39	2.98	4.19	5.53	6.61	12.5
P/B	4.46	6.48	4.87	6.19	5.13	10.2	6.31	6.8	7.9	9.18	15.1
EV/EBITDA	12.4	13.2	6.8	13.6	11.3	16.2	9.7	13	16.8	18.3	37.7
EV/Sales	2.93	3.99	2.07	3.6	3.15	5.4	3.11	4.16	5.42	6.55	12.4
Earnings yield	5.35%	5.81%	9.12%	5.32%	6.67%	4.73%	8.48%	6.17%	4.78%	3.73%	2.38%
FCF yield	7.19%	5.69%	9.5%	5.52%	6.23%	3.84%	6%	6.83%	4.99%	3.04%	0.8%
PEG	—	—	—	—	—	—	—	—	—	—	0.97

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	41.7%	45%	45%	43.7%	44.7%	47.3%	46.5%	46.7%	47.5%	48.7%	50.3%
Operating margin	19.9%	26.8%	26.9%	22.9%	25.4%	31.2%	30.2%	28.9%	28.9%	29.9%	33.7%
Net margin	15.9%	23.9%	18.2%	18.5%	21%	25.5%	25.3%	25.9%	26.4%	24.7%	30.1%
ROE	23.8%	37.6%	44.4%	32.9%	34.2%	48.1%	53.5%	41.9%	37.8%	34.3%	41.1%
ROA	11.8%	18.1%	17.2%	14.2%	16.2%	22.8%	24.4%	22.3%	20.9%	19.3%	15.5%
ROIC	27.1%	49.2%	38.2%	28%	36%	49.9%	43.3%	43.9%	42.9%	33.8%	34.9%
Return on tangible assets	25.4%	29.7%	29%	22.7%	23.9%	31.6%	35%	30.2%	27.1%	24.6%	26.4%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	2.3	3.14	2.7	2.3	3	2.54	2.16	2.6	2.51	2.61	2.42
Quick ratio	1.74	2.43	1.75	1.51	2.12	1.86	1.35	1.82	1.87	1.87	1.79
Debt / equity	0.46	0.57	0.78	0.65	0.54	0.47	0.48	0.37	0.35	0.35	0.29
Debt / assets	0.23	0.27	0.3	0.28	0.26	0.22	0.22	0.2	0.19	0.19	0.17
Net debt / EBITDA	-0.17	-0.45	0.25	0.44	-0.01	0.04	0.39	-0.1	-0.33	-0.15	-0.16
Interest coverage	14	20.3	19.8	14.8	18.4	29.7	34.3	33.4	34	35.5	29.5
Effective tax rate	14.5%	7.78%	30.9%	17.2%	13.1%	13%	14.1%	11.1%	12%	24.5%	13.6%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	9.78	13.7	16.5	15.6	18.8	25.3	29.6	31.6	32.9	35.3	38.8
EPS (basic)	1.56	3.2	3.27	2.89	3.95	6.47	7.49	8.16	8.68	8.71	8.71
EPS (diluted)	1.54	3.17	3.23	2.86	3.92	6.4	7.44	8.11	8.61	8.66	11.6
Book value per share	6.52	8.71	6.76	8.77	11.5	13.5	14	19.5	23	25.4	32.3
FCF per share	2.09	3.21	3.12	2.99	3.69	5.25	5.3	9.04	9.05	7.09	7.03
Cash per share	3.39	6.78	3.98	3.86	6.26	6	2.96	8.18	11.5	10.7	11.6
Capex per share	0	—	—	—	—	—	—	—	—	2.81	3.47

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0%	—	—	—	—	—	—	—	—	7.97%	8.99%
Capex / operating cash flow	0%	—	—	—	—	—	—	—	—	28.4%	33%
Payout ratio	25.8%	12.2%	19.9%	28.5%	21.7%	14.2%	13.4%	14.2%	16.6%	19.8%	16.5%
Dividend yield	1.38%	0.71%	1.82%	1.52%	1.45%	0.67%	1.14%	0.88%	0.79%	0.74%	0.44%

