Applied Materials, Inc. (AMAT) Cash Flow Statement
Where AMAT’s cash came from and went, FY2025
October 31, 2025 · U.S. dollars- Cash from operations
- $7.96B −8.3% vs FY2024
- Capital expenditures
- $2.26B 8.0% of revenue
- Free cash flow
- $5.70B 20.1% margin
- Returned to shareholders
- $6.28B 110% of free cash flow
- Change in cash
- −$781.0M cash at year-end $7.24B
Drawn to scale: where the cash came from and how it was used. Hover for values.
AMAT operating cash flow, capex and free cash flow
AMAT cash flow trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $2.47BFY2016 | $7.96BFY2025 | +13.9%/yr | |
| Capital expenditures | $253.0MFY2016 | $2.26BFY2025 | +27.5%/yr | |
| Free cash flow | $2.21BFY2016 | $5.70BFY2025 | +11.1%/yr | |
| Free cash flow margin | 20.4%FY2016 | 20.1%FY2025 | −0.4 pts | |
| Operating cash flow / net income | 1.43FY2016 | 1.14FY2025 | −0.30 | |
| Stock-based compensation | $201.0MFY2016 | $653.0MFY2025 | +14.0%/yr | |
| Dividends paid | $444.0MFY2016 | $1.38BFY2025 | +13.5%/yr | |
| Share buybacks (net) | $1.89BFY2016 | $4.89BFY2025 | +11.1%/yr | |
| Capex / revenue | 2.3%FY2016 | 8.0%FY2025 | +5.6 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
AMAT cash flow by activity
AMAT net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
AMAT cash flow statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $7.00B | $7.18B | $6.86B | $6.53B | $5.89B | $3.62B | $2.71B | $3.04B | $3.43B | $1.72B |
| Depreciation & amortization | $435.0M | $392.0M | $515.0M | $444.0M | $394.0M | $376.0M | $363.0M | $457.0M | $407.0M | $389.0M |
| Stock-based compensation | $653.0M | $577.0M | $490.0M | $413.0M | $346.0M | $307.0M | $263.0M | $258.0M | $220.0M | $201.0M |
| Change in working capital | −$1.07B | $1.12B | $775.0M | −$1.79B | −$1.34B | −$638.0M | −$115.0M | −$41.0M | −$377.0M | $119.0M |
| Other non-cash items | $944.0M | −$586.0M | $64.0M | −$191.0M | $158.0M | $140.0M | $30.0M | $75.0M | −$75.0M | $36.0M |
| Cash from operating activities | $7.96B | $8.68B | $8.70B | $5.40B | $5.44B | $3.80B | $3.25B | $3.79B | $3.61B | $2.47B |
| Investing activities | ||||||||||
| Capital expenditures | −$2.26B | −$1.19B | −$1.11B | −$787.0M | −$668.0M | −$422.0M | −$441.0M | −$622.0M | −$345.0M | −$253.0M |
| Investments (net) | −$526.0M | −$2.33B | −$1.53B | −$129.0M | −$536.0M | $399.0M | $26.0M | $1.20B | −$2.11B | −$156.0M |
| Acquisitions & other investing | $4.0M | $1.19B | $1.11B | −$441.0M | −$12.0M | −$107.0M | −$28.0M | −$6.0M | −$68.0M | −$16.0M |
| Cash from investing activities | −$2.78B | −$2.33B | −$1.53B | −$1.36B | −$1.22B | −$130.0M | −$443.0M | $571.0M | −$2.53B | −$425.0M |
| Financing activities | ||||||||||
| Dividends paid | −$1.38B | −$1.19B | −$975.0M | −$873.0M | −$838.0M | −$787.0M | −$771.0M | −$605.0M | −$430.0M | −$444.0M |
| Share repurchases & issuance (net) | −$4.89B | −$3.82B | −$2.19B | −$6.10B | −$3.75B | −$649.0M | −$2.40B | −$5.28B | −$1.17B | −$1.89B |
