Applied Materials, Inc. (AMAT) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Oct'25 | Oct'24 | Oct'23 | Oct'22 | Oct'21 | Oct'20 | Oct'19 | Oct'18 | Oct'17 | Oct'16 | Oct'15 | Oct'14 | Oct'13 | Oct'12 | Oct'11 | Oct'10 | Oct'09 | Oct'08 | Oct'07 | Oct'06 | Oct'05 | Oct'04 | Oct'03 | Oct'02 | Oct'01 | Oct'00 | Oct'99 | Oct'98 | Oct'97 | Oct'96 |
|---|
| Sales/Revenue | 29.02B | 28.37B | 27.18B | 26.52B | 25.79B | 23.06B | 17.2B | 14.61B | 16.7B | 14.7B | 10.82B | 9.66B | 9.07B | 7.51B | 8.72B | 10.52B | 9.55B | 5.01B | 8.13B | 9.73B | 9.17B | 6.99B | 8.01B | 4.48B | 5.06B | 7.34B | 9.56B | 4.86B | 4.04B | 4.07B | 4.14B |
| Revenue Growth % | 3.33% | 4.39% | 2.49% | 2.84% | 11.8% | 34.07% | 17.76% | -12.55% | 13.65% | 35.78% | 12.07% | 6.47% | 20.82% | -13.88% | -17.1% | 10.14% | 90.45% | -38.33% | -16.49% | 6.19% | 31.11% | -12.74% | 78.97% | -11.56% | -31.06% | -23.22% | 96.84% | 20.22% | -0.8% | -1.7% | 35.37% |
| Cost of Goods Sold | 14.81B | 14.56B | 14.28B | 14.13B | 13.79B | 12.15B | 9.51B | 8.22B | 9.19B | 8.09B | 6.31B | 5.71B | 5.23B | 4.52B | 5.41B | 6.16B | 5.83B | 3.58B | 4.69B | 5.24B | 4.88B | 3.91B | 4.31B | 2.87B | 3.01B | 4.09B | 4.71B | 2.54B | 2.18B | 2.17B | 2.2B |
| COGS % of Revenue | - | 51.33% | 52.54% | 53.3% | 53.49% | 52.68% | 55.28% | 56.28% | 55% | 55.01% | 58.33% | 59.08% | 57.64% | 60.17% | 62% | 58.54% | 61.09% | 71.46% | 57.65% | 53.85% | 53.18% | 55.86% | 53.81% | 64.16% | 59.37% | 55.71% | 49.23% | 52.22% | 53.9% | 53.34% | 52.96% |
| Gross Profit | 14.21B | 13.81B | 12.9B | 12.38B | 11.99B | 10.91B | 7.69B | 6.39B | 7.52B | 6.61B | 4.51B | 3.95B | 3.84B | 2.99B | 3.31B | 4.36B | 3.72B | 1.43B | 3.44B | 4.49B | 4.29B | 3.09B | 3.7B | 1.6B | 2.06B | 3.25B | 4.86B | 2.32B | 1.86B | 1.9B | 1.95B |
| Gross Margin % | 48.96% | 48.67% | 47.46% | 46.7% | 46.51% | 47.32% | 44.72% | 43.72% | 45% | 44.99% | 41.67% | 40.92% | 42.36% | 39.83% | 38% | 41.46% | 38.91% | 28.54% | 42.35% | 46.15% | 46.82% | 44.14% | 46.19% | 35.84% | 40.63% | 44.29% | 50.77% | 47.78% | 46.1% | 46.66% | 47.04% |
| Gross Profit Growth % | - | 7.06% | 4.14% | 3.26% | 9.89% | 41.89% | 20.45% | -15.05% | 13.69% | 46.58% | 14.14% | 2.84% | 28.49% | -9.72% | -24.01% | 17.36% | 159.64% | -58.44% | -23.36% | 4.67% | 39.08% | -16.63% | 130.69% | -21.99% | -36.76% | -33.03% | 109.14% | 24.61% | -1.98% | -2.5% | 38.29% |
| Operating Expenses | 5.64B | 5.52B | 5.03B | 4.73B | 4.21B | 4.03B | 3.33B | 3.04B | 3.02B | 2.66B | 2.36B | 2.26B | 2.32B | 2.56B | 2.31B | 2.02B | 2.33B | 1.82B | 2.07B | 2.09B | 2.84B | 1.64B | 1.94B | 1.92B | 1.85B | 2.32B | 1.91B | 1.39B | 1.47B | 1.21B | 1.02B |
| OpEx % of Revenue | - | 19.45% | 18.51% | 17.84% | 16.32% | 17.45% | 19.34% | 20.78% | 18.08% | 18.12% | 21.79% | 23.39% | 25.55% | 34.08% | 26.53% | 19.2% | 24.41% | 36.39% | 25.45% | 21.46% | 31.02% | 23.43% | 24.18% | 42.84% | 36.48% | 31.62% | 19.95% | 28.57% | 36.49% | 29.7% | 24.63% |
| Selling, General & Admin | 1.69B | 1.77B | 1.8B | 1.63B | 1.44B | 1.23B | 1.09B | 982M | 999M | 890M | 819M | 897M | 890M | 898M | 1.08B | 901M | 941.85M | 734.52M | 965.16M | 952.44M | 906.74M | 697.4M | 751.62M | 625.87M | 708.96M | 901.92M | 960.75M | 658M | 593.7M | 566.6M | 1.02B |
