Applied Materials Inc.: 10-K Risk Factor Changes

Available-for-sale Debt Securities - The market value of our investments in available-for-sale securities was approximately $3.2 billion at October 26, 2025. An immediate hypothetical 100 basis point increase in interest rates would result in a decrease in the fair value of investments as of October 26, 2025 of approximately $36 million. Debt - At October 26, 2025, the aggregate principal of long-term senior unsecured notes issued by us was $6.5 billion with an estimated fair value of $6.2 billion. A hypothetical decrease in interest rates of 100 basis points would result in an increase in the fair value of our long-term senior notes issuances of approximately $462 million at October 26, 2025. From time to time, we use interest rate swaps or rate lock agreements to mitigate the potential impact of changes in benchmark interest rates on interest expense and cash flows.

Available-for-sale Debt Securities - The market value of our investments in available-for-sale securities was approximately $3.2 billion at October 27, 2024. An immediate hypothetical 100 basis point increase in interest rates would result in a decrease in the fair value of investments as of October 27, 2024 of approximately $36 million. Debt - At October 27, 2024, the aggregate principal of long-term senior unsecured notes issued by us was $5.5 billion with an estimated fair value of $5.1 billion. A hypothetical decrease in interest rates of 100 basis points would result in an increase in the fair value of our long-term senior notes issuances of approximately $428 million at October 27, 2024. From time to time, we use interest rate swaps or rate lock agreements to mitigate the potential impact of changes in benchmark interest rates on interest expense and cash flows.

Not applicable. 45 45 45 Table of Contents Table of Contents PART III

Basic earnings per share is determined using the weighted average number of common shares outstanding during the period. Diluted earnings per share is determined using the weighted average number of common shares and potential common shares (representing the dilutive effect of restricted stock units and employees’ stock purchase plan shares) outstanding during the period. Our net income has not been adjusted for any period presented for purposes of computing basic or diluted earnings per share due to our non-complex capital structure. Fiscal Year202520242023 (In millions, except per share amounts)Numerator:Net income$6,998 $7,177 $6,856 Denominator:Weighted average common shares outstanding804 827 840 Effect of weighted dilutive restricted stock units and employees’ stock purchase plan shares4 7 5 Denominator for diluted earnings per share808 834 845 Basic earnings per share$8.71 $8.68 $8.16 Diluted earnings per share$8.66 $8.61 $8.11 Potentially weighted dilutive securities— — — Excluded from the calculation of diluted earnings per share are securities attributable to outstanding restricted stock units where the combined exercise price and average unamortized fair value are greater than the average market price of our common stock, and therefore their inclusion would be anti-dilutive. 60 60 60

Basic earnings per share is determined using the weighted average number of common shares outstanding during the period. Diluted earnings per share is determined using the weighted average number of common shares and potential common shares (representing the dilutive effect of restricted stock units and employee stock purchase plan shares) outstanding during the period. Our net income has not been adjusted for any period presented for purposes of computing basic or diluted earnings per share due to our non-complex capital structure. Fiscal Year202420232022 (In millions, except per share amounts)Numerator:Net income$7,177 $6,856 $6,525 Denominator:Weighted average common shares outstanding827 840 871 Effect of weighted dilutive restricted stock units and employee stock purchase plan shares7 5 6 Denominator for diluted earnings per share834 845 877 Basic earnings per share$8.68 $8.16 $7.49 Diluted earnings per share$8.61 $8.11 $7.44 Potentially weighted dilutive securities— — 3 Excluded from the calculation of diluted earnings per share are securities attributable to outstanding restricted stock units where the combined exercise price and average unamortized fair value are greater than the average market price of our common stock, and therefore their inclusion would be anti-dilutive. 63 63 63

Our business depends on our timely supply of products and services to meet the changing requirements of our customers, which depends in part on the timely delivery of parts, materials and services from suppliers and contract manufacturers. Volatility in demand for our products and worldwide demand for semiconductor chips and electronic devices can impact our suppliers’ ability to meet our demand requirements and has in the past resulted in a shortage of parts, materials and services needed to manufacture our products. These shortages, as well as delays in and unpredictability of shipments due to transportation interruptions, may adversely impact our manufacturing operations and our ability to meet customer demand. Supply chain constraints may increase costs of logistics and parts for our products and may cause us to pass on increased costs to our customers, which may lead to reduced demand for our products. Supply chain disruptions have in the past caused, and may from time to time cause, delays in our equipment production and delivery schedules, which can lead to our business 13 13 13 Table of Contents Table of Contents performance becoming significantly dependent on quarter-end production and delivery schedules. We may further experience supply chain disruptions, significant interruptions of our manufacturing operations, delays in our ability to deliver or install products or services, increased costs, customer order cancellations or reduced demand for our products as a result of: •global trade issues and changes in and uncertainties with respect to trade and export regulations, trade policies and sanctions, tariffs, international trade disputes, particularly those relating to exports of certain technologies to China, where a significant portion of our supply chain is located, and any retaliatory measures, that adversely impact us or our direct or sub-tier suppliers; •political instability, social unrest, terrorism, acts of war or other geopolitical turmoil in locations where we or our customers or suppliers have operations; •the failure or inability to accurately forecast demand and obtain quality parts on a cost-effective basis; •cybersecurity incidents affecting our supply chain; •volatility in the availability and cost of parts, commodities, energy and shipping related to our products, including increased costs due to rising inflation or interest rates or other market conditions, as well as uncertainties arising from the imposition of tariffs and any retaliatory measures; •difficulties or delays in obtaining required import or export licenses and approvals; •shipment delays due to transportation interruptions or capacity constraints; •a worldwide shortage of semiconductor components as a result of sharp increases in demand for semiconductor products in general; •limited availability of critical materials and minerals, including due to Chinese government restrictions on the export of certain rare earth minerals implemented in 2025, which could be expanded in the future, and limited feasible alternatives to materials subject to existing or proposed regulations to limit their use (such as hydrofluorocarbons and per- and polyfluoroalkyl substances), which are found in parts, components, process chemicals and other materials supplied to us or used in the manufacturing or operations of our products; and •impacts of natural disasters, extreme and chronic weather events, regional or global health epidemics, or other events beyond our control. If a supplier fails to meet our requirements concerning quality, cost, intellectual property protection or other performance factors, or does not meet regulatory requirements applicable to our supply chain, we may transfer our business to alternative sources, which could result in manufacturing delays, additional costs or other difficulties, and impair our ability to protect, enforce and extract the full value of our intellectual property rights and the intellectual property rights of our customers and other third parties. If we need to rapidly increase our business and manufacturing capacity to meet increases in demand or expedited shipment schedules, this may strain our manufacturing and supply chain operations and negatively impact our working capital. If we are unable to accurately forecast demand for our products, we may purchase more or fewer parts than necessary or incur costs for canceling, postponing or expediting delivery of parts. If we purchase or commit to purchase inventory in anticipation of customer demand that does not materialize, or the inventory is rendered obsolete by the rapid pace of technological change, or if customers reduce, delay or cancel orders, we may incur excess or obsolete inventory charges. Any of these events impacting our supply chain could affect our ability to meet our customers’ demand, result in higher costs to us and have an adverse effect on customer relationships and our business, financial condition and results of operations.

Our business depends on our timely supply of products and services to meet the changing requirements of our customers, which depends in part on the timely delivery of parts, materials and services from suppliers and contract manufacturers. Increases in demand for our products and worldwide demand for semiconductor chips and electronic devices can impact our suppliers’ ability to meet our demand requirements, and have in the past resulted in, and may from time to time result in, a shortage of parts, materials and services needed to manufacture our products. Such shortages, as well as delays in and unpredictability of shipments due to transportation interruptions, have adversely impacted, and may continue to adversely impact, our manufacturing operations and our ability to meet customer demand. Volatility of demand for equipment can also increase our and our suppliers’ capital, technical, operational and other risks, and may cause some suppliers to exit businesses, or scale back or cease operations, which could impact our ability to meet customer demand. Supply chain constraints may increase costs of logistics and parts for our products and may cause us to pass on increased costs to our customers, which may lead to reduced demand for our products and materially and adversely impact our operating results. Supply chain disruptions have in the past caused, and may from time to time cause, delays in our equipment production and delivery schedules, which can lead to our business performance becoming significantly dependent on quarter-end production and delivery schedules, and could have an adverse impact on our operating and financial results. Cybersecurity incidents affecting our suppliers could impact our supply chain. Such incidents have caused, and may from time to time cause, difficulties and delays in our ability to obtain parts, materials and services needed to manufacture our products and provide services, and have adversely impacted, and may from time to time adversely impact, our manufacturing operations, our ability to meet customer demand, and our operating results. Failure to timely recover from such delays could materially and adversely affect our business, financial condition and results of operations, and may also cause our business and financial outlook to be inaccurate. We may further experience supply chain disruptions, significant interruptions of our manufacturing operations, delays in our ability to deliver or install products or services, increased costs, customer order cancellations or reduced demand for our products as a result of: •global trade issues and changes in and uncertainties with respect to trade and export regulations, trade policies and sanctions, tariffs, international trade disputes, particularly those relating to exports of certain technologies to China, where a significant portion of our supply chain is located, and any retaliatory measures, that adversely impact us or our direct or sub-tier suppliers; •political instability, social unrest, terrorism, acts of war or other geopolitical turmoil, such as the conflict in the Middle East, in locations where we or our customers or suppliers have manufacturing, research, engineering or other operations; 16 16 16 Table of Contents Table of Contents •the failure or inability to accurately forecast demand and obtain quality parts on a cost-effective basis; •volatility in the availability and cost of parts, commodities, energy and shipping related to our products, including increased costs due to rising inflation or interest rates or other market conditions; •difficulties or delays in obtaining required import or export licenses and approvals; •shipment delays due to transportation interruptions or capacity constraints; •a worldwide shortage of semiconductor components as a result of sharp increases in demand for semiconductor products in general; •limited availability of feasible alternatives to materials subject to existing or proposed regulations to limit their use (such as hydrofluorocarbons and per- and polyfluoroalkyl substances), which are found in parts, components, process chemicals and other materials supplied to us or used in the manufacturing or operations of our products; •information technology or infrastructure failures within our operations or those of a third-party supplier or service provider, including failures caused by cybersecurity incidents; impacts of natural disasters, extreme and chronic weather events (which may be exacerbated by climate change), or other events beyond our control (such as earthquakes, utility interruptions, tsunamis, hurricanes, typhoons, floods, storms or fires); and •regional or global health epidemics. If a supplier fails to meet our requirements concerning quality, cost, intellectual property protection, socially-responsible and sustainable business practices, or other performance factors, or does not meet regulatory requirements applicable to our supply chain, we may transfer our business to alternative sources. Transferring business to alternative suppliers could result in manufacturing delays, additional costs or other difficulties, and may impair our ability to protect, enforce and extract the full value of our intellectual property rights, and the intellectual property rights of our customers and other third parties. These outcomes could have a material and adverse impact on our business and competitive position and subject us to legal proceedings and claims. If we are unable to meet our customers’ demand for a prolonged period due to our inability to obtain certain parts or components from suppliers on a timely basis or at all, our business, results of operations and customer relationships could be adversely impacted. If we need to rapidly increase our business and manufacturing capacity to meet increases in demand or expedited shipment schedules, this may strain our manufacturing and supply chain operations, and negatively impact our working capital. If we are unable to accurately forecast demand for our products, we may purchase more or fewer parts than necessary or incur costs for canceling, postponing or expediting delivery of parts. If we purchase or commit to purchase inventory in anticipation of customer demand that does not materialize, or such inventory is rendered obsolete by the rapid pace of technological change, or if customers reduce, delay or cancel orders, we may incur excess or obsolete inventory charges.

(1)Includes only restricted stock units and performance share units outstanding under our equity compensation plans, as no options, stock warrants or other rights were outstanding as of October 26, 2025. (2)The weighted average exercise price calculation does not take into account any restricted stock units or performance shares. (3)Includes 8 million shares of our common stock available for future issuance under the Applied Materials, Inc. Omnibus Employees’ Stock Purchase Plan. Of these 8 million shares, 1 million are subject to purchase during the purchase period in effect as of October 26, 2025. We have the following equity compensation plan that has not been approved by stockholders: Applied Materials Profit Sharing Scheme. The Applied Materials Profit Sharing Scheme was adopted effective July 3, 1996 and amended from time to time to enable employees of Applied Materials Ireland Limited and its participating subsidiaries to purchase our common stock at 100% of fair market value on the purchase date. Under this plan, eligible employees may elect to forego a certain portion of their base salary and certain bonuses they have earned and that otherwise would be payable in cash to purchase shares of our common stock at full fair market value. Since the eligible employees pay full fair market value for the shares, there is no reserved amount of shares under this plan and, accordingly, the table above does not include any set number of shares available for future issuance under the plan. 42 42 42 Table of Contents Table of Contents

(1)Includes only restricted stock units and performance share units outstanding under our equity compensation plans, as no options, stock warrants or other rights were outstanding as of October 27, 2024. (2)The weighted average exercise price calculation does not take into account any restricted stock units or performance shares. (3)Includes 10 million shares of our common stock available for future issuance under the Applied Materials, Inc. Omnibus Employees’ Stock Purchase Plan. Of these 10 million shares, 1 million are subject to purchase during the purchase period in effect as of October 27, 2024. We have the following equity compensation plan that has not been approved by stockholders: Applied Materials Profit Sharing Scheme. The Applied Materials Profit Sharing Scheme was adopted effective July 3, 1996 and amended from time to time to enable employees of Applied Materials Ireland Limited and its participating subsidiaries to purchase our common stock at 100% of fair market value on the purchase date. Under this plan, eligible employees may elect to forego a certain portion of their base salary and certain bonuses they have earned and that otherwise would be payable in cash to purchase shares of our common stock at full fair market value. Since the eligible employees pay full fair market value for the shares, there is no reserved amount of shares under this plan and, accordingly, the table above does not include any set number of shares available for future issuance under the plan. 47 47 47 Table of Contents Table of Contents

We are subject to the laws of the United States and multiple foreign jurisdictions and the rules and regulations of various governing bodies, including those related to financial and other disclosures, accounting standards, securities, corporate governance, public procurement and public funding, intellectual property, tax, trade (including import, export and customs regulations), antitrust, cybersecurity, environment, health and safety, employment, immigration and travel regulations, human rights, privacy, data protection and localization and anti-corruption. Changing, inconsistent or conflicting laws, rules and regulations, and ambiguities in their interpretation and application create uncertainty and challenges, and compliance may be onerous and expensive, divert management time and attention and otherwise adversely impact our business operations. Violations of these law, rules and regulations could result in fines, criminal penalties, restrictions on our business, and damage to our reputation, and could have an adverse impact on our business operations, financial condition and results of operations.

We are subject to the laws of the United States and multiple foreign jurisdictions and the rules and regulations of various governing bodies, which may differ among jurisdictions, including those related to financial and other disclosures, accounting standards, securities, corporate governance, public procurement and public funding, intellectual property, tax, trade (including import, export and customs), antitrust, cybersecurity, environment (including those relating to sustainability and climate), health and safety, employment, immigration and travel regulations, human rights, privacy, data protection and localization, and anti-corruption. Changing, inconsistent or conflicting laws, rules and regulations, and ambiguities in their interpretation and application create uncertainty and challenges, and compliance with laws, rules and regulations may be onerous and expensive, divert management time and attention from revenue-generating activities, and otherwise adversely impact our business operations. Violations of law, rules and regulations, including, among others, those related to financial and other disclosures, trade (including import and export regulations), antitrust, environment, health and safety, privacy, data protection, and anti-corruption, could result in fines, criminal penalties, restrictions on our business, and damage to our reputation, and could have an adverse impact on our business operations, financial condition and results of operations.

We have a short-term commercial paper program under which we may issue unsecured commercial paper notes up to a total of $4.0 billion. We increased the amount of commercial paper notes we may issue to $4.0 billion in the fourth quarter of fiscal 2025, subsequent to increasing the amount from $1.5 billion to $2.0 billion in the third quarter of fiscal 2025. The proceeds from the issuances of commercial paper are used for general corporate purposes. At October 26, 2025, we had $100 million of commercial paper notes outstanding and recorded as short-term debt with a weighted-average interest rate of 4.07% and maturities of 35 days, and as of October 27, 2024, we had $100 million of commercial paper notes outstanding and recorded as short-term debt with a weighted-average interest rate of 5.06% and maturities of 63 days.

We have a short-term commercial paper program under which we may issue unsecured commercial paper notes of up to a total amount of $1.5 billion. The proceeds from the issuances of commercial paper are used for general corporate purposes. At October 27, 2024, we had $100 million of commercial paper notes outstanding and recorded as short-term debt with a weighted-average interest rate of 5.06% and maturities of 63 days, and as of October 29, 2023, we had $100 million of commercial paper notes outstanding and recorded as short-term debt with a weighted-average interest rate of 5.39% and maturities of 90 days.

Our common stock is traded on the Nasdaq Global Select Market under the symbol AMAT. As of December 5, 2025, there were 2,626 registered holders of our common stock. Information regarding quarterly cash dividends declared on our common stock during fiscal 2025, 2024 and 2023 may be found under “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Financial Condition, Liquidity and Capital Resources”.

Our common stock is traded on the Nasdaq Global Select Market under the symbol AMAT. As of December 6, 2024, there were 2,692 registered holders of our common stock. Information regarding quarterly cash dividends declared on our common stock during fiscal 2024, 2023 and 2022 may be found under “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Financial Condition, Liquidity and Capital Resources”.

As of October 26, 2025, we had $6.5 billion in aggregate principal amount of senior unsecured notes outstanding. Under the indenture governing the senior unsecured notes, we may be required to offer to repurchase the notes at a price equal to 20 20 20 Table of Contents Table of Contents 101% of the principal amount, plus accrued and unpaid interest, if we experience a change of control and a contemporaneous downgrade of the notes below investment grade. We also have in place revolving credit facilities that allow us to borrow up to an aggregate amount of approximately $4.1 billion. While no amounts were outstanding under these credit facilities as of October 26, 2025, we may borrow amounts in the future under these credit facilities or enter into new financing arrangements. Our ability to satisfy our debt obligations is dependent upon the results of our business operations and subject to other risks discussed in this section. If we fail to satisfy our debt obligations, or comply with financial and other debt covenants, we may be in default and any borrowings may become immediately due and payable, and such default may constitute a default under our other obligations. There can be no assurance that we would have sufficient financial resources or be able to arrange financing to repay any borrowings at such time. Significant changes in our credit rating, disruptions in the global financial markets, or incurrence of new or refinancing of existing indebtedness at higher interest rates could have a material and adverse impact on our access to and cost of capital for future financings and our financial condition.

As of October 27, 2024, we had $6.2 billion in aggregate principal amount of senior unsecured notes outstanding. Under the indenture governing the senior unsecured notes, we may be required to offer to repurchase the notes at a price equal to 101% of the principal amount, plus accrued and unpaid interest, if we experience a change of control and a contemporaneous downgrade of the notes below investment grade. We also have in place a $1.5 billion revolving credit facility. While no amounts were outstanding under this credit facility as of October 27, 2024, we may borrow amounts in the future under this credit facility or enter into new financing arrangements. Our ability to satisfy our debt obligations is dependent upon the results of our business operations and subject to other risks discussed in this section. If we fail to satisfy our debt obligations, or comply with financial and other debt covenants, we may be in default and any borrowings may become immediately due and payable, and such default may constitute a default under our other obligations. There can be no assurance that we would have sufficient financial resources or be able to arrange financing to repay any borrowings at such time. Significant changes in our credit rating, disruptions in the global financial markets, or incurrence of new or refinancing of existing indebtedness at higher interest rates could have a material and adverse impact on our access to and cost of capital for future financings, and financial condition.

Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to facilitate an understanding of our business and results of operations. This MD&A should be read in conjunction with our Consolidated Financial Statements and the accompanying Notes to Consolidated Financial Statements included elsewhere in this Form 10-K. The following discussion contains forward-looking statements and should also be read in conjunction with the cautionary statement set forth at the beginning of this Form 10-K. The following section generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2024 items and year-to-year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found in “Management's Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended October 27, 2024, filed on December 13, 2024. Overview We provide equipment, services and software to the semiconductor and related industries. Our customers include manufacturers of semiconductor wafers and chips and other electronic devices. Our customers’ products are used in a wide variety of products such as personal computing devices, mobile phones, artificial intelligence (AI) and data center servers, automobiles, connected devices, industrial applications and consumer electronics. Each of our segments is subject to variable industry conditions, as demand for equipment and services can change depending on supply and demand for chips and other electronic devices, as well as other factors, such as global economic, political and market conditions, and the nature and timing of technological advances in fabrication processes. Our strategic priorities include developing products that help solve customers’ challenges at technology inflections, growing our service business, and expanding our served market opportunities in the semiconductor industry. Our long-term growth strategy requires continued development of new materials engineering capabilities, including products and platforms that enable expansion into new and adjacent markets. Our significant investments in research, development and engineering (RD&E) are intended to enable us to deliver new products and technologies before the emergence of strong demand, allowing customers to incorporate these products into their manufacturing plans during early-stage technology selection. We collaborate closely with our global customers to design systems and processes to meet their technical and production requirements. Our future operating results depend to a considerable extent on our ability to maintain a competitive advantage in the equipment and service products we provide. Development cycles depend on whether the product is an enhancement of an existing product, which typically has a shorter development cycle, or a new product, which typically has a longer development cycle. Most of our existing products resulted from internal development activities and innovations involving new technologies, materials and processes. In certain instances, we acquire technologies, either in existing or new product areas, to complement our existing technology capabilities and to reduce time to market. Product development and manufacturing activities occur primarily in the United States, Europe, Israel, and Asia. Our portfolio of equipment and service products are highly technical and are sold primarily through a direct sales force. We believe that it is critical to make substantial investments in RD&E to assure the availability of innovative technology that meets the current and projected requirements of our customers’ most advanced designs. We have and continue to invest in RD&E in order to continue to offer new products and technologies. We operate in two reportable segments: Semiconductor Systems and Applied Global Services® (AGS). As of October 26, 2025, management no longer considers Display a significant operating segment for separate reporting purposes. The financial results of our other operating segments that do not meet the requirements for a reportable segment, including our Display operating segment, are included in Corporate and Other. Prior-year Corporate and Other balances have been recast to include Display financial results. A summary of financial information for each reportable segment is found in Note 15 of Notes to Consolidated Financial Statements. A discussion of factors that could affect our operations is set forth under “Risk Factors” in Part I, Item 1A, which is incorporated herein by reference. Our results are driven primarily by customer spending on capital equipment and services to support key technology transitions or to increase production volume in response to worldwide demand for semiconductors. 28 28 28 Table of Contents Table of Contents The Semiconductor Systems segment is comprised primarily of capital equipment used to fabricate semiconductor chips. Spending by semiconductor customers, which include companies that operate in the foundry, logic, memory, and other semiconductor chip markets, is driven by demand for products such as smartphones, mobile devices, personal computers (PC), servers for artificial intelligence (AI) and data centers, automobiles, clean energy, storage, and other products, and the nature and timing of technological advances in fabrication processes. The growth of data and emerging end-market drivers such as AI, the internet of things, robotics and smart vehicles are also creating the next wave of growth for the industry. As a result, products within the Semiconductor Systems segment are subject to significant changes in customer requirements, including transitions to smaller dimensions, increasingly complex chip architectures, new materials and an increasing number of applications. Spending can also depend on customer facility readiness and timeline for installation of capital equipment at customer sites. Development efforts are focused on solving customers’ key technical challenges in patterning, transistor, interconnect, process control, and packaging performance. The AGS segment provides services, spares and factory automation software to customer fabrication plants globally to help customers optimize performance of our large, global installed base of semiconductor and other equipment. The AGS segment also includes 200 millimeter (200mm) and other equipment, which is shipped to many customers globally that serve the non-leading-edge end markets. Effective the first quarter of fiscal 2026, our 200mm equipment business will be moved to our Semiconductor Systems segment. Demand for AGS’ service and spares is driven by our large and growing installed base of manufacturing systems, and customers’ needs to shorten ramp times, improve system performance, and optimize factory output and operating costs. Industry conditions that affect AGS’ sales of spares and services are primarily characterized by changes in semiconductor manufacturers’ wafer starts and utilization rates, growth of the installed base of equipment and growing service intensity of newer tools. Our strategy is to continue to shift the AGS’ service and spares business to a subscription agreement model, improving customer factory performance and optimizing operating costs, and providing us a more predictable revenue stream. The Corporate and Other category includes revenues and costs of product not included in our reportable segments, as well as certain operating expenses that are not allocated to our reportable segments and are managed separately at the corporate level. These operating expenses include costs for certain management, finance, legal, human resources, and RD&E functions performed at the corporate level; and unabsorbed information technology and occupancy. In addition, we do not allocate to our reportable segments charges associated with restructuring actions, such as employee severance costs and asset impairment charges, unless the restructuring actions pertain to a specific reportable segment. The United States government has implemented export regulations for U.S. semiconductor technology sold or provided to customers in China, which have limited our ability to provide certain products and services to customers in China, over the past several years. The U.S. government continues to issue new export licensing requirements, and additional updates and other requirements that have had the effect of further limiting our ability to provide certain products and services to customers outside the U.S., including in China. Also, the United States has announced changes to its trade policy, including increased tariffs on imports. These actions have caused substantial uncertainty and have resulted in retaliatory measures, including new tariffs on U.S. goods imposed by China and other countries. Some of these actions have been followed by announcements of limited exemptions and temporary pauses. For a description of these risks, see the risk factors entitled “Business and Industry Risks - Global trade issues and changes in and uncertainties with respect to trade policies and export regulations, including import and export license requirements, trade sanctions, tariffs and international trade disputes, have adversely impacted and could further adversely impact our business and operations, and reduce the competitiveness of our products and services relative to local and global competitors” and “Business and Industry Risks - We are exposed to risks and uncertainty related to changes in trade policies, and increased tariffs and trade disputes ” in Part I, Item 1A, “Risk Factors.” 29 29 29 Table of Contents Table of Contents

Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to facilitate an understanding of our business and results of operations. This MD&A should be read in conjunction with our Consolidated Financial Statements and the accompanying Notes to Consolidated Financial Statements included elsewhere in this Form 10-K. The following discussion contains forward-looking statements and should also be read in conjunction with the cautionary statement set forth at the beginning of this Form 10-K. The following section generally discusses 2024 and 2023 items and year-to-year comparisons between 2024 and 2023. Discussions of 2023 items and year-to-year comparisons between 2023 and 2022 that are not included in this Form 10-K can be found in "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended October 29, 2023, filed on December 15, 2023. Overview We provide equipment, services and software to the semiconductor, display, and related industries. Our customers include manufacturers of semiconductor wafers and chips, liquid crystal and organic light-emitting diode (OLED) displays, and other electronic devices. Our customers’ products are used in a wide variety of products such as personal computing devices, mobile phones, artificial intelligence (AI) and data center servers, automobiles, connected devices, industrial applications and consumer electronics. Each of our segments is subject to variable industry conditions, as demand for equipment and services can change depending on supply and demand for chips, display technologies and other electronic devices, as well as other factors, such as global economic, political and market conditions, and the nature and timing of technological advances in fabrication processes. Our strategic priorities include developing products that help solve customers’ challenges at technology inflections; expanding our served market opportunities in the semiconductor and display industries; and growing our service business. Our long-term growth strategy requires continued development of new materials engineering capabilities, including products and platforms that enable expansion into new and adjacent markets. Our significant investments in research, development and engineering (RD&E) are intended to enable us to deliver new products and technologies before the emergence of strong demand, allowing customers to incorporate these products into their manufacturing plans during early-stage technology selection. We collaborate closely with our global customers to design systems and processes to meet their technical and production requirements. Our future operating results depend to a considerable extent on our ability to maintain a competitive advantage in the equipment and service products we provide. Development cycles depend on whether the product is an enhancement of an existing product, which typically has a shorter development cycle, or a new product, which typically has a longer development cycle. Most of our existing products resulted from internal development activities and innovations involving new technologies, materials and processes. In certain instances, we acquire technologies, either in existing or new product areas, to complement our existing technology capabilities and to reduce time to market. Product development and manufacturing activities occur primarily in the United States, Europe, Israel, and Asia. Our portfolio of equipment and service products are highly technical and are sold primarily through a direct sales force. We believe that it is critical to make substantial investments in RD&E to assure the availability of innovative technology that meets the current and projected requirements of our customers’ most advanced designs. We have and continue to invest in RD&E in order to continue to offer new products and technologies. We operate in three reportable segments: Semiconductor Systems, Applied Global Services® (AGS), and Display. A summary of financial information for each reportable segment is found in Note 14 of Notes to Consolidated Financial Statements. A discussion of factors that could affect our operations is set forth under “Risk Factors” in Part I, Item 1A, which is incorporated herein by reference. Our results are driven primarily by customer spending on capital equipment and services to support key technology transitions or to increase production volume in response to worldwide demand for semiconductors and displays. 32 32 32 Table of Contents Table of Contents The Semiconductor Systems segment is comprised primarily of capital equipment used to fabricate semiconductor chips. Spending by semiconductor customers, which include companies that operate in the foundry, logic, memory, and other semiconductor chip markets, is driven by demand for products such as smartphones, mobile devices, personal computers, servers for artificial intelligence (AI) and data centers, automobiles, clean energy, storage, and other products, and the nature and timing of technological advances in fabrication processes. The growth of data and emerging end-market drivers such as AI, the internet of things, 5G networks, electric and autonomous vehicles and augmented and virtual reality are also creating the next wave of growth for the industry. As a result, products within the Semiconductor Systems segment are subject to significant changes in customer requirements, including transitions to smaller dimensions, increasingly complex chip architectures, new materials and an increasing number of applications. Spending can also depend on customer facility readiness and timeline for installation of capital equipment at customer sites. Development efforts are focused on solving customers’ key technical challenges in patterning, transistor, interconnect, process control, and packaging performance. The AGS segment provides services, spares and factory automation software to customer fabrication plants globally to help customers optimize performance of our large, global installed base of semiconductor, display and other equipment. The AGS segment also includes 200mm and other equipment, which is shipped to many customers globally that serve the non-leading-edge end markets. Demand for AGS’ service and spares is driven by our large and growing installed base of manufacturing systems, and customers’ needs to shorten ramp times, improve system performance, and optimize factory output and operating costs. Industry conditions that affect AGS’ sales of spares and services are primarily characterized by changes in semiconductor manufacturers’ wafer starts and utilization rates, growth of the installed base of equipment and growing service intensity of newer tools. Our strategy is to continue to shift the AGS’ service and spares business to a subscription agreement model, improving customer factory performance and optimizing operating costs, and providing us a more predictable revenue stream. The Display segment encompasses products for manufacturing liquid crystal and OLED displays, and other display technologies for TVs, monitors, laptops, personal computers (PC), tablets, smart phones, other consumer-oriented devices, equipment upgrades and solar energy cells. The segment is focused on expanding its presence through technologically-differentiated equipment and products that provide customers with improved performance and yields. Display segment growth depends primarily on consumer demand for increasingly larger and more advanced TVs and high-resolution displays for mobile devices and information technology (IT) products, including laptops, monitors and tablets, as well as new form factors, including thin, light, curved and flexible displays, and new applications such as augmented and virtual reality. The timing of customer investment in manufacturing equipment is also affected by the timing of next-generation process development and of capacity expansion to meet end-market demand. The Corporate and Other category includes revenues and costs of product sold from other products, as well as certain operating expenses that are not allocated to our reportable segments and are managed separately at the corporate level. These operating expenses include costs for certain management, finance, legal, human resource, and RD&E functions performed at the corporate level; and unabsorbed information technology and occupancy. In addition, we do not allocate to our reportable segments severance, asset impairment and any associated charges related to restructuring actions, unless these actions pertain to a specific reportable segment. Effective in the first quarter of fiscal 2024, management began including share-based compensation expense in the evaluation of reportable segments' performance. Prior-year numbers have been recast to conform to the current-year presentation. The United States government has implemented export regulations for U.S. semiconductor technology sold or provided to customers in China, which have limited our ability to provide certain products and services to customers in China, over the past several years. The U.S. government continues to issue new export licensing requirements, and additional updates and other requirements that have had the effect of further limiting our ability to provide certain products and services to customers outside the U.S., including in China. For a description of these risks, see the risk factor entitled “Business and Industry Risks - Global trade issues and changes in and uncertainties with respect to trade policies and export regulations, including import and export license requirements, trade sanctions, tariffs and international trade disputes, have adversely impacted and could further adversely impact our business and operations, and reduce the competitiveness of our products and services relative to local and global competitors” in Part I, Item 1A, “Risk Factors.” 33 33 33 Table of Contents Table of Contents

Our independent registered public accounting firm is KPMG LLP, Santa Clara, California, Auditor Firm ID: 185. The information required by this Item will be provided in accordance with Instruction G(3) to Form 10-K no later than February 23, 2026. 43 43 43 Table of Contents Table of Contents PART IV

Our independent registered public accounting firm is KPMG LLP, Santa Clara, California, Auditor Firm ID: 185. The information required by this Item will be provided in accordance with Instruction G(3) to Form 10-K no later than February 24, 2025. 48 48 48 Table of Contents Table of Contents PART IV

Assets Measured at Fair Value on a Recurring Basis The following table presents our fair value hierarchy for our financial assets (excluding cash balances) measured at fair value on a recurring basis: October 26, 2025October 27, 2024 Level 1Level 2TotalLevel 1Level 2Total (In millions)Assets:Available-for-sale debt security investmentsMoney market funds*$2,264 $— $2,264 $3,512 $— $3,512 Bank certificates of deposit and time deposits— 184 184 — 103 103 U.S. Treasury and agency securities2,109 319 2,428 2,684 14 2,698 Non-U.S. government securities— 5 5 — 5 5 Municipal securities— 473 473 — 460 460 Commercial paper, corporate bonds and medium-term notes— 3,102 3,102 — 2,590 2,590 Asset-backed and mortgage-backed securities— 616 616 — 654 654 Total available-for-sale debt security investments$4,373 $4,699 $9,072 $6,196 $3,826 $10,022 Equity investments with readily determinable valuesPublicly traded equity securities$2,110 $— $2,110 $723 $— $723 Total equity investments with readily determinable values$2,110 $— $2,110 $723 $— $723 Total$6,483 $4,699 $11,182 $6,919 $3,826 $10,745 ______________________________ *Amounts as of October 26, 2025 and October 27, 2024 include $71 million and $91 million, respectively, invested in money market funds related to deferred compensation plans. Due to restrictions on the distribution of these funds, they are classified as restricted cash equivalents and are included in deferred income taxes and other assets in the Consolidated Balance Sheets. deferred income taxes and other assets deferred income taxes and other assets We did not have any financial assets measured at fair value on a recurring basis within Level 3 fair value measurements as of October 26, 2025 or October 27, 2024. Assets and Liabilities without Readily Determinable Values Measured on a Non-recurring Basis Our equity investments without readily determinable values consist of equity investments in privately held companies. We elected the measurement alternative, defined as cost, less impairments, adjusted for subsequent observable price changes on a prospective basis for certain equity investments without readily determinable fair values and are required to account for any subsequent observable changes in fair value within the statements of operations. These investments are classified as Level 3 within the fair value hierarchy and periodically assessed for impairment when an event or circumstance indicates that a decline in value may have occurred. Impairment losses on equity investments in privately held companies, included in the above table, were not material during fiscal 2025 and 2024 and were $121 million during fiscal 2023. These impairment losses are included in interest and other income (expense), net in the Consolidated Statement of Operations. Other The carrying amounts of our financial instruments, including cash and cash equivalents, restricted cash equivalents, accounts receivable, commercial paper notes, and accounts payable and accrued expenses, approximate fair value due to their short maturities. At October 26, 2025, the aggregate principal amount of long-term senior unsecured notes was $6.5 billion, and the estimated fair value was $6.2 billion. At October 27, 2024, the aggregate principal amount of long-term senior unsecured notes was $5.5 billion and the estimated fair value was $5.1 billion. The estimated fair value of long-term senior unsecured notes is determined by Level 2 inputs and is based primarily on quoted market prices for the same or similar issues. See Note 9 of the Notes to the Consolidated Financial Statements for further detail of existing debt. 64 64 64

Assets Measured at Fair Value on a Recurring Basis The following table presents our fair value hierarchy for our financial assets (excluding cash balances) measured at fair value on a recurring basis: October 27, 2024October 29, 2023 Level 1Level 2TotalLevel 1Level 2Total (In millions)Assets:Available-for-sale debt security investmentsMoney market funds*$3,512 $— $3,512 $3,361 $— $3,361 Bank certificates of deposit and time deposits— 103 103 — 18 18 U.S. Treasury and agency securities2,684 14 2,698 331 43 374 Non-U.S. government securities— 5 5 — 6 6 Municipal securities— 460 460 — 453 453 Commercial paper, corporate bonds and medium-term notes— 2,590 2,590 — 2,177 2,177 Asset-backed and mortgage-backed securities— 654 654 — 487 487 Total available-for-sale debt security investments$6,196 $3,826 $10,022 $3,692 $3,184 $6,876 Equity investments with readily determinable valuesPublicly traded equity securities$723 $— $723 $698 $— $698 Total equity investments with readily determinable values$723 $— $723 $698 $— $698 Total$6,919 $3,826 $10,745 $4,390 $3,184 $7,574 _________________________ *Amounts as of October 27, 2024 and October 29, 2023 include $91 million and $101 million, respectively, invested in money market funds related to deferred compensation plans. Due to restrictions on the distribution of these funds, they are classified as restricted cash equivalents and are included in deferred income taxes and other assets in the Consolidated Balance Sheets. deferred income taxes and other assets deferred income taxes and other assets We did not have any financial assets measured at fair value on a recurring basis within Level 3 fair value measurements as of October 27, 2024 or October 29, 2023. Assets and Liabilities without Readily Determinable Values Measured on a Non-recurring Basis Our equity investments without readily determinable values consist of equity investments in privately held companies. We elected the measurement alternative, defined as cost, less impairments, adjusted for subsequent observable price changes on a prospective basis for certain equity investments without readily determinable fair values and are required to account for any subsequent observable changes in fair value within the statements of operations. These investments are classified as Level 3 within the fair value hierarchy and periodically assessed for impairment when an event or circumstance indicates that a decline in value may have occurred. Impairment losses on equity investments in privately held companies, included in the above table, were not material during fiscal 2024 and 2022 and were $121 million during fiscal 2023. These impairment losses are included in interest and other income (expense), net in the Consolidated Statement of Operations. Other The carrying amounts of our financial instruments, including cash and cash equivalents, restricted cash equivalents, accounts receivable, commercial paper notes, and accounts payable and accrued expenses, approximate fair value due to their short maturities. At October 27, 2024, the aggregate principal amount of long-term senior unsecured notes was $5.5 billion, and the estimated fair value was $5.1 billion. At October 29, 2023, the aggregate principal amount of long-term senior unsecured notes was $5.5 billion and the estimated fair value was $4.7 billion. The estimated fair value of long-term senior unsecured notes is determined by Level 2 inputs and is based primarily on quoted market prices for the same or similar issues. See Note 9 of the Notes to the Consolidated Financial Statements for further detail of existing debt. 67 67 67

(a) The following documents are filed as part of this Annual Report on Form 10-K: PageNumber(1)Financial Statements:Report of Independent Registered Public Accounting Firm45Consolidated Statements of Operations47Consolidated Statements of Comprehensive Income48Consolidated Balance Sheets49Consolidated Statements of Stockholders’ Equity50Consolidated Statements of Cash Flows51Notes to Consolidated Financial Statements53(2)Exhibits:The exhibits listed in the accompanying Index to Exhibits are filed or incorporated by reference as part of this Annual Report on Form 10-K84 Report of Independent Registered Public Accounting Firm 45 Consolidated Statements of Operations 47 Consolidated Statements of Comprehensive Income 48 Consolidated Balance Sheets 49 Consolidated Statements of Stockholders’ Equity 50 Consolidated Statements of Cash Flows 51 Notes to Consolidated Financial Statements 53 The exhibits listed in the accompanying Index to Exhibits are filed or incorporated by reference as part of this Annual Report on Form 10-K 84 All other schedules are omitted because they are not applicable or the required information is shown in the Consolidated Financial Statements or Notes thereto.

(a) The following documents are filed as part of this Annual Report on Form 10-K: PageNumber(1)Financial Statements:Report of Independent Registered Public Accounting Firm50Consolidated Statements of Operations52Consolidated Statements of Comprehensive Income53Consolidated Balance Sheets54Consolidated Statements of Stockholders’ Equity55Consolidated Statements of Cash Flows56Notes to Consolidated Financial Statements57(2)Exhibits:The exhibits listed in the accompanying Index to Exhibits are filed or incorporated by reference as part of this Annual Report on Form 10-K85 Report of Independent Registered Public Accounting Firm 50 Consolidated Statements of Operations 52 Consolidated Statements of Comprehensive Income 53 Consolidated Balance Sheets 54 Consolidated Statements of Stockholders’ Equity 55 Consolidated Statements of Cash Flows 56 Notes to Consolidated Financial Statements 57 The exhibits listed in the accompanying Index to Exhibits are filed or incorporated by reference as part of this Annual Report on Form 10-K 85 All other schedules are omitted because they are not applicable or the required information is shown in the Consolidated Financial Statements or Notes thereto.

Gains and Losses on Investments At October 26, 2025, gross unrealized losses related to our fixed income portfolio were not material. We regularly review our fixed income portfolio to identify and evaluate investments that have indications of possible impairment from credit losses or other factors. Factors considered in determining whether an unrealized loss is considered to be a credit loss include: the significance of the decline in value compared to the cost basis; the financial condition, credit quality and near-term prospects of the investee; and whether it is more likely than not that we will be required to sell the security prior to recovery. Credit losses related to available-for-sale debt securities are recorded as an allowance for credit losses through interest and other income (expense), net. Any additional changes in fair value that are not related to credit losses are recognized in accumulated other comprehensive income (loss). During fiscal 2025, 2024 and 2023, gross realized gains and losses related to our fixed income portfolio were not material. During fiscal 2025, 2024 and 2023, we did not recognize material credit losses and the ending allowance for credit losses was not material. The components of gain (loss) on equity investments recognized in the Consolidated Statements of Operations for each fiscal year were as follows: 202520242023(In millions)Publicly traded equity securitiesUnrealized gain$887 $332 $193 Unrealized loss(139)(287)(44)Realized gain on sales and dividends91 5 9Realized loss on sales or impairment— (1)(4)Equity investments in privately held companiesUnrealized gain20 3 15Unrealized loss(13)(17)(30)Realized gain on sales and dividends10 4 9Realized loss on sales or impairment(35)(19)(121)Total gain (loss) on equity investments, net$821 $20 $27 63 63 63

Gains and Losses on Investments At October 27, 2024, gross unrealized losses related to our fixed income portfolio were not material. We regularly review our fixed income portfolio to identify and evaluate investments that have indications of possible impairment from credit losses or other factors. Factors considered in determining whether an unrealized loss is considered to be a credit loss include: the significance of the decline in value compared to the cost basis; the financial condition; credit quality and near-term prospects of the investee; and whether it is more likely than not that we will be required to sell the security prior to recovery. Credit losses related to available-for-sale debt securities are recorded as an allowance for credit losses through interest and other income (expense), net. Any additional changes in fair value that are not related to credit losses are recognized in accumulated other comprehensive income (loss) (AOCI). During fiscal 2024, 2023 and 2022, gross realized gains and losses related to our fixed income portfolio were not material. During fiscal 2024, 2023 and 2022, we did not recognize material credit losses and the ending allowance for credit losses was not material. The components of gain (loss) on equity investments for each fiscal year were as follows: 202420232022(In millions)Publicly traded equity securitiesUnrealized gain$332 $193 $30 Unrealized loss(287)(44)(62)Realized gain on sales and dividends5 9 7Realized loss on sales or impairment(1)(4)— Equity investments in privately held companiesUnrealized gain3 15 41Unrealized loss(17)(30)(5)Realized gain on sales and dividends4 9 3Realized loss on sales or impairment(19)(121)(7)Total gain (loss) on equity investments, net$20 $27 $7 66 66 66

As of October 27, 2024, our operating lease obligation was $384 million related to various operating lease arrangements for certain facilities, of which $96 million is payable within 12 months and the remaining amount is payable beyond 12 months.

