Applied Materials Announces 4Q, Fiscal Year 2023 Results

Applied Materials, Inc. reported results for its fourth quarter and fiscal year ended Oct. 29, 2023.

Applied generated revenue of $6.72 billion. On a GAAP basis, the company reported gross margin of 47.1%, operating income of $1.97 billion or 29.3% of net sales, and record earnings per share (EPS) of $2.38.

On a non-GAAP adjusted basis, the company reported gross margin of 47.3%, operating income of $1.98 billion or 29.5% of net sales, and record EPS of $2.12.
The company generated $1.56 billion in cash from operations and distributed $968 million to shareholders including $700 million in share repurchases and $268 million in dividends.

In fiscal 2023, Applied generated record revenue of $26.52 billion. On a GAAP basis, the company recorded gross margin of 46.7%, operating income of $7.65 billion or 28.9% of net sales, and record EPS of $8.11.

On a non-GAAP adjusted basis, the company reported gross margin of 46.8%, operating income of $7.72 billion or 29.1% of net sales, and record EPS of $8.05.

The company generated a record $8.70 billion in cash from operations and distributed $3.16 billion to shareholders including $2.19 billion in share repurchases and $975 million in dividends.

“Applied Materials delivered record revenue, earnings and cash flow in fiscal 2023 and is outgrowing the wafer fabrication equipment market for the fifth year in a row,” said Gary Dickerson, president and CEO. “Applied’s broad product portfolio, strong customer relationships and leadership at major technology inflections put us in a great position to profitably grow the company as powerful trends fuel the semiconductor industry’s expansion in the years ahead.”