Applied Materials (AMAT) FY2019 results: revenue $14.6 billion, down 12.6% on the year
Applied Materials Inc. (AMAT) reported revenue of $14.6 billion for fiscal 2019, the year ended 27 October 2019, down 12.6% on the year before. Net income was $2.7 billion, down 10.9%, and diluted earnings per share $2.86. The figures are the company's own, from the 10-K it filed with the SEC on 13 December 2019.
Revenue
$14.6 billion
-12.6% on the year
FY2012FY2019
Operating margin
22.9%
26.9% a year earlier
FY2012FY2019
Net income
$2.7 billion
-10.9% on the year
FY2012FY2019
Diluted EPS
$2.86
-3.4% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
14,608
16,705
14,698
-12.6%
Cost of revenue
8,222
9,188
8,086
-10.5%
Gross profit
6,386
7,517
6,612
-15.0%
Gross margin
43.7%
45.0%
45.0%
Research and development
2,054
2,019
1,781
+1.7%
Operating income
3,350
4,491
3,936
-25.4%
Operating margin
22.9%
26.9%
26.8%
Interest expense
237
234
198
+1.3%
Pre-tax income
3,269
4,396
3,816
-25.6%
Income tax
563
1,358
297
-58.5%
Effective tax rate
17.2%
30.9%
7.8%
Net income
2,706
3,038
3,519
-10.9%
Net margin
18.5%
18.2%
23.9%
Diluted EPS
$2.86
$2.96
$3.25
-3.4%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
3,247
3,787
3,789
-14.3%
Capital expenditure
441
622
345
-29.1%
Free cash flow
2,806
3,165
3,444
-11.3%
Free cash flow margin
19.2%
18.9%
23.4%
Cash from investing
-443
571
-2,526
Cash from financing
-3,115
-5,928
341
Depreciation and amortisation
363
457
407
-20.6%
Share-based compensation
263
258
220
+1.9%
Buybacks
2,403
5,283
1,172
-54.5%
Dividends paid
771
605
430
+27.4%
Dividend per share
$0.83
$0.70
$0.10
+18.6%
Diluted shares, weighted
945m
1,026m
1,084m
-7.9%
Shares outstanding at period end
916m
967m
1,060m
-5.3%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
8,214
6,839
9,630
+20.1%
Short-term borrowings
n/a
0.0
n/a
Debt
5,313
5,309
5,304
+0.1%
Operating lease liabilities
0.0
n/a
n/a
Other liabilities
5,497
5,485
4,485
+0.2%
Total liabilities and equity
19,024
17,633
19,419
+7.9%
Fixed assets
1,529
1,407
1,066
+8.7%
Goodwill
3,399
3,368
3,368
+0.9%
Intangible assets
156
213
412
-26.8%
Investments
2,192
2,158
3,409
+1.6%
Trading assets
2,192
n/a
n/a
Cash and equivalents
3,129
3,440
5,010
-9.0%
Receivables
2,533
2,323
2,338
+9.0%
Inventory
3,474
3,722
2,707
-6.7%
Other assets
420
1,002
1,109
-58.1%
Total assets
19,024
17,633
19,419
+7.9%
10-K for the year ended 27 October 2019, filed 13 December 2019: the filing.