Applied Materials (AMAT) financial statements
Applied Materials reported revenue of $28.4B in fiscal 2025, up 11.3% a year over 9 years.
Net income was $7.0B and the operating margin 29.2%, against 19.9% in 2016.
Free cash flow was $5.7B, and the company returned $1.4B in dividends and $4.9B in net buybacks.
The diluted share count fell 28% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Applied Materials's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | $12.0B | $12.4B | $12.9B | $13.8B |
| Research and development | $1.5B | $1.8B | $2.0B | $2.1B | $2.2B | $2.5B | $2.8B | $3.1B | $3.2B | $3.6B |
| Selling, general and admin | $819M | $895M | $1.0B | $982M | $1.1B | $1.2B | $1.4B | $1.6B | $1.8B | $1.8B |
| Operating income | $2.2B | $3.9B | $4.5B | $3.4B | $4.4B | $6.9B | $7.8B | $7.7B | $7.9B | $8.3B |
| Interest expense | $155M | $198M | $234M | $237M | $240M | $236M | $228M | $238M | $247M | $269M |
| Pre-tax income | $2.0B | $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 | $3.0B | $2.7B | $3.6B | $5.9B | $6.5B | $6.9B | $7.2B | $7.0B |
| EPS (diluted) | $1.54 | $3.25 | $2.96 | $2.86 | $3.92 | $6.40 | $7.44 | $8.11 | $8.61 | $8.66 |
| Diluted shares | 1.12B | 1.08B | 1.03B | 945M | 923M | 919M | 877M | 845M | 834M | 808M |
| Gross margin | 41.7% | 45.0% | 45.0% | 43.7% | 44.7% | 47.3% | 46.5% | 46.7% | 47.5% | 48.7% |
| Operating margin | 19.9% | 26.8% | 26.9% | 22.9% | 25.4% | 29.9% | 30.2% | 28.9% | 28.9% | 29.2% |
| Net margin | 15.9% | 23.9% | 18.2% | 18.5% | 21.0% | 25.5% | 25.3% | 25.9% | 26.4% | 24.7% |
Balance sheet
Fiscal years, from Applied Materials's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $3.7B | $7.3B | $4.0B | $3.6B | $5.7B | $5.5B | $2.6B | $6.9B | $9.5B | $8.6B |
| Receivables | $2.3B | $2.3B | $2.3B | $2.5B | $3.0B | $5.0B | $6.1B | $5.2B | $5.2B | $5.2B |
| Inventory | $2.0B | $2.7B | $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 and equipment | $937M | $1.1B | $1.4B | $1.5B | $1.6B | $1.9B | $2.3B | $2.7B | $3.3B | $4.6B |
| Goodwill | $3.3B | $3.4B | $3.4B | $3.4B | $3.5B | $3.5B | $3.7B | $3.7B | $3.7B | $3.7B |
| Total assets | $14.6B | $19.4B | $17.6B | $19.0B | $22.4B | $25.8B | $26.7B | $30.7B | $34.4B | $36.3B |
| Total current liabilities | $3.6B | $4.1B | $3.9B | $4.4B | $4.5B | $6.3B | $7.4B | $7.4B | $8.5B | $8.0B |
| Long-term debt | $3.1B | $5.3B | $5.3B | $4.7B | $5.4B | $5.5B | $5.5B | $5.5B | $5.5B | $6.5B |
| Total liabilities | $7.4B | $10.1B | $10.8B | $10.8B | $11.8B | $13.6B | $14.5B | $14.4B | $15.4B | $15.9B |
| Shareholders' equity | $7.4B | $9.6B | $6.8B | $8.2B | $10.6B | $12.2B | $12.2B | $16.3B | $19.0B | $20.4B |
| Net debt | -$81M | $294M | $1.9B | $2.2B | $97M | $457M | $3.5B | -$671M | -$1.9B | -$786M |
Cash flow
Fiscal years, from Applied Materials's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.6B | $3.8B | $3.8B | $3.2B | $3.8B | $5.4B | $5.4B | $8.7B | $8.7B | $8.0B |
| Capital spending | $253M | $345M | $622M | $441M | $422M | $668M | $787M | $1.1B | $1.2B | $2.3B |
| Free cash flow | $2.3B | $3.4B | $3.2B | $2.8B | $3.4B | $4.8B | $4.6B | $7.6B | $7.5B | $5.7B |
| Stock-based compensation | $201M | $220M | $258M | $263M | $307M | $346M | $413M | $490M | $577M | $668M |
| Dividends paid | $444M | $430M | $605M | $771M | $787M | $838M | $873M | $975M | $1.2B | $1.4B |
| Share buybacks (net) | -$1.9B | -$1.2B | -$5.3B | -$2.4B | -$649M | -$3.8B | -$6.1B | -$2.2B | -$3.8B | -$4.9B |
| Net borrowing | -$1.2B | $2.0B | $0 | $0 | $97M | $0 | $0 | $0 | $694M | $291M |
| Free cash flow margin | 21.4% | 23.4% | 18.9% | 19.2% | 19.7% | 20.7% | 17.9% | 28.6% | 27.6% | 20.1% |
| Dividends per share | $0.40 | $0.40 | $0.59 | $0.82 | $0.85 | $0.91 | $1.00 | $1.15 | $1.43 | $1.71 |
Questions
What was Applied Materials's revenue in 2025?
$28.4B in fiscal 2025, from its 10-K filing.
How much free cash flow does Applied Materials generate?
$5.7B in fiscal 2025 (operating cash flow minus capital spending).
From Applied Materials's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.