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.

Applied Materials Inc., consolidated cash flow 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 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)
Depreciation and amortization	103)	105)	110)	95)	96)	91)	130)	136)	129)	120)	123)	108)	111)	102)	105)	98)	97)	94)	97)	94)	91)	94)	92)	89)	94)	88)
Severance and related charges	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(4)	(1)	—)	1)	148)	—)	—)	—)	—)	—)	—)	—)	—)
Share-based compensation	159)	195)	141)	132)	134)	170)	115)	114)	113)	148)	99)	95)	101)	118)	74)	81)	84)	107)	73)	70)	71)	93)	66)	67)	65)	65)
Deferred income taxes	4)	668)	(248)	(179)	(134)	(72)	198)	(38)	(115)	(21)	(14)	47)	(257)	1)	36)	20)	(4)	28)	(18)	79)	(11)	30)	(8)	8)	8)	41)
Other	(109)	95)	246)	48)	(12)	(235)	(149)	15)	167)	7)	22)	22)	(24)	16)	(40)	(15)	(15)	—)	5)	33)	7)	15)	—)	(10)	(10)	1)
Accounts receivable	(189)	(764)	(264)	(192)	(78)	465)	65)	286)	(131)	683)	(1,112)	(67)	(478)	548)	(1,131)	(447)	(330)	(81)	(156)	(179)	54)	(146)	(160)	(107)	181)	(121)
Inventories	(155)	(80)	147)	123)	(45)	79)	84)	131)	114)	(122)	(426)	(464)	(483)	(217)	(192)	(64)	(128)	(21)	48)	(217)	(254)	2)	66)	138)	26)	18)
Other current and non-current assets	(145)	115)	(66)	201)	114)	38)	(75)	(86)	4)	109)	3)	11)	(377)	347)	(587)	(18)	(91)	94)	(18)	(31)	(13)	(99)	7)	(84)	(85)	76)
Accounts payable and accrued expenses	337)	(429)	301)	235)	284)	(539)	303)	172)	(46)	(567)	195)	335)	253)	(393)	311)	309)	180)	(335)	84)	161)	88)	(6)	90)	72)	(96)	(313)
Contract liabilities	39)	(397)	107)	131)	(536)	172)	(522)	124)	291)	(60)	314)	211)	193)	321)	388)	(18)	134)	251)	(69)	55)	(66)	64)	(94)	37)	37)	155)
Income taxes payable	(573)	200)	343)	63)	(145)	128)	(565)	149)	181)	215)	56)	(430)	(133)	(34)	468)	18)	(82)	(8)	113)	(86)	(60)	23)	96)	1)	(94)	41)
Other liabilities	(37)	32)	27)	23)	(8)	9)	(33)	20)	10)	41)	6)	(5)	(27)	61)	5)	6)	11)	14)	25)	47)	(27)	25)	(27)	5)	8)	12)
Changes in operating assets and liabilities	(723)	(1,323)	595)	584)	(414)	352)	(743)	796)	423)	299)	(964)	(409)	(1,052)	633)	(738)	(214)	(306)	(86)	27)	(250)	(278)	(137)	(22)	62)	(23)	(132)
Adjustments required to reconcile net income to cash provided by operating activities	(566)	(260)	844)	680)	(330)	306)	(449)	1,023)	717)	553)	(734)	(137)	(1,121)	866)	(564)	(30)	(143)	291)	184)	26)	(120)	95)	128)	216)	134)	63)
Cash provided by operating activities	1,571)	925)	2,575)	2,385)	1,392)	2,325)	1,555)	2,583)	2,292)	2,270)	857)	1,469)	415)	2,658)	1,148)	1,686)	1,187)	1,421)	1,315)	867)	635)	987)	826)	787)	800)	834)
Capital expenditures	(510)	(381)	(407)	(297)	(257)	(229)	(309)	(255)	(255)	(287)	(223)	(210)	(210)	(144)	(206)	(137)	(204)	(121)	(162)	(87)	(71)	(102)	(97)	(93)	(118)	(133)
