AMATApplied Materials
Applied Materials, Inc. is the leader in the materials engineering solutions used to produce virtually every semiconductor in the world. 10-K, Item 1
- Headquarters
- Santa Clara, CA
- CEO
- Gary E. Dickerson
- Next results
- around Nov 12, 2026
The biggest changes in the 10-K filed 2025-12-12, this fiscal year against the last, and the sentences in the MD&A (Item 7) where management explains them, quoted word for word. Tickdelta picks sentences that name the line, a direction and a cause. It does not write explanations of its own.
Gross margin
47.5% → 48.7% (+1.2 pts) Big change FY to 2025-10-26 vs 2024-10-27“Gross margin increased primarily driven by higher net revenue, favorable changes in customer and product mix, an increase in average selling prices, and lower material and manufacturing costs.”
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Cash from operations
-8.3% FY to 2025-10-26 vs 2024-10-27“Cash provided by operating activities in fiscal 2025 was lower primarily due to higher payments for income taxes and inventory.”
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Revenue
+4.4% FY to 2025-10-26 vs 2024-10-27“Industry conditions that affect AGS’ sales of spares and services are primarily characterized by changes in semiconductor manufacturers’ wafer starts and utilization rates, growth of the installed base of equipment and growing service intensity of newer tools.”
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“Our AGS net revenue in fiscal 2025 increased compared to the prior year primarily due to higher customer spending on long-term service agreements and spares, partially offset by lower customer spending on 200mm equipment.”
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Operating margin
28.9% → 29.2% (+0.3 pts) FY to 2025-10-26 vs 2024-10-27“Semiconductor Systems’ operating margin for fiscal 2025 increased compared to the same period in the prior year primarily driven by higher net revenue, favorable changes in customer and product mix, lower material and manufacturing costs, and an increase in average selling prices, partially offset by increased RD&E expenses.”
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“AGS’ operating margin for fiscal 2025 decreased compared to the same periods in the prior year primarily due to a decrease in 200mm equipment net revenue, higher expense related to an increase in headcount to support business growth, and higher excess and obsolete inventory charges, partially offset by higher net revenue from services and spares.”
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Net income
-2.5% FY to 2025-10-26 vs 2024-10-27“Interest and other income (expense), net in fiscal 2025 increased primarily driven by higher net gain on equity investments, partially offset by lower interest income driven by lower cash balances and a decrease in market interest rates.”
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“Our effective tax rate for fiscal 2025 was higher than the prior fiscal year primarily due to a $659 million remeasurement of deferred tax assets resulting from new tax incentive agreements in Singapore and the recognition of a $407 million valuation allowance against deferred tax assets related to corporate alternative minimum tax (CAMT) credits.”
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Changes are computed from the XBRL figures in the same 10-K. Hover a number to see the line item. Open the 10-K ↗
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