Common-Size Income Statement
Quarterly Data
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Applied Materials Inc. pages available for free this week:
- Income Statement
- Statement of Comprehensive Income
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Analysis of Revenues
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Applied Materials Inc., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2025-04-27), 10-Q (reporting date: 2025-01-26), 10-K (reporting date: 2024-10-27), 10-Q (reporting date: 2024-07-28), 10-Q (reporting date: 2024-04-28), 10-Q (reporting date: 2024-01-28), 10-K (reporting date: 2023-10-29), 10-Q (reporting date: 2023-07-30), 10-Q (reporting date: 2023-04-30), 10-Q (reporting date: 2023-01-29), 10-K (reporting date: 2022-10-30), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-05-01), 10-Q (reporting date: 2022-01-30), 10-K (reporting date: 2021-10-31), 10-Q (reporting date: 2021-08-01), 10-Q (reporting date: 2021-05-02), 10-Q (reporting date: 2021-01-31), 10-K (reporting date: 2020-10-25), 10-Q (reporting date: 2020-07-26), 10-Q (reporting date: 2020-04-26), 10-Q (reporting date: 2020-01-26), 10-K (reporting date: 2019-10-27), 10-Q (reporting date: 2019-07-28), 10-Q (reporting date: 2019-04-28), 10-Q (reporting date: 2019-01-27).
- Gross Profit and Cost of Products Sold
- Gross profit as a percentage of net revenue exhibited an upward trend over the analyzed periods, starting at 44.36% in early 2019 and increasing to over 49% by early 2025. This improvement reflects a gradual decrease in cost of products sold, which declined from approximately 55.64% to around 50.92%, indicating enhanced production efficiency or better input cost management.
- Research, Development and Engineering Expenses
- Research, development, and engineering expenses relative to net revenue showed a downward trend from roughly 13.75% to around 12.58%, albeit with some fluctuations. This suggests a modest reduction in R&D intensity as a proportion of sales, which could imply efficiency gains or strategic shifts in investment focus.
- Marketing and Selling Expenses
- Marketing and selling expenses consistently decreased as a percentage of net revenue, moving from about 3.49% to near 3.04%. The reduction may indicate more effective marketing efforts or cost control in sales operations.
- General and Administrative Expenses
- General and administrative expenses fluctuated but overall showed a slight increase, particularly notable with a spike reaching up to 4.12% in early 2024 before stabilizing closer to 2.92% by early 2025. This variability may point to episodic administrative costs or restructuring activities.
- Severance and Deal Termination Charges
- Non-recurring charges such as severance and deal termination fees appeared sporadically, notably with a significant negative impact around mid-2021 where severance charges reached nearly -2.94%. These events suggest occasional restructuring or strategic transaction costs impacting profitability.
- Operating Expenses
- Operating expenses as a whole demonstrated a decreasing trend, from approximately 20.17% to a range around 18.54% by early 2025. The drop indicates improved operational efficiency or cost management over the period.
- Income from Operations
- Income from operations displayed solid growth and relative stability, rising from about 24.19% to around 30.55% of net revenue. This upward movement reflects better control over both cost of goods sold and operating expenses contributing to stronger core profitability.
- Interest Expense and Net Interest Income
- Interest expense steadily declined from around 1.6% to below 1%, showing reduced borrowing costs or lower debt levels. Interest and other income showed considerable volatility, including a sharp increase in early 2024 reaching nearly 5.89%, suggesting gains from investments or unusual financing income during that period.
- Income Before Taxes and Provision for Income Taxes
- Income before income taxes generally increased from around 23.66% to above 32%, consistent with improved operational profitability and favorable financial management. The provision for income taxes fluctuated significantly with some spikes indicating variable effective tax rates. Notably, a sharp negative tax effect of -13.03% appeared early 2025, which might be associated with tax credits, adjustments, or one-time tax benefits.
- Net Income
- Net income as a percentage of net revenue experienced fluctuations but overall increased from 20.54% to over 30% by early 2025, reflecting the cumulative effect of improved gross margins, controlled expenses, and occasional favorable financial items. The dip observed in early 2025 coincides with the unusual tax provision mentioned, indicating one-off influences on net profitability.