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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Applied Materials Inc., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 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).
The financial statement information reveals fluctuating cash flows over the observed period. Net income demonstrates a generally increasing trend from 2020 through 2023, peaking in the first quarter of 2023, before experiencing some volatility in subsequent quarters. Operating cash flow generally follows the trend of net income, with significant fluctuations occurring throughout the period. Investing and financing activities exhibit considerable variability, impacting the overall cash position.
- Net Income and Operating Cash Flow
- Net income began at $892 million in January 2020 and generally increased, reaching $2,137 million in January 2025. However, there were periods of decline, notably in the first half of 2022 and again in early 2024. Cash provided by operating activities mirrored this trend, starting at $987 million and peaking at $2,828 million in July 2025. The correlation between net income and operating cash flow suggests a strong link between profitability and cash generation from core business operations. Significant adjustments to reconcile net income to operating cash flow, particularly related to changes in operating assets and liabilities, are evident throughout the period.
- Investing Activities
- Cash flow from investing activities was highly variable. Proceeds from sales and maturities of investments were consistently positive and substantial, often offsetting significant purchases of investments. Capital expenditures remained consistently negative, representing ongoing investments in property, plant, and equipment. Notably, there were substantial cash outflows related to acquisitions in 2020 and 2022. Overall, investing activities resulted in net cash outflows for most periods, though there were positive cash flows in some quarters, primarily driven by investment sales.
- Financing Activities
- Financing activities demonstrated significant fluctuations. Large debt borrowings were observed in early 2020, followed by substantial repayments in subsequent periods. Common stock repurchases were a consistent use of cash, with particularly large repurchase programs in 2021 and 2024. Proceeds from common stock issuances provided some offsetting inflows, but were generally smaller in magnitude than the repurchases. Dividend payments represented a consistent cash outflow. The net effect of financing activities was highly variable, with significant cash inflows in 2020 and outflows in other periods.
- Working Capital
- Changes in accounts receivable, inventories, and other current/non-current assets significantly impacted cash flow from operations. Accounts receivable exhibited substantial fluctuations, often resulting in cash outflows. Inventory changes also contributed to cash flow variability. Accounts payable and accrued expenses, along with contract liabilities, generally provided cash inflows, but these were also subject to quarterly variations. Deferred income taxes showed considerable volatility, swinging between positive and negative values.
- Non-Recurring Items
- Restructuring charges, legal settlements, gains/losses on investments, and share-based compensation impacted net income and, consequently, operating cash flow. A significant loss on investments was recorded in January 2024, and a large legal settlement was recorded in January 2023. Share-based compensation consistently represented a cash outflow. These non-recurring items contributed to the overall volatility observed in the financial statement information.
In summary, the company experienced fluctuating cash flows driven by variations in net income, working capital management, investment activities, and financing decisions. While net income generally trended upward, significant volatility existed in all cash flow categories, requiring careful monitoring and analysis.