The industries in which we operate, including the global semiconductor industry, have historically been cyclical and are subject to volatility in customer demand. Demand for our products and services is impacted by technology inflections and advances in fabrication processes, new and emerging technologies and market drivers, production capacity relative to demand for semiconductor chips and electronic devices, end-user demand, the timing of customers’ investment in new or expanded fabrication plants, customers’ capacity utilization, production volumes, access to affordable capital, business and consumer buying patterns and general economic and political conditions. Artificial intelligence (AI) and technologies related to AI are a significant demand driver for the industries we serve. AI is evolving rapidly and the expected timing and amount of investments related to AI can change significantly. As a result, it is difficult to accurately forecast demand for our products related to AI. Changes in demand can affect the timing and amounts of customer investments in technology and manufacturing equipment and can significantly impact our operating results. The amount and mix of our customers’ capital equipment spending between different products and technologies can also significantly impact our operating results. To meet rapidly changing demand, we must accurately forecast demand and effectively manage our resources, investments, production capacity, supply chain, workforce, inventory and other components of our business. We may incur unexpected or additional costs to align our business operations with changes in demand. If we do not effectively manage these challenges, our business performance and operating results may be adversely impacted. Even with effective allocation of resources and management of costs, our gross and operating margins, cash flows and earnings may be adversely impacted during periods of changing demand.

We are a supplier to the global semiconductor and display and related industries, which historically have been cyclical and are subject to volatility in customer demand. Factors that impact demand for our products and services include technology inflections and advances in fabrication processes, new and emerging technologies and market drivers, such as demand for high-bandwidth memory and other forms of advanced packaging and technologies related to artificial intelligence and data center computing, production capacity relative to demand for semiconductor chips and electronic devices, end-user demand, customers’ capacity utilization, production volumes, access to affordable capital, business and consumer buying patterns and general economic and political conditions. Artificial intelligence is evolving rapidly and is a relatively new demand driver for semiconductors and semiconductor equipment, and it is difficult to accurately forecast such demand. Changes in demand can affect the timing and amounts of customer investments in technology and manufacturing equipment and can significantly impact our operating results. The amount and mix of our customers’ capital equipment spending between different products and technologies can also significantly impact our operating results. To meet rapidly changing demand, we must accurately forecast demand and effectively manage our resources, investments, production capacity, supply chain, workforce, inventory, and other components of our business. We may incur unexpected or additional costs to align our business operations with changes in demand. If we do not effectively manage these challenges, our business performance and operating results may be adversely impacted. Even with effective allocation of resources and management of costs, our gross and operating margins, cash flows and earnings may be adversely impacted during periods of changing demand.

For a description of recently adopted accounting standards, including the date of adoption and the effect, if any, on our consolidated financial statements, see Note 1, “Summary of Significant Accounting Policies,” of the Notes to Consolidated Financial Statements. 33 33 33 Table of Contents Table of Contents

For a description of recently adopted accounting standards, including the date of adoption and the effect, if any, on our consolidated financial statements, see Note 1, “Summary of Significant Accounting Policies,” of the Notes to Consolidated Financial Statements. 38 38 38 Table of Contents Table of Contents

Common StockAdditionalPaid-InCapitalRetainedEarningsTreasury StockAccumulatedOtherComprehensiveIncome (Loss)TotalSharesAmountSharesAmountBalance at October 30, 2022844 $8 $8,593 $37,892 1,173 $(34,097)$(202)$12,194 Net income— — — 6,856 — — — 6,856 Other comprehensive income (loss), net of tax— — — — — — (15)(15)Dividends declared ($1.22 per common share)— — — (1,022)— — — (1,022)Share-based compensation— — 490 — — — — 490 Net issuance under stock plans7 — 48 — — — — 48 Common stock repurchases(18)— — — 18 (2,202)— (2,202)Balance at October 29, 2023833 $8 $9,131 $43,726 1,191 $(36,299)$(217)$16,349 Net income— — — 7,177 — — — 7,177 Other comprehensive income (loss), net of tax— — — — — — 49 49 Dividends declared ($1.52 per common share)— — — (1,252)— — — (1,252)Share-based compensation— — 577 — — — — 577 Net issuance under stock plans5 — (48)— — — — (48)Common stock repurchases(20)— — — 20 (3,851)— (3,851)Balance at October 27, 2024818 $8 $9,660 $49,651 1,211 $(40,150)$(168)$19,001 Net income— — — 6,998 — — — 6,998 Other comprehensive income (loss), net of tax— — — — — — 58 58 Dividends declared ($1.78 per common share)— — — (1,422)— — — (1,422)Share-based compensation— — 660 — — — — 660 Net issuance under stock plans5 — 13 — — — — 13 Common stock repurchases(30)— — — 30 (4,893)— (4,893)Balance at October 26, 2025793 $8 $10,333 $55,227 1,241 $(45,043)$(110)$20,415 Dividends declared ($1.22 per common share) Dividends declared ($1.52 per common share) Dividends declared ($1.78 per common share) See accompanying Notes to Consolidated Financial Statements. 50 50 50

Common StockAdditionalPaid-InCapitalRetainedEarningsTreasury StockAccumulatedOtherComprehensiveIncome (Loss)TotalSharesAmountSharesAmountBalance at October 31, 2021892 $9 $8,247 $32,246 1,119 $(27,995)$(260)$12,247 Net income— — — 6,525 — — — 6,525 Other comprehensive income (loss), net of tax— — — — — — 58 58 Dividends declared ($1.02 per common share)— — — (879)— — — (879)Share-based compensation— — 413 — — — — 413 Net issuance under stock plans6 — (67)— — — — (67)Common stock repurchases(54)(1)— — 54 (6,102)— (6,103)Balance at October 30, 2022844 $8 $8,593 $37,892 1,173 $(34,097)$(202)$12,194 Net income— — — 6,856 — — — 6,856 Other comprehensive income (loss), net of tax— — — — — — (15)(15)Dividends declared ($1.22 per common share)— — — (1,022)— — — (1,022)Share-based compensation— — 490 — — — — 490 Net issuance under stock plans7 — 48 — — — — 48 Common stock repurchases(18)— — — 18 (2,202)— (2,202)Balance at October 29, 2023833 $8 $9,131 $43,726 1,191 $(36,299)$(217)$16,349 Net income— — — 7,177 — — — 7,177 Other comprehensive income (loss), net of tax— — — — — — 49 49 Dividends declared ($1.52 per common share)— — — (1,252)— — — (1,252)Share-based compensation— — 577 — — — — 577 Net issuance under stock plans5 — (48)— — — — (48)Common stock repurchases(20)— — — 20 (3,851)— (3,851)Balance at October 27, 2024818 $8 $9,660 $49,651 1,211 $(40,150)$(168)$19,001 Dividends declared ($1.02 per common share) Dividends declared ($1.22 per common share) Dividends declared ($1.52 per common share) See accompanying Notes to Consolidated Financial Statements. 55 55 55 Table of Contents Table of Contents

Stock options are rights to purchase, at future dates, shares of our common stock. There were no stock options granted during fiscal 2024, 2023 and 2022 and no outstanding stock options at the end of fiscal 2024. 74 74 74

The following tables summarize the assumptions used for the valuation of share-based awards for the periods presented: 202520242023Service-Based Awards and the portion of Performance-Based Awards subject to performance goals:Grant date market value$138.24 - $223.91$148.39 - $241.26$104.22 - $143.97Risk-free interest rate3.56% - 4.52%3.48% - 5.37%3.64% - 5.48%Dividend yield1.18% - 3.48%0.72% - 2.62%0.70% - 3.59%Fair value$134.61 - $220.09 $144.79 - $237.94 $102.09 - $141.33 $138.24 - $223.91 $148.39 - $241.26 $104.22 - $143.97 3.56% - 4.52% 3.48% - 5.37% 3.64% - 5.48% 1.18% - 3.48% 0.72% - 2.62% 0.70% - 3.59% $134.61 - $220.09 $144.79 - $237.94 $102.09 - $141.33 202520242023Portion of Performance-Based Awards subject to market goals:Grant date market value$169.08 $148.39 - $173.89$109.37 Risk-free interest rate4.10% 4.24% - 4.30%4.10% Dividend yield0.95% 0.74% - 0.86%0.95%Expected volatility42.65%40.99% - 43.35%52.38% Fair value$183.40 $195.32 - $249.37$162.72 $169.08 $148.39 - $173.89 $109.37 4.10% 4.24% - 4.30% 4.10% 0.95% 0.74% - 0.86% 0.95% 42.65% 40.99% - 43.35% 52.38% $183.40 $195.32 - $249.37 $162.72 A summary of the changes in restricted stock units, restricted stock, performance share units and performance units outstanding under our equity compensation plans during fiscal 2025 is presented below: SharesWeightedAverageGrant DateFair ValueWeightedAverageRemainingContractual TermAggregate Intrinsic Value (In millions, except per share amounts)Non-vested restricted stock units, restricted stock, performance share units and performance units at October 27, 202410 $129.31 Granted5 $165.66 Vested(5)$126.15 Canceled(1)$139.50 Non-vested restricted stock units, restricted stock, performance share units and performance units at October 26, 20259 $148.43 2.3 years$2,086 Non-vested restricted stock units, restricted stock, performance share units and performance units expected to vest9 $148.23 2.2 years$2,029 Non-vested restricted stock units, restricted stock, performance share units and performance units at October 27, 2024 Non-vested restricted stock units, restricted stock, performance share units and performance units at October 26, 2025 At October 26, 2025, 0.7 million additional performance-based awards could be earned based upon achievement of certain levels of specified performance and/or market goals. A summary of the weighted-average grant date fair value per share of the granted restricted stock units, restricted stock, performance share units and performance units and total fair value vested awards for indicated periods is presented below: 202520242023(In millions, except per share amounts)Weighted average grant date fair value per share of awards granted$165.66 $149.20 $104.00 Total fair value of vested awards$647 $527 $367 74 74 74

The following tables summarize the assumptions used for the valuation of share-based awards for the periods presented: 202420232022Service-Based Awards and the portion of Performance-Based Awards subject to performance goals:Grant date market value$148.39 - $241.26$104.22 - $143.97$74.62 - $157.29Risk-free interest rate3.48% - 5.37%3.64% - 5.48%0.16% - 4.48%Dividend yield0.72% - 2.62%0.70% - 3.59%0.47% - 3.83%Fair value$144.79 - $237.94 $102.09 - $141.33 $72.24 - $154.88 $148.39 - $241.26 $104.22 - $143.97 $74.62 - $157.29 3.48% - 5.37% 3.64% - 5.48% 0.16% - 4.48% 0.72% - 2.62% 0.70% - 3.59% 0.47% - 3.83% $144.79 - $237.94 $102.09 - $141.33 $72.24 - $154.88 202420232022Portion of Performance-Based Awards subject to market goals:Grant date market value$148.39 - $173.89$109.37$146.49 Risk-free interest rate4.24% - 4.30%4.10%0.87% Dividend yield0.74% - 0.86%0.95%0.66%Expected volatility40.99% - 43.35%52.38%47.35% Fair value$195.32 - $249.37$162.72$210.69 $148.39 - $173.89 $109.37 $146.49 4.24% - 4.30% 4.10% 0.87% 0.74% - 0.86% 0.95% 0.66% 40.99% - 43.35% 52.38% 47.35% $195.32 - $249.37 $162.72 $210.69 A summary of the changes in restricted stock units, restricted stock, performance share units and performance units outstanding under our equity compensation plans during fiscal 2024 is presented below: SharesWeightedAverageGrant DateFair ValueWeightedAverageRemainingContractual TermAggregate Intrinsic Value (In millions, except per share amounts)Non-vested restricted stock units, restricted stock, performance share units and performance units at October 29, 202312 $106.24 Granted4 $149.20 Vested(5)$97.50 Canceled(1)$120.91 Non-vested restricted stock units, restricted stock, performance share units and performance units at October 27, 202410 $129.31 2.3 years$1,931 Non-vested restricted stock units, restricted stock, performance share units and performance units expected to vest10 $130.71 2.2 years$1,903 Non-vested restricted stock units, restricted stock, performance share units and performance units at October 29, 2023 Non-vested restricted stock units, restricted stock, performance share units and performance units at October 27, 2024 At October 27, 2024, 0.7 million additional performance-based awards could be earned based upon achievement of certain levels of specified performance and/or market goals. A summary of the weighted-average grant date fair value per share of the granted restricted stock units, restricted stock, performance share units and performance units and total fair value vested awards for indicated periods is presented below: 202420232022(In millions, except per share amounts)Weighted average grant date fair value per share of awards granted$149.20 $104.00 $132.44 Total fair value of vested awards$527 $367 $285 76 76 76

None. 29 29 29 Table of Contents Table of Contents PART II

We are subject to income taxes in the United States and foreign jurisdictions. Significant judgment is required to determine and estimate worldwide tax liabilities. Our provision for income taxes and effective tax rates could be affected by numerous factors, including changes in applicable tax laws, interpretations of applicable tax laws, amount and composition of pre-tax income in jurisdictions with differing tax rates and valuation of deferred tax assets. There have been a number of enacted and proposed changes in the tax laws that could have a material impact on our provision for income taxes and effective tax rate. An increase in our provision for income taxes and effective tax rate could, in turn, have a material and adverse impact on our results of operations and financial condition. For example, various countries where we do business have enacted or plan to enact new tax laws to implement the global minimum tax regimes based on the Organization for Economic Cooperation and Development Base Erosion and Profit Shifting Project, and where enacted, the rules began to be effective in fiscal 2025. Additionally, on July 4, 2025, the U.S. government enacted the One Big Beautiful Bill Act (OBBBA). Key tax provisions of the OBBBA are designed to accelerate tax deductions, but that may have a detrimental impact on our ability to use certain deferred tax assets. For example, as a result of the acceleration of certain tax deductions under the OBBBA, we are unable to forecast utilization of our existing corporate alternative minimum tax (CAMT) credit deferred tax asset. We have recorded a full valuation allowance against the CAMT credit deferred tax asset, which increased our effective tax rate and provision for income taxes in fiscal 2025. The amount of the valuation allowance may be adjusted in future quarters if estimates of our future taxable income change. We continue to monitor developments and evaluate the impact, if any, of enacted and proposed changes in the tax laws on our results of operations and cash flows. The adoption and effective dates of changes in the tax laws vary by country and could increase tax complexity and uncertainty and may adversely affect our provision for income taxes in future years. We have been granted additional conditional reduced tax rates in Singapore that expire beginning in fiscal 2030. There is risk our conditional reduced tax rates may not be renewed. Consistent with the international nature of our business, we conduct certain manufacturing, supply chain and other operations in Asia, bringing these activities closer to customers and reducing operating costs. In some foreign jurisdictions, we must meet certain requirements to continue to qualify for tax incentives. There is no assurance we will be able to meet such requirements in the future to fully realize benefits from these incentives. Furthermore, the proposed plans to implement global minimum tax regimes could reduce or eliminate the benefits of our tax incentives. We are subject to examination by the U.S. Internal Revenue Service and other tax authorities, and from time to time amend previously filed tax returns. We regularly assess the likelihood of favorable or unfavorable outcomes resulting from these examinations and amendments to determine the adequacy of our provision for income taxes, which requires estimates and judgments. Although we believe our tax estimates are reasonable, there can be no assurance the tax authorities will agree with such estimates. We may have to engage in litigation to achieve the results reflected in the estimates, which may be time-consuming and expensive. There can be no assurance that we will be successful or that any final determination will not be materially different from the treatment reflected in our historical income tax provisions and effective tax rates.

We are subject to income taxes in the United States and foreign jurisdictions. Significant judgment is required to determine and estimate worldwide tax liabilities. Our provision for income taxes and effective tax rates could be affected by numerous factors, including changes in applicable tax laws, interpretations of applicable tax laws, amount and composition of pre-tax income in jurisdictions with differing tax rates, and valuation of deferred tax assets. There have been a number of proposed changes in the tax laws that could have a material impact on our provision for 23 23 23 Table of Contents Table of Contents income taxes and effective tax rate. An increase in our provision for income taxes and effective tax rate could, in turn, have a material and adverse impact on our results of operations and financial condition. For example, several countries where we do business have enacted global minimum tax regimes based on the Organization for Economic Cooperation and Development (“OECD”) Base Erosion and Profit Shifting Project. This will change various aspects of the existing framework under which our global tax obligations are determined, and will unfavorably impact our existing tax incentives and effective tax rate, beginning in fiscal 2025. The OECD continues to release additional guidance on this new global minimum tax framework. We will continue to monitor these developments, as each jurisdiction incorporates changes into its tax laws. Our conditional reduced tax rates in Singapore will expire in fiscal 2025, excluding potential renewal and subject to certain conditions with which we expect to comply. There is risk our conditional reduced tax rates may not be renewed. Consistent with the international nature of our business, we conduct certain manufacturing, supply chain, and other operations in Asia, bringing these activities closer to customers and reducing operating costs. In some foreign jurisdictions, we must meet certain requirements to continue to qualify for tax incentives. There is no assurance we will be able to meet such requirements in the future to fully realize benefits from these incentives. Furthermore, the proposed plans to implement global minimum tax regimes could reduce or eliminate the benefits of our tax incentives. We are subject to examination by the U.S. Internal Revenue Service and other tax authorities, and from time to time amend previously filed tax returns. We regularly assess the likelihood of favorable or unfavorable outcomes resulting from these examinations and amendments to determine the adequacy of our provision for income taxes, which requires estimates and judgments. Although we believe our tax estimates are reasonable, there can be no assurance the tax authorities will agree with such estimates. We may have to engage in litigation to achieve the results reflected in the estimates, which may be time-consuming and expensive. There can be no assurance that we will be successful or that any final determination will not be materially different from the treatment reflected in our historical income tax provisions and effective tax rates.

A summary of cash provided by (used in) operating, investing, and financing activities is as follows: 20242023 (In millions)Cash provided by operating activities$8,677 $8,700 Cash used in investing activities$(2,327)$(1,535)Cash used in financing activities$(4,470)$(3,032)

Contract Assets and Liabilities Contract assets primarily result from receivables for goods transferred to customers where payment is conditional upon technical sign off and not just the passage of time. Contract liabilities consist of unsatisfied performance obligations related to advance payments received and billings in excess of revenue recognized. Our contract assets and liabilities are reported in a net position on a contract-by-contract basis at the end of each reporting period. Contract assets are generally classified as current and are included in Other Current Assets in the Consolidated Balance Sheets. Contract liabilities are classified as current or non-current based on the timing of when performance obligations will be satisfied and associated revenue is expected to be recognized. Contract balances at the end of each reporting period were as follows: October 26, 2025October 27, 2024(In millions)Contract assets$281 $269 Contract liabilities$2,566 $2,849 The increase in contract assets during fiscal 2025 was primarily due to an increase in unsatisfied performance obligations related to goods transferred to customers where payment was conditional upon technical sign off. During fiscal 2025, we recognized revenue of approximately $2.4 billion related to contract liabilities at October 27, 2024. Contract liabilities decreased during fiscal 2025 due to revenue recognized related to contract liabilities at October 27, 2024, partially offset by new billings for products and services for which there were unsatisfied performance obligations to customers, and revenue had not yet been recognized as of October 26, 2025. There were no credit losses recognized on our accounts receivables and contract assets during fiscal 2025 and 2024. Performance Obligations As of October 26, 2025, the amount of remaining unsatisfied performance obligations on contracts, primarily consisting of written purchase orders received from customers, with an original estimated duration of one year or more was approximately $1.7 billion, of which approximately 53% is expected to be recognized within 12 months and the remainder is expected to be recognized within the following 24 months thereafter. We have elected the available practical expedient to exclude the value of unsatisfied performance obligations for contracts with an original expected duration of one year or less. 66 66 66

Contract Assets and Liabilities Contract assets primarily result from receivables for goods transferred to customers where payment is conditional upon technical sign off and not just the passage of time. Contract liabilities consist of unsatisfied performance obligations related to advance payments received and billings in excess of revenue recognized. Our contract assets and liabilities are reported in a net position on a contract-by-contract basis at the end of each reporting period. Contract assets are generally classified as current and are included in Other Current Assets in the Consolidated Balance Sheets. Contract liabilities are classified as current or non-current based on the timing of when performance obligations will be satisfied and associated revenue is expected to be recognized. Contract balances at the end of each reporting period were as follows: October 27, 2024October 29, 2023(In millions)Contract assets$269 $274 Contract liabilities$2,849 $2,975 The decrease in contract assets during fiscal 2024, was primarily due to a reduction in goods transferred to customers where payment was conditional upon technical sign off. During fiscal 2024, we recognized revenue of approximately $2.7 billion related to contract liabilities at October 29, 2023. This reduction in contract liabilities was partially offset by new billings for products and services for which there were unsatisfied performance obligations to customers and revenue had not yet been recognized as of October 27, 2024. There were no credit losses recognized on our accounts receivables and contract assets during fiscal 2024 and 2023. 69 69 69

We maintain liabilities for uncertain tax positions. These liabilities involve considerable judgment and estimation and are continuously monitored based on the best information available. Gross unrecognized tax benefits are classified as non-current income taxes payable or as a reduction in deferred tax assets. A reconciliation of the beginning and ending balances of gross unrecognized tax benefits in each fiscal year is as follows: 202520242023 (In millions)Beginning balance of gross unrecognized tax benefits$544 $510 $498 Lapses of statutes of limitation(82)— — Increases in tax positions for current year26 25 28 Increases in tax positions for prior years— 13 — Decreases in tax positions for prior years(1)(4)(16)Ending balance of gross unrecognized tax benefits$487 $544 $510 Tax benefit for interest and penalties on unrecognized tax benefits for fiscal 2025 was $63 million and tax expense for interest and penalties on unrecognized tax benefits for fiscal 2024 and 2023 was $45 million and $34 million, respectively. The income tax liability for interest and penalties for fiscal 2025, 2024 and 2023 was $118 million, $181 million and $136 million, respectively, and was classified as non-current income taxes payable. Included in the balance of unrecognized tax benefits for fiscal 2025, 2024 and 2023 are $347 million, $397 million, and $386 million, respectively, of tax benefits that, if recognized, would affect the effective tax rate. Our tax returns remain subject to examination by taxing authorities. These include U.S. returns for fiscal 2015 and later years, and foreign tax returns for fiscal 2011 and later years. The timing of the resolution of income tax examinations, as well as the amounts and timing of various tax payments that may be part of the settlement process, is highly uncertain. This could cause fluctuations in our financial condition and results of operations. We continue to have ongoing negotiations with various taxing authorities throughout the year, and evaluate all domestic and foreign tax audit issues in the aggregate, along with the expiration of applicable statutes of limitations. We believe it is reasonably possible that the amount of gross unrecognized tax benefits related primarily to foreign operations could be reduced by approximately $200 million in the next 12 months as a result of the resolution of tax matters or the lapse of statute of limitations.