Yield

0.44%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.53

ex-dividend Nov 19, 2026

Payout ratio

16%

of earnings

Dividend growth

8 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Nov 19, 2026upcoming	$0.53
Aug 20, 2026	$0.53
May 21, 2026	$0.53
Feb 19, 2026	$0.46

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Revenue	$6.7B	$6.7B	$6.6B	$6.8B	$7B	$7.2B	$7.1B	$7.3B	$6.8B	$7B	$7.9B	$9.1B
YoY change	-0.39%	-0.47%	+0.24%	+5.49%	+4.79%	+6.84%	+6.83%	+7.73%	-3.48%	-2.15%	+11.4%	+24.8%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	3.7B	7.3B	4B	3.6B	5.7B	5.5B	2.6B	6.9B	9.5B	8.6B
Receivables	2.3B	2.3B	2.3B	2.5B	3B	5B	6.1B	5.2B	5.2B	5.2B
Inventory	2B	2.9B	3.7B	3.5B	3.9B	4.3B	5.9B	5.7B	5.4B	5.9B
Total current assets	8.4B	12.9B	10.6B	10.2B	13.4B	16.1B	15.9B	19.1B	21.2B	20.9B
Property, plant & equipment	-324M	-249M	-41M	-61M	201M	448M	669M	1B	1.4B	2.2B
Goodwill & intangibles	7.8B	7.6B	7.2B	7.1B	7.2B	7.2B	8.1B	8.1B	8B	7.9B
Total assets	14.6B	19.4B	17.6B	19B	22.4B	25.8B	26.7B	30.7B	34.4B	36.3B
Accounts payable	813M	945M	996M	958M	1.1B	1.5B	1.8B	1.5B	1.6B	2B
Short-term debt	200M	—	—	600M	64M	73M	85M	286M	887M	191M
Total current liabilities	3.6B	4.1B	3.9B	4.4B	4.5B	6.3B	7.4B	7.4B	8.5B	8B
Long-term debt	3.1B	5.3B	5.3B	4.7B	5.6B	5.7B	5.7B	5.7B	5.7B	6.9B
Total liabilities	7.4B	10.1B	10.8B	10.8B	11.8B	13.6B	14.5B	14.4B	15.4B	15.9B
Shareholders' equity	7.2B	9.3B	6.8B	8.2B	10.6B	12.2B	12.2B	16.3B	19B	20.4B
Total debt	3.3B	5.3B	5.3B	5.3B	5.7B	5.8B	5.8B	6B	6.6B	7B
Net debt	-81M	294M	1.9B	2.2B	356M	758M	3.8B	-133M	-1.4B	-191M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Cash & short-term investments	6.9B	7.5B	7.6B	9.1B	9.5B	8.2B	6.7B	7B	8.6B	8.5B	8.2B	9.2B
Receivables	5.2B	4.7B	4.8B	5B	5.2B	6B	6.2B	5.8B	5.2B	5B	6.4B	7.7B
Inventory	5.7B	5.6B	5.7B	5.6B	5.4B	5.5B	5.7B	5.8B	5.9B	6B	6.3B	6.6B
Total current assets	19.1B	19.2B	19.3B	20.7B	21.2B	20.7B	19.7B	19.7B	20.9B	21B	22.6B	25.1B
Property, plant & equipment	1B	1.1B	1.2B	1.2B	1.4B	1.5B	1.6B	2B	2.2B	2.6B	2.9B	3.2B
Goodwill & intangibles	8.1B	8B	8B	8B	8B	8B	8B	8B	7.9B	7.8B	8.3B	8.4B
Total assets	30.7B	31.5B	31.9B	33.6B	34.4B	33.3B	33.6B	34.2B	36.3B	37.6B	40.3B	43.5B
Accounts payable	1.5B	1.4B	1.5B	1.5B	1.6B	1.7B	1.8B	1.8B	2B	1.9B	2.2B	2.4B
Short-term debt	286M	287M	275M	274M	887M	880M	880M	888M	191M	201M	1.3B	1.4B
Total current liabilities	7.4B	7.1B	6.9B	7.2B	8.5B	7.7B	8B	7.9B	8B	7.8B	9B	10.4B
Long-term debt	5.7B	5.7B	5.7B	6.4B	5.7B	5.7B	5.8B	5.9B	6.9B	7B	6B	5.9B