| SG&A % of Revenue | - | 6.23% | 6.61% | 6.14% | 5.58% | 5.33% | 6.35% | 6.72% | 5.98% | 6.06% | 7.57% | 9.29% | 9.81% | 11.96% | 12.34% | 8.57% | 9.86% | 14.65% | 11.87% | 9.78% | 9.89% | 9.97% | 9.38% | 13.98% | 14% | 12.28% | 10.05% | 13.54% | 14.69% | 13.91% | 24.64% |
| Research & Development | 3.77B | 3.57B | 3.23B | 3.1B | 2.77B | 2.48B | 2.23B | 2.05B | 2.02B | 1.77B | 1.54B | 1.45B | 1.43B | 1.32B | 1.24B | 1.12B | 1.14B | 934.12M | 1.1B | 1.14B | 1.15B | 940.51M | 991.87M | 920.62M | 1.05B | 1.2B | 1.11B | 681.8M | 643.9M | 567.6M | 481.4M |
| R&D % of Revenue | - | 12.58% | 11.9% | 11.7% | 10.75% | 10.77% | 12.99% | 14.06% | 12.09% | 12.07% | 14.23% | 15.02% | 15.74% | 17.58% | 14.19% | 10.63% | 11.98% | 18.63% | 13.58% | 11.73% | 12.57% | 13.45% | 12.38% | 20.56% | 20.79% | 16.33% | 11.58% | 14.03% | 15.93% | 13.93% | 11.61% |
| Other Operating Expenses | 1000K | 181M | 0 | 0 | 0 | 311M | 0 | 0 | 3M | 0 | 0 | -89M | 0 | 341M | 0 | 0 | 245.63M | 155.79M | 0 | -5M | 784.77M | 0 | 194.09M | 371.75M | 85.48M | 221.16M | -160.79M | 48.3M | 237.2M | 75.8M | -481.5M |
| Operating Income | 8.56B | 8.29B | 7.87B | 7.65B | 7.79B | 6.89B | 4.37B | 3.35B | 4.49B | 3.94B | 2.15B | 1.69B | 1.52B | 432M | 1.09B | 2.4B | 1.38B | -393.62M | 1.36B | 2.37B | 1.45B | 1.45B | 1.76B | -313.78M | 209.96M | 930.15M | 2.95B | 933.7M | 692.71M | 690.9M | 928.6M |
| Operating Margin % | 29.51% | 29.22% | 28.95% | 28.86% | 30.2% | 29.87% | 25.37% | 22.93% | 26.88% | 26.78% | 19.88% | 17.53% | 16.75% | 5.75% | 12.55% | 22.8% | 14.49% | -7.85% | 16.67% | 24.36% | 15.8% | 20.71% | 22.01% | -7.01% | 4.15% | 12.67% | 30.82% | 19.22% | 17.14% | 16.96% | 22.4% |
| Operating Income Growth % | - | 5.36% | 2.78% | -1.72% | 13.05% | 57.82% | 30.3% | -25.41% | 14.1% | 82.9% | 27.11% | 11.38% | 251.85% | -60.51% | -54.38% | 73.3% | 451.54% | -129.04% | -42.85% | 63.78% | 0% | -17.9% | 662.07% | -249.45% | -77.43% | -68.45% | 215.72% | 34.79% | 0.26% | -25.6% | 33.82% |
| EBITDA | 9.36B | 8.4B | 8.26B | 8.17B | 8.23B | 7.28B | 4.74B | 3.71B | 4.95B | 4.34B | 2.54B | 2.06B | 1.9B | 842M | 1.52B | 2.64B | 1.69B | -102.41M | 1.68B | 2.64B | 1.72B | 1.75B | 2.12B | 70.61M | 597.48M | 1.32B | 3.31B | 1.22B | 986.21M | 910.3M | 1.08B |
| EBITDA Margin % | 32.26% | 29.61% | 30.39% | 30.81% | 31.93% | 31.58% | 27.56% | 25.42% | 29.62% | 29.55% | 23.47% | 21.37% | 20.89% | 11.21% | 17.39% | 25.14% | 17.68% | -2.04% | 20.61% | 27.12% | 18.75% | 25.01% | 26.46% | 1.58% | 11.8% | 17.94% | 34.61% | 25.15% | 24.4% | 22.34% | 26% |
| EBITDA Growth % | 7.08% | 1.7% | 1.1% | -0.77% | 13.03% | 53.62% | 27.69% | -24.96% | 13.93% | 70.92% | 23.11% | 8.92% | 125.06% | -44.46% | -42.66% | 56.61% | 1748.45% | -106.11% | -36.53% | 53.62% | -1.73% | -17.55% | 2903.37% | -88.18% | -54.64% | -60.21% | 170.83% | 23.92% | 8.34% | -15.52% | 38.66% |