Cash paid for acquisitions, net of cash acquired	(1)	(28)	—)	—)	—)	—)	—)	(7)	2)	(20)	—)	(441)	—)	—)	—)	—)	—)	(12)	—)	(80)	(27)	—)	—)	(5)	(23)	—)
Proceeds from asset sale	33)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Proceeds from sales and maturities of investments	1,921)	1,223)	956)	382)	582)	531)	297)	302)	255)	414)	350)	374)	321)	318)	447)	400)	266)	358)	366)	353)	667)	368)	555)	479)	442)	464)
Purchases of investments	(1,222)	(1,711)	(1,620)	(745)	(474)	(749)	(477)	(465)	(324)	(406)	(317)	(339)	(524)	(312)	(828)	(457)	(281)	(441)	(345)	(178)	(404)	(428)	(544)	(543)	(430)	(397)
Cash (used in) provided by investing activities	221)	(897)	(1,071)	(660)	(149)	(447)	(489)	(425)	(322)	(299)	(190)	(616)	(413)	(138)	(587)	(194)	(219)	(216)	(141)	8)	165)	(162)	(86)	(162)	(129)	(66)
Debt borrowings, net of issuance costs	—)	—)	—)	694)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	1,481)	1,498)	—)	—)	—)	—)	—)
Debt repayments	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(2,882)	—)	—)	—)	—)	—)	—)
Proceeds from issuance of commercial paper	100)	200)	101)	100)	100)	100)	99)	297)	297)	298)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Repayments of commercial paper	(100)	(200)	(100)	(100)	(100)	(100)	(200)	(300)	(300)	(100)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Proceeds from common stock issuances	129)	—)	124)	—)	119)	—)	116)	—)	111)	—)	103)	—)	96)	—)	89)	—)	86)	—)	83)	—)	76)	15)	72)	—)	73)	—)
Common stock repurchases	(1,670)	(1,318)	(1,442)	(861)	(820)	(700)	(700)	(439)	(800)	(250)	(1,500)	(1,000)	(1,800)	(1,803)	(1,500)	(1,500)	(750)	—)	(50)	(200)	(199)	(200)	(500)	(528)	(625)	(750)
Tax withholding payments for vested equity awards	(35)	(142)	(33)	(25)	(41)	(192)	(14)	(11)	(18)	(136)	(7)	(3)	(21)	(235)	(7)	(12)	(17)	(142)	(6)	(3)	(10)	(153)	(3)	(3)	(6)	(74)
Payments of dividends to stockholders	(325)	(326)	(329)	(331)	(266)	(266)	(268)	(268)	(219)	(220)	(223)	(225)	(211)	(214)	(216)	(219)	(202)	(201)	(200)	(202)	(193)	(192)	(194)	(196)	(189)	(192)
Payments of debt issuance costs	(2)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Repayments of principal on finance leases	—)	—)	(90)	1)	(14)	1)	1)	1)	1)	(10)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Cash provided by (used in) financing activities	(1,903)	(1,786)	(1,769)	(522)	(1,022)	(1,157)	(966)	(720)	(928)	(418)	(1,627)	(1,228)	(1,936)	(2,252)	(1,634)	(1,731)	(883)	(343)	(173)	(1,806)	1,172)	(530)	(625)	(727)	(747)	(1,016)
Increase (decrease) in cash, cash equivalents and restricted cash equivalents	(111)	(1,758)	(265)	1,203)	221)	721)	100)	1,438)	1,042)	1,553)	(960)	(375)	(1,934)	268)	(1,073)	(239)	85)	862)	1,001)	(931)	1,972)	295)	115)	(102)	(76)	(248)

