APPLIED MATERIALS

Dec.4, 2024 — Applied Materials, Inc. (NASDAQ: AMAT) today reported results for its fourth quarter and fiscal year ended Oct. 27, 2024.

Fourth Quarter Results

Applied generated record revenue of $7.05 billion. On a GAAP basis, the company reported gross margin of 47.3 percent, record operating income of $2.05 billion or 29.0 percent of net revenue, and earnings per share (EPS) of $2.09.

On a non-GAAP basis, the company reported gross margin of 47.5 percent, record operating income of $2.06 billion or 29.3 percent of net revenue, and record EPS of $2.32.

The company generated $2.58 billion in cash from operations and distributed $1.77 billion to shareholders including $1.44 billion in share repurchases and $329 million in dividends.

Full Year Results

In fiscal 2024, Applied generated record revenue of $27.18 billion. On a GAAP basis, the company recorded gross margin of 47.5 percent, record operating income of $7.87 billion or 28.9 percent of net sales, and record EPS of USD8.61.

On a non-GAAP adjusted basis, the company reported gross margin of 47.6 percent, record operating income of USD7.92 billion or 29.2 percent of net sales, and record EPS of USD8.65.

The company generated a USD8.68 billion in cash from operations and distributed $5.01 billion to shareholders including $3.82 billion in share repurchases and USD1.19 billion in dividends.

“Applied Materials’ technology leadership and strong execution drove record Q4 and fiscal 2024 performance, our fifth consecutive year of growth,” said Gary Dickerson, President and CEO. “Our portfolio of products and services uniquely positions us to enable our customers in their pursuit of AI and energy-efficient computing. As these key drivers of semiconductor innovation continue to grow in importance, the industry’s roadmap is becoming increasingly dependent on materials engineering, where Applied is the clear leader.”

Results Summary

Change
Q4 FY2024 Q4 FY2023 FY2024 FY2023 Q4 FY2024

vs.

Q4 FY2023

 FY2024

vs.

FY2023

(In millions, except per share amounts and percentages)
Net revenue $           7,045 $           6,723 $  27,176 $  26,517 5% 2%
Gross margin          47.3         %          47.1         %          47.5         %          46.7         % 0.2 points 0.8 points
Operating margin          29.0         %          29.3         %          28.9         %          28.9         % (0.3) points —
Net income $           1,731 $           2,004 $    7,177 $    6,856 (14)% 5%
Diluted earnings per share $              2.09 $              2.38 $      8.61 $      8.11 (12)% 6%
Non-GAAP Results
Non-GAAP gross margin          47.5         %          47.3         %          47.6         %          46.8         % 0.2 points 0.8 points
Non-GAAP operating margin          29.3         %          29.5         %          29.2         %          29.1         % (0.2) points 0.1 points
Non-GAAP net income $           1,917 $           1,786 $    7,210 $    6,802 7% 6%
Non-GAAP diluted EPS $              2.32 $              2.12 $      8.65 $      8.05 9% 7%
Non-GAAP free cash flow $           2,168 $           1,246 $    7,487 $    7,594 74% (1)%