A valuation allowance is recorded to reflect the estimated amount of net deferred tax assets that may not be realized. Changes in the valuation allowance in each fiscal year were as follows: 202420232022(In millions)Beginning balance$530 $460 $361 Increases39 70 99 Ending balance$569 $530 $460 At October 27, 2024, we have state research and development tax credit carryforwards of $592 million, including $553 million of credits that are carried over until exhausted and $35 million that are carried over for 15 years and begin to expire in fiscal 2034. It is more likely than not that all tax credit carryforwards, net of valuation allowance, will be utilized. We maintain liabilities for uncertain tax positions. These liabilities involve considerable judgment and estimation and are continuously monitored based on the best information available. Gross unrecognized tax benefits are classified as non-current income taxes payable or as a reduction in deferred tax assets. A reconciliation of the beginning and ending balances of gross unrecognized tax benefits in each fiscal year is as follows: 202420232022 (In millions)Beginning balance of gross unrecognized tax benefits$510 $498 $537 Settlements with tax authorities— — (25)Increases in tax positions for current year25 28 26 Increases in tax positions for prior years13 — 28 Decreases in tax positions for prior years(4)(16)(68)Ending balance of gross unrecognized tax benefits$544 $510 $498 Tax expense for interest and penalties on unrecognized tax benefits for fiscal 2024, 2023 and 2022 was $45 million, $34 million and $14 million, respectively. The income tax liability for interest and penalties for fiscal 2024, 2023 and 2022 was $181 million, $136 million and $103 million, respectively, and was classified as non-current income taxes payable. Included in the balance of unrecognized tax benefits for fiscal 2024, 2023 and 2022 are $397 million, $386 million, and $388 million, respectively, of tax benefits that, if recognized, would affect the effective tax rate. Our tax returns remain subject to examination by taxing authorities. These include U.S. returns for fiscal 2015 and later years, and foreign tax returns for fiscal 2011 and later years. The timing of the resolution of income tax examinations, as well as the amounts and timing of various tax payments that may be part of the settlement process, is highly uncertain. This could cause fluctuations in our financial condition and results of operations. We continue to have ongoing negotiations with various taxing authorities throughout the year, and evaluate all domestic and foreign tax audit issues in the aggregate, along with the expiration of applicable statutes of limitations. We believe it is reasonably possible that the amount of gross unrecognized tax benefits related to foreign operations could be reduced by approximately $200 million in the next 12 months as a result of the resolution of tax matters or the lapse of statute of limitations.

Interest expense and interest and other income (expense), net for the periods presented were as follows: Change 202520242025 over 2024 (In millions)Interest expense$269 $247 $22 Interest and other income (expense), net$1,251 $532 $719 Interest expense incurred was primarily associated with senior unsecured notes. Interest expense in fiscal 2025 increased slightly as a result of the issuance of senior unsecured notes in June 2024. 31 31 31 Table of Contents Table of Contents Interest and other income (expense), net in fiscal 2025 increased primarily driven by higher net gain on equity investments, partially offset by lower interest income driven by lower cash balances and a decrease in market interest rates.

Interest expense and interest and other income (expense), net for the periods presented were as follows: Change 202420232024 over 2023 (In millions)Interest expense$247 $238 $9 Interest and other income (expense), net$532 $300 $232 Interest expense incurred was primarily associated with issued senior unsecured notes. Interest expense in fiscal 2024 increased slightly as a result of the issuance of senior unsecured notes in June 2024. Interest and other income (expense), net in fiscal 2024 increased primarily driven by higher interest income due to higher cash balances and lower impairment on equity investment, partially offset by higher net loss on equity investment.

We used $2.8 billion and $2.3 billion of cash in investing activities in fiscal 2025 and 2024, respectively. Capital expenditures in fiscal 2025 and 2024 were $2.3 billion and $1.2 billion, respectively. Capital expenditures were primarily for investments in real property and improvements, demonstration and testing equipment, manufacturing and network equipment. Purchases of investments, net of proceeds from sales and maturities of investments, for 2025 and 2024 were $526 million and $1.1 billion, respectively. Net proceeds from asset sale were $33 million, and net cash paid for acquisition was $29 million in fiscal 2025. Investing activities also included investments in technology to allow us to access new market opportunities or emerging technologies. Our investment portfolio consists principally of investment grade money market mutual funds, U.S. Treasury and agency securities, municipal bonds, corporate bonds and mortgage-backed and asset-backed securities, as well as equity securities. We regularly monitor the credit risk in our investment portfolio and take appropriate measures, which may include the sale of certain securities, to manage such risks prudently in accordance with our investment policies. 34 34 34 Table of Contents Table of Contents

We used $2.3 billion and $1.5 billion of cash in investing activities in fiscal 2024 and 2023, respectively. Capital expenditures in fiscal 2024 and 2023 were $1.2 billion and $1.1 billion, respectively. Capital expenditures were primarily for investments in real property acquisitions and improvements, demonstration and testing equipment, manufacturing and network equipment. Purchases of investments, net of proceeds from sales and maturities of investments, for 2024 and 2023 was $1.1 billion and $404 million, respectively. Net cash paid for acquisitions in fiscal 2023 was $25 million. Investing activities also included investments in technology to allow us to access new market opportunities or emerging technologies. Our investment portfolio consists principally of investment grade money market mutual funds, U.S. Treasury and agency securities, municipal bonds, corporate bonds and mortgage-backed and asset-backed securities, as well as equity securities. We regularly monitor the credit risk in our investment portfolio and take appropriate measures, which may include the sale of certain securities, to manage such risks prudently in accordance with our investment policies. 39 39 39 Table of Contents Table of Contents

As of October 27, 2024, we had $459 million of transition tax liability, of which $204 million is payable within 12 months and the remaining amount is payable beyond 12 months. This transition tax liability is associated with the deemed repatriation of accumulated foreign earnings as a result of the enactment of the Tax Act.

The information required by this Item will be provided in accordance with Instruction G(3) to Form 10-K no later than February 24, 2025. 46 46 46 Table of Contents Table of Contents

Cash from operating activities for fiscal 2025 was $8.0 billion, which reflects net income adjusted for the effect of non-cash charges and changes in working capital components. Significant non-cash charges included depreciation, amortization, gain or loss on investments or asset sale, share-based compensation, deferred income taxes and restructuring charges. Cash provided by operating activities in fiscal 2025 was lower primarily due to higher payments for income taxes and inventory. We have agreements with various financial institutions to sell accounts receivable and discount promissory notes from selected customers. We sell our accounts receivable generally without recourse. From time to time, we also discount letters of credit issued by customers through various financial institutions. The discounting of letters of credit depends on many factors, including the willingness of financial institutions to discount the letters of credit and the cost of such arrangements. We sold $501 million and $444 million of accounts receivable during fiscal 2025 and 2024, respectively. We did not discount letters of credit issued by customers in fiscal 2025 and 2024. There was no discounting of promissory notes in each of fiscal 2025 and 2024. Our working capital was $12.9 billion at October 26, 2025 and $12.8 billion at October 27, 2024. Days sales outstanding of our accounts receivable at the end of fiscal 2025 and 2024 was 69 days and 68 days, respectively. Days sales outstanding varies due to the timing of shipments and payment terms. The slight increase in days sales outstanding was primarily due to unfavorable revenue linearity.

Cash from operating activities for fiscal 2024 was $8.7 billion, which reflects net income adjusted for the effect of non-cash charges and changes in working capital components. Significant non-cash charges included depreciation, amortization, share-based compensation and deferred income taxes. Cash provided by operating activities in fiscal 2024 remained relatively flat primarily due to lower collections of customer receivable balances, partially offset by lower payments to vendors and higher net income. We have agreements with various financial institutions to sell accounts receivable and discount promissory notes from selected customers. We sell our accounts receivable generally without recourse. From time to time, we also discount letters of credit issued by customers through various financial institutions. The discounting of letters of credit depends on many factors, including the willingness of financial institutions to discount the letters of credit and the cost of such arrangements. We sold $0.4 billion and $0.7 billion of accounts receivable during fiscal 2024 and 2023, respectively. We did not discount letters of credit issued by customers in fiscal 2024 and 2023. There was no discounting of promissory notes in each of fiscal 2024 and 2023. Our working capital was $12.8 billion at October 27, 2024 and $11.8 billion at October 29, 2023. Days sales outstanding of our accounts receivable at the end of fiscal 2024 and 2023 was 68 days and 70 days, respectively. Days sales outstanding varies due to the timing of shipments and payment terms. The decrease in days sales outstanding was primarily due to favorable revenue linearity.

Our cash, cash equivalents and investments consist of the following: October 27,2024October 29,2023 (In millions)Cash and cash equivalents$8,022 $6,132 Short-term investments1,449 737 Long-term investments2,787 2,281 Total cash, cash-equivalents and investments$12,258 $9,150

The industries in which we operate are characterized by factors that impact demand for and the profitability of our products and services and our operating results. The largest proportion of our net revenue and profitability is derived from our Semiconductor Systems segment’s sale of a wide range of equipment used to fabricate semiconductor chips, and a majority of the revenue of Applied Global Services is from sales to semiconductor manufacturers. The industries in which we operate, including the semiconductor industry, are characterized by factors particular to these industries that impact demand for and the profitability of our products and services, including: •changes in demand for semiconductor chips and electronic devices, including those related to fluctuations in consumer buying patterns tied to general economic or geopolitical conditions, seasonality or the introduction of new products; •the frequency and complexity of technology transitions and inflections, and our ability to timely and effectively anticipate and adapt to these changes; 14 14 14 Table of Contents Table of Contents •the cost of research and development due to many factors, including shrinking geometries, the use of new materials, new and more complex device structures, more applications and process steps, increasing chip design costs, and the cost and complexity of integrated manufacturing processes; •the need to reduce product development time and meet technical challenges; •the number of types and varieties of semiconductors and number of applications; •capital requirements for building and operating new fabrication plants and customers’ ability to raise the necessary capital; •trade, regulatory, tax or government incentives impacting customers’ investment in new or expanded fabrication plants and semiconductor research and development; •the cost and complexity for customers to move from product design to volume manufacturing, and the impact on investment in capital equipment; •semiconductor manufacturers’ levels of capital expenditures and the allocation of capital investment to market segments that we do not serve, such as lithography, or segments where our products have lower relative market presence; •delays in installation of our equipment delivered to customers; •changes in growth rates among the semiconductor and other industries in which we operate; •the importance of increasing market positions in segments with growing demand; •manufacturers’ ability to reconfigure and re-use equipment, resulting in diminished need to purchase new equipment and services from us, and challenges in providing parts for reused equipment; •the availability of spare parts to maximize the time that customers’ systems are available for production; •system reliability and productivity and the effect on demand for fabrication systems as a result of their increasing productivity, device yield and reliability; •shorter cycle times between order placements by customers and product shipment require greater reliance on forecasting of customer investment, which may lead to inventory write-offs and manufacturing inefficiencies that decrease gross margin; •competitive factors that make it difficult to enhance position, including total cost of manufacturing system ownership and other challenges in securing development-tool-of-record (DTOR) and production-tool-of-record (PTOR) positions with customers; •consolidation in the semiconductor industry, including among semiconductor manufacturers and among semiconductor equipment suppliers; •shifts in sourcing strategies by computer and electronics companies, and manufacturing processes for advanced circuit technologies, that impact the equipment requirements of our foundry customers; •the fragmentation of semiconductor markets, leading certain markets to become too small to support the cost of a new fabrication plant, while others require less technologically advanced products; •the importance of specialty markets (such as internet of things, communications, automotive, power and sensors) that use process technologies that have a low barrier to entry; •the increasing role for and complexity of software in our products; •the focus on reducing energy usage and improving the environmental impact and sustainability associated with manufacturing operations, and the availability of adequate and reliable sources of energy; and •the importance of advanced packaging to AI computing. If we do not effectively address these factors, accurately forecast and allocate appropriate resources and investment towards addressing key technology changes and inflections, successfully develop and commercialize products to meet demand for new technologies, and effectively address industry trends, our business and results of operations may be materially and adversely impacted.

The largest proportion of our consolidated net revenue and profitability is derived from our Semiconductor Systems segment’s sale of a wide range of equipment used to fabricate semiconductor chips to the global semiconductor industry, and a majority of the revenues of Applied Global Services is from sales to semiconductor manufacturers. The semiconductor industry is characterized by factors particular to this industry that impact demand for and the profitability of our semiconductor manufacturing equipment and service products, including: •the frequency and complexity of technology transitions and inflections, and our ability to timely and effectively anticipate and adapt to these changes; •the cost of research and development due to many factors, including shrinking geometries, the use of new materials, new and more complex device structures, more applications and process steps, increasing chip design costs, and the cost and complexity of integrated manufacturing processes; •the need to reduce product development time and meet technical challenges; •the number of types and varieties of semiconductors and number of applications; •the cost and complexity for semiconductor manufacturers to move more technically advanced capability and smaller geometries to volume manufacturing, and the impact on investment in capital equipment; •semiconductor manufacturers’ levels of capital expenditures and the allocation of capital investment to market segments that we do not serve, such as lithography, or segments where our products have lower relative market presence; •delays in installation of our equipment delivered to customers; •the importance of increasing market positions in segments with growing demand; •semiconductor manufacturers’ ability to reconfigure and re-use equipment, resulting in diminished need to purchase new equipment and services from us, and challenges in providing parts for reused equipment; •shorter cycle times between order placements by customers and product shipment require greater reliance on forecasting of customer investment, which may lead to inventory write-offs and manufacturing inefficiencies that decrease gross margin; •competitive factors that make it difficult to enhance position, including challenges in securing development-tool-of-record (DTOR) and production-tool-of-record (PTOR) positions with customers; •consolidation in the semiconductor industry, including among semiconductor manufacturers and among semiconductor equipment suppliers; •shifts in sourcing strategies by computer and electronics companies, and manufacturing processes for advanced circuit technologies, that impact the equipment requirements of our foundry customers; •the concentration of new wafer starts in Korea and Taiwan, where our service penetration and service-revenue-per-wafer-start have been lower than in other regions; •the increasing fragmentation of semiconductor markets, leading certain markets to become too small to support the cost of a new fabrication plant, while others require less technologically advanced products; the continuing importance of specialty markets (such as internet of things, communications, automotive, power and sensors) that use process technologies that have a low barrier to entry; and 18 18 18 Table of Contents Table of Contents •the importance of advanced packaging to artificial intelligence computing. If we do not accurately forecast and allocate appropriate resources and investment towards addressing key technology changes and inflections, successfully develop and commercialize products to meet demand for new technologies, and effectively address industry trends, our business and results of operations may be materially and adversely impacted.

Under the ESPP, substantially all employees may purchase our common stock through payroll deductions at a price equal to 85 percent of the lower of the fair market value of our common stock at the beginning or end of each 6-month purchase period, subject to certain limits. Our purchasing cycles began in March and September of each of fiscal 2025, 2024 and 2023. We issued 2 million shares in fiscal 2025 at a weighted average price of $131.75 per share, 2 million shares in fiscal 2024 at a weighted average price of $147.38 per share and 2 million shares in fiscal 2023 at a weighted average price of $87.75 per share, under the ESPP. Compensation expense is calculated using the fair value of the employees’ purchase rights under the Black-Scholes model. Underlying assumptions used in the model are outlined in the following table: 202520242023ESPP:Dividend yield1.19 %0.82 %0.98 %Expected volatility42.0 %40.1 %39.4 %Risk-free interest rate4.13 %5.03 %5.29 %Expected life (in years)0.50.50.5Weighted average estimated fair value$42.04$52.31$35.31

Under the ESPP, substantially all employees may purchase our common stock through payroll deductions at a price equal to 85 percent of the lower of the fair market value of our common stock at the beginning or end of each 6-month purchase period, subject to certain limits. Our purchasing cycles began in March and September of each of fiscal 2024, 2023 and 2022. We issued 2 million shares in fiscal 2024 at a weighted average price of $147.38 per share, 2 million shares in fiscal 2023 at a weighted average price of $87.75 per share and 2 million shares in fiscal 2022 at a weighted average price of $93.30 per share, under the ESPP. Compensation expense is calculated using the fair value of the employees’ purchase rights under the Black-Scholes model. Underlying assumptions used in the model are outlined in the following table: 202420232022ESPP:Dividend yield0.82 %0.98 %0.97 %Expected volatility40.1 %39.4 %46.8 %Risk-free interest rate5.03 %5.29 %2.24 %Expected life (in years)0.50.50.5Weighted average estimated fair value$52.31$35.31$30.23

October 27, 2024CostGrossUnrealizedGainsGrossUnrealizedLossesEstimatedFair Value (In millions)Cash$1,313 $— $— $1,313 Cash equivalents:Money market funds*3,421 — — 3,421 Bank certificates of deposit and time deposits90 — — 90 U.S. Treasury and agency securities1,394 — — 1,394 Municipal securities19 — — 19 Commercial paper, corporate bonds and medium-term notes1,785 — — 1,785 Total cash equivalents6,709 — — 6,709 Total cash and cash equivalents$8,022 $— $— $8,022 Short-term and long-term investments:Bank certificates of deposit and time deposits$13 $— $— $13 U.S. Treasury and agency securities1,306 — 2 1,304 Non-U.S. government securities**5 — — 5 Municipal securities441 2 2 441 Commercial paper, corporate bonds and medium-term notes803 4 2 805 Asset-backed and mortgage-backed securities656 3 5 654 Total fixed income securities3,224 9 11 3,222 Publicly traded equity securities543 185 5 723 Equity investments in privately held companies255 58 22 291 Total equity investments798 243 27 1,014 Total short-term and long-term investments$4,022 $252 $38 $4,236 Total cash, cash equivalents and investments$12,044 $252 $38 $12,258 Money market funds* Non-U.S. government securities** ________________________ *Excludes $91 million of restricted cash equivalents invested in money market funds related to deferred compensation plans. **Includes Canadian provincial government debt. During fiscal 2025, 2024 and 2023, interest income from our cash, cash equivalents and fixed income securities was $406 million, $486 million and $262 million, respectively. Maturities of Investments The following table summarizes the contractual maturities of our investments as of October 26, 2025: CostEstimated Fair Value (In millions)Due in one year or less$1,275 $1,276 Due after one through five years1,274 1,287 No single maturity date*2,244 3,096 Total$4,793 $5,659 _________________________ *Securities with no single maturity date include publicly traded and privately held equity securities and asset-backed and mortgage-backed securities. 62 62 62

The following tables summarize our cash, cash equivalents and investments by security type: October 27, 2024CostGrossUnrealizedGainsGrossUnrealizedLossesEstimatedFair Value (In millions)Cash$1,313 $— $— $1,313 Cash equivalents:Money market funds*3,421 — — 3,421 Bank certificates of deposit and time deposits90 — — 90 U.S. Treasury and agency securities1,394 — — 1,394 Municipal securities19 — — 19 Commercial paper, corporate bonds and medium-term notes1,785 — — 1,785 Total cash equivalents6,709 — — 6,709 Total cash and cash equivalents$8,022 $— $— $8,022 Short-term and long-term investments:Bank certificates of deposit and time deposits$13 $— $— $13 U.S. Treasury and agency securities1,306 — 2 1,304 Non-U.S. government securities**5 — — 5 Municipal securities441 2 2 441 Commercial paper, corporate bonds and medium-term notes803 4 2 805 Asset-backed and mortgage-backed securities656 3 5 654 Total fixed income securities3,224 9 11 3,222 Publicly traded equity securities543 185 5 723 Equity investments in privately held companies255 58 22 291 Total equity investments798 243 27 1,014 Total short-term and long-term investments$4,022 $252 $38 $4,236 Total cash, cash equivalents and investments$12,044 $252 $38 $12,258 Money market funds* Non-U.S. government securities** _________________________ *Excludes $91 million of restricted cash equivalents invested in money market funds related to deferred compensation plans. **Includes Canadian provincial government debt. 64 64 64

