Applied Materials stock extends its earnings lead

Applied Materials stock remains anchored by fiscal 2025 revenue of $28.37 billion, non-GAAP EPS of $9.42, and operating cash flow of $7.83 billion.

Applied Materials (ISIN US0382221051) remains a large-cap semiconductor equipment name after fiscal 2025 revenue reached $28.37 billion, non-GAAP diluted EPS came in at $9.42, and operating cash flow totaled $7.83 billion. Those three figures come from the companys latest annual report and give investors a clean read on scale, profitability, and cash generation.

Revenue above $28 billion

In fiscal 2025, Applied Materials reported net sales of $28.37 billion, compared with $27.18 billion in fiscal 2024, a year-over-year increase of about 4.4%. The company also said non-GAAP gross margin was 48.5% for fiscal 2025, up from 48.1% a year earlier, which shows that profitability held up even as demand normalized from prior-cycle highs.

That margin detail matters because semiconductor equipment cycles often compress pricing power before revenue fully cools. Applied Materials entered fiscal 2025 with a broad installed base, and the annual report shows that the company still converted a large share of sales into operating cash.

Cash flow stayed strong

Operating cash flow was $7.83 billion in fiscal 2025, versus $6.89 billion in fiscal 2024. Free cash flow also reached $6.58 billion, up from $5.81 billion in the prior year, which is a useful comparison for a capital-intensive supplier that has to keep investing in tools, service, and process technology.

For investors, the comparison is straightforward: revenue rose 4.4%, operating cash flow rose 13.6%, and free cash flow rose 13.3% year over year. That mix suggests that Applied Materials generated more cash per dollar of sales even as the top line advanced at a slower pace.

Margin over 48 percent

Non-GAAP gross margin of 48.5% in fiscal 2025 remained above 48%, and non-GAAP operating margin was 30.2%, according to the annual report. The company also reported a fiscal 2025 non-GAAP tax rate of 14.5%, which helps explain why diluted EPS stayed high at $9.42.

The earnings profile was supported by a balance sheet that carried $12.87 billion in cash and cash equivalents at the end of fiscal 2025, against $6.51 billion in long-term debt. That leaves Applied Materials with flexibility for research spending, buybacks, and dividends when the cycle turns more favorable.

Applied Materials stock and the product base

Applied Materials sells semiconductor manufacturing equipment and related services across deposition, etch, and metrology applications. That product mix is central to the companys revenue stream because each major customer node transition can trigger demand across multiple tool categories.

The annual report shows the business remained broad enough to support a $28.37 billion revenue base in fiscal 2025, while keeping gross margin close to 49%. For the stock, that combination is more relevant than a single quarterly move because it ties valuation to recurring process technology demand rather than only one launch cycle.

Price and market value

Applied Materials shares last traded at $0.00 as of 25 July 2026, and the companys market capitalization stood at $0 as of 25 July 2026. This article keeps the market frame tied to the reported annual metrics, which are the most concrete figures available in the current evidence set.

Applied Materials stock facts

• Company: Applied Materials, Inc.
• ISIN: US0382221051
• Ticker: NASDAQ: AMAT
• Trading venue: NASDAQ
• Market capitalization: $0 (as of 25 July 2026)
• Sector / Industry: Information Technology / Semiconductor Equipment
• Index membership: S&P 500