| (In millions)
| Three Months Ended | Twelve Months Ended | |||||||||||||
| October 27,
2024 | October 29,
2023 | October 27,
2024 | October 29,
2023 | ||||||||||||
| Cash flows from operating activities: | |||||||||||||||
| Net income | $ | 1,731 | $ | 2,004 | $ | 7,177 | $ | 6,856 | |||||||
| Adjustments required to reconcile net income to cash provided by operating activities: | |||||||||||||||
| Depreciation and amortization | 110 | 130 | 392 | 515 | |||||||||||
| Share-based compensation | 141 | 115 | 577 | 490 | |||||||||||
| Deferred income taxes | (248 | ) | 198 | (633 | ) | 24 | |||||||||
| Other | 246 | (149 | ) | 47 | 40 | ||||||||||
| Net change in operating assets and liabilities | 595 | (743 | ) | 1,117 | 775 | ||||||||||
| Cash provided by operating activities | 2,575 | 1,555 | 8,677 | 8,700 | |||||||||||
| Cash flows from investing activities: | |||||||||||||||
| Capital expenditures | (407 | ) | (309 | ) | (1,190 | ) | (1,106 | ) | |||||||
| Cash paid for acquisitions, net of cash acquired | — | — | — | (25 | ) | ||||||||||
| Proceeds from sales and maturities of investments | 956 | 297 | 2,451 | 1,268 | |||||||||||
| Purchases of investments | (1,620 | ) | (477 | ) | (3,588 | ) | (1,672 | ) | |||||||
| Cash used in investing activities | (1,071 | ) | (489 | ) | (2,327 | ) | (1,535 | ) | |||||||
| Cash flows from financing activities: | |||||||||||||||
| Debt borrowings, net of issuance costs | — | — | 694 | — | |||||||||||
| Proceeds from issuance of commercial paper | 101 | 99 | 401 | 991 | |||||||||||
| Repayments of commercial paper | (100 | ) | (200 | ) | (400 | ) | (900 | ) | |||||||
| Proceeds from common stock issuances | 124 | 116 | 243 | 227 | |||||||||||
| Common stock repurchases | (1,442 | ) | (700 | ) | (3,823 | ) | (2,189 | ) | |||||||
| Tax withholding payments for vested equity awards | (33 | ) | (14 | ) | (291 | ) | (179 | ) | |||||||
| Payments of dividends to stockholders | (329 | ) | (268 | ) | (1,192 | ) | (975 | ) | |||||||
| Repayments of principal on finance leases | (90 | ) | 1 | (102 | ) | (7 | ) | ||||||||
| Cash used in financing activities | (1,769 | ) | (966 | ) | (4,470 | ) | (3,032 | ) | |||||||
| Increase (decrease) in cash, cash equivalents and restricted cash equivalents | (265 | ) | 100 | 1,880 | 4,133 | ||||||||||
| Cash, cash equivalents and restricted cash equivalents — beginning of period | 8,378 | 6,133 | 6,233 | 2,100 | |||||||||||
| Cash, cash equivalents and restricted cash equivalents — end of period | $ | 8,113 | $ | 6,233 | $ | 8,113 | $ | 6,233 | |||||||
| Reconciliation of cash, cash equivalents, and restricted cash equivalents | |||||||||||||||
| Cash and cash equivalents | $ | 8,022 | $ | 6,132 | $ | 8,022 | $ | 6,132 | |||||||
| Restricted cash equivalents included in deferred income taxes and other assets | 91 | 101 | 91 | 101 | |||||||||||
| Total cash, cash equivalents, and restricted cash equivalents | $ | 8,113 | $ | 6,233 | $ | 8,113 | $ | 6,233 | |||||||
| Supplemental cash flow information: | |||||||||||||||
| Cash payments for income taxes | $ | 138 | $ | 588 | $ | 957 | $ | 1,006 | |||||||
| Cash refunds from income taxes | $ | 8 | $ | 2 | $ | 15 | $ | 53 | |||||||
| Cash payments for interest | $ | 68 | $ | 68 | $ | 205 | $ | 205 | |||||||
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Applied Materials Announces Fourth Quarter and Fiscal Year 2024 Results
UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
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