Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Applied Materials Inc., consolidated income statement (quarterly data)

US$ in millions

3 months ended:	Jan 25, 2026	Oct 26, 2025	Jul 27, 2025	Apr 27, 2025	Jan 26, 2025	Oct 27, 2024	Jul 28, 2024	Apr 28, 2024	Jan 28, 2024	Oct 29, 2023	Jul 30, 2023	Apr 30, 2023	Jan 29, 2023	Oct 30, 2022	Jul 31, 2022	May 1, 2022	Jan 30, 2022	Oct 31, 2021	Aug 1, 2021	May 2, 2021	Jan 31, 2021	Oct 25, 2020	Jul 26, 2020	Apr 26, 2020	Jan 26, 2020
Revenue	7,012)	6,800)	7,302)	7,100)	7,166)	7,045)	6,778)	6,646)	6,707)	6,723)	6,425)	6,630)	6,739)	6,749)	6,520)	6,245)	6,271)	6,123)	6,196)	5,582)	5,162)	4,688)	4,395)	3,957)	4,162)
Cost of products sold	(3,577)	(3,535)	(3,740)	(3,615)	(3,670)	(3,710)	(3,573)	(3,493)	(3,503)	(3,554)	(3,449)	(3,536)	(3,594)	(3,648)	(3,514)	(3,318)	(3,312)	(3,178)	(3,229)	(2,929)	(2,813)	(2,558)	(2,440)	(2,208)	(2,304)
Gross profit	3,435)	3,265)	3,562)	3,485)	3,496)	3,335)	3,205)	3,153)	3,204)	3,169)	2,976)	3,094)	3,145)	3,101)	3,006)	2,927)	2,959)	2,945)	2,967)	2,653)	2,349)	2,130)	1,955)	1,749)	1,858)
Research, development and engineering	(928)	(917)	(901)	(893)	(859)	(858)	(836)	(785)	(754)	(789)	(767)	(775)	(771)	(726)	(705)	(686)	(654)	(622)	(640)	(617)	(606)	(560)	(572)	(550)	(552)
Marketing and selling	(222)	(212)	(224)	(216)	(206)	(215)	(205)	(209)	(207)	(192)	(193)	(194)	(197)	(183)	(180)	(173)	(167)	(155)	(159)	(148)	(147)	(131)	(130)	(130)	(135)
General and administrative	(189)	(243)	(204)	(207)	(256)	(216)	(222)	(247)	(276)	(217)	(214)	(214)	(207)	(198)	(197)	(174)	(166)	(155)	(155)	(149)	(161)	(156)	(145)	(137)	(129)
Legal settlement	(253)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Restructuring charges	(12)	(181)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	4)	1)	—)	(6)	(152)	—)	—)	—)	—)
Deal termination fee	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(154)	—)	—)	—)	—)	—)
Operating expenses	(1,604)	(1,553)	(1,329)	(1,316)	(1,321)	(1,289)	(1,263)	(1,241)	(1,237)	(1,198)	(1,174)	(1,183)	(1,175)	(1,107)	(1,082)	(1,033)	(983)	(931)	(954)	(1,074)	(1,066)	(847)	(847)	(817)	(816)
Income from operations	1,831)	1,712)	2,233)	2,169)	2,175)	2,046)	1,942)	1,912)	1,967)	1,971)	1,802)	1,911)	1,970)	1,994)	1,924)	1,894)	1,976)	2,014)	2,013)	1,579)	1,283)	1,283)	1,108)	932)	1,042)
Interest expense	(69)	(71)	(66)	(68)	(64)	(66)	(63)	(59)	(59)	(58)	(60)	(61)	(59)	(57)	(56)	(58)	(57)	(57)	(57)	(61)	(61)	(59)	(61)	(61)	(59)
Interest and other income (expense), net	566)	626)	396)	221)	8)	(85)	81)	141)	395)	259)	64)	(73)	50)	12)	(7)	28)	6)	49)	24)	27)	18)	19)	(7)	7)	22)
Income before income taxes	2,328)	2,267)	2,563)	2,322)	2,119)	1,895)	1,960)	1,994)	2,303)	2,172)	1,806)	1,777)	1,961)	1,949)	1,861)	1,864)	1,925)	2,006)	1,980)	1,545)	1,240)	1,243)	1,040)	878)	1,005)
Provision for income taxes	(302)	(370)	(784)	(185)	(934)	(164)	(255)	(272)	(284)	(168)	(246)	(202)	(244)	(358)	(255)	(328)	(133)	(294)	(264)	(215)	(110)	(112)	(199)	(123)	(113)
Net income	2,026)	1,897)	1,779)	2,137)	1,185)	1,731)	1,705)	1,722)	2,019)	2,004)	1,560)	1,575)	1,717)	1,591)	1,606)	1,536)	1,792)	1,712)	1,716)	1,330)	1,130)	1,131)	841)	755)	892)

The income statement reveals a generally positive trend in revenue over the analyzed period, with fluctuations occurring throughout. Revenue experienced initial growth from January 2020 to October 2021, plateaued, and then resumed growth from January 2024 onwards, reaching its highest point in July 2025. Cost of products sold mirrored this trend, increasing alongside revenue, indicating a correlation between sales volume and production costs.

Gross profit demonstrated a similar upward trajectory, though with some variability. The period from January 2020 to October 2022 showed consistent growth, followed by a slight dip in January 2023 before recovering and continuing to rise through July 2025. Operating expenses consistently increased over the period, with a particularly significant jump beginning in January 2023, driven largely by increases in research, development and engineering, marketing and selling, and general and administrative expenses.

Profitability: Income from operations generally followed the trend of gross profit, exhibiting growth until a slight decline in early 2023, then recovering and reaching a peak in July 2025. Net income mirrored this pattern, with fluctuations influenced by changes in the provision for income taxes and interest/other income. The significant increase in operating expenses from January 2023 appears to have impacted net income growth, despite continued revenue increases.
Expense Analysis: Research, development and engineering expenses consistently increased throughout the period, indicating a sustained commitment to innovation. Marketing and selling expenses also showed a steady rise, suggesting increased investment in sales and promotional activities. General and administrative expenses experienced a substantial increase beginning in January 2023, potentially reflecting organizational changes or increased compliance costs. The presence of legal settlement and restructuring charges in specific quarters introduced volatility to the operating expense line.

Interest expense remained relatively stable for most of the period, with minor fluctuations. However, interest and other income (expense), net, exhibited significant variability, with notable positive impacts in certain quarters, particularly from August 2021 onwards. These fluctuations likely stem from investment gains or other non-operating income sources. The provision for income taxes varied considerably, impacting net income. A particularly high provision was observed in the period ending July 2025, significantly reducing net income despite strong revenue.

Overall, the company demonstrated revenue growth and maintained profitability throughout the analyzed period. However, increasing operating expenses, particularly from January 2023, and fluctuations in tax provisions warrant further investigation to assess their long-term impact on financial performance.

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Applied Materials Inc. (NASDAQ:AMAT)

Income Statement Quarterly Data

Income Statement
Quarterly Data