Applied Materials (AMAT) FY2025 10-K Annual Report
Applied Materials (AMAT) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Dec 12, 2025. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Applied Materials FY2025 10-K Analysis
Business Overview
- • Core business: manufacturing equipment, services, and software for semiconductor, display, and related industries
- • Increased R&D spend to $3.57B in FY2025, up 10.5% YoY, reflecting investment in technology development
- • Property, plant, and equipment net increased 38% to $4.61B, indicating capital expansion in manufacturing capacity
- • Net revenue $28.37B in FY2025, up 4.4% YoY; gross profit rose to $13.81B, signaling steady operational growth
- • Significant stock repurchases totaling $4.89B in FY2025, notably higher than prior years, reducing outstanding shares to 793 million
Management Discussion & Analysis
- • Revenue $28.37B, up 4% YoY ($1.19B), driven by Semiconductor Systems +4% ($887M) and AGS +3% ($160M)
- • Operating margin 29.2% vs 28.9%, driven by Semiconductor Systems margin 35.5% vs 35.1%, AGS margin down 28.1% vs 29.1%
- • Best segment: Semiconductor Systems $7.38B operating income, +6%; Worst segment: AGS $1.79B operating income, -1%
- • Cash flow: Operating $7.96B, Investing $(2.78)B capex $2.3B, Financing $(5.98)B including $4.9B buybacks, $1.4B dividends
- • Outlook: Continued strong semiconductor equipment demand; risks from export regulations, trade policies; investing in technology, new market expansion
Risk Factors
- • U.S. export control regulations on semiconductor tech to China, including expanded licensing and "Entity List" restrictions, limiting market access and increasing compliance costs
- • Geopolitical risk from 89% net revenue outside U.S., especially China, Taiwan, and Korea, exposed to trade restrictions, tariffs, and export license delays
- • Supply chain vulnerability to rare earth mineral export controls by China in 2025, impacting critical materials for manufacturing and risking production delays
- • Competitive threat from local Chinese and Korean companies favored by domestic policies promoting local semiconductor industries
- • Customer concentration risk with a limited number of major customers predominantly in China, Taiwan, Korea, increasing revenue volatility and bad debt exposure
Applied Materials FY2025 Key Financial MetricsXBRL
Revenue
$28.4B
▲ +4.4% YoY
Net Income
$7.0B
▼ -2.5% YoY
Gross Margin
48.7%
▲ +122bp YoY
Operating Margin
29.2%
▲ +27bp YoY
Net Margin
24.7%
▼ -174bp YoY
ROE
34.3%
▼ -349bp YoY
Total Assets
$36.3B
▲ +5.5% YoY
EPS (Diluted)
$8.66
▲ +0.6% YoY
Operating Cash Flow
$8.0B
▼ -8.3% YoY
Source: XBRL data from Applied Materials FY2025 10-K filing on SEC EDGAR. All figures in USD.
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