Applied Materials

Information Technology Semiconductor Materials & Equipment Santa Clara, California Last filing Dec 12, 2025 · FY2025

                    Revenue
                    FY2025
                
$28.4B
                    3y CAGR +3.2%
                    
                    P38
                    
                    +4.4%
                    
                    Net income
                    FY2025
                
$7.0B
                    Net margin +24.7%
                    
                    P76
                    
                    -2.5%
                    
                    Total assets
                    FY2025
                
$36.3B
                    ROA +19.3%
                    
                    P89
                    
                    +5.5%
                    
                    Operating cash flow
                    FY2025
                
$8.0B
                    FCF margin +20.1%
                    
                    P50
                    
                    -8.3%

20 yrs · FY2006–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Balance Sheet

Assets, liabilities, and equity

35 accounts · 3 years

Total assets $36.3B

Total liabilities $15.9B

Shareholders equity $20.4B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	$7.2B -9.7%	$8.0B 30.8%	$6.1B
Short Term Investments	$1.3B	—	—
Accounts Receivable	$5.2B -0.9%	$5.2B 1.3%	$5.2B
Inventory	$5.9B 9.1%	$5.4B -5.3%	$5.7B
Prepaid Expenses	$1.1B 8.8%	$974.0M -0.2%	$976.0M
Other Current Assets	$1.2B	—	—
Total Current Assets	$20.9B -1.6%	$21.2B 10.8%	$19.1B
Property,Plant and Equipment	$4.6B 38.1%	$3.3B 22.6%	$2.7B
Operating Lease Assets	$509.0M 35.7%	$375.0M 1.4%	$370.0M
Goodwill	$3.7B -0.7%	$3.7B 0.0%	$3.7B
Intangible Assets	$226.0M -9.2%	$249.0M -15.3%	$294.0M
Long Term Investments	$4.3B	—	—
Deferred Tax Assets	$1.2B	—	—
Other Noncurrent Assets	$806.0M 156.7%	$314.0M -9.0%	$345.0M
Total Assets	$36.3B 5.5%	$34.4B 12.0%	$30.7B
Liabilities
Accounts Payable	$2.0B 26.0%	$1.6B 6.2%	$1.5B
Accrued Liabilities	$787.0M 5.1%	$749.0M 2.9%	$728.0M
Deferred Revenue	$2.6B	—	—
Current Portion of Long Term Debt	$0 -100.0%	$700.0M	$0
Operating Lease Liabilities	$91.0M 4.6%	$87.0M 3.6%	$84.0M
Other Current Liabilities	$1.1B	—	—
Total Current Liabilities	$8.0B -5.5%	$8.5B 14.9%	$7.4B
Long Term Debt	$6.5B 18.2%	$5.5B 0.0%	$5.5B
Operating Lease Liabilities Noncurrent	$404.0M 56.0%	$259.0M 2.8%	$252.0M
Deferred Tax Liabilities	$0 -100.0%	$76.0M -26.2%	$103.0M
Other Noncurrent Liabilities	$1.1B 32.6%	$810.0M 13.4%	$714.0M
Total Liabilities	$15.9B 3.1%	$15.4B 7.1%	$14.4B
Equity
Preferred Stock	$0	$0	$0
Common Stock	$8.0M -99.8%	$3.3B -0.5%	$3.3B
Additional Paid In Capital	$10.3B 7.0%	$9.7B 5.8%	$9.1B
Retained Earnings	$55.2B 11.2%	$49.7B 13.6%	$43.7B
Treasury Stock	$45.0B 1069.6%	$3.9B 74.9%	$2.2B
Accumulated Other Comprehensive Income	$-110.0M 34.5%	$-168.0M 22.6%	$-217.0M
Total Stockholders Equity	$20.4B 7.4%	$19.0B 16.2%	$16.3B
Total Liabilitiesand Equity	$36.3B 5.5%	$34.4B 12.0%	$30.7B

