Name: Applied Materials Inc. (NASDAQ:AMAT) | Income Statement (Quarterly)
Creator: Stock Analysis on Net

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

US$ in millions

3 months ended:	Jul 26, 2026	Apr 26, 2026	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	9,115)	7,910)	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	(4,529)	(3,963)	(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	4,586)	3,947)	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	(1,100)	(1,027)	(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	(249)	(233)	(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	(162)	(164)	(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	(1,511)	(1,424)	(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	3,075)	2,523)	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	(68)	(69)	(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	(100)	771)	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	2,907)	3,225)	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	(369)	(419)	(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	2,538)	2,806)	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)

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.

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Applied Materials Inc. (NASDAQ:AMAT)

Income StatementQuarterly Data

Income Statement
Quarterly Data