| D&A (Non-Cash Add-back) | 29M | 110M | 392M | 515M | 444M | 394M | 376M | 363M | 457M | 407M | 389M | 371M | 375M | 410M | 422M | 246M | 304.51M | 291.2M | 320.05M | 268.33M | 270.41M | 300.58M | 356.99M | 384.39M | 387.53M | 386.97M | 361.97M | 288.41M | 293.5M | 219.4M | 148.9M |
| EBIT | 10.66B | 9.54B | 8.4B | 7.95B | 7.83B | 7.01B | 4.41B | 3.51B | 4.63B | 4.01B | 2.17B | 1.7B | 1.56B | 445M | 411M | 2.44B | 1.41B | -464.5M | 1.43B | 2.48B | 1.66B | 1.62B | 1.93B | 57.97M | 295.44M | 930.15M | 2.95B | 983.81M | 692.71M | 750.4M | 928.6M |
| Net Interest Income | -267M | -269M | 285M | 62M | -189M | -118M | -199M | -81M | -95M | -120M | -139M | -95M | -72M | -82M | -95M | -17M | 16M | 27.28M | 88.81M | 97.52M | -36.1M | -37.82M | 65.58M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 8M | 0 | 532M | 300M | 39M | 118M | 41M | 156M | 139M | 78M | 16M | 8M | 23M | 13M | 0 | 42M | 37M | 48.58M | 109.32M | 136.15M | 0 | 0 | 118.46M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 275M | 269M | 247M | 238M | 228M | 236M | 240M | 237M | 234M | 198M | 155M | 103M | 95M | 95M | 95M | 59M | 21M | 21.3M | 20.51M | 38.63M | 36.1M | 37.82M | 52.88M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 1.82B | 982M | 285M | 62M | -189M | -118M | -199M | -81M | -95M | -120M | -139M | -95M | -72M | -82M | -778M | -20M | 3M | -92.19M | 53.29M | 68.15M | 719.01M | 133.6M | 65.58M | 102.23M | 130.55M | 173.66M | 0 | 89.64M | -221.09M | 108M | -6.1M |
| Pretax Income | 10.38B | 9.27B | 8.15B | 7.72B | 7.6B | 6.77B | 4.17B | 3.27B | 4.4B | 3.82B | 2.01B | 1.6B | 1.45B | 350M | 316M | 2.38B | 1.39B | -485.8M | 1.41B | 2.44B | 2.17B | 1.58B | 1.83B | -211.56M | 340.51M | 1.1B | 2.95B | 1.02B | 471.62M | 798.9M | 922.5M |
| Pretax Margin % | 35.77% | 32.68% | 30% | 29.1% | 29.47% | 29.36% | 24.22% | 22.38% | 26.32% | 25.96% | 18.6% | 16.54% | 15.96% | 4.66% | 3.62% | 22.61% | 14.53% | -9.69% | 17.33% | 25.06% | 23.64% | 22.62% | 22.83% | -4.73% | 6.73% | 15.03% | 30.82% | 21.03% | 11.67% | 19.61% | 22.26% |
| Income Tax | 1.88B | 2.27B | 975M | 860M | 1.07B | 883M | 547M | 563M | 1.36B | 297M | 292M | 221M | 376M | 94M | 207M | 452M | 449.1M | -180.48M | 447.97M | 729.46M | 650.31M | 371.67M | 477.95M | -62.41M | 71.51M | 328.57M | 884.29M | 329.9M | 172.96M | 300.4M | 322.9M |
| Effective Tax Rate % | 18.06% | 24.52% | 11.96% | 11.15% | 14.13% | 13.04% | 13.13% | 17.22% | 30.89% | 7.78% | 14.51% | 13.83% | 25.97% | 26.86% | 65.51% | 19.01% | 32.38% | 37.15% | 31.8% | 29.9% | 30.01% | 23.5% | 26.13% | 29.5% | 21% | 29.77% | 30% | 32.29% | 36.67% | 37.6% | 35% |
| Net Income | 8.51B | 7B | 7.18B | 6.86B | 6.53B | 5.89B | 3.62B | 2.71B | 3.04B | 3.52B | 1.72B | 1.38B | 1.07B | 256M | 109M | 1.93B | 937.87M | -305.33M | 960.75M | 1.71B | 1.52B | 1.21B | 1.35B | -149.15M | 269M | 775.23M | 2.06B | 713.88M | 277.67M | 498.5M | 599.6M |
| Net Margin % | 29.31% | 24.67% | 26.41% | 25.86% | 25.31% | 25.53% | 21.04% | 18.52% | 18.19% | 23.94% | 15.9% | 14.26% | 11.82% | 3.41% | 1.25% | 18.31% | 9.82% | -6.09% | 11.82% | 17.57% | 16.54% | 17.3% | 16.86% | -3.33% | 5.31% | 10.56% | 21.58% | 14.69% | 6.87% | 12.24% | 14.47% |