A reconciliation between the statutory U.S. federal income tax rate and our actual effective income tax rate for each fiscal year is presented below: 202520242023Tax provision at U.S. statutory rate21.0 %21.0 %21.0 %Effect of foreign operations taxed at various rates(7.3)(7.6)(8.2)Changes in prior years’ unrecognized tax benefits— — (0.2)Resolutions of prior years’ income tax filings0.2 (0.1)(0.1)Research and other tax credits(1.3)(1.4)(1.6)Remeasurement of deferred tax assets in Singapore7.1 — — Valuation allowance on corporate alternative minimum tax credits4.4 — — Other0.4 0.1 0.2 Total24.5 %12.0 %11.1 % Changes in prior years’ unrecognized tax benefits Resolutions of prior years’ income tax filings Our provision for income taxes and effective tax rate are affected by the geographical composition of pre-tax income which includes jurisdictions with differing tax rates, conditional reduced tax rates and other income tax incentives. It is also affected by events that vary from period to period, such as changes in income tax laws and the resolution of prior years’ income tax filings. Our effective tax rate for fiscal 2025 was higher than the prior fiscal year primarily due to a $659 million remeasurement of deferred tax assets resulting from new tax incentive agreements in Singapore and the recognition of a $407 million valuation allowance against deferred tax assets related to corporate alternative minimum tax (CAMT) credits. These credits are not expected to be realized as a result of changes in the timing of future tax deductions, following the enactment of the One Big Beautiful Bill Act. No prudent and feasible tax-planning strategies are currently available. The amount of the valuation allowance may be adjusted in future quarters if estimates of future taxable income change. Our effective tax rate for fiscal 2024 was higher than fiscal 2023 primarily due to lower tax credits in fiscal 2024, partially offset by higher proportion of pre-tax income in lower tax jurisdictions in fiscal 2024. In the reconciliation between the statutory U.S. federal income tax rate and the effective income tax rate, the effect of foreign operations taxed at various rates represents the difference between an income tax provision at the U.S. federal statutory income tax rate and the recorded income tax provision, with the difference expressed as a percentage of worldwide income before income taxes. This effect is substantially related to the tax effect of pre-tax income in jurisdictions with lower statutory tax rates. The foreign operations with the most significant effective tax rate impact are in Singapore. The statutory tax rate for fiscal 2025 for Singapore is 17%. We have been granted conditional reduced tax rates that expire beginning in fiscal 2030, excluding potential renewal and subject to certain conditions with which we expect to comply. The tax benefits arising from these tax rates were $490 million or $0.61 per diluted share, $393 million or $0.47 per diluted share and $369 million or $0.44 per diluted share for fiscal 2025, 2024 and 2023, respectively. 77 77 77

Our provision for income taxes and effective tax rate are affected by the geographical composition of pre-tax income which includes jurisdictions with differing tax rates, conditional reduced tax rates and other income tax incentives. It is also affected by events that vary from period to period, such as changes in income tax laws and the resolution of prior years’ income tax filings. Our effective tax rate for fiscal 2024 was higher than fiscal 2023 primarily due to lower tax credits in fiscal 2024, partially offset by higher proportion of pre-tax income in lower tax jurisdictions in fiscal 2024. Our effective tax rate for fiscal 2023 was lower than fiscal 2022 primarily due to a reduction of deferred tax assets that occurred in fiscal 2022, related to a new tax incentive in Singapore. In the reconciliation between the statutory U.S. federal income tax rate and the effective income tax rate, the effect of foreign operations taxed at various rates represents the difference between an income tax provision at the U.S. federal statutory income tax rate and the recorded income tax provision, with the difference expressed as a percentage of worldwide income before income taxes. This effect is substantially related to the tax effect of pre-tax income in jurisdictions with lower statutory tax rates. The foreign operations with the most significant effective tax rate impact are in Singapore. The statutory tax rate for fiscal 2024 for Singapore is 17%. We have been granted conditional reduced tax rates that expire beginning in fiscal 2025, excluding potential renewal and subject to certain conditions with which we expect to comply. The tax benefits arising from these tax rates were $393 million or $0.47 per diluted share and $369 million or $0.44 per diluted share and $232 million or $0.26 per diluted share for fiscal 2024, 2023 and 2022, respectively. Deferred tax assets and liabilities are recognized for the estimated future tax effects of temporary differences between the book and tax bases of assets and liabilities. Deferred tax assets are also recognized for net operating loss and tax credit carryovers. Deferred tax assets are offset by a valuation allowance to the extent it is more likely than not that they are not expected to be realized. The components of deferred income tax assets and liabilities were as follows: October 27,2024October 29,2023 (In millions)Deferred tax assets:Corporate Alternative Minimum Tax$410 $— Capitalized R&D expenses217 83 Allowance for doubtful accounts4 4 Inventory reserves and basis difference127 125 Installation and warranty reserves70 35 Intangible assets977 1,031 Accrued liabilities24 19 Deferred revenue72 72 Tax credits592 536 Deferred compensation261 217 Share-based compensation44 50 Property, plant and equipment101 9 Lease liability72 98 Other79 96 Gross deferred tax assets3,050 2,375 Valuation allowance(569)(530)Total deferred tax assets2,481 1,845 Deferred tax liabilities:Right of use assets(76)(103)Undistributed foreign earnings(23)(23)Total deferred tax liabilities(99)(126)Net deferred tax assets$2,382 $1,719 79 79 79

Guarantees In the ordinary course of business, we provide standby letters of credit or other guarantee instruments to third parties as required for certain transactions initiated by either us or our subsidiaries. As of October 26, 2025, the maximum potential amount of future payments that we could be required to make under these guarantee agreements was approximately $350 million. We have not recorded any liability in connection with these guarantee agreements beyond that required to appropriately account for the underlying transaction being guaranteed. We do not believe, based on historical experience and information currently available, that it is probable that any amounts will be required to be paid under these guarantee agreements. We also have agreements with various banks to facilitate subsidiary banking operations worldwide, including overdraft arrangements, issuance of bank guarantees, and letters of credit. As of October 26, 2025, we have provided parent guarantees to banks for approximately $293 million to cover these arrangements.

Guarantees In the ordinary course of business, we provide standby letters of credit or other guarantee instruments to third parties as required for certain transactions initiated by either us or our subsidiaries. As of October 27, 2024, the maximum potential amount of future payments that we could be required to make under these guarantee agreements was approximately $284 million. We have not recorded any liability in connection with these guarantee agreements beyond that required to appropriately account for the underlying transaction being guaranteed. We do not believe, based on historical experience and information currently available, that it is probable that any amounts will be required to be paid under these guarantee agreements. 80 80 80

We are a supplier to the global display industry, which has experienced considerable volatility in capital equipment investment levels, due in part to the limited number of display manufacturers, the concentrated nature of end-use applications, production capacity relative to end-use demand, the speed of adopting new technologies and panel manufacturer profitability. Industry growth depends primarily on consumer demand for increasingly larger and more advanced TVs, and on demand for advanced smartphones and mobile device displays, which demand is highly sensitive to cost and improvements in technologies and features. Demand for and the profitability of our display products and services is impacted by the foregoing industry factors, as well as the introduction of and rate of transition to new types of display technologies, our ability to anticipate and adapt to technology transitions and inflections, and the expansion of display manufacturing facilities in China. If we do not successfully develop and commercialize products to meet demand for new and emerging display technologies, or if industry demand for display fabrication equipment and technologies does not grow, our business and our operating results may be adversely impacted. 16 16 16 Table of Contents Table of Contents

The global display industry has experienced considerable volatility in capital equipment investment levels, due in part to the limited number of display manufacturers, the concentrated nature of end-use applications, production capacity relative to end-use demand, the speed of adopting new technologies into production, and panel manufacturer profitability. Industry growth depends primarily on consumer demand for increasingly larger and more advanced TVs, and on demand for advanced smartphones and mobile device displays, which demand is highly sensitive to cost and improvements in technologies and features. The display industry is characterized by factors particular to this industry that impact demand for and the profitability of our display products and services, including: •the importance of new types of display technologies, such as organic light-emitting diode (OLED), low temperature polysilicon (LTPS) and metal oxide transistor backplanes, flexible displays, and new touch panel films; •the increasing cost of research and development, and complexity of technology transitions and inflections, and our ability to timely and effectively anticipate and adapt to these changes; •the timing and extent of an expansion of manufacturing facilities in China, which may be affected by changes in economic conditions and governmental regulations, including trade policies and export regulations; •the importance of increasing market positions in products and technologies with growing demand; •the rate of transition to new display technologies for TVs, information technology products and mobile applications, and augmented and virtual reality applications, and the resulting effect on capital intensity in the industry and on our product differentiation, gross margin and return on investment; •the concentration of display manufacturer customers, and fluctuations in customer spending quarter over quarter and year over year for display fabrication equipment; and •the dependence on a limited number of display manufacturer customers’ selection of new technologies, and their ability to successfully commercialize new products and technologies, and uncertainty with respect to future display technology end-use applications and growth drivers. The display industry has experienced decreased levels of investment in display fabrication equipment. If we do not successfully develop and commercialize products to meet demand for new and emerging display technologies, or if industry demand for display fabrication equipment and technologies does not grow, our business and our operating results may continue to be adversely impacted.

From time to time, we receive notification from third parties, including customers and suppliers, seeking indemnification, litigation support, payment of money or other actions by us in connection with claims made against them. In addition, from time to time, we receive notification from third parties claiming that we may be or are infringing or misusing their intellectual property or other rights. We also are subject to various legal proceedings, government investigations or inquiries, and claims, both asserted and unasserted, that arise in the ordinary course of business. These matters are subject to uncertainties, and we cannot predict the outcome of these matters, or governmental inquiries or proceedings that may occur. Although the outcome of the above-described matters, claims and proceedings cannot be predicted with certainty, we do not believe at this time that any of the above-described matters will have a material effect on our consolidated financial condition or results of operations. 79 79 79

From time to time, we receive notification from third parties, including customers and suppliers, seeking indemnification, litigation support, payment of money or other actions by us in connection with claims made against them. In addition, from time to time, we receive notification from third parties claiming that we may be or are infringing or misusing their intellectual property or other rights. We also are subject to various legal proceedings, government investigations or inquiries, and claims, both asserted and unasserted, that arise in the ordinary course of business. These matters are subject to uncertainties, and we cannot predict the outcome of these matters, or governmental inquiries or proceedings that may occur. Although the outcome of the above-described matters, claims and proceedings cannot be predicted with certainty, we do not believe at this time that any of the above-described matters will have a material effect on our consolidated financial condition or results of operations. Since 2022, we have received multiple subpoenas from government authorities requesting information relating to certain China customer shipments and export controls compliance, including from the U.S. Department of Justice, the U.S. Commerce Department Bureau of Industry and Security, and the U.S. Securities and Exchange Commission. We also have received subpoenas from the U.S. Department of Justice requesting information related to certain federal award applications and information submitted to the federal government. We are cooperating fully with the U.S. government in these matters. We have continued to receive related subpoenas, as well as requests for information, and may in the future receive additional related subpoenas and requests for information from such or other government authorities. Any such matters are subject to uncertainties, and we cannot predict the outcome, nor reasonably estimate a range of loss or penalties, if any, relating to these matters.

We used $6.0 billion of cash in financing activities in fiscal 2025, consisting primarily of repurchases of common stock of $4.9 billion, cash dividends to stockholders of $1.4 billion, repayment of $700 million senior notes and tax withholding payments for vested equity awards of $248 million, partially offset by net proceeds received from the issuance of senior unsecured notes of $991 million and proceeds received from common stock issuances under our employee stock purchase plan of $261 million. We used $4.5 billion of cash in financing activities in fiscal 2024, consisting primarily of repurchases of common stock of $3.8 billion, cash dividends to stockholders of $1.2 billion and tax withholding payments for vested equity awards of $291 million, and net payments of principal on financing leases of $102 million, partially offset by net proceeds received from the issuance of senior unsecured notes of $694 million and proceeds received from common stock issuances under our employee stock purchase plan of $243 million. In March 2025, our Board of Directors approved a common stock repurchase program authorizing $10.0 billion in repurchases, which supplemented the previous $10.0 billion authorization approved in March 2023. At October 26, 2025, approximately $14.0 billion remained available for future stock repurchases under the repurchase program. During each of fiscal 2025 and 2024, we paid four quarterly cash dividends, totaling $1.4 billion and $1.2 billion, respectively. We currently anticipate that cash dividends will continue to be paid on a quarterly basis, although the declaration of any future cash dividend is at the discretion of the Board of Directors and will depend on our financial condition, results of operations, capital requirements, business conditions and other factors, as well as a determination by the Board of Directors that cash dividends are in the best interests of our stockholders. We have credit facilities for unsecured borrowings in various currencies of up to an aggregate amount of $4.1 billion. These credit facilities consist of a $2.0 billion five-year committed revolving credit agreement with a group of banks (Five-Year Credit Agreement), a $2.0 billion 364-day committed revolving credit agreement with a group of banks (364-Day Credit Agreement), and revolving credit facilities with Japanese banks pursuant to which we may borrow up to approximately $53 million in aggregate at any time. The Five-Year Credit Agreement is scheduled to expire in February 2030, unless extended as permitted under the terms of the agreement. The 364-Day Credit Agreement is scheduled to expire in September 2026, provided, however, if any loans are outstanding on the maturity date, we may convert all or part of such loans to term loans that will mature in September 2027, subject to payment of a fee by us and other customary conditions. The Five-Year Credit Agreement and the 364-Day Credit Agreement each includes financial and other covenants with which we were in compliance as of October 26, 2025. No amounts were outstanding under any of these credit facilities as of October 26, 2025 and October 27, 2024. See Note 9, Borrowing Facilities and Debt, of the Notes to the Consolidated Financial Statements for further discussion related to our credit facilities. We have a short-term commercial paper program under which we may issue unsecured commercial paper notes up to a total of $4.0 billion. We increased the amount of commercial paper notes we may issue to $4.0 billion in the fourth quarter of fiscal 2025, subsequent to increasing the amount from $1.5 billion to $2.0 billion in the third quarter of fiscal 2025. The proceeds from the issuances of commercial paper are used for general corporate purposes. At October 26, 2025, we had $100 million of commercial paper notes outstanding. In September 2025, we issued $550 million in aggregate principal amount of 4.000% senior unsecured notes due 2031 and $450 million in aggregate principal amount of 4.600% senior unsecured notes due 2036, in a registered public offering. In October 2025, we used a portion of the net proceeds from the offering to repay the outstanding $700 million in aggregate principal amount of our 3.900% senior unsecured notes due October 1, 2025. The remaining net proceeds from the issuance of the senior unsecured notes are intended for general corporate purposes. We had senior unsecured notes in the aggregate principal amount of $6.5 billion outstanding as of October 26, 2025. See Note 9 of the Notes to the Consolidated Financial Statements for additional discussion of existing debt. We may seek to refinance our existing debt and may incur additional indebtedness depending on our capital requirements, general corporate purposes and the availability of financing. 35 35 35 Table of Contents Table of Contents Others On December 22, 2017, the U.S. government enacted the Tax Cuts and Jobs Act (Tax Act). The Tax Act requires a one-time transition tax on certain unrepatriated earnings of foreign subsidiaries. The transition tax expense has been paid in installments starting with fiscal 2018, and as of October 26, 2025, we had one remaining payment of $255 million, payable in February of 2026. On August 9, 2022, the U.S. government enacted the U.S. CHIPS and Science Act (CHIPS Act). The CHIPS Act creates a 25% investment tax credit for certain investments in domestic semiconductor manufacturing. The credit is provided for qualifying property, which is placed in service after December 31, 2022, for which construction begins before January 1, 2027, and is treated as a government grant recognized against property, plant and equipment and a reduction of income taxes payable. We recognize this investment tax credit when there is reasonable assurance that we will qualify for the credit and the benefit will be received. As of October 26, 2025, our current income taxes payable was reduced by $233 million, and future income taxes payable will be reduced by $548 million, both of which are due to the investment tax credit. On July 4, 2025, the U.S. government enacted the One Big Beautiful Bill Act (OBBBA). The OBBBA includes a broad range of tax reform provisions including extending and modifying certain key Tax Act provisions and expanding certain Chips Act incentives. These changes include full expensing of domestic research costs, immediate expensing of qualifying property and increasing the investment tax credit for certain investments in domestic semiconductor manufacturing from 25% to 35%. Key tax provisions of the OBBBA are designed to accelerate tax deductions but that may have a detrimental impact on our ability to use certain tax credits. The use of certain tax credits may not be economically viable if it requires electing to forgo significant tax deductions. Most of the provisions are effective beginning in fiscal years 2026 or 2027, with immediate expensing of qualifying property being effective in fiscal 2025. We will continue to evaluate the full impact of these legislative changes as more guidance becomes available. Various countries where we do business have enacted or plan to enact new tax laws to implement the global minimum tax regimes based on the Organization for Economic Cooperation and Development Base Erosion and Profit Shifting Project, and where enacted, the rules began to be effective in fiscal 2025. The impact of the currently enacted legislation is not material to our fiscal 2025 financial results. We continue to monitor developments and evaluate impacts, if any, of these rules on our results of operations and cash flows. The adoption and effective dates of these rules vary by country and could increase tax complexity and uncertainty and may adversely affect our provision for income taxes in future years. We have been granted additional conditional reduced tax rates in Singapore that expire beginning in fiscal 2030. Although cash requirements will fluctuate based on the timing and extent of factors such as those discussed above, our management believes that cash generated from operations, together with the liquidity provided by existing cash balances and borrowing capability, will be sufficient to satisfy our liquidity requirements for the next 12 months. For further details regarding our operating, investing and financing activities, see the Consolidated Statements of Cash Flows in this report. For details on standby letters of credit, guarantee instruments and other agreements with banks, see Off-Balance Sheet Arrangements below. 36 36 36 Table of Contents Table of Contents

We used $4.5 billion of cash in financing activities in fiscal 2024, consisting primarily of repurchases of common stock of $3.8 billion, cash dividends to stockholders of $1.2 billion, tax withholding payments for vested equity awards of $291 million, and net payments of principal on financing leases of $102 million, partially offset by net proceeds received from the issuance of senior unsecured notes of $694 million and proceeds received from common stock issuances of $243 million. We used $3.0 billion of cash in financing activities in fiscal 2023, consisting primarily of repurchases of common stock of $2.2 billion, cash dividends to stockholders of $975 million and tax withholding payments for vested equity awards of $179 million, offset by proceeds received from common stock issuances of $227 million and net proceeds from issuances of commercial paper of $91 million. In March 2023, our Board of Directors approved a common stock repurchase program authorizing $10.0 billion in repurchases, which supplemented the previously existing $6.0 billion authorization approved in March 2022. At October 27, 2024, approximately $8.9 billion remained available for future stock repurchases under the repurchase program. During each of fiscal 2024 and 2023 we paid four quarterly cash dividends, totaling $1.2 billion and $975 million, respectively. We currently anticipate that cash dividends will continue to be paid on a quarterly basis, although the declaration of any future cash dividend is at the discretion of the Board of Directors and will depend on our financial condition, results of operations, capital requirements, business conditions and other factors, as well as a determination by the Board of Directors that cash dividends are in the best interests of our stockholders. We have credit facilities for unsecured borrowings in various currencies of up to $1.6 billion, of which $1.5 billion is comprised of a committed revolving credit agreement (Revolving Credit Agreement) with a group of banks. The Revolving Credit Agreement is scheduled to expire in February 2026, unless extended as permitted under the Revolving Credit Agreement. The Revolving Credit Agreement includes financial and other covenants with which we were in compliance as of October 27, 2024. No amounts were outstanding under the Revolving Credit Agreement as of October 27, 2024 and October 29, 2023. See Note 9, Borrowing Facilities and Debt, of the Notes to the Consolidated Financial Statements for further discussion related to our Revolving Credit Agreement and other credit facilities. We have a short-term commercial paper program under which we may from time to time issue unsecured commercial paper notes of up to a total amount of $1.5 billion. The proceeds from the issuances of commercial paper are used for general corporate purposes. At October 27, 2024, we had $100 million of commercial paper notes outstanding. The commercial paper program is backstopped by the Revolving Credit Agreement and borrowings under the Revolving Credit Agreement reduce the amount of commercial paper notes we can issue. In June 2024, we issued $700 million aggregate principal amount of 4.800% senior unsecured notes due 2029 in a registered public offering. The proceeds from the issuance of the senior unsecured notes are intended for general corporate purposes. We had senior unsecured notes in the aggregate principal amount of $6.2 billion outstanding as of October 27, 2024. See Note 9 of the Notes to the Consolidated Financial Statements for additional discussion of existing debt. We may seek to refinance our existing debt and may incur additional indebtedness depending on our capital requirements and the availability of financing. Others On December 22, 2017, the U.S. government enacted the Tax Cuts and Jobs Act (Tax Act). The Tax Act requires a one-time transition tax on certain unrepatriated earnings of foreign subsidiaries. The transition tax expense is payable in installments over eight years, with eight percent due in each of the first five years starting with fiscal 2018. As of October 27, 2024, we had $459 million of total payments remaining, payable in installments in the next two years. On August 9, 2022, the U.S. government enacted the U.S. CHIPS and Science Act (“CHIPS Act”). The CHIPS Act creates a 25% investment tax credit for certain investments in domestic semiconductor manufacturing. The credit is provided for qualifying property, which is placed in service after December 31, 2022, for which construction begins before January 1, 2027, and is treated as a government grant. We recognize this investment tax credit when there is reasonable assurance that we will qualify for the credit and the benefit will be received. Investments related to the 25% investment tax credit reduced our income taxes payable by $170 million as of October 27, 2024. On August 16, 2022, the U.S. government enacted the Inflation Reduction Act. The Inflation Reduction Act introduced a new 15% corporate minimum tax, based on adjusted financial statement income of certain large corporations. Applicable corporations are allowed to claim a credit for the minimum tax paid against regular tax in future years. We are subject to the minimum tax in fiscal 2024 and expect to claim a credit for the minimum tax in future years. 40 40 40 Table of Contents Table of Contents Several countries where we do business have enacted global minimum tax regimes based on the Organization for Economic Cooperation and Development (“OECD”) Base Erosion and Profit Shifting Project. This will change various aspects of the existing framework under which our global tax obligations are determined and is expected to increase our tax liabilities beginning in fiscal 2025. The OECD continues to release additional guidance on this new global minimum tax framework. We will continue to monitor these developments, as each jurisdiction incorporates changes into its tax laws. Our conditional reduced tax rates in Singapore will expire in fiscal 2025, excluding potential renewal and subject to certain conditions with which we expect to comply. Although cash requirements will fluctuate based on the timing and extent of factors such as those discussed above, our management believes that cash generated from operations, together with the liquidity provided by existing cash balances and borrowing capability, will be sufficient to satisfy our liquidity requirements for the next 12 months. For further details regarding our operating, investing and financing activities, see the Consolidated Statements of Cash Flows in this report. For details on standby letters of credit, guarantee instruments and other agreements with banks, see Off-Balance Sheet Arrangements below. 41 41 41 Table of Contents Table of Contents

We sold $501 million, $444 million and $679 million of accounts receivable during fiscal 2025, 2024 and 2023, respectively. We did not discount letters of credit issued by customers in fiscal 2025, 2024 and 2023. There was no discounting of promissory notes in each of fiscal 2025, 2024 and 2023. Financing charges on the sale of receivables and discounting of letters of credit are included in interest expense in the accompanying Consolidated Statements of Operations and were not material for all years presented. We maintain an allowance for credit losses for estimated losses resulting from the inability of our customers to make required payments. This allowance is based on historical experience, credit evaluations, specific customer collection history and any customer-specific issues we have identified. Changes in circumstances, such as an unexpected material adverse change in a major customer’s ability to meet its financial obligation to us or its payment trends, may require us to further adjust our estimates of the recoverability of amounts due to us. Bad debt expense and any reversals are recorded in marketing and selling expenses in the Consolidated Statement of Operations. The balances of allowance for credit losses and changes in allowance for credit losses were not material for fiscal 2025, 2024 and 2023. We sell our products principally to manufacturers within the semiconductor industry. While we believe that our allowance for credit losses is adequate and represents our best estimate as of October 26, 2025, we continue to closely monitor customer liquidity and industry and economic conditions, which may result in changes to our estimates.

