Applied Materials (AMAT) Q4 FY2025 earnings: revenue $6.8 billion, down 3.5% on the year

Applied Materials Inc. (AMAT) reported revenue of $6.8 billion for Q4 FY2025, the quarter ended 26 October 2025, down 3.5% on the same quarter a year earlier. Net income was $1.9 billion, up 9.6% on the year, and diluted earnings per share $2.38. The figures are the company's own, from the 10-K it filed with the SEC on 12 December 2025.

Revenue

$6.8 billion

-3.5% on the year · -6.9% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

25.2%

29.0% a year earlier

Q1 FY2024Q4 FY2025

Net income

$1.9 billion

+9.6% on the year · +6.6% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$2.38

+13.9% on the year · +7.2% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 2 new.

Record fiscal 2025 revenue: Fiscal 2025 net revenue was a record $28.37 billion, up 4% year over year. Fiscal 2025 net income was $6.998 billion, down 2%.
Fourth-quarter revenue down 3%: Fourth-quarter net revenue was $6.80 billion, against $7.05 billion a year earlier.
Semiconductor Systems revenue fell: Semiconductor Systems fourth-quarter net revenue was $4.76 billion, against $5.18 billion, with operating margin of 32.1% against 35.2%. Fiscal 2025 revenue was $20.80 billion, against $19.91 billion.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	6,800	7,302	7,045	-6.9%	-3.5%
Cost of revenue	3,535	3,740	3,710	-5.5%	-4.7%
Gross profit	3,265	3,562	3,335	-8.3%	-2.1%
Gross margin	48.0%	48.8%	47.3%
Research and development	917	901	858	+1.8%	+6.9%
Selling, general and administrative	455	428	n/a	+6.3%
Operating income	1,712	2,233	2,046	-23.3%	-16.3%
Operating margin	25.2%	30.6%	29.0%
Interest expense	71.0	66.0	66.0	+7.6%	+7.6%
Pre-tax income	2,267	2,563	1,895	-11.5%	+19.6%
Income tax	370	784	164	-52.8%	+125.6%
Effective tax rate	16.3%	30.6%	8.7%
Net income	1,897	1,779	1,731	+6.6%	+9.6%
Net margin	27.9%	24.4%	24.6%
Diluted EPS	$2.38	$2.22	$2.09	+7.2%	+13.9%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free 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	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	2,828	2,634	2,575	+7.4%	+9.8%
Capital expenditure	785	584	407	+34.4%	+92.9%
Free cash flow	2,043	2,050	2,168	-0.3%	-5.8%
Free cash flow margin	30.0%	28.1%	30.8%
Cash from investing	-139	-1,967	-1,071
Cash from financing	-831	-1,457	-1,769
Depreciation and amortisation	114	113	110	+0.9%	+3.6%
Share-based compensation	156	158	141	-1.3%	+10.6%
Buybacks	851	1,056	1,442	-19.4%	-41.0%
Dividends paid	365	368	329	-0.8%	+10.9%
Dividend per share	$0.46	$0.46	$0.40	0.0%	+15.0%
Diluted shares, weighted	798m	802m	828m	-0.5%	-3.6%
Shares outstanding at period end	793m	797m	818m	-0.5%	-3.1%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	20,415	19,504	19,001	+4.7%	+7.4%
Debt	6,555	6,262	6,259	+4.7%	+4.7%
Operating lease liabilities	404	412	259	-1.9%	+56.0%
Other liabilities	8,925	8,033	8,890	+11.1%	+0.4%
Total liabilities and equity	36,299	34,211	34,409	+6.1%	+5.5%
Fixed assets	4,610	4,124	3,339	+11.8%	+38.1%
Goodwill	3,707	3,748	3,732	-1.1%	-0.7%
Intangible assets	226	238	249	-5.0%	-9.2%
Investments	5,659	5,763	4,236	-1.8%	+33.6%
Cash and equivalents	7,241	5,384	8,022	+34.5%	-9.7%
Receivables	5,185	5,772	5,234	-10.2%	-0.9%
Inventory	5,915	5,807	5,421	+1.9%	+9.1%
Other assets	3,756	3,375	4,176	+11.3%	-10.1%
Total assets	36,299	34,211	34,409	+6.1%	+5.5%

Questions

What was Applied Materials' revenue in Q4 FY2025?

