| Three Months Ended | Twelve Months Ended | ||||||||||||||
| (In millions, except percentages) | October 27,
2024 | October 29,
2023 | October 27,
2024 | October 29,
2023 | |||||||||||
| Non-GAAP Gross Profit | |||||||||||||||
| GAAP reported gross profit | $ | 3,335 | $ | 3,169 | $ | 12,897 | $ | 12,384 | |||||||
| Certain items associated with acquisitions1 | 6 | 8 | 26 | 29 | |||||||||||
| Impairment of long-lived assets | 3 | — | 3 | — | |||||||||||
| Non-GAAP gross profit | $ | 3,344 | $ | 3,177 | $ | 12,926 | $ | 12,413 | |||||||
| Non-GAAP gross margin | 47.5 | % | 47.3 | % | 47.6 | % | 46.8 | % | |||||||
| Non-GAAP Operating Income | |||||||||||||||
| GAAP reported operating income | $ | 2,046 | $ | 1,971 | $ | 7,867 | $ | 7,654 | |||||||
| Certain items associated with acquisitions 1 | 11 | 11 | 42 | 43 | |||||||||||
| Acquisition integration and deal costs | 3 | 2 | 12 | 22 | |||||||||||
| Impairment of long-lived assets | 3 | — | 3 | — | |||||||||||
| Non-GAAP operating income | $ | 2,063 | $ | 1,984 | $ | 7,924 | $ | 7,719 | |||||||
| Non-GAAP operating margin | 29.3 | % | 29.5 | % | 29.2 | % | 29.1 | % | |||||||
| Non-GAAP Net Income | |||||||||||||||
| GAAP reported net income | $ | 1,731 | $ | 2,004 | $ | 7,177 | $ | 6,856 | |||||||
| Certain items associated with acquisitions 1 | 11 | 11 | 42 | 43 | |||||||||||
| Acquisition integration and deal costs | 3 | 2 | 12 | 22 | |||||||||||
| Impairment of long-lived assets | 3 | — | 3 | — | |||||||||||
| Realized loss (gain), dividends and impairments on strategic investments, net | (1 | ) | (2 | ) | 11 | 107 | |||||||||
| Unrealized loss (gain) on strategic investments, net | 244 | (147 | ) | (31 | ) | (134 | ) | ||||||||
| Earn-out | — | (15 | ) | — | (15 | ) | |||||||||
| Income tax effect of share-based compensation 2 | 7 | 6 | — | — | |||||||||||
| Income tax effects related to intra-entity intangible asset transfers | (33 | ) | (65 | ) | 24 | (40 | ) | ||||||||
| Resolution of prior years’ income tax filings and other tax items | (47 | ) | (9 | ) | (25 | ) | (31 | ) | |||||||
| Income tax effect of non-GAAP adjustments 3 | (1 | ) | 1 | (3 | ) | (6 | ) | ||||||||
| Non-GAAP net income | $ | 1,917 | $ | 1,786 | $ | 7,210 | $ | 6,802 | |||||||
Applied Materials Announces Fourth Quarter and Fiscal Year 2024 Results
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UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP RESULTS
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