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Applied Materials Inc. (AMAT-2.35%) has filed its Form 10-K filing for the fiscal year ended October 27, 2024.
The filing reports net revenue of $27,176 million, an increase from $26,517 million in the previous year. The company’s gross margin improved to 47.5% from 46.7%.
Operating income for the fiscal year was $7,867 million, up from $7,654 million. Net income increased to $7,177 million compared to $6,856 million in the prior year.
The Semiconductor Systems segment generated $19,911 million in net revenue, representing 73% of total revenue. This segment saw a slight increase from $19,698 million in the previous year.
Applied Global Services reported $6,225 million in net revenue, a 9% increase from $5,732 million, driven by higher customer spending on services and spares.
The Display segment recorded $885 million in net revenue, up from $868 million, reflecting increased investments in display fabrication equipment.
Operating expenses totaled $5,030 million, with research, development, and engineering costs contributing $3,233 million. Marketing and selling expenses were $836 million, and general and administrative expenses were $961 million.
Interest expense was $247 million, while interest and other income (expense), net was $532 million, reflecting higher interest income.
The effective tax rate for the year was 12.0%, slightly higher than the previous year's 11.1%.
The company had cash, cash equivalents, and investments totaling $12,258 million at the end of the fiscal year, up from $9,150 million.
Applied Materials repurchased $3.8 billion of its common stock during the fiscal year and paid $1.2 billion in dividends to shareholders.
The company continues to focus on expanding its presence in the semiconductor and display markets, with ongoing investments in research and development to drive future growth.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Applied Materials Inc. annual 10-K report dated December 13, 2024. To report an error, please email earnings@qz.com.