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.
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Present Value of Free Cash Flow to Equity (FCFE)
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Total Asset Turnover since 2005
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Applied Materials Inc., consolidated income statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2026-07-26), 10-Q (reporting date: 2026-04-26), 10-Q (reporting date: 2026-01-25), 10-K (reporting date: 2025-10-26), 10-Q (reporting date: 2025-07-27), 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).
A comprehensive analysis of the financial performance reveals a strong upward trajectory in revenue and profitability over the observed period. Revenue grew from 4,162 million USD in January 2020 to 9,115 million USD by July 2026, representing a significant expansion of the top line. This growth was accompanied by a steady increase in gross profit, which rose from 1,858 million USD to 4,586 million USD, indicating not only higher sales volume but also an improvement in gross margin percentages over time.
- Revenue and Gross Profitability
- Revenue exhibited consistent growth through 2021 and 2022, followed by a period of relative stability between 2023 and 2024. A sharp acceleration occurred in early 2026, with revenue peaking at 9,115 million USD in the final reported quarter. Gross margins expanded progressively; while the gross profit margin was approximately 44.6% in January 2020, it climbed to approximately 50.3% by July 2026, reflecting enhanced production efficiency or a shift toward higher-margin product mixes.
- Operating Expense Trends
- Operating expenses grew in tandem with revenue, though at a slower pace, contributing to operating leverage. Research, development, and engineering expenses showed a steady, linear increase, rising from 552 million USD to 1,100 million USD, signaling a sustained commitment to innovation. Marketing, selling, and general administrative costs also trended upward, although G&A expenses remained relatively volatile, peaking at 276 million USD in January 2024 before moderating.
- Operating Income and Efficiency
- Income from operations grew from 1,042 million USD in January 2020 to 3,075 million USD by July 2026. This growth indicates strong operational efficiency. However, certain periods were impacted by one-time charges, including restructuring charges in May 2021 and October 2025, as well as a significant legal settlement of 253 million USD in January 2026. Despite these anomalies, the core operating performance remained robust.
- Non-Operating Items and Net Income
- Net income demonstrated overall growth, moving from 892 million USD to 2,538 million USD, though it was subject to notable volatility. This volatility was primarily driven by fluctuations in "Interest and other income (expense), net," which saw substantial spikes in 2025 and 2026, reaching 771 million USD in April 2026. Additionally, the provision for income taxes showed significant variance, including a particularly large provision of 934 million USD in January 2025, which tempered the net income growth during that specific quarter.
In summary, the financial data indicates a company in a strong growth phase, characterized by expanding margins and disciplined scaling of operating expenses. The acceleration in revenue toward the end of the period, combined with the growth in operating income, suggests an improving competitive position, although net income remains sensitive to non-operating income fluctuations and tax provisions.