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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- Statement of Comprehensive Income
- Balance Sheet: Assets
- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to FCFF (EV/FCFF)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Current Ratio since 2005
- Price to Book Value (P/BV) since 2005
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Applied Materials Inc., consolidated income statement (quarterly data)
US$ in millions
Based on: 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).
- Revenue and Profitability Trends
- Net revenue followed an overall upward trend from early 2020 through 2025, growing from approximately $4,162 million in the first quarter of 2020 to peaks exceeding $7,100 million in late 2024 before a slight decline to $6,800 million by early 2025. Gross profit mirrored this pattern, increasing from $1,858 million to over $3,500 million with minor fluctuations. This indicates sustained growth in sales and effective cost control on the product cost side.
- Cost of Products Sold and Gross Profit Margins
- The cost of products sold rose consistently from around $2,304 million to $3,740 million by late 2025, reflecting increased scale and likely inflationary pressures. Despite this rise, gross profit margins were maintained due to the parallel increase in net revenue, supporting profitability stability.
- Operating Expenses
- Operating expenses expanded from roughly $816 million in early 2020 to $1,553 million by late 2025. Research, development, and engineering expenses showed a steady increase, reaching close to $917 million, which suggests a continuous commitment to innovation and product development. Marketing and selling expenses also rose, though more moderately, indicating sustained investment in market presence. General and administrative costs saw fluctuations with a notable peak in the latter half of the period, reaching $276 million in late 2023, possibly due to restructuring or other one-time organizational costs.
- Income from Operations and Income Before Taxes
- Income from operations improved substantially, from $1,042 million to over $2,200 million before a significant dip to $1,712 million at the end of the period. Income before income taxes followed a similar trajectory, peaking above $2,560 million and then declining to $2,267 million, highlighting a strong operating performance over the majority of the timeframe with some recent softness.
- Tax Provision
- The provision for income taxes was volatile, with values fluctuating between highs of nearly $934 million and lows under $110 million. This inconsistency could be the result of changes in tax laws, profit mix, or one-time tax items. A significant spike in the tax provision occurred in early 2025, impacting net income for that period.
- Net Income
- Net income demonstrated a general growth trend, rising from $892 million in early 2020 to peaks surpassing $2,000 million, although with variability. Notably, net income dipped to $1,185 million in early 2025, reflecting the interplay of higher tax provisions and increased operating expenses during this quarter. Overall, the company maintained strong profitability with some periods of pressure likely tied to strategic investments or external factors.
- Interest and Other Income
- Interest expense remained relatively stable around $57 to $71 million per quarter, indicating manageable debt costs. Interest and other income items fluctuated widely, at times contributing positively with amounts as high as $626 million, suggesting occasional non-operating gains or financial management activities.
- Exceptional Items
- Certain quarters recorded restructuring charges and a deal termination fee, such as the $152 million restructuring charge and $154 million deal termination fee in 2021, and a $181 million restructuring charge in late 2025. These exceptional items likely had temporary impacts on operating expenses and net income.