Income Statement

Revenue, expense, and profitability

20 accounts · 3 years

Revenue $28.4B

Operating income $8.3B

Net income $7.0B

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	$28.4B 4.4%	$27.2B 2.5%	$26.5B
Expenses Cost of Revenue	$14.6B 2.0%	$14.3B 1.0%	$14.1B
Expenses Research and Development	$3.6B 10.4%	$3.2B 4.2%	$3.1B
Expenses Selling,General and Administrative	$1.8B -1.6%	$1.8B 10.4%	$1.6B
Expenses Depreciation and Amortization	$435.0M 11.0%	$392.0M -23.9%	$515.0M
Expenses Share Based Compensation	$668.0M 15.8%	$577.0M 17.8%	$490.0M
Expenses Restructuring and Asset Impairment	$181.0M	—	—
Expenses Operating Expenses	$5.5B	—	—
Other Income Expense Gross Profit	$13.8B 7.1%	$12.9B 4.1%	$12.4B
Other Income Expense Operating Income	$8.3B 5.4%	$7.9B 2.8%	$7.7B
Other Income Expense Interest Income	$406.0M	—	—
Other Income Expense Other Income/expense	$1.3B 135.2%	$532.0M 77.3%	$300.0M
Other Income Expense Income Before Tax	$9.3B 13.7%	$8.2B 5.7%	$7.7B
Income Tax Income Tax Expense	$2.3B 133.1%	$975.0M 13.4%	$860.0M
net Income net Income	$7.0B -2.5%	$7.2B 4.7%	$6.9B
net Income Comprehensive Income	$7.1B -2.4%	$7.2B 5.6%	$6.8B
Earnings Per Share Basic Eps	$9 0.3%	$9 6.4%	$8
Earnings Per Share Diluted Eps	$9 0.6%	$9 6.2%	$8
Earnings Per Share Weighted Average Shares Basic	$804.0M -2.8%	$827.0M -1.5%	$840.0M
Earnings Per Share Weighted Average Shares Diluted	$808.0M -3.1%	$834.0M -1.3%	$845.0M

Cash Flow Statement

Operating, investing, and financing flows

22 accounts · 3 years

Operating cash flow $8.0B

Investing cash flow $-2.8B

Financing cash flow $-6.0B

Account	2025	2024	2023
CashFlow
Operating Activities net Income	$7.0B -2.5%	$7.2B 4.7%	$6.9B
Operating Activities Depreciation and Amortization	$435.0M 11.0%	$392.0M -23.9%	$515.0M
Operating Activities Stock Based Compensation	$668.0M	—	—
Operating Activities Deferred Income Taxes	$1.2B 270.1%	$-678.0M -89.4%	$-358.0M
Operating Activities Changes In Operating Assets and Liabilities	$162.0M 144.9%	$-361.0M 71.7%	$-1.3B
Operating Activities Other Non Cash Items	$31.0M	—	—
Operating Activities net Cash From Operating Activities	$8.0B -8.3%	$8.7B -0.3%	$8.7B
Investing Activities Capital Expenditures	$2.3B 89.9%	$1.2B 7.6%	$1.1B
Investing Activities Business Acquisitions	$29.0M	$0 -100.0%	$25.0M
Investing Activities Purchases of Investments	$6.1B 68.7%	$3.6B 114.6%	$1.7B
Investing Activities net Cash From Investing Activities	$-2.8B -19.6%	$-2.3B -51.6%	$-1.5B
Financing Activities Proceeds From Debt	$991.0M 42.8%	$694.0M	$0
Financing Activities Repayment of Debt	$700.0M	—	—
Financing Activities Repurchase of Common Stock	$4.9B 28.0%	$3.8B 74.6%	$2.2B
Financing Activities Dividends Paid	$1.4B 16.1%	$1.2B 22.3%	$975.0M
Financing Activities Proceeds From Stock Issuance	$261.0M 7.4%	$243.0M 7.0%	$227.0M
Financing Activities Tax Withholding On Stock Based Compensation	$248.0M -14.8%	$291.0M 62.6%	$179.0M
Financing Activities net Cash From Financing Activities	$-6.0B -33.7%	$-4.5B -47.4%	$-3.0B
Cash Reconciliation Effect of Exchange Rate On Cash	$7.3B	—	—
Cash Reconciliation net Change In Cash	$-801.0M -142.6%	$1.9B -54.5%	$4.1B
Cash Reconciliation Cash At Beginning of Period	$7.3B -8.9%	$8.0B 30.8%	$6.1B
Cash Reconciliation Cash At End of Period	$7.3B -8.9%	$8.0B 30.8%	$6.1B

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	+48.7%	+47.5%	+46.7%
Operating margin	+29.2%	+28.9%	+28.9%
Net margin	+24.7%	+26.4%	+25.9%
FCF margin	+20.1%	+27.6%	+28.6%
Growth
Revenue CAGR (3y)	+3.2%	+5.6%	+15.5%
Returns
ROE	+34.3%	+37.8%	+41.9%
ROA	+19.3%	+20.9%	+22.3%
ROIC	+31.9%	+40.4%	+43.4%
Liquidity
Current ratio	2.61x	2.51x	2.60x
Quick ratio	1.55x	1.57x	1.53x
Leverage
D/E	0.78x	0.81x	0.88x
Interest coverage	—	—	32.16x
Efficiency
Asset turnover	0.78x	0.79x	0.86x
Cash conversion cycle	+165d	+169d	+181d

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Applied Materials

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