Aslan Research · Chip equipment
APPLIED MATERIALS INC /DE (AMAT)
Data as of 2026-08-21 · 29 quarters · filed in USD
Revenue reached $30.8 billion over the trailing year, while expenses were $22.7 billion. Revenue growth of 12% per year also outpaced expense growth of 7% per year, leaving the business growing faster than its cost base.
Earned, collected early, and merely signed
Reports $6.5B of debt; has promised $7.3B
Committed obligations total $7.3 billion, or 1.1x reported debt of $6.5 billion. Leases account for $802 million of the committed amount beyond debt.
What the promised total is made of, latest quarter
Spending, by reported line
When the promises come due
The next five years bring $9.1 billion of obligations due against $1.0 billion of future revenue promised for that period. The due amount is 9.1x the revenue promised, showing a sharp timing gap.
The rates that matter
Expenses as filed vs after cited reconciliation
6 patterns worth a second look
The filings repeatedly report substantial purchase obligations and parent guarantees outside principal debt balances. They also redefine the credit commitment from a $1.5 billion facility to two $2.0 billion facilities in the FY2025 filing. Other flagged items include export rules expected to reduce backlog after the FY2022 period end, later debt changes, a $253 million BIS settlement agreement after the FY2026 first-quarter period end, and approximately $28 million of systems at customer locations that later filings do not repeat.
off balance sheet · 1
The filings repeatedly report substantial purchase obligations and parent guarantees outside the principal debt balances.
redefinition · 1
The credit-facility commitment changes from a $1.5 billion facility to two $2.0 billion facilities in the FY2025 filing.
subsequent event · 3
The FY2022 filing reports December 2022 export rules expected to reduce backlog and performance obligations after the October 30, 2022 period end.
The FY2025 filing reports an October 2025 repayment of the $700 million notes due October 1, 2025 and new $1.0 billion of notes due 2031 and 2036.
The FY2026 first-quarter filing reports a $253 million BIS settlement agreement entered into after the January 25, 2026 period end.
vanishing item · 1
The FY2022 filing reports approximately $28 million of systems at customer locations held in finished goods inventory because revenue recognition criteria were not met; later catalog entries do not repeat the item.