Cash Flow Statement
Quarterly Data
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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- Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Solvency Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Debt to Equity since 2005
- Price to Operating Profit (P/OP) since 2005
- Aggregate Accruals
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Applied Materials Inc., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 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).
Net income demonstrates a consistent long-term upward trajectory, growing from approximately 892 million US dollars in January 2020 to a peak of 2.8 billion US dollars by April 2026. While periodic fluctuations occurred, the general trend reflects significant growth in profitability over the observed period. Cash provided by operating activities generally mirrored this growth, although it exhibited higher volatility due to substantial swings in working capital.
- Operating Cash Flow Dynamics
- Cash flow from operations reached peaks exceeding 2.8 billion US dollars in late 2025, though a notable contraction occurred in the first half of 2026, falling to 845 million US dollars by April 2026. This volatility is largely attributed to shifts in operating assets and liabilities, specifically significant fluctuations in accounts receivable and inventories. Share-based compensation and depreciation and amortization have trended upward, reflecting an expanding operational scale and workforce investment.
- Investing Activities and Capital Allocation
- A marked increase in capital expenditures is evident, rising from roughly 100 million US dollars per quarter in early 2020 to consistently exceeding 600 million US dollars in 2025 and 2026. This indicates a strategic commitment to expanding production capacity or technological infrastructure. Investment activity is characterized by high-volume turnover, with substantial purchases of investments often offset by proceeds from sales and maturities, suggesting active liquidity management.
- Financing and Shareholder Returns
- Financing activities are consistently negative, driven by a robust program of shareholder returns. Common stock repurchases have been aggressive, frequently exceeding 1 billion US dollars per quarter between 2021 and 2024. Dividend payments have also increased steadily, moving from approximately 200 million US dollars per quarter in 2020 to 365 million US dollars by 2026. Debt activity remained relatively low, with occasional borrowings and repayments, suggesting that shareholder returns are primarily funded through operating cash flow rather than increased leverage.
- Working Capital Volatility
- Significant instability is observed in the reconciliation of net income to operating cash. Accounts receivable and contract liabilities show large periodic swings, which is typical of a business with large-scale, long-cycle equipment contracts. These fluctuations occasionally create discrepancies where net income is high but cash flow is muted, or vice versa.
The overall financial profile indicates a company in a high-growth phase that is successfully converting increased profitability into both internal infrastructure investment and aggressive shareholder distributions. Despite the volatility in quarterly working capital, the long-term trend shows a strengthening capacity to generate cash from core operations to support sustained capital expenditure and equity buybacks.