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:	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	Oct 27, 2019	Jul 28, 2019	Apr 28, 2019	Jan 27, 2019
Net revenue	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)	3,754)	3,562)	3,539)	3,753)
Cost of products sold	(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)	(2,120)	(2,005)	(2,009)	(2,088)
Gross profit	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)	1,634)	1,557)	1,530)	1,665)
Research, development and engineering	(893)	(859)	(858)	(836)	(785)	(754)	(789)	(767)	(775)	(771)	(726)	(705)	(686)	(654)	(622)	(640)	(617)	(606)	(560)	(572)	(550)	(552)	(515)	(515)	(508)	(516)
Marketing and selling	(216)	(206)	(215)	(205)	(209)	(207)	(192)	(193)	(194)	(197)	(183)	(180)	(173)	(167)	(155)	(159)	(148)	(147)	(131)	(130)	(130)	(135)	(129)	(128)	(133)	(131)
General and administrative	(207)	(256)	(216)	(222)	(247)	(276)	(217)	(214)	(214)	(207)	(198)	(197)	(174)	(166)	(155)	(155)	(149)	(161)	(156)	(145)	(137)	(129)	(126)	(112)	(113)	(110)
Severance and related charges	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	4)	1)	—)	(6)	(152)	—)	—)	—)	—)	—)	—)	—)	—)
Deal termination fee	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(154)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Operating expenses	(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)	(770)	(755)	(754)	(757)
Income from operations	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)	864)	802)	776)	908)
Interest expense	(68)	(64)	(66)	(63)	(59)	(59)	(58)	(60)	(61)	(59)	(57)	(56)	(58)	(57)	(57)	(57)	(61)	(61)	(59)	(61)	(61)	(59)	(59)	(58)	(60)	(60)
Interest and other income (expense), net	221)	8)	(85)	81)	141)	395)	259)	64)	(73)	50)	12)	(7)	28)	6)	49)	24)	27)	18)	19)	(7)	7)	22)	35)	38)	43)	40)
Income before income taxes	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)	840)	782)	759)	888)
Provision for income taxes	(185)	(934)	(164)	(255)	(272)	(284)	(168)	(246)	(202)	(244)	(358)	(255)	(328)	(133)	(294)	(264)	(215)	(110)	(112)	(199)	(123)	(113)	(142)	(211)	(93)	(117)
Net income	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)	698)	571)	666)	771)

The financial data reveals a general upward trend in net revenue over the analyzed periods, increasing from approximately $3.75 billion in early 2019 to around $7.1 billion by early 2025. Despite some fluctuations, the overall growth in revenue is significant, with notable accelerations particularly observed from 2020 onward.

Cost of products sold also increased substantially in line with revenue growth, rising from roughly $2.1 billion in early 2019 to about $3.6 billion in early 2025. However, the growth rate of cost appears to be somewhat controlled relative to revenue, as reflected in the rising gross profit figures.

Gross profit exhibits a consistent upward trajectory, starting at $1.7 billion in early 2019 and reaching approximately $3.5 billion by early 2025. This indicates improving profitability at the gross margin level despite rising costs. The gross profit margins seem to have stabilized with slight increases over time, supporting a positive operational efficiency trend.

Operating expenses, comprising research, development and engineering (R&D), marketing and selling, general and administrative expenses, severance charges, and deal termination fees, show some variability. R&D expenses steadily increased from about $516 million in early 2019 to nearly $893 million in early 2025, indicating a sustained commitment to innovation and product development.

Marketing and selling expenses also showed gradual growth, rising from $131 million to around $216 million over the period, reflecting enhanced spending on market penetration or brand promotion. General and administrative expenses increased from $110 million to approximately $207 million, with a notable spike to $276 million in early 2024. Severance and related charges and deal termination fees appear sporadic and relatively minor in the context of total expenses, impacting only certain quarters notably in 2020 and 2021.

Overall operating expenses increased from approximately $757 million to about $1.3 billion, correlating with the growth in business scale but indicating effective expense management to support operating income growth.

Income from operations showed a strong positive trend, moving from $908 million in early 2019 to over $2.1 billion in early 2025. This suggests improving operational profitability, driven by revenue growth and controlled expense increases.

Interest expense remained relatively stable around $60 million per quarter, indicating consistent debt servicing costs. Net interest and other income (expense) fluctuated considerably, with periods of negative and positive values, but exhibited an upward spike in some quarters from 2022 onward, contributing positively in those periods.

Income before income taxes increased from approximately $888 million to about $2.3 billion, consistent with the improvements in operating income. Provision for income taxes fluctuated more significantly, with some quarters recording large charges, for instance, an unusually high $934 million tax provision in early 2025, which notably impacted net income for that quarter.

Net income followed the overall profitable trend, moving from around $771 million in early 2019 to peaks exceeding $2 billion in some quarters. However, it showed some variability, impacted by taxation and other non-operational factors, particularly evident by a dip to $1.2 billion in early 2025 after very high net income in adjacent periods.

In summary, the data portrays a company experiencing consistent revenue growth paired with controlled increases in cost and operating expenses, leading to substantial gains in operating income and net profitability. Investment in R&D and marketing increased steadily, supporting sustainable business expansion. Despite some volatility in tax provisions and non-operating income components, overall financial performance trends are positive and indicative of effective operational and financial management over the observed timeframe.

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Applied Materials Inc. (NASDAQ:AMAT)

Income Statement Quarterly Data

Income Statement
Quarterly Data