| Net borrowing (repayment) | $292.0M | $593.0M | $84.0M | $0 | $0 | $97.0M | $97.0M | $97.0M | $1.97B | −$1.21B |
| Shares issued | $261.0M | $243.0M | $227.0M | $199.0M | $175.0M | $174.0M | $145.0M | $124.0M | $0 | $0 |
| Other financing | −$251.0M | −$291.0M | −$179.0M | −$266.0M | −$178.0M | −$172.0M | −$183.0M | −$261.0M | $152.0M | $111.0M |
| Cash from financing activities | −$5.98B | −$4.47B | −$3.03B | −$7.04B | −$4.59B | −$1.34B | −$3.12B | −$5.93B | $521.0M | −$3.43B |
| Summary | ||||||||||
| Net change in cash | −$781.0M | $1.88B | $4.13B | −$3.00B | −$365.0M | $2.34B | −$311.0M | −$1.57B | $1.60B | −$1.39B |
| Cash at end of period | $7.24B | $8.11B | $6.23B | $2.10B | $5.10B | $5.47B | $3.13B | $3.44B | $5.01B | $3.41B |
| Free cash flow | $5.70B | $7.49B | $7.59B | $4.61B | $4.77B | $3.38B | $2.81B | $3.17B | $3.26B | $2.21B |
| Free cash flow margin | 20.1% | 27.6% | 28.6% | 17.9% | 20.7% | 19.7% | 19.2% | 18.9% | 22.2% | 20.4% |
| Capex / revenue | 8.0% | 4.4% | 4.2% | 3.1% | 2.9% | 2.5% | 3.0% | 3.7% | 2.3% | 2.3% |
| Operating cash flow / net income | 1.14 | 1.21 | 1.27 | 0.83 | 0.92 | 1.05 | 1.20 | 1.25 | 1.05 | 1.43 |
| Jul '26 | Apr '26 | Jan '26 | Oct '25 | Jul '25 | Apr '25 | Jan '25 | Oct '24 | Jul '24 | Apr '24 | Jan '24 | Oct '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $2.54B | −$780.0M | $2.03B | $1.73B | $1.78B | $2.14B | $1.19B | $1.73B | $1.71B | $1.72B | $2.02B | $2.00B |
| Depreciation & amortization | $151.0M | −$8.0M | $127.0M | $110.0M | $113.0M | $103.0M | $105.0M | $110.0M | $95.0M | $96.0M | $91.0M | $130.0M |
| Stock-based compensation | $169.0M | $38.0M | $207.0M | $141.0M | $158.0M | $159.0M | $195.0M | $141.0M | $132.0M | $134.0M | $170.0M | $115.0M |
| Change in working capital | $14.0M | $1.57B | −$394.0M | $1.26B | $588.0M | −$723.0M | −$1.32B | $595.0M | $584.0M | −$414.0M | $352.0M | −$743.0M |
| Other non-cash items | $165.0M | $20.0M | −$280.0M | −$412.0M | −$4.0M | −$105.0M | $763.0M | −$2.0M | −$131.0M | −$146.0M | −$307.0M | $49.0M |
| Cash from operating activities | $3.04B | $843.0M | $1.69B | $2.83B | $2.63B | $1.57B | $925.0M | $2.58B | $2.38B | $1.39B | $2.33B | $1.55B |
| Investing activities | ||||||||||||
| Capital expenditures | −$707.0M | −$635.0M | −$646.0M | −$785.0M | −$584.0M | −$510.0M | −$381.0M | −$407.0M | −$297.0M | −$257.0M | −$229.0M | −$309.0M |
| Investments (net) | −$619.0M | −$155.0M | −$134.0M | $646.0M | −$1.97B | $221.0M | −$897.0M | −$1.07B | −$660.0M | −$149.0M | −$447.0M | −$489.0M |
| Acquisitions & other investing | −$87.0M | $969.0M | $0 | $0 | $584.0M | $510.0M | $381.0M | $407.0M | $297.0M | $257.0M | $229.0M | $309.0M |
| Cash from investing activities | −$1.41B | $179.0M | −$780.0M | −$139.0M | −$1.97B | $221.0M | −$897.0M | −$1.07B | −$660.0M | −$149.0M | −$447.0M | −$489.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$420.0M | −$365.0M | −$365.0M | −$365.0M | −$368.0M | −$325.0M | −$326.0M | −$329.0M | −$331.0M | −$266.0M | −$266.0M | −$268.0M |