Net Income

The net income exhibits a generally upward trend with notable fluctuations. From early 2019 to early 2025, the figure progresses from around $771 million to a peak above $2 billion in several quarters, particularly in early 2024. However, volatility is present, with declines in some quarters such as Q2 2024 and early 2025, suggesting periods of earnings variability potentially influenced by market conditions or company operations.

Depreciation and Amortization

Depreciation and amortization remain relatively stable over the entire period, mostly fluctuating within a narrow range around the $90 to $130 million mark. This indicates consistent investment in capital assets with gradual changes in asset base and amortization schedules.

Severance and Related Charges

Reported severance and related charges are minimal and sporadic, primarily concentrated around late 2020, with some minor negative adjustments (reversals). This points to isolated restructuring or workforce adjustments occurring intermittently.

Share-based Compensation

Share-based compensation shows an overall increasing trend, rising from mid-$60 million levels in early 2019 to peaks above $190 million by late 2024. The steady increase suggests growing reliance on equity incentives, possibly reflecting retention strategies or compensation adjustments aligned with company performance.

Deferred Income Taxes

Deferred income taxes vary substantially, with large swings observed in mid-2022 to 2025. These oscillations, including significant negative and positive values, may reflect changes in tax regulations, valuation allowances, or timing differences in tax recognition impacting the company’s tax accruals.

Working Capital Components (Accounts Receivable, Inventories, Other Assets, Accounts Payable, Contract Liabilities)

Changes in working capital items reveal considerable volatility:

Accounts receivable shows extreme fluctuations, ranging from deep negative to large positive changes, reflecting varying sales cycles or collection efficiency.
Inventories have periods of build-up and drawdown, with large negative adjustments in mid-2020 and early 2022 followed by recoveries, likely linked to supply chain dynamics or production planning.
Other assets experienced significant negative swings, especially in late 2021, indicating potential impairments or asset reclassifications.
Accounts payable and accrued expenses alternate between increases and decreases, illustrating variable payment patterns possibly associated with supplier negotiations or operational cash management.
Contract liabilities also demonstrate considerable movement, with sizeable increases and declines likely associated with deferred revenue recognition events and customer contract dynamics.

These fluctuations collectively impact operating cash flows and require close management attention.

Changes in Operating Assets and Liabilities

The net changes in operating assets and liabilities are notably volatile, with wide swings from significantly negative to strongly positive figures across quarters. This volatility underscores the variability in working capital management and its influence on operating cash flows.

Cash Provided by Operating Activities

Operating cash flow displays an overall positive trend, often exceeding $1 billion, with several peaks surpassing $2.5 billion. The spikes in cash flow, particularly in early 2022 and 2024, highlight periods of strong operating performance and effective cash collection, although some quarters reveal declines reflecting the sometimes volatile changes in working capital.

Capital Expenditures

Capital expenditures show a relatively consistent pattern of investment, usually between $90 million and $500 million in outflows each quarter. The generally increasing trend through 2022 to 2025, with several quarters near or above $400 million, suggests emphasis on asset growth or maintenance.

Acquisitions and Asset Sales

Cash paid for acquisitions is irregular, with occasional significant outflows, such as a large payment in mid-2022, indicating strategic expansions or purchases. Asset sale proceeds are minor and infrequent, implying limited asset disposals.

Investing Activities

Net cash used in investing activities consistently trends negative except for occasional positive spikes, reflecting ongoing investments in fixed assets and acquisitions. Proceeds from sales and maturities of investments fluctuate but generally provide a steady inflow, partially offsetting outflows from purchases of investments, which are recurrent and sizable.

Debt Activity and Commercial Paper

Debt borrowings and repayments present episodic activity, with large borrowings in mid-2020 and debt repayments following. Issuance and repayments of commercial paper show a pattern of drawdowns and paybacks typical of short-term financing management, with variable levels between 2022 and 2025.

Equity Transactions

Proceeds from common stock issuances show a gradual increase over time, suggesting ongoing capital raising or employee equity plan activities. Conversely, share repurchases are substantial and frequent, often surpassing $1 billion in several quarters, reflecting a consistent strategy for returning value to shareholders.

Dividends and Tax Withholding

Dividend payments are stable, generally around $200 million per quarter, with a gradual increase to near $330 million by 2025, consistent with progressive shareholder returns. Tax withholding payments for equity awards are variable but occasionally significant, indicating equity award vesting impacts on cash flows.

Financing Activities

Cash flows from financing activities are predominantly negative, often driven by share repurchases, dividend payments, and debt repayments, illustrating a net outflow trend for capital returns and debt reduction. Occasional positive inflows are linked to debt issuances or stock offerings.

Overall Cash Position Changes

The company’s overall cash and equivalents fluctuate, with some quarters showing increases exceeding $1.5 billion and others recording declines. This pattern reflects the combined impacts of operational performance, investment activities, and financing strategies, indicating active cash management with periods of strong cash inflows balanced against significant outflows for investments and shareholder returns.

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Applied Materials Inc. (NASDAQ:AMAT)

Cash Flow Statement Quarterly Data

Cash Flow Statement
Quarterly Data