We have agreements with various financial institutions to sell accounts receivable and discount promissory notes from selected customers. We sell our accounts receivable generally without recourse. From time to time, we also discount letters of credit issued by customers through various financial institutions. The discounting of letters of credit depends on many factors, including the willingness of financial institutions to discount the letters of credit and the cost of such arrangements. We sold $0.4 billion, $0.7 billion and $1.0 billion of accounts receivable during fiscal 2024, 2023 and 2022, respectively. We did not discount letters of credit issued by customers in fiscal 2024, 2023 and 2022. There was no discounting of promissory notes in each of fiscal 2024, 2023 and 2022. Financing charges on the sale of receivables and discounting of letters of credit are included in interest expense in the accompanying Consolidated Statements of Operations and were not material for all years presented. We maintain an allowance for credit losses for estimated losses resulting from the inability of our customers to make required payments. This allowance is based on historical experience, credit evaluations, specific customer collection history and any customer-specific issues we have identified. Changes in circumstances, such as an unexpected material adverse change in a major customer’s ability to meet its financial obligation to us or its payment trends, may require us to further adjust our estimates of the recoverability of amounts due to us. Bad debt expense and any reversals are recorded in marketing and selling expenses in the Consolidated Statement of Operations. The balances of allowance for credit losses and changes in allowance for credit losses were not material for fiscal 2024, 2023 and 2022. We sell our products principally to manufacturers within the semiconductor and display industries. While we believe that our allowance for credit losses is adequate and represents our best estimate as of October 27, 2024, we continue to closely monitor customer liquidity and industry and economic conditions, which may result in changes to our estimates.

Capital expenditure related incentives reduced gross property, plant and equipment, net by $1.2 billion as of October 26, 2025. Contra-depreciation expense was not material in fiscal 2025. Operating incentives recognized as a reduction to research, development and engineering expense was $31 million in fiscal 2025. Capital expenditure related incentives reduced our income taxes payable by $781 million as of October 26, 2025, of which $233 million is in other current assets and $548 million is in deferred income taxes and other assets, in our Consolidated Balance Sheets. property, plant and equipment, net research, development and engineering expense other current assets deferred income taxes and other assets Consolidated Balance Sheets

Capital expenditure related incentives reduced gross property, plant and equipment, net by $479 million as of October 27, 2024. Contra-depreciation expense was not material in fiscal 2024. Operating incentives recognized as a reduction to research, development and engineering expense was $38 million in fiscal 2024. Capital expenditure related incentives reduced our income taxes payable by $170 million as of October 27, 2024, of which $159 million is in accounts payable and accrued expenses and $11 million is in deferred income taxes and other assets, in our Consolidated Balance Sheets. property, plant and equipment, net research, development and engineering expense accounts payable and accrued expenses deferred income taxes and other assets Consolidated Balance Sheets 71 71 71

The performance graph below shows the five-year cumulative total stockholder return on our common stock during the period from October 25, 2020 through October 26, 2025. This is compared with the cumulative total return of the Standard & Poor’s 500 Stock Index and the PHLX Semiconductor Index over the same period. The comparison assumes $100 was invested on October 25, 2020 in our common stock and in each of the foregoing indices and assumes reinvestment of dividends, if any. Dollar amounts in the graph are rounded to the nearest whole dollar. The performance shown in the graph represents past performance and should not be considered an indication of future performance. The graph below assumes that the value of the investment in our common stock and in each of the indexes was $100 at October 25, 2020, and that all dividends were reinvested. Copyright© 2025 Standard & Poor’s, a division of S&P global. All rights reserved. 10/25/202010/31/202110/30/202210/29/202310/27/202410/26/2025Applied Materials100.00 226.06 149.67 221.11 316.48 392.09 S&P 500 Index100.00 134.88 116.04 124.53 178.22 211.12 PHLX Semiconductor Index100.00 148.13 105.92 142.27 232.14 313.53 26 26 26 Table of Contents Table of Contents

The performance graph below shows the five-year cumulative total stockholder return on our common stock during the period from October 27, 2019 through October 27, 2024. This is compared with the cumulative total return of the Standard & Poor’s 500 Stock Index and the PHLX Semiconductor Index over the same period. The comparison assumes $100 was invested on October 27, 2019 in our common stock and in each of the foregoing indices and assumes reinvestment of dividends, if any. Dollar amounts in the graph are rounded to the nearest whole dollar. The performance shown in the graph represents past performance and should not be considered an indication of future performance. The graph below assumes that the value of the investment in our common stock and in each of the indexes was $100 at October 27, 2019, and that all dividends were reinvested. Copyright© 2024 Standard & Poor’s, a division of S&P global. All rights reserved. 10/27/201910/25/202010/31/202110/30/202210/29/202310/27/2024Applied Materials100.00 110.92 250.74 166.02 245.26 351.03 S&P 500 Index100.00 116.84 157.60 135.57 145.49 208.23 PHLX Semiconductor Index100.00 145.68 215.80 154.30 207.26 338.18 30 30 30 Table of Contents Table of Contents

Targeted Improvements to the Accounting for Internal-Use Software. In September 2025, the Financial Accounting Standards Board (FASB) issued an accounting standard update to increase the operability of the recognition guidance considering different methods of software development by replacing the current stage-based capitalization model with a principles-based approach. Under the new guidance, costs are capitalized once management authorizes and commits to funding the software project, it is probable that the project will be completed and the software will be used to perform the function intended. This authoritative guidance will be effective for us beginning with our interim and annual reporting for fiscal year 2029, with early adoption permitted. We are evaluating the effect of this guidance on our consolidated financial statements and related disclosures. Measurement of Credit Losses for Accounts Receivable and Contract Assets. In July 2025, the FASB issued an accounting standard update to provide a practical expedient that simplifies the calculation of expected credit losses (Topic 326). The practical expedient allows an entity to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset, therefore, an entity will no longer need to develop reasonable and supportable forecasts of future economic conditions. This authoritative guidance will be effective for us beginning with our interim and annual reporting for fiscal year 2027, with early adoption permitted. Although this guidance will simplify our process of calculating expected credit losses on accounts receivable and contract assets, we do not expect this guidance to materially impact our consolidated financial statements or related disclosures. Disaggregation of Income Statements Expenses. In November 2024, the FASB issued an accounting standard update to improve income statement expenses disclosures (Subtopic 220-40). The standard requires more detailed information related to the types of expenses, including (among other items) the amounts of purchases of inventory, employee compensation, depreciation and intangible asset amortization included within each interim and annual income statement’s expense caption, as applicable. This authoritative guidance can be applied prospectively or retrospectively and will be effective for us in fiscal 2028 for annual periods and in the first quarter of fiscal 2029 for interim periods, with early adoption permitted. We are evaluating the effect of this guidance on our consolidated financial statements and related disclosures. Improvements to Income Tax Disclosures. In December 2023, the FASB issued an accounting standard update to improve income tax disclosures (Topic 740). The standard prescribes specific categories for the components of the effective tax rate reconciliation, requires disclosure of income taxes paid by jurisdiction, and modifies other income tax-related disclosures. This authoritative guidance will be effective for us beginning with our annual reporting for fiscal year 2026. We are evaluating the effect of this guidance on our consolidated financial statements and related disclosures.

Disaggregation of Income Statements Expenses. In November 2024, the Financial Accounting Standards Board (FASB) issued an accounting standard update to improve income statement expenses disclosures (Subtopic 220-40). The standard requires more detailed information related to the types of expenses, including (among other items) the amounts of purchases of inventory, employee compensation, depreciation and intangible asset amortization included within each interim and annual income statement’s expense caption, as applicable. This authoritative guidance can be applied prospectively or retrospectively and will be effective for us in fiscal 2028 for annual periods and in the first quarter of fiscal 2029 for interim periods, with early adoption permitted. We are evaluating the effect of this guidance on our consolidated financial statements and related disclosures. Improvements to Income Tax Disclosures. In December 2023, the FASB issued an accounting standard update to improve income tax disclosures (Topic 740). The standard prescribes specific categories for the components of the effective tax rate reconciliation, requires disclosure of income taxes paid by jurisdiction, and modifies other income tax-related disclosures. This authoritative guidance will be effective for us beginning with our annual reporting for fiscal year 2026, with early adoption permitted. We are evaluating the effect of this guidance on our consolidated financial statements and related disclosures. Improvements to Reportable Segment Disclosures. In November 2023, the FASB issued an accounting standard update to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses (Topic 280). The standard requires interim and annual disclosure of significant segment expenses that are regularly provided to the chief operating decision-maker (CODM) and included within the reported measure of a segment’s profit or loss, requires interim disclosures about a reportable segment’s profit or loss and assets that are currently required annually, requires disclosure of the position and title of the CODM, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss and contains other disclosure requirements. This authoritative guidance will be effective for us in fiscal 2025 for annual periods and in the first quarter of fiscal 2026 for interim periods, with early adoption permitted. We are evaluating the effect of this guidance on our consolidated financial statements and related disclosures. Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. In June 2022, the FASB issued an accounting standard update which clarifies how the fair value of equity securities subject to contractual sale restrictions is determined (Topic 820). The amendment clarifies that a contractual sale restriction should not be considered in measuring fair value. It also requires certain qualitative and quantitative disclosures related to equity securities subject to contractual sale restrictions. We will adopt this guidance in the first quarter of fiscal 2025. The adoption of this guidance is not expected to have a significant impact on our consolidated financial statements.

Our business and the industries in which we operate can be impacted by uncertain or adverse economic and business conditions, including uncertainties and volatility in the financial markets, national debt, fiscal or monetary concerns, inflation and changes in interest rates, bank failures, tariffs and trade policies and economic recession. These conditions have caused, and may in the future cause, our customers to delay, cancel or refrain from purchasing our equipment or services, which could negatively impact demand for our products and services, reduce our backlog and increase our inventory. Customers may also scale back operations, exit businesses, merge with other manufacturers, or file for bankruptcy, which can reduce our revenue and result in additional inventory or bad debt expense. Other equipment manufacturers may also consolidate or form strategic alliances, which could adversely affect our ability to compete. These conditions make it more difficult to accurately forecast operating and financial results and make business and investment decisions. We may be required to implement additional cost reduction efforts, including restructuring activities, which may adversely impact our ability to capitalize on opportunities. Even during periods of economic uncertainty or lower demand, we must continue to invest in research and development and maintain a global business infrastructure to compete effectively and support our customers. The consequences of these conditions could have an adverse effect on our business, financial condition and results of operations. Our investment portfolio is subject to general credit, liquidity, market and interest rate risks, which may be exacerbated by rising inflation, rising interest rates, bank failures or economic recession and the value and liquidity of our portfolio and returns on pension assets could be negatively impacted and lead to impairment charges. We also maintain cash balances in various bank accounts globally and if any of these financial institutions become insolvent, it could limit our ability to access our cash and affect our ability to manage our operations.

Uncertain or adverse economic and business conditions, including uncertainties and volatility in the financial markets, national debt, fiscal or monetary concerns, inflation and changes in interest rates, bank failures, and economic recession, could materially and adversely impact our operating results. Markets for our semiconductor and display equipment and services depend largely on business and consumer spending and demand for semiconductor chips and electronic devices. Uncertain or adverse economic and business conditions could result in decreases in business and consumer spending and demand. Decreases in spending and demand have caused, and may in the future cause, our customers to push out, cancel or refrain from purchasing our equipment or services, which could negatively impact demand for our products and services, reduce our backlog, increase our inventory, and materially and adversely impact our operating results. Increases in demand for semiconductor chips and electronic devices have caused, and may in the future cause, a shortage of parts and materials needed to manufacture our products. Such shortages, and shipment delays due to transportation capacity and interruptions, have adversely impacted, and may in the future adversely impact, our suppliers’ ability to meet our requirements. Accelerated digital transformation may further increase demand and exacerbate shortages and strain our manufacturing capacity, which may adversely impact our ability to meet customer demand and have an adverse impact on our revenues, operating results and financial condition. Uncertain or adverse economic and market conditions, difficulties in obtaining capital, increased costs or reduced profitability may cause some customers to scale back operations, exit businesses, merge with other manufacturers, or file for bankruptcy protection and potentially cease operations, which can result in lower sales, additional inventory or bad debt expense. Economic and industry uncertainty may impair the ability of suppliers to deliver parts and negatively affect our ability to manage operations and deliver products. These conditions may also lead to consolidation or strategic alliances among other equipment manufacturers, which could adversely affect our ability to compete effectively. Uncertain economic and industry conditions and supply chain challenges make it more difficult to accurately forecast operating results, make business decisions, and identify and prioritize the risks that may affect our businesses, sources and uses of cash, financial condition and results of operations. If we do not appropriately manage our business operations it could have a material and adverse impact on our business performance and financial condition. We may be required to implement additional cost reduction efforts, including restructuring activities, which may adversely impact our ability to capitalize on opportunities. Even during periods of economic uncertainty or lower demand, we must continue to invest in research and development and maintain a global business infrastructure to compete effectively and support our customers, which can have a negative impact on our operating results. 13 13 13 Table of Contents Table of Contents We maintain an investment portfolio that is subject to general credit, liquidity, market and interest rate risks. The risks to our investment portfolio may be exacerbated if financial market conditions deteriorate due to rising inflation, rising interest rates, bank failures or economic recession and the value and liquidity of the investment portfolio and returns on pension assets could be negatively impacted and lead to impairment charges. We also maintain cash balances in various bank accounts globally to fund normal operations. If any of these financial institutions become insolvent, it could limit our ability to access cash in the affected accounts, which could affect our ability to manage our operations.

Fiscal Year202520242023Cash flows from operating activities:Net income$6,998 $7,177 $6,856 Adjustments required to reconcile net income to cash provided by operating activities:Depreciation and amortization435 392 515 Restructuring charges179 — — Deferred income taxes639 (633)24 (Gain) loss and impairments on investments, net(792)(15)(16)Share-based compensation668 577 490 Other31 62 56 Changes in operating assets and liabilities, net of amounts acquired:Accounts receivable49 (69)903 Inventories(494)304 207 Other current and non-current assets(119)287 (48)Accounts payable and accrued expenses307 281 (138)Contract liabilities(283)(126)(167)Income taxes payable250 389 (20)Other liabilities90 51 38 Cash provided by operating activities7,958 8,677 8,700 Cash flows from investing activities:Capital expenditures(2,260)(1,190)(1,106)Cash paid for acquisitions, net of cash acquired(29)— (25)Proceeds from asset sale33 — — Proceeds from sales and maturities of investments5,528 2,451 1,268 Purchases of investments(6,054)(3,588)(1,672)Cash used in investing activities(2,782)(2,327)(1,535)Cash flows from financing activities:Debt borrowings, net of issuance costs991 694 — Debt repayments(700)— — Proceeds from commercial paper503 401 991 Repayments of commercial paper(502)(400)(900)Proceeds from common stock issuances261 243 227 Common stock repurchases(4,895)(3,823)(2,189)Tax withholding payments for vested equity awards(248)(291)(179)Payments of dividends to stockholders(1,384)(1,192)(975)Payments of debt issuance costs(3)— — Repayments of principals on finance leases— (102)(7)Cash used in financing activities(5,977)(4,470)(3,032)Increase (decrease) in cash, cash equivalents and restricted cash equivalents(801)1,880 4,133 Cash, cash equivalents and restricted cash equivalents — beginning of period8,113 6,233 2,100 Cash, cash equivalents and restricted cash equivalents — end of period$7,312 $8,113 $6,233 Reconciliation of cash, cash equivalents, and restricted cash equivalentsCash and cash equivalents$7,241 $8,022 $6,132 Restricted cash equivalents included in deferred income taxes and other assets71 91 101 Total cash, cash equivalents, and restricted cash equivalents$7,312 $8,113 $6,233 51 51 51

(In millions)Fiscal Year202420232022Cash flows from operating activities:Net income$7,177 $6,856 $6,525 Adjustments required to reconcile net income to cash provided by operating activities:Depreciation and amortization392 515 444 Severance and related charges— — (4)Deferred income taxes(633)24 (223)Share-based compensation577 490 413 Other47 40 36 Changes in operating assets and liabilities, net of amounts acquired:Accounts receivable(69)903 (1,109)Inventories304 207 (1,590)Other current and non-current assets287 (48)(16)Accounts payable and accrued expenses281 (138)390 Contract liabilities(126)(167)1,039 Income taxes payable389 (20)(541)Other liabilities51 38 35 Cash provided by operating activities8,677 8,700 5,399 Cash flows from investing activities:Capital expenditures(1,190)(1,106)(787)Cash paid for acquisitions, net of cash acquired— (25)(441)Proceeds from sales and maturities of investments2,451 1,268 1,363 Purchases of investments(3,588)(1,672)(1,492)Cash used in investing activities(2,327)(1,535)(1,357)Cash flows from financing activities:Debt borrowings, net of issuance costs694 — — Proceeds from commercial paper401 991 — Repayments of commercial paper(400)(900)— Proceeds from common stock issuances243 227 199 Common stock repurchases(3,823)(2,189)(6,103)Tax withholding payments for vested equity awards(291)(179)(266)Payments of dividends to stockholders(1,192)(975)(873)Repayments of principals on finance leases(102)(7)— Cash used in financing activities(4,470)(3,032)(7,043)Increase (decrease) in cash, cash equivalents and restricted cash equivalents1,880 4,133 (3,001)Cash, cash equivalents and restricted cash equivalents — beginning of period6,233 2,100 5,101 Cash, cash equivalents and restricted cash equivalents — end of period$8,113 $6,233 $2,100 Reconciliation of cash, cash equivalents, and restricted cash equivalentsCash and cash equivalents$8,022 $6,132 $1,995 Restricted cash equivalents included in deferred income taxes and other assets91 101 105 Total cash, cash equivalents, and restricted cash equivalents$8,113 $6,233 $2,100 Supplemental cash flow information:Cash payments for income taxes$957 $1,006 $1,869 Cash refunds from income taxes$15 $53 $156 Cash payments for interest$205 $205 $205 See accompanying Notes to Consolidated Financial Statements. 56 56 56

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Gary E. Dickerson, Brice Hill and Teri Little, jointly and severally, his or her attorneys-in-fact, each with the power of substitution, for him or her in any and all capacities, to sign any amendments to this Annual Report on Form 10-K, and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying and confirming all that each of said attorneys-in-fact, or his substitute or substitutes, may do or cause to be done by virtue hereof. ****** Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. TitleDate/s/ GARY E. DICKERSONPresident, Chief Executive Officer and Director (Principal Executive Officer)December 12, 2025Gary E. Dickerson/s/ BRICE HILLSenior Vice President, Chief Financial Officer(Principal Financial Officer)December 12, 2025Brice Hill/s/ ADAM SANDERSVice President,Corporate Controller and Chief Accounting Officer(Principal Accounting Officer)December 12, 2025Adam Sanders/S/ THOMAS J. IANNOTTIThomas J. IannottiChairman of the BoardDecember 12, 2025/S/ JAMES R. ANDERSONJames R. AndersonDirectorDecember 12, 2025/S/ RANI BORKARRani BorkarDirectorDecember 12, 2025/S/ JUDY BRUNERJudy BrunerDirectorDecember 12, 2025/S/ XUN CHENXun ChenDirectorDecember 12, 2025/S/ AART J. DE GEUSAart J. de GeusDirectorDecember 12, 2025/S/ ALEXANDER A. KARSNERAlexander A. KarsnerDirectorDecember 12, 2025/S/ KEVIN P. MARCHKevin P. MarchDirectorDecember 12, 2025/s/ SCOTT A. MCGREGORScott A. McGregorDirectorDecember 12, 2025 /S/ THOMAS J. IANNOTTI /S/ JAMES R. ANDERSON /S/ RANI BORKAR /S/ JUDY BRUNER /S/ XUN CHEN /S/ AART J. DE GEUS /S/ ALEXANDER A. KARSNER /S/ KEVIN P. MARCH 87 87 87

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Gary E. Dickerson, Brice Hill and Teri Little, jointly and severally, his or her attorneys-in-fact, each with the power of substitution, for him or her in any and all capacities, to sign any amendments to this Annual Report on Form 10-K, and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying and confirming all that each of said attorneys-in-fact, or his substitute or substitutes, may do or cause to be done by virtue hereof. ****** Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. TitleDate/s/ GARY E. DICKERSONPresident, Chief Executive Officer and Director (Principal Executive Officer)December 13, 2024Gary E. Dickerson/s/ BRICE HILLSenior Vice President, Chief Financial Officer(Principal Financial Officer)December 13, 2024Brice Hill/s/ ADAM SANDERSVice President,Corporate Controller and Chief Accounting Officer(Principal Accounting Officer)December 13, 2024Adam Sanders/S/ THOMAS J. IANNOTTIThomas J. IannottiChairman of the BoardDecember 13, 2024/S/ RANI BORKARRani BorkarDirectorDecember 13, 2024/S/ JUDY BRUNERJudy BrunerDirectorDecember 13, 2024/S/ XUN CHENXun ChenDirectorDecember 13, 2024/S/ AART J. DE GEUSAart J. de GeusDirectorDecember 13, 2024/S/ ALEXANDER A. KARSNERAlexander A. KarsnerDirectorDecember 13, 2024/S/ KEVIN P. MARCHKevin P. MarchDirectorDecember 13, 2024/s/ YVONNE MCGILLYvonne McGillDirectorDecember 13, 2024/s/ SCOTT A. MCGREGORScott A. McGregorDirectorDecember 13, 2024 /S/ THOMAS J. IANNOTTI /S/ RANI BORKAR /S/ JUDY BRUNER /S/ XUN CHEN /S/ AART J. DE GEUS /S/ ALEXANDER A. KARSNER /S/ KEVIN P. MARCH 88 88 88

Provision for income taxes and effective tax rates for the periods indicated were as follows: Change 202520242025 over 2024 (In millions, except percentages)Provision for income taxes$2,273 $975 $1,298 Effective income tax rate24.5 %12.0 %12.5 points Our provision for income taxes and effective tax rate are affected by the geographical composition of pre-tax income which includes jurisdictions with differing tax rates, conditional reduced tax rates and other income tax incentives. It is also affected by events that vary from period to period, such as changes in income tax laws and the resolution of prior years’ income tax filings. Our effective tax rate for fiscal 2025 was higher than the prior fiscal year primarily due to a $659 million remeasurement of deferred tax assets resulting from new tax incentive agreements in Singapore and the recognition of a $407 million valuation allowance against deferred tax assets related to corporate alternative minimum tax (CAMT) credits. These credits are not expected to be realized as a result of changes in the timing of future tax deductions, following the enactment of the One Big Beautiful Bill Act. No prudent and feasible tax-planning strategies are currently available. The amount of the valuation allowance may be adjusted in future quarters if estimates of future taxable income change.