| Share repurchases & issuance (net) | −$440.0M | $174.0M | −$337.0M | −$851.0M | −$1.06B | −$1.67B | −$1.32B | −$1.44B | −$861.0M | −$820.0M | −$700.0M | −$700.0M |
| Net borrowing (repayment) | $99.0M | −$100.0M | $0 | $292.0M | $0 | $0 | $0 | −$89.0M | $695.0M | — | — | — |
| Shares issued | $0 | $0 | $0 | $132.0M | $0 | $0 | $0 | $124.0M | $0 | $0 | $0 | $116.0M |
| Other financing | −$128.0M | $216.0M | −$229.0M | −$39.0M | −$33.0M | $92.0M | −$142.0M | −$33.0M | −$25.0M | $64.0M | −$191.0M | −$114.0M |
| Cash from financing activities | −$889.0M | −$75.0M | −$931.0M | −$831.0M | −$1.46B | −$1.90B | −$1.79B | −$1.77B | −$522.0M | −$1.02B | −$1.16B | −$966.0M |
| Summary | ||||||||||||
| Net change in cash | $735.0M | $947.0M | −$23.0M | $1.86B | −$790.0M | −$111.0M | −$1.76B | −$265.0M | $1.20B | $221.0M | $721.0M | $100.0M |
| Cash at end of period | $7.09B | $7.29B | $7.22B | $7.24B | $5.45B | $6.24B | $6.36B | $8.11B | $8.29B | $7.08B | $6.95B | $6.23B |
| Free cash flow | $2.33B | $208.0M | $1.04B | $2.04B | $2.05B | $1.06B | $544.0M | $2.17B | $2.09B | $1.14B | $2.10B | $1.25B |
| Free cash flow margin | 25.6% | 2.6% | 14.8% | 30.0% | 28.1% | 14.9% | 7.6% | 30.8% | 30.8% | 17.1% | 31.3% | 18.5% |
| Capex / revenue | 7.8% | 8.0% | 9.2% | 11.5% | 8.0% | 7.2% | 5.3% | 5.8% | 4.4% | 3.9% | 3.4% | 4.6% |
| Operating cash flow / net income | 1.20 | — | 0.83 | 1.63 | 1.48 | 0.74 | 0.78 | 1.49 | 1.40 | 0.81 | 1.15 | 0.78 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
AMAT cash generation
In fiscal 2025 (ended October 31, 2025), Applied Materials generated $8.0 billion of cash from operations (down 8.3%) and spent $2.3 billion on capital expenditures, leaving free cash flow of $5.7 billion, 20.1% of revenue. It returned $6.3 billion to shareholders through dividends ($1.4 billion) and net share buybacks ($4.9 billion). Cash and equivalents fell by $781.0 million over the year.
Related: AMAT income statement, AMAT balance sheet, AMAT dividend history. See the AMAT stock overview for the latest quote and news.
AMAT cash flow FAQ
What is Applied Materials's free cash flow?
Applied Materials's free cash flow was $5.7 billion in fiscal 2025: $8.0 billion of operating cash flow minus $2.3 billion of capital expenditures It was $7.5 billion a year earlier..
How much cash does Applied Materials generate from operations?
Applied Materials generated $8.0 billion of cash from operating activities in fiscal 2025, 1.14 times its net income of $7.0 billion.
How much does Applied Materials spend on capital expenditures?
Applied Materials spent $2.3 billion on capital expenditures in fiscal 2025, 8.0% of revenue, compared with $1.2 billion the year before.
How much stock does Applied Materials buy back?
Applied Materials spent $4.9 billion on net share repurchases in fiscal 2025.
How much does Applied Materials pay in dividends?
Applied Materials paid $1.4 billion in dividends in fiscal 2025, 24.3% of free cash flow.