Applied Materials (AMAT) reported revenue of $6.8 billion for Q4 FY2025, the quarter ended 26 October 2025, down 3.5% on the same quarter a year earlier.

How much did Applied Materials earn in Q4 FY2025?

Net income for Q4 FY2025 was $1.9 billion, up 9.6% on the year, and diluted earnings per share $2.38.

When did Applied Materials report Q4 FY2025 results?

Applied Materials filed its 10-K for the year that ended with the quarter on 12 December 2025; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	6,123	6,271	6,245	6,520	6,749	6,739	6,630	6,425	6,723	6,707	6,646	6,778	7,045	7,166	7,100	7,302	6,800	7,012	7,910	9,115
Cost of revenue	3,178	3,312	3,318	3,514	3,648	3,594	3,536	3,449	3,554	3,503	3,493	3,573	3,710	3,670	3,615	3,740	3,535	3,577	3,963	4,529
Gross profit	2,945	2,959	2,927	3,006	3,101	3,145	3,094	2,976	3,169	3,204	3,153	3,205	3,335	3,496	3,485	3,562	3,265	3,435	3,947	4,586
Gross margin	48%	47%	47%	46%	46%	47%	47%	46%	47%	48%	47%	47%	47%	49%	49%	49%	48%	49%	50%	50%
R&D	622	654	686	705	726	771	775	767	789	754	785	836	858	859	893	901	917	928	1,027	1,100
SG&A	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	462	423	428	455	411	397	411
Operating income	2,014	1,976	1,894	1,924	1,994	1,970	1,911	1,802	1,971	1,967	1,912	1,942	2,046	2,175	2,169	2,233	1,712	1,831	2,523	3,075
Operating margin	33%	32%	30%	30%	30%	29%	29%	28%	29%	29%	29%	29%	29%	30%	31%	31%	25%	26%	32%	34%
Interest expense	57.0	57.0	58.0	56.0	57.0	59.0	61.0	60.0	58.0	59.0	59.0	63.0	66.0	64.0	68.0	66.0	71.0	69.0	69.0	68.0
Pre-tax income	2,006	1,925	1,864	1,861	1,949	1,961	1,777	1,806	2,172	2,303	1,994	1,960	1,895	2,119	2,322	2,563	2,267	2,328	3,225	2,907
Tax rate	15%	7%	18%	14%	18%	12%	11%	14%	8%	12%	14%	13%	9%	44%	8%	31%	16%	13%	13%	13%
Net income	1,712	1,792	1,536	1,606	1,591	1,717	1,575	1,560	2,004	2,019	1,722	1,705	1,731	1,185	2,137	1,779	1,897	2,026	2,806	2,538
Net margin	28%	29%	25%	25%	24%	25%	24%	24%	30%	30%	26%	25%	25%	17%	30%	24%	28%	29%	35%	28%
Diluted EPS	$1.88	$2.00	$1.74	$1.85	$1.85	$2.02	$1.86	$1.85	$2.38	$2.41	$2.06	$2.05	$2.09	$1.45	$2.63	$2.22	$2.38	$2.54	$3.51	$3.17
Operating cash flow	1,148	2,658	415	1,469	857	2,270	2,292	2,583	1,555	2,325	1,392	2,385	2,575	925	1,571	2,634	2,828	1,686	845	3,037
Capital expenditure	206	144	210	210	223	287	255	255	309	229	257	297	407	381	510	584	785	646	635	707
Free cash flow	942	2,514	205	1,259	634	1,983	2,037	2,328	1,246	2,096	1,135	2,088	2,168	544	1,061	2,050	2,043	1,040	210	2,330
Buybacks	1,500	1,803	1,800	1,000	1,500	250	800	439	700	700	820	861	1,442	1,318	1,670	1,056	851	337	400	440
Dividends paid	216	214	211	225	223	220	219	268	268	266	266	331	329	326	325	368	365	365	365	420
Shares outstanding	892m	883m	870m	860m	844m	845m	840m	837m	833m	831m	828m	824m	818m	812m	802m	797m	793m	794m	794m	794m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 26 October 2025, filed 12 December 2025: the filing.