Provision for income taxes and effective tax rates for the periods indicated were as follows: Change 202420232024 over 2023 (In millions, except percentages)Provision for income taxes$975 $860 $115 Effective income tax rate12.0 %11.1 %0.9 points Our provision for income taxes and effective tax rate are affected by the geographical composition of pre-tax income which includes jurisdictions with differing tax rates, conditional reduced tax rates and other income tax incentives. It is also affected by events that vary from period to period, such as changes in income tax laws and the resolution of prior years’ income tax filings. Our effective tax rate for fiscal 2024 was higher than the prior fiscal year primarily due to lower tax credits in fiscal 2024, partially offset by higher proportion of pre-tax income in lower tax jurisdictions in fiscal 2024. 36 36 36 Table of Contents Table of Contents

Our fiscal 2025 and 2024 each contained 52 weeks. The following table presents certain significant measurements for the periods presented: Change202520242025 over 2024 (In millions, except per share amounts and percentages)Net revenue$28,368 $27,176 $1,192 Gross margin48.7 %47.5 %1.2 pointsOperating income$8,289 $7,867 $422 Operating margin29.2 %28.9 %0.3 pointsNet income$6,998 $7,177 $(179)Earnings per diluted share$8.66 $8.61 $0.05 Net revenue by segment for the periods presented were as follows: Change 202520242025 over 2024 (In millions, except percentages)Semiconductor Systems$20,798 73%$19,911 73%4 %Applied Global Services6,385 23%6,225 23%3 %Corporate and Other1,185 4%1,040 4%14 %Total$28,368 100%$27,176 100%4 % Net revenue for Semiconductor Systems by market for the periods presented were as follows: 20252024Foundry, logic and other67 %68 %Dynamic random-access memory (DRAM)26 %28 %Flash memory (NAND)7 %4 %100 %100 % Net revenue in fiscal 2025 increased as compared to the prior year. Gross margin increased primarily driven by higher net revenue, favorable changes in customer and product mix, an increase in average selling prices, and lower material and manufacturing costs. Semiconductor Systems net revenue increased in fiscal 2025 as compared to the prior year as customers continued to make strategic investments in new capacity and new technology transitions. Foundry and logic customers’ spending in fiscal 2025 increased driven primarily by higher customer investments in leading-edge manufacturing technologies. Memory customers’ spending in fiscal 2025 was higher due to increased customer investments in NAND fabrication equipment upgrades. Investments by semiconductor equipment customers are expected to remain strong with growth in the adoption of high-bandwidth memory and other forms of advanced packaging, continued demand for AI and data center computing, and for non-leading edge nodes. The Semiconductor Systems segment continued to represent the largest contributor of net revenue. Our AGS net revenue in fiscal 2025 increased compared to the prior year primarily due to higher customer spending on long-term service agreements and spares, partially offset by lower customer spending on 200mm equipment. Demand for services is expected to grow as our installed base of systems and chambers increases and customers renew long-term service agreements. Over the longer term, we believe secular drivers such as data center AI, edge AI and the internet of things, robotics and electric and autonomous vehicles will continue to create the next wave of growth for semiconductors and expand our served market opportunities. We believe device refresh cycles, such as those for PCs and smartphones, will also contribute to the next wave of growth. 30 30 30 Table of Contents Table of Contents Net revenue by geographic region, determined by the location of customers’ facilities to which products were shipped and services were performed, was as follows: Change 202520242025 over 2024 (In millions, except percentages)China$8,529 30%$10,117 37%(16)%Korea5,608 20%4,493 17%25 %Taiwan6,857 24%4,010 15%71 %Japan2,273 8%2,154 8%6 %Southeast Asia1,076 4%1,141 4%(6)%Asia Pacific24,343 86%21,915 81%11 %United States3,063 11%3,818 14%(20)%Europe962 3%1,443 5%(33)%Total$28,368 100%$27,176 100%4 % The changes in net revenue from customers in all regions for fiscal 2025 primarily reflected changes in investments in semiconductor equipment.

Our fiscal 2024 and 2023 each contained 52 weeks. The following table presents certain significant measurements for the periods indicated: Change202420232024 over 2023 (In millions, except per share amounts and percentages)Net revenue$27,176 $26,517 $659 Gross margin47.5 %46.7 %0.8 pointsOperating income$7,867 $7,654 $213 Operating margin28.9 %28.9 %— pointsNet income$7,177 $6,856 $321 Earnings per diluted share$8.61 $8.11 $0.50 Net revenue by segment for the periods presented were as follows: Change 202420232024 over 2023 (In millions, except percentages)Semiconductor Systems$19,911 73%$19,698 74%1 %Applied Global Services6,225 23%5,732 22%9 %Display885 3%868 3%2 %Corporate and Other155 1%219 1%(29)%Total$27,176 100%$26,517 100%2 % Net revenue for Semiconductor Systems by market for the periods presented were as follows: 20242023Foundry, logic and other68 %77 %Dynamic random-access memory (DRAM)28 %17 %Flash memory4 %6 %100 %100 % Net revenue in fiscal 2024 increased as compared to the prior year. Gross margin increased primarily driven by lower material, freight, logistics, and manufacturing costs, favorable changes in customer and product mix and lower depreciation expense as a result of changes in certain assets’ useful lives effective as of the beginning of fiscal 2024, partially offset by an increase in labor costs. Semiconductor Systems net revenue increased in fiscal 2024 as compared to the prior year as customers continued to make strategic investments in new capacity and new technology transitions. Foundry and logic customers’ spending decreased driven primarily by lower customer investments in leading-edge manufacturing technologies, partially offset by increased customer investments in non-leading edge manufacturing technologies. Memory customers’ spending in fiscal 2024 was higher due to increased investments in DRAM technology transitions. Investments by semiconductor equipment customers are expected to remain strong with growth in the adoption of high-bandwidth memory and other forms of advanced packaging, continued demand for AI and data center computing, and for non-leading edge nodes. The Semiconductor Systems segment continued to represent the largest contributor of net revenue. Our AGS net revenue in fiscal 2024 increased primarily due to an increase in net revenue associated with long-term service agreements and customer spending on spares, partially offset by lower customer spending on 200mm equipment. Demand for services is expected to grow as our installed base of systems and chambers increases and customers renew long-term service agreements. 34 34 34 Table of Contents Table of Contents Our Display net revenue increased in fiscal 2024 compared to the prior year primarily due to higher customer investments in display fabrication equipment for IT products including laptops, monitors and tablets, partially offset by lower customer investments in display fabrication equipment for TVs. Over the longer term, we believe secular drivers such as AI, data center computing, the internet of things, 5G networks, electric and autonomous vehicles and augmented and virtual reality will create the next wave of growth for semiconductors and expand our served market opportunities. Net revenue by geographic region, determined by the location of customers’ facilities to which products were shipped and services were performed, was as follows: Change 202420232024 over 2023 (In millions, except percentages)China$10,117 37%$7,247 27%40 %Korea4,493 17%4,609 18%(3)%Taiwan4,010 15%5,670 21%(29)%Japan2,154 8%2,075 8%4 %Southeast Asia1,141 4%758 3%51 %Asia Pacific21,915 81%20,359 77%8 %United States3,818 14%4,006 15%(5)%Europe1,443 5%2,152 8%(33)%Total$27,176 100%$26,517 100%2 % Net revenue increased from customers in China in fiscal 2024 primarily due to investments in semiconductor equipment and spending on spares and services, partially offset by a decrease in investments in 200mm equipment. Net revenue decreased from customers in Europe primarily due to lower investments in semiconductor equipment. Net revenue from customers in Taiwan decreased primarily due to lower investments in semiconductor equipment and spares, offset by higher spending on services. The changes in net revenue from customers in all other regions for fiscal 2024 primarily reflected changes in investment and spending on semiconductor equipment and services.

Changes in the components of accumulated other comprehensive income (loss) (AOCI), net of tax, were as follows: Unrealized Gain (Loss) on Investments, NetUnrealized Gain (Loss) on Derivative Instruments Qualifying as Cash Flow HedgesDefined and Postretirement Benefit PlansCumulative Translation AdjustmentsTotal(In millions)Balance at October 30, 2022$(75)$(52)$(88)$13 (202)Other comprehensive income (loss) before reclassifications16 (44)17 — (11)Amounts reclassified out of AOCI9 (22)9 — (4)Other comprehensive income (loss), net of tax25 (66)26 — (15)Balance at October 29, 2023$(50)$(118)$(62)$13 $(217)Other comprehensive income (loss) before reclassifications34 28 — — 62 Amounts reclassified out of AOCI9 3 (25)— (13)Other comprehensive income, net of tax43 31 (25)— 49 Balance at October 27, 2024$(7)$(87)$(87)$13 $(168)Other comprehensive income (loss) before reclassifications17 58 — — 75 Amounts reclassified out of AOCI1 (5)(13)— (17)Other comprehensive income (loss), net of tax18 53 (13)— 58 Balance at October 26, 2025$11 $(34)$(100)$13 $(110) Balance at October 30, 2022 Balance at October 29, 2023 Balance at October 27, 2024 Balance at October 26, 2025 The tax effects on net income of amounts reclassified from AOCI were not material for the fiscal 2025, 2024 and 2023.

Changes in the components of accumulated other comprehensive income (loss) (AOCI), net of tax, were as follows: Unrealized Gain (Loss) on Investments, NetUnrealized Gain (Loss) on Derivative Instruments Qualifying as Cash Flow HedgesDefined and Postretirement Benefit PlansCumulative Translation AdjustmentsTotal(In millions)Balance at October 31, 2021$(1)$(103)$(169)$13 (260)Other comprehensive income (loss) before reclassifications(60)100 71 — 111 Amounts reclassified out of AOCI(14)(49)10 — (53)Other comprehensive income (loss), net of tax(74)51 81 — 58 Balance at October 30, 2022$(75)$(52)$(88)$13 $(202)Other comprehensive income (loss) before reclassifications16 (44)17 — (11)Amounts reclassified out of AOCI9 (22)9 — (4)Other comprehensive income, net of tax25 (66)26 — (15)Balance at October 29, 2023$(50)$(118)$(62)$13 $(217)Other comprehensive income (loss) before reclassifications34 28 — — 62 Amounts reclassified out of AOCI9 3 (25)— (13)Other comprehensive income (loss), net of tax43 31 (25)— 49 Balance at October 27, 2024$(7)$(87)$(87)$13 $(168) Balance at October 31, 2021 Balance at October 30, 2022 Balance at October 29, 2023 Balance at October 27, 2024 The tax effects on net income of amounts reclassified from AOCI were not material for the fiscal 2024, 2023 and 2022. In March 2023, our Board of Directors approved a common stock repurchase program authorizing $10.0 billion in repurchases, which supplemented the previously existing $6.0 billion authorization approved in March 2022. At October 27, 2024, approximately $8.9 billion remained available for future stock repurchases under the repurchase program. The following table summarizes our stock repurchases, including excise tax, for each fiscal year: 202420232022 (In millions, except per share amounts)Shares of common stock repurchased20 18 54 Cost of stock repurchased (including excise tax)*$3,851 $2,202 $6,103 Average price paid per share (including excise tax)*$190.27 $123.63 $113.84 Cost of stock repurchased (excluding excise tax)$3,823 $2,189 $6,103 Average price paid per share (excluding excise tax)$188.87 $122.89 $113.84 (*) Effective January 1, 2023, stock repurchase amounts include the 1% surcharge on stock repurchases under the Inflation Reduction Act’s excise tax. This excise tax is recorded in equity and reduces the amount available under the repurchase program, as applicable. We record treasury stock purchases under the cost method using the first-in, first-out (FIFO) method. Upon reissuance of treasury stock, amounts in excess of the acquisition cost are credited to additional paid in capital. If we reissue treasury stock at an amount below our acquisition cost and additional paid in capital associated with prior treasury stock transactions is insufficient to cover the difference between the acquisition cost and the reissue price, this difference is recorded against retained earnings. 73 73 73

In March 2025, our Board of Directors approved a common stock repurchase program authorizing $10.0 billion in repurchases, which supplemented the previous $10.0 billion authorization approved in March 2023. At October 26, 2025, approximately $14.0 billion remained available for future stock repurchases under the repurchase program. The following table provides information as of October 26, 2025 with respect to the shares of common stock repurchased by us during the fourth quarter of fiscal 2025 pursuant to the foregoing Board authorization. PeriodTotal Number of Shares PurchasedAveragePrice Paidper Share*AggregatePrice Paid*Total Number ofShares Purchased asPart of PubliclyAnnounced Programs Maximum DollarValue of SharesThat May Yet bePurchased Underthe Programs* (In millions, except per share amounts)Month #1(July 28, 2025 to August 24, 2025)3.0 $170.20 $503 3.0 $14,329 Month #2(August 25, 2025 to September 21, 2025)1.6 $163.59 254 1.6 $14,075 Month #3(September 22, 2025 to October 26, 2025)0.4 $217.41 99 0.4 $13,976 Total5.0 $172.46 $856 5.0 Average Price Paid

In March 2023, our Board of Directors approved a common stock repurchase program authorizing $10.0 billion in repurchases, which supplemented the previously existing $6.0 billion authorization approved in March 2022. At October 27, 2024, approximately $8.9 billion remained available for future stock repurchases under the repurchase program. The following table provides information as of October 27, 2024 with respect to the shares of common stock repurchased by us during the fourth quarter of fiscal 2024 pursuant to the foregoing Board authorization. PeriodTotal Number of Shares PurchasedAveragePrice Paidper Share*AggregatePrice Paid*Total Number ofShares Purchased asPart of PubliclyAnnounced Programs Maximum DollarValue of SharesThat May Yet bePurchased Underthe Programs* (In millions, except per share amounts)Month #1(July 29, 2024 to August 25, 2024)1.5 $195.93 $292 1.5 $10,030 Month #2(August 26, 2024 to September 22, 2024)2.6 $187.33 492 2.6 $9,538 Month #3(September 23, 2024 to October 27, 2024)3.5 $191.41 669 3.5 $8,869 Total7.6 $190.89 $1,453 7.6 Average Price Paid

Our two reportable segments are: Semiconductor Systems and Applied Global Services (AGS). The Display operating segment financial results were included in the Corporate and Other category balances below, as management no longer considers the Display operating segment a significant operating segment for separate reporting purposes. Segment information is presented based upon our management organization structure as of October 26, 2025 and the distinctive nature of each segment. Future changes to this internal financial structure may result in changes to our reportable segments. The Semiconductor Systems segment includes semiconductor capital equipment to enable materials engineering steps including etch, rapid thermal processing, deposition, chemical mechanical planarization, metrology and inspection, wafer packaging, and ion implantation. The AGS segment provides integrated solutions to optimize equipment and fab performance and productivity, including spares, upgrades, services, 200 millimeter and other equipment and factory automation software for semiconductor and other products. Our President and Chief Executive Officer is our chief operating decision-maker (CODM). We derive the segment results directly from our internal management reporting system. The accounting policies we use to derive reportable segment results are substantially the same as those used for external reporting purposes. Management measures the performance of each reportable segment based upon several metrics including orders, net revenue and operating income. Our CODM regularly reviews segment operating income to evaluate the performance of, and to assign resources to, each of the reportable segments. Actual results are compared to budgeted amounts as part of the CODM’s assessment of each segment’s performance and to make decisions about allocating resources to each segment. Our CODM does not evaluate operating segments using total asset information. The Corporate and Other category includes revenues, costs of products and operating expenses from other operating segments that do not meet the requirements for a reportable segment. Corporate and Other also includes certain corporate function operating expenses that are not allocated to our reportable segments and are managed separately at the corporate level. In addition, we do not allocate to our reportable segments charges associated with restructuring actions, such as employee severance costs and asset impairment charges, unless the restructuring actions pertain to a specific reportable segment. Segment operating income also excludes interest income/expense and other financial charges and income taxes. Our CODM does not consider the unallocated costs in measuring the performance of the reportable segments. 80 80 80

Our three reportable segments are: Semiconductor Systems, Applied Global Services (AGS), and Display. As defined under the accounting literature, our chief operating decision-maker has been identified as the President and Chief Executive Officer, who reviews operating results to make decisions about allocating resources and assessing performance for the entire company. Segment information is presented based upon our management organization structure as of October 27, 2024 and the distinctive nature of each segment. Future changes to this internal financial structure may result in changes to our reportable segments. The Semiconductor Systems reportable segment includes semiconductor capital equipment for etch, rapid thermal processing, deposition, chemical mechanical planarization, metrology and inspection, wafer packaging, and ion implantation. The AGS segment provides integrated solutions to optimize equipment and fab performance and productivity, including spares, upgrades, services, 200mm and other equipment and factory automation software for semiconductor, display and other products. The Display segment includes products for manufacturing liquid crystal displays (LCDs), organic light-emitting diodes (OLEDs), equipment upgrades and other display technologies for TVs, monitors, laptops, personal computers, smart phones, other consumer-oriented devices and solar energy cells. Each operating segment is separately managed and has separate financial results that are reviewed by our chief operating decision-maker. Each reportable segment contains closely related products that are unique to the particular segment. Segment operating income is determined based upon internal performance measures used by our chief operating decision-maker. The chief operating decision-maker does not evaluate operating segments using total asset information. We derive the segment results directly from our internal management reporting system. Effective in the first quarter of fiscal 2024, management began including share-based compensation expense in the evaluation of reportable segments' performance. Prior-year numbers have been recast to conform to the current-year presentation. The accounting policies we use to derive reportable segment results are substantially the same as those used for external reporting purposes. Management measures the performance of each reportable segment based upon several metrics including orders, net revenue and operating income. Management uses these results to evaluate the performance of, and to assign resources to, each of the reportable segments. 81 81 81

We are subject to income taxes in the U.S. and numerous foreign jurisdictions. The calculation of our provision for income taxes and effective tax rate involves significant judgment in estimating the impact of uncertainties in the application of complex and evolving tax laws. Resolution of these uncertainties in a manner inconsistent with our expectations could have a material impact on our results of operations and financial condition. We recognize a current tax liability for the estimated amount of income taxes payable on tax returns for the current fiscal year. Deferred tax assets and liabilities are recognized for the estimated future tax effects of temporary differences between the book and tax bases of assets and liabilities. Deferred tax assets are also recognized for net operating loss and tax credit carryovers. Deferred tax assets and liabilities are adjusted to reflect the effects of enacted changes in tax rates, laws and status, including changes in tax incentives. We record a valuation allowance against deferred tax assets when it is more likely than not that some portion, or all, of the assets will not be realized. In making this assessment, we weigh all available positive and negative evidence, including expected future taxable income, existing taxable temporary differences, carryback potential and prudent and feasible tax-planning strategies. The acceleration of tax deductions for U.S. tax purposes, under the One Big Beautiful Bill Act, limits our ability to use our corporate minimum tax credits. As a result, we have recorded a full valuation allowance against this deferred tax asset. We reviewed potential tax-planning strategies to accelerate income recognition within a reasonable time, but none were prudent and feasible. We will continue to evaluate new strategies as additional One Big Beautiful Bill Act guidance is issued. 38 38 38 Table of Contents Table of Contents