| Net Income Growth % | 25.9% | -2.49% | 4.68% | 5.07% | 10.82% | 62.7% | 33.74% | -10.93% | -13.67% | 104.47% | 24.98% | 28.45% | 318.75% | 134.86% | -94.34% | 105.36% | 407.17% | -131.78% | -43.82% | 12.76% | 25.35% | -10.46% | 1006.02% | -155.44% | -65.3% | -62.43% | 189.06% | 157.1% | -44.3% | -16.86% | 32.04% |
| Net Income (Continuing) | 8.51B | 7B | 7.18B | 6.86B | 6.53B | 5.89B | 3.62B | 2.71B | 3.04B | 3.52B | 1.72B | 1.38B | 1.07B | 256M | 109M | 1.93B | 937.87M | -305.33M | 960.75M | 1.71B | 1.52B | 1.21B | 1.35B | -149.15M | 269M | 775.23M | 2.06B | 692.89M | 298.67M | 498.5M | 599.6M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 21M | -21M | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 10.65 | 8.66 | 8.61 | 8.11 | 7.44 | 6.40 | 3.92 | 2.86 | 2.96 | 3.17 | 1.54 | 1.12 | 0.87 | 0.21 | 0.09 | 1.45 | 0.70 | -0.23 | 0.70 | 1.20 | 0.97 | 0.73 | 0.78 | -0.09 | 0.16 | 0.46 | 1.20 | 0.46 | 0.15 | 0.33 | 0.41 |
| EPS Growth % | 29.44% | 0.58% | 6.17% | 9.01% | 16.25% | 63.27% | 37.06% | -3.38% | -6.62% | 105.84% | 37.5% | 28.74% | 314.29% | 143.9% | -94.06% | 107.14% | 404.35% | -132.86% | -41.67% | 23.71% | 32.88% | -6.41% | 966.67% | -156.25% | -65.22% | -61.67% | 160.87% | 206.67% | -54.55% | -19.51% | 32.26% |
| EPS (Basic) | - | 8.71 | 8.68 | 8.16 | 7.49 | 6.47 | 3.95 | 2.89 | 3.00 | 3.20 | 1.56 | 1.13 | 0.88 | 0.21 | 0.09 | 1.46 | 0.70 | -0.23 | 0.71 | 1.22 | 0.98 | 0.74 | 0.80 | -0.09 | 0.16 | 0.48 | 1.28 | 0.48 | 0.16 | 0.33 | 0.42 |
| Diluted Shares Outstanding | 799M | 808M | 834M | 845M | 877M | 919M | 923M | 945M | 1.03B | 1.08B | 1.12B | 1.23B | 1.23B | 1.22B | 1.28B | 1.33B | 1.35B | 1.33B | 1.37B | 1.43B | 1.57B | 1.66B | 1.72B | 1.66B | 1.7B | 1.69B | 1.72B | 1.64B | 1.51B | 1.52B | 1.46B |
| Basic Shares Outstanding | 794M | 804M | 827M | 840M | 871M | 910M | 916M | 937M | 1.01B | 1.07B | 1.11B | 1.21B | 1.22B | 1.2B | 1.27B | 1.32B | 1.34B | 1.33B | 1.35B | 1.41B | 1.55B | 1.65B | 1.69B | 1.66B | 1.64B | 1.63B | 1.61B | 1.56B | 1.47B | 1.5B | 1.43B |
| Dividend Payout Ratio | - | 19.78% | 16.61% | 14.22% | 13.38% | 14.23% | 21.75% | 28.49% | 19.91% | 12.22% | 25.8% | 35.37% | 45.24% | 178.13% | 398.17% | 20.61% | 37.16% | - | 33.87% | 17.87% | 16.54% | 8.1% | - | - | - | - | - | - | - | - | - |
Geopolitical export control exposure
According to the most recent quarterly filings, Applied Materials achieved a notable revenue acceleration to 11.4% in 2026Q2, marking a significant recovery from the negative growth rates observed in early 2025, which suggests a strengthening demand environment for advanced semiconductor manufacturing equipment across the industry.
The recent uptick in top-line performance appears to be driven by the industry-wide transition to complex transistor architectures like Gate-All-Around. Investors should monitor whether this growth trajectory remains sustainable as the company navigates potential volatility in regional capital expenditure cycles.
As reported in financial statements, the company's gross margin expanded to 49.9% in 2026Q2, demonstrating a consistent upward trend from the 47.3% levels seen in late 2024 and indicating strong pricing power despite the inherent physical complexity of its high-precision hardware manufacturing processes.
