Applied Materials (AMAT) FY2018 results: revenue $16.7 billion, up 13.7% on the year
Applied Materials Inc. (AMAT) reported revenue of $16.7 billion for fiscal 2018, the year ended 28 October 2018, up 13.7% on the year before. Net income was $3.0 billion, down 13.7%, and diluted earnings per share $2.96. The figures are the company's own, from the 10-K it filed with the SEC on 13 December 2018.
Revenue
$16.7 billion
+13.7% on the year
FY2011FY2018
Operating margin
26.9%
26.8% a year earlier
FY2011FY2018
Net income
$3.0 billion
-13.7% on the year
FY2011FY2018
Diluted EPS
$2.96
-8.9% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
16,705
14,698
10,825
+13.7%
Cost of revenue
9,188
8,086
6,314
+13.6%
Gross profit
7,517
6,612
4,511
+13.7%
Gross margin
45.0%
45.0%
41.7%
Research and development
2,019
1,781
1,540
+13.4%
Operating income
4,491
3,936
2,152
+14.1%
Operating margin
26.9%
26.8%
19.9%
Interest expense
234
198
155
+18.2%
Pre-tax income
4,396
3,816
2,013
+15.2%
Income tax
1,358
297
292
+357.2%
Effective tax rate
30.9%
7.8%
14.5%
Net income
3,038
3,519
1,721
-13.7%
Net margin
18.2%
23.9%
15.9%
Diluted EPS
$2.96
$3.25
$1.54
-8.9%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
3,787
3,789
2,566
-0.1%
Capital expenditure
622
345
253
+80.3%
Free cash flow
3,165
3,444
2,313
-8.1%
Free cash flow margin
18.9%
23.4%
21.4%
Cash from investing
571
-2,526
-425
Cash from financing
-5,928
341
-3,532
Depreciation and amortisation
457
407
389
+12.3%
Share-based compensation
258
220
201
+17.3%
Buybacks
5,283
1,172
1,892
+350.8%
Dividends paid
605
430
444
+40.7%
Dividend per share
$0.70
$0.10
$0.10
+600.0%
Diluted shares, weighted
1,026m
1,084m
1,116m
-5.4%
Shares outstanding at period end
967m
1,060m
1,078m
-8.8%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
6,839
9,630
7,413
-29.0%
Short-term borrowings
0.0
n/a
n/a
Debt
5,309
5,304
3,325
+0.1%
Other liabilities
5,485
4,485
3,850
+22.3%
Total liabilities and equity
17,633
19,419
14,588
-9.2%
Fixed assets
1,407
1,066
937
+32.0%
Goodwill
3,368
3,368
3,316
0.0%
Intangible assets
213
412
575
-48.3%
Investments
2,158
3,409
1,272
-36.7%
Cash and equivalents
3,440
5,010
3,406
-31.3%
Receivables
2,323
2,338
2,279
-0.6%
Inventory
3,722
2,707
2,050
+37.5%
Other assets
1,002
1,109
753
-9.6%
Total assets
17,633
19,419
14,588
-9.2%
10-K for the year ended 28 October 2018, filed 13 December 2018: the filing.