Applied Materials (AMAT) FY2020 results: revenue $17.2 billion, up 17.8% on the year
Applied Materials Inc. (AMAT) reported revenue of $17.2 billion for fiscal 2020, the year ended 25 October 2020, up 17.8% on the year before. Net income was $3.6 billion, up 33.7%, and diluted earnings per share $3.92. The figures are the company's own, from the 10-K it filed with the SEC on 11 December 2020.
Revenue
$17.2 billion
+17.8% on the year
FY2013FY2020
Operating margin
25.4%
22.9% a year earlier
FY2013FY2020
Net income
$3.6 billion
+33.7% on the year
FY2013FY2020
Diluted EPS
$3.92
+37.1% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
17,202
14,608
16,705
+17.8%
Cost of revenue
9,510
8,222
9,188
+15.7%
Gross profit
7,692
6,386
7,517
+20.5%
Gross margin
44.7%
43.7%
45.0%
Research and development
2,234
2,054
2,019
+8.8%
Operating income
4,365
3,350
4,491
+30.3%
Operating margin
25.4%
22.9%
26.9%
Interest expense
240
237
234
+1.3%
Pre-tax income
4,166
3,269
4,396
+27.4%
Income tax
547
563
1,358
-2.8%
Effective tax rate
13.1%
17.2%
30.9%
Net income
3,619
2,706
3,038
+33.7%
Net margin
21.0%
18.5%
18.2%
Diluted EPS
$3.92
$2.86
$2.96
+37.1%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
3,804
3,247
3,787
+17.2%
Capital expenditure
422
441
622
-4.3%
Free cash flow
3,382
2,806
3,165
+20.5%
Free cash flow margin
19.7%
19.2%
18.9%
Cash from investing
-130
-443
571
Cash from financing
-1,337
-3,115
-5,928
Depreciation and amortisation
376
363
457
+3.6%
Share-based compensation
307
263
258
+16.7%
Buybacks
649
2,403
5,283
-73.0%
Dividends paid
787
771
605
+2.1%
Dividend per share
$0.87
$0.83
$0.70
+4.8%
Diluted shares, weighted
923m
945m
1,026m
-2.3%
Shares outstanding at period end
914m
916m
967m
-0.2%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
10,578
8,214
6,839
+28.8%
Short-term borrowings
n/a
n/a
0.0
Debt
5,448
5,313
5,309
+2.5%
Operating lease liabilities
195
0.0
n/a
Other liabilities
6,132
5,497
5,485
+11.6%
Total liabilities and equity
22,353
19,024
17,633
+17.5%
Fixed assets
1,604
1,529
1,407
+4.9%
Goodwill
3,466
3,399
3,368
+2.0%
Intangible assets
153
156
213
-1.9%
Investments
1,925
2,192
2,158
-12.2%
Trading assets
1,925
2,192
n/a
-12.2%
Cash and equivalents
5,351
3,129
3,440
+71.0%
Receivables
2,963
2,533
2,323
+17.0%
Inventory
3,904
3,474
3,722
+12.4%
Other assets
1,062
420
1,002
+152.9%
Total assets
22,353
19,024
17,633
+17.5%
10-K for the year ended 25 October 2020, filed 11 December 2020: the filing.