This margin expansion suggests that Applied Materials is successfully passing through inflationary costs to its foundry customers. The ability to maintain these levels in a competitive landscape implies that the company's integrated materials solutions provide a distinct value proposition that justifies premium pricing.
Based on reported figures, operating income reached $2.5 billion in 2026Q2, reflecting an operating margin of 31.9% that highlights the company's ability to scale overhead efficiently as revenue growth accelerates, effectively outpacing the incremental costs associated with its specialized research and development requirements.
The company appears to be managing its fixed-cost burden effectively, as operating margins have consistently trended upward alongside top-line gains. This efficiency suggests that the firm is benefiting from economies of scale within its core semiconductor systems segment.
As indicated by the 2026Q2 results, net income reached $2.8 billion with a net margin of 35.5%, a performance that warrants further investigation into non-operating items given the significant variance from previous quarters, despite the underlying strength in core operational profitability and earnings per share growth.
While the earnings quality appears robust, the volatility in net margins across the ten-quarter period suggests that investors should be cautious of potential tax or non-operating adjustments. The consistent EPS growth remains a positive indicator of the company's ability to translate operational success into shareholder value.
Based on an analysis of recent regulatory disclosures, the company's heavy geographic concentration in Asia, particularly China, presents a material risk to future revenue stability, as intensifying export controls could abruptly strand inventory and limit access to a critical portion of the global semiconductor market.
Short-sellers may focus on the potential for margin compression if these geopolitical pressures force a shift toward less profitable regional markets or necessitate costly supply chain duplications. The reliance on leading-edge node demand may also leave the company vulnerable to cyclical downturns in foundry capital spending.
Quick answers to the most common questions about buying AMAT stock.
For fiscal year 2025, Applied Materials, Inc. (AMAT) reported total revenue of $28.37B. This represents a 584.4% increase compared to $4.14B in 1996.
Applied Materials, Inc. (AMAT) is profitable, generating $7.00B in net income for the fiscal year ending 2025 with a net profit margin of 24.7%.
Applied Materials, Inc. (AMAT) reported an operating income of $8.29B, resulting in an operating profit margin of 29.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Applied Materials, Inc. (AMAT) generated $13.81B in gross profit for the year, representing a gross profit margin of 48.7%. This demonstrates the company's core pricing power and production efficiency.