Total liabilities	14.4B	14.1B	13.8B	14.8B	15.4B	14.7B	14.7B	14.7B	15.9B	15.9B	16.4B	17.9B
Shareholders' equity	16.3B	17.4B	18.2B	18.8B	19B	18.6B	19B	19.5B	20.4B	21.7B	23.9B	25.6B
Total debt	6B	6B	6B	6.7B	6.6B	6.6B	6.7B	6.8B	7B	7.2B	7.3B	7.3B
Net debt	-133M	-865M	-1.1B	-1.6B	-1.4B	324M	501M	1.4B	-191M	-28M	967M	309M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	1.7B	3.5B	3B	2.7B	3.6B	5.9B	6.5B	6.9B	7.2B	7B
Depreciation & amortization	389M	407M	457M	363M	376M	394M	444M	515M	392M	435M
Stock-based compensation	201M	220M	258M	263M	307M	346M	413M	490M	577M	668M
Change in working capital	23M	-336M	-927M	-159M	-628M	-1.7B	-1.3B	795M	728M	-450M
Operating cash flow	2.4B	3.8B	2.9B	3.2B	3.8B	4.9B	5.9B	8.7B	8.3B	8B
Capital expenditure	0	—	—	—	—	—	—	—	—	-2.3B
Investing cash flow	-172M	-2.2B	1.2B	-2M	292M	-548M	-570M	-429M	-1.1B	-2.8B
Dividends paid	-444M	-430M	-605M	-771M	-787M	-838M	-873M	-975M	-1.2B	-1.4B
Share repurchases	-1.9B	-1.2B	-5.3B	-2.4B	-649M	-3.8B	-6.1B	-2.2B	-3.8B	-4.9B
Financing cash flow	-3.5B	341M	-5.9B	-3.1B	-1.3B	-4.6B	-7B	-3.9B	-4.9B	-6.5B
Net change in cash	-1.3B	1.9B	-1.8B	86M	2.8B	-241M	-1.7B	4.4B	2.3B	-1.3B
Free cash flow	2.3B	3.4B	3.2B	2.8B	3.4B	4.8B	4.6B	7.6B	7.5B	5.7B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Net income	2B	2B	1.7B	1.7B	1.7B	1.2B	2.1B	1.8B	1.9B	2B	2.8B	2.5B
Depreciation & amortization	130M	91M	96M	95M	110M	105M	103M	113M	114M	127M	135M	151M
Stock-based compensation	115M	170M	134M	132M	141M	195M	159M	158M	156M	207M	169M	169M
Change in working capital	-178M	224M	-269M	521M	252M	-1.5B	-150M	512M	711M	-875M	-1.3B	-123M
Operating cash flow	2.1B	2.2B	1.5B	2.3B	2.2B	725M	2.2B	2.6B	2.8B	1.7B	845M	3B
Capital expenditure	—	—	—	—	—	—	—	-584M	-785M	-646M	-635M	-707M
Investing cash flow	-180M	-218M	108M	-363M	-664M	-516M	698M	-2B	-139M	-780M	-965M	-1.4B
Dividends paid	-268M	-266M	-266M	-331M	-329M	-326M	-325M	-368M	-365M	-365M	-365M	-420M
Share repurchases	-700M	-700M	-820M	-861M	-1.4B	-1.3B	-1.7B	-1.1B	-851M	-337M	-400M	-440M
Financing cash flow	-1.2B	-1.3B	-1B	-1.3B	-1.9B	-2B	-2.1B	-1.6B	-933M	-1.1B	-1.1B	-889M
Net change in cash	774M	722M	605M	643M	-301M	-1.8B	810M	-890M	1.8B	-225M	-1.3B	735M
Free cash flow	1.2B	2.1B	1.1B	2.1B	2.2B	544M	1.1B	2B	2B	1B	210M	2.3B

Date	Ratio
Apr 17, 2002	2:1
Mar 16, 2000	2:1
Oct 14, 1997	2:1
Oct 13, 1995	2:1
Oct 6, 1993	2:1
Apr 7, 1992	2:1
May 16, 1986	2:1
Feb 6, 1981	3:2
Apr 2, 1980	3:2

Applied Materials Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history