We are subject to income taxes in the U.S. and numerous foreign jurisdictions. The calculation of our provision for income taxes and effective tax rate involves significant judgment in estimating the impact of uncertainties in the application of complex and evolving tax laws. Resolution of these uncertainties in a manner inconsistent with our expectations could have a material impact on our results of operations and financial condition. We recognize a current tax liability for the estimated amount of income taxes payable on tax returns for the current fiscal year. Deferred tax assets and liabilities are recognized for the estimated future tax effects of events that have been recognized in our financial statements or tax returns. These estimates consider future operational results including realizability of our deferred tax assets. Deferred tax assets and liabilities are adjusted to reflect the effects of enacted changes in tax rates, laws and status, including changes in tax incentives. 43 43 43 Table of Contents Table of Contents

In September 2025, we entered into a $2.0 billion 364-day committed revolving credit agreement (364-Day Credit Agreement) with a group of banks. The 364-Day Credit Agreement includes a provision under which we may request an increase in the amount of the facility of up to $1.0 billion for a total commitment of no more than $3.0 billion, subject to the receipt of commitments from one or more lenders for any such increase and other customary conditions. The 364-Day Credit Agreement is scheduled to expire in September 2026, provided, however, if any loans are outstanding on the maturity date, we may convert all or part of such loans to term loans that will mature in September 2027, subject to payment of a fee by us and other customary conditions. The 364-Day Credit Agreement provides for unsecured borrowings that bear interest for each advance at one of two rates selected by us, plus an applicable margin, which varies according to our public debt credit ratings. No amounts were outstanding under the 364-Day Credit Agreement as of October 26, 2025. In February 2025, we entered into a $2.0 billion committed revolving credit agreement (Five-Year Credit Agreement) with a group of banks. The Five-Year Credit Agreement includes a provision under which we may request an increase in the amount of the facility of up to $500 million for a total commitment of no more than $2.5 billion, subject to the receipt of commitments from one or more lenders for any such increase and other customary conditions. The Five-Year Credit Agreement is scheduled to expire in February 2030, unless extended as permitted under the terms of the agreement. The Five-Year Credit Agreement provides for borrowings that bear interest for each advance at one of two rates selected by us, plus an applicable margin, which varies according to our public debt credit ratings. The Five-Year Credit Agreement replaced our prior $1.5 billion credit agreement, which was scheduled to expire in February 2026. 68 68 68

In February 2020, we entered into a five-year $1.5 billion committed unsecured revolving credit agreement (Revolving Credit Agreement) with a group of banks. The Revolving Credit Agreement includes a provision under which we may request an increase in the amount of the facility of up to $500 million for a total commitment of no more than $2.0 billion, subject to the receipt of commitments from one or more lenders for any such increase and other customary conditions. The Revolving Credit Agreement is scheduled to expire in February 2026, unless extended as permitted under the Revolving Credit Agreement. The Revolving Credit Agreement provides for borrowings that bear interest for each advance at one of two rates selected by us, plus an applicable margin, which varies according to our public debt credit ratings. No amounts were outstanding under the Revolving Credit Agreement as of October 27, 2024 and October 29, 2023. In addition, we have revolving credit facilities with Japanese banks pursuant to which we may borrow up to approximately $52 million in aggregate at any time. Our ability to borrow under these facilities is subject to bank approval at the time of the borrowing request, and any advances will be at rates indexed to the banks’ prime reference rate denominated in Japanese yen. As of October 27, 2024 and October 29, 2023, no amounts were outstanding under these revolving credit facilities.

October 26,2025October 27,2024ASSETSCurrent assets:Cash and cash equivalents$7,241 $8,022 Short-term investments1,332 1,449 Accounts receivable, net5,185 5,234 Inventories5,915 5,421 Other current assets1,208 1,094 Total current assets20,881 21,220 Long-term investments4,327 2,787 Property, plant and equipment, net4,610 3,339 Goodwill3,707 3,732 Purchased technology and other intangible assets, net226 249 Deferred income taxes and other assets2,548 3,082 Total assets$36,299 $34,409 LIABILITIES AND STOCKHOLDERS’ EQUITYCurrent liabilities:Short-term debt$100 $799 Accounts payable and accrued expenses5,333 4,820 Contract liabilities2,566 2,849 Total current liabilities7,999 8,468 Long-term debt6,455 5,460 Income taxes payable356 670 Other liabilities1,074 810 Total liabilities15,884 15,408 Commitments and contingencies (Note 14)Stockholders’ equity:Preferred stock: $0.01 par value per share; 1 shares authorized; no shares issued— — Common stock: $0.01 par value per share; 2,500 shares authorized; 793 and 818 shares outstanding at 2025 and 2024, respectively8 8 Additional paid-in capital10,333 9,660 Retained earnings55,227 49,651 Treasury stock: 1,241 and 1,211 shares at 2025 and 2024, respectively(45,043)(40,150)Accumulated other comprehensive loss(110)(168)Total stockholders’ equity20,415 19,001 Total liabilities and stockholders’ equity$36,299 $34,409 Commitments and contingencies (Note 14) Preferred stock: $0.01 par value per share; 1 shares authorized; no shares issued Common stock: $0.01 par value per share; 2,500 shares authorized; 793 and 818 shares outstanding at 2025 and 2024, respectively Treasury stock: 1,241 and 1,211 shares at 2025 and 2024, respectively See accompanying Notes to Consolidated Financial Statements. 49 49 49

October 27,2024October 29,2023ASSETSCurrent assets:Cash and cash equivalents$8,022 $6,132 Short-term investments1,449 737 Accounts receivable, net5,234 5,165 Inventories5,421 5,725 Other current assets1,094 1,388 Total current assets21,220 19,147 Long-term investments2,787 2,281 Property, plant and equipment, net3,339 2,723 Goodwill3,732 3,732 Purchased technology and other intangible assets, net249 294 Deferred income taxes and other assets3,082 2,552 Total assets$34,409 $30,729 LIABILITIES AND STOCKHOLDERS’ EQUITYCurrent liabilities:Short-term debt$799 $100 Accounts payable and accrued expenses4,820 4,297 Contract liabilities2,849 2,975 Total current liabilities8,468 7,372 Long-term debt5,460 5,461 Income taxes payable670 833 Other liabilities810 714 Total liabilities15,408 14,380 Commitments and contingencies (Note 13)Stockholders’ equity:Preferred stock: $0.01 par value per share; 1 shares authorized; no shares issued— — Common stock: $0.01 par value per share; 2,500 shares authorized; 818 and 833 shares outstanding at 2024 and 2023, respectively8 8 Additional paid-in capital9,660 9,131 Retained earnings49,651 43,726 Treasury stock: 1,211 and 1,191 shares at 2024 and 2023, respectively(40,150)(36,299)Accumulated other comprehensive loss(168)(217)Total stockholders’ equity19,001 16,349 Total liabilities and stockholders’ equity$34,409 $30,729 Preferred stock: $0.01 par value per share; 1 shares authorized; no shares issued Common stock: $0.01 par value per share; 2,500 shares authorized; 818 and 833 shares outstanding at 2024 and 2023, respectively Treasury stock: 1,211 and 1,191 shares at 2024 and 2023, respectively See accompanying Notes to Consolidated Financial Statements. 54 54 54 Table of Contents Table of Contents

Fiscal Year202520242023Net income$6,998 $7,177 $6,856 Other comprehensive income (loss), net of tax:Change in unrealized gain (loss) on available-for-sale investments18 43 25 Change in unrealized net loss on derivative instruments53 31 (66)Change in defined and postretirement benefit plans(13)(25)26 Other comprehensive income (loss), net of tax58 49 (15)Comprehensive income$7,056 $7,226 $6,841 See accompanying Notes to Consolidated Financial Statements. 48 48 48 Table of Contents Table of Contents

Fiscal Year202420232022Net income$7,177 $6,856 $6,525 Other comprehensive income (loss), net of tax:Change in unrealized gain (loss) on available-for-sale investments43 25 (74)Change in unrealized net loss on derivative instruments31 (66)51 Change in defined and postretirement benefit plans(25)26 81 Other comprehensive income (loss), net of tax49 (15)58 Comprehensive income$7,226 $6,841 $6,583 See accompanying Notes to Consolidated Financial Statements. 53 53 53 Table of Contents Table of Contents

For geographical reporting, revenue by geographic location is determined by the location of customers’ facilities to which products were shipped and services were performed. Long-lived assets consist primarily of property, plant and equipment and right-of-use assets and are attributed to the geographic location in which they are located. Net revenue and long-lived assets by geographic region for and as of each fiscal year were as follows: 202520242023 (In millions)Net revenue:United States$3,063 $3,818 $4,006 China8,529 10,117 7,247 Korea5,608 4,493 4,609 Taiwan6,857 4,010 5,670 Japan2,273 2,154 2,075 Europe962 1,443 2,152 Southeast Asia1,076 1,141 758 Total outside United States25,305 23,358 22,511 Consolidated total$28,368 $27,176 $26,517 October 26,2025October 27,2024 (In millions)Long-lived assets:United States$5,071 $3,759 China8 3 Korea9 9 Taiwan67 59 Japan6 7 Europe155 113 Southeast Asia21 5 Total outside United States266 196 Consolidated total$5,337 $3,955 83 83 83 Table of Contents Table of Contents

Net revenue for Semiconductor Systems by market for the periods indicated were as follows: 202420232022Foundry, logic and other68 %77 %66 %Dynamic random-access memory (DRAM)28 %17 %19 %Flash memory4 %6 %15 %100 %100 %100 % The reconciling items included in Corporate and Other were as follows: 202420232022 (In millions)Unallocated Net revenue$155 $219 $114 Unallocated cost of products sold and expenses(1,132)(1,087)(918)Severance and related charges— — 4 Total$(977)$(868)$(800) For geographical reporting, revenue by geographic location is determined by the location of customers’ facilities to which products were shipped and services were performed. Long-lived assets consist primarily of property, plant and equipment and right-of-use assets and are attributed to the geographic location in which they are located. Net revenue and long-lived assets by geographic region for and as of each fiscal year were as follows: 202420232022 (In millions)Net revenue:United States$3,818 $4,006 $3,104 China10,117 7,247 7,254 Korea4,493 4,609 4,395 Taiwan4,010 5,670 6,262 Japan2,154 2,075 2,012 Europe1,443 2,152 1,674 Southeast Asia1,141 758 1,084 Total outside United States23,358 22,511 22,681 Consolidated total$27,176 $26,517 $25,785 October 27,2024October 29,2023 (In millions)Long-lived assets:United States$3,759 $3,239 China3 4 Korea9 11 Taiwan59 59 Japan7 7 Europe113 110 Southeast Asia5 6 Total outside United States196 197 Consolidated total$3,955 $3,436 83 83 83

October 26,2025October 27,2024 (In millions)Accounts Payable and Accrued ExpensesAccounts payable$1,978 $1,570 Compensation and employee benefits1,221 1,188 Warranty346 364 Dividends payable365 327 Income taxes payable380 535 Operating lease liabilities, current91 87 Restructuring reserve165 — Other787 749 $5,333 $4,820 Operating lease liabilities, current Operating lease liabilities, current October 26,2025October 27,2024 (In millions)Other LiabilitiesDefined and postretirement benefit plans$151 $142 Operating lease liabilities, non-current404 259 Other519 409 $1,074 $810 Operating lease liabilities, non-current Operating lease liabilities, non-current

October 27,2024October 29,2023(In millions)Deferred Income Taxes and Other AssetsNon-current deferred income taxes$2,393 $1,729 Operating lease right-of-use assets375 370 Finance lease right-of-use assets— 108 Income tax receivables and other assets314 345 $3,082 $2,552 Operating lease right-of-use assets Operating lease right-of-use assets Finance lease right-of-use assets Finance lease right-of-use assets October 27,2024October 29,2023 (In millions)Accounts Payable and Accrued ExpensesAccounts payable$1,570 $1,478 Compensation and employee benefits1,188 1,024 Warranty364 332 Dividends payable327 267 Income taxes payable535 282 Operating lease liabilities, current87 84 Finance lease liabilities, current— 102 Other749 728 $4,820 $4,297 Operating lease liabilities, current Operating lease liabilities, current Finance lease liabilities, current Finance lease liabilities, current October 27,2024October 29,2023 (In millions)Other LiabilitiesDefined and postretirement benefit plans$142 $126 Operating lease liabilities, non-current259 252 Other409 336 $810 $714 Operating lease liabilities, non-current Operating lease liabilities, non-current

We have product development, engineering, manufacturing, sales and other operations distributed throughout many countries, and some of our business activities are concentrated in certain geographic areas. In fiscal 2025, approximately 89% of our net revenue was to customers in regions outside the United States. As a result of the global nature of our operations, we are subject to a number of factors that could have an adverse impact on our business, financial condition and results of operations. These factors include global political and social conditions, such as policies or regulations within countries, including in China, the United States and countries in Europe and Asia, that favor domestic companies over non-domestic companies, including efforts to promote the development and growth of local competitors to us, or regarding national, commercial or security issues. Other factors include geopolitical turmoil, acts of war or social unrest; our ability to maintain appropriate business processes, procedures and internal controls in our geographically diverse operations; delays or restrictions 11 11 11 Table of Contents Table of Contents on personnel travel and in shipping materials or products; our ability to develop relationships with local customers, suppliers and governments; performance of our geographically diverse third-party providers; impacts of regional or global health epidemics, natural disasters and extreme and chronic weather events; fluctuations in interest rates and currency exchange rates; as well as other factors discussed in this Risk Factors section. Any of these factors may have an adverse impact on our business and manufacturing operations or demand for our products and services, and our performance and results of operations may be adversely affected.

We have product development, engineering, manufacturing, sales and other operations distributed throughout many countries, and some of our business activities are concentrated in certain geographic areas. In fiscal 2024, approximately 86% of our net revenue was to customers in regions outside the United States. As a result of the global nature of our operations, our business performance and results of operations may be adversely affected by a number of factors, including: •uncertain or adverse global economic, political and business conditions and demand; •global trade issues and changes in and uncertainties with respect to trade and export regulations, trade policies and sanctions, tariffs, and international trade disputes, including new and changing export regulations and their impact on our ability to export products and provide services to customers; •positions taken by governmental agencies regarding national, commercial or security issues posed by the development, sale or export of certain products, technologies and raw materials, including critical materials and critical minerals; •political instability, social unrest, terrorism, acts of war or other geopolitical turmoil, such as the conflict in the Middle East, in locations where we have operations, suppliers or sales, or that may influence the value chain of the industries we serve; •cybersecurity incidents; •political and social attitudes, laws, rules, regulations and policies within countries, including in China, the United States, and countries in Europe and Asia, that favor domestic companies over non-domestic companies, including efforts to promote the development and growth of local competitors and reduce dependence on foreign semiconductor equipment and manufacturing capabilities through policies and financial incentives; •efforts to influence us to conduct more or less of our operations and sourcing in a particular country; •different and changing local, regional, national or international laws and regulations, including contract, intellectual property, cybersecurity, data privacy, labor, tax, and import/export laws, and the interpretation and application of laws and regulations; •ineffective or inadequate legal protection of intellectual property rights in certain countries; •interruptions to our or our suppliers’ supply chain; •the availability of raw materials, including critical materials and critical minerals, and increases and volatility of commodity, energy and shipping costs; •delays or restrictions on personnel travel and in shipping materials or products; •geographically diverse operations and projects, and our ability to maintain appropriate business processes, procedures and internal controls, and comply with environmental, health and safety, anti-corruption and other regulatory requirements; •challenges in hiring and integrating workers in different countries, and in effectively managing a diverse workforce with different experience levels, languages, cultures, customs, business practices and worker expectations, and differing employment practices and labor issues; •the ability to develop relationships with local customers, suppliers and governments; •fluctuations in interest rates and currency exchange rates, including the relative strength or weakness of the U.S. dollar against the Japanese yen, Israeli shekel, euro, Taiwanese dollar, Singapore dollar, Chinese yuan or Korean won; •the need to provide technical support in different locations around the world; •performance of geographically diverse third-party providers, including certain engineering, software development, manufacturing, information technology and other functions; •service interruptions from utilities, transportation, data hosting or telecommunications providers; •impacts of natural disasters and extreme and chronic weather events on our operations and those of our customers and suppliers, which may be exacerbated by climate change; 14 14 14 Table of Contents Table of Contents •regional or global health epidemics; •the increasing need for a mobile workforce and travel to different regions; and •uncertainties with respect to economic growth rates in various countries, including for the manufacture and sale of semiconductors and displays in the developing economies of certain countries.

We are increasingly incorporating AI capabilities into the development of technologies, our business operations and our products and services. AI technology is complex and rapidly evolving and may subject us to significant competitive, legal, regulatory, operational and other risks. The implementation of AI can be costly, and there is no guarantee that our use of AI will enhance our technologies, benefit our business operations, or produce products and services that are preferred by our customers. Our competitors may be more successful in their AI strategy and develop superior products and services with the aid of AI technology. Additionally, AI algorithms or training methodologies may be flawed, and datasets may contain irrelevant, insufficient or biased information, which can cause errors in outputs. This may give rise to legal liability, damage our reputation, and materially harm our business. The use of AI in the development of our products and services could also cause loss of intellectual property, as well as subject us to risks related to intellectual property infringement or misappropriation, data privacy and cybersecurity. We also utilize third-party providers of AI capabilities, and our ability to implement AI successfully in our business operations relies on our continued access to third-party providers and safeguards implemented by them. Additionally, AI technology may also create ethical issues, which could impair market adoption of such technology and impair demand for our products and services. Furthermore, the United States and other countries may adopt laws and regulations related to AI. These laws and regulations could cause us to incur greater compliance costs and limit the use of AI in the development of our products and services. Any failure or perceived failure by us to comply with these regulatory requirements could subject us to legal liabilities, damage our reputation, or otherwise have a material and adverse impact on our business.

We are increasingly incorporating artificial intelligence capabilities into the development of technologies and our business operations, and into our products and services. Artificial intelligence technology is complex and rapidly evolving, and may subject us to significant competitive, legal, regulatory, operational and other risks. The implementation of artificial intelligence can be costly, and there is no guarantee that our use of artificial intelligence will enhance our technologies, benefit our business operations, or produce products and services that are preferred by our customers. Our competitors may be more successful in their artificial intelligence strategy and develop superior products and services with the aid of artificial intelligence technology. Additionally, artificial intelligence algorithms or training methodologies may be flawed, and datasets may contain irrelevant, insufficient or biased information, which can cause errors in outputs. This may give rise to legal liability, damage our reputation, and materially harm our business. The use of artificial intelligence in the development of our products and services could also cause loss of intellectual property, as well as subject us to risks related to intellectual property infringement or misappropriation, data privacy and cybersecurity. Additionally, artificial intelligence technology may also create ethical issues, which could impair market adoption of such technology and impair demand for our products and services. Furthermore, the United States and other countries may adopt laws and regulations related to artificial intelligence. Such laws and regulations could cause us to incur greater compliance costs and limit the use of artificial intelligence in the development of our products and services. Any failure or perceived failure by us to comply with such regulatory requirements could subject us to legal liabilities, damage our reputation, or otherwise have a material and adverse impact on our business.

Operating expenses for the periods presented were as follows: Change 202520242025 over 2024 (In millions)Research, development and engineering (RD&E)$3,570 $3,233 $337 Marketing and selling$858 $836 $22 General and administrative (G&A)$910 $961 $(51)Restructuring charges$181 $— $181 The year-over-year change in RD&E expenses was primarily due to additional headcount to support our ongoing investments in product development initiatives and higher depreciation expenses, consistent with our growth strategy. We continued to prioritize RD&E investments in technical capabilities and critical RD&E programs in current and new markets. Marketing and selling expenses for fiscal 2025 increased primarily due to higher employee related expenses. General and administrative expenses in fiscal 2025 decreased primarily due to lower spending on professional services, partially offset by an impairment of goodwill of $41 million recognized during the fourth quarter of fiscal 2025. In the fourth quarter of fiscal 2025, we approved a workforce reduction plan (Fiscal 2025 Restructuring Plan) to position us for continued growth as a more competitive and productive organization and expect approximately 4% of our global workforce to be impacted under this plan. In the fourth quarter of fiscal 2025, we recognized $181 million of restructuring charges consisting primarily of severance and other employment termination benefits to be paid in cash, and other non-cash related charges. We expect to complete the plan in fiscal 2026.

Operating expenses for the periods presented were as follows: Change 202420232024 over 2023 (In millions)Research, development and engineering (RD&E)$3,233 $3,102 $131 Marketing and selling$836 $776 $60 General and administrative$961 $852 $109 The year-over-year change in RD&E expenses was primarily due to additional headcount to support our ongoing investments in product development initiatives, consistent with our growth strategy, offset by lower depreciation expense as a result of changes in certain assets’ useful lives effective as of the beginning of fiscal 2024. We continued to prioritize existing RD&E investments in technical capabilities and critical RD&E programs in current and new markets, with a focus on the development of new unit process systems and integrated materials solutions. Areas of investment in Semiconductor Systems include etch, deposition, metrology and inspection, patterning, packaging and other technologies to improve chip performance, power, area, cost and time-to-market. In Display, RD&E investments were focused on expanding our market opportunity with new display technologies. Marketing and selling expenses for fiscal 2024 increased primarily due to additional headcount. General and administrative expenses in fiscal 2024 increased primarily due to the increases in share-based compensation expense and professional fees. 35 35 35 Table of Contents Table of Contents

The following tables summarize our cash, cash equivalents and investments by security type: October 26, 2025CostGrossUnrealizedGainsGrossUnrealizedLossesEstimatedