Applied Materials said fiscal 2024 Semiconductor Systems net revenue increased from the prior year. The company said foundry and logic customer spending decreased due to lower investments in leading-edge technologies, while memory customer spending rose on higher investments in DRAM technology transitions.

10-KAnnual reportFiled Dec 13, 2024Period of report Oct 27, 2024Summary published (UTC) Oct 23, 2026

Key points

AI summary

Applied Materials said fiscal 2024 Semiconductor Systems net revenue increased from the prior year. The company said foundry and logic customer spending decreased due to lower investments in leading-edge technologies, while memory customer spending rose on higher investments in DRAM technology transitions.
The company said fiscal 2024 AGS net revenue increased on higher revenue from long-term service agreements and customer spending on spares, and Display net revenue increased on higher investments in display fabrication equipment for IT products. The company cited product mix changes as the reason Display operating margin decreased.
The company said cash provided by operating activities was $8.7 billion in fiscal 2024, and cash used in financing activities was $4.5 billion. Financing outflows consisted mainly of common stock repurchases of $3.8 billion and dividends of $1.2 billion, partially offset by net proceeds from senior unsecured notes of $694 million.
The company said approximately $8.9 billion remained available under its stock repurchase program as of October 27, 2024. On the same date, senior unsecured notes outstanding totaled $6.2 billion, of which $700 million mature within 12 months.

Key figures

Fiscal year ended October 27, 2024

Revenue: $27.2B
Operating income: $7.9B
Net income: $7.2B
EPS: $8.61
Gross profit: $12.9B
Operating cash flow: $8.7B

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Semiconductor Systems Demand by Market

Applied Materials said fiscal 2024 Semiconductor Systems net revenue increased from the prior year. The company said foundry and logic customer spending decreased due to lower investments in leading-edge technologies, while memory customer spending rose on higher investments in DRAM technology transitions.

Source · Based on the MD&A text of the filing

AGS and Display Revenue and Margin Changes

The company said fiscal 2024 AGS net revenue increased on higher revenue from long-term service agreements and customer spending on spares, and Display net revenue increased on higher investments in display fabrication equipment for IT products. The company cited product mix changes as the reason Display operating margin decreased.

Source · Based on the MD&A text of the filing

Annual Operating Cash Flow and Capital Allocation

The company said cash provided by operating activities was $8.7 billion in fiscal 2024, and cash used in financing activities was $4.5 billion. Financing outflows consisted mainly of common stock repurchases of $3.8 billion and dividends of $1.2 billion, partially offset by net proceeds from senior unsecured notes of $694 million.

Source · Based on the MD&A text of the filing

Remaining Repurchase Authorization and Debt Position

The company said approximately $8.9 billion remained available under its stock repurchase program as of October 27, 2024. On the same date, senior unsecured notes outstanding totaled $6.2 billion, of which $700 million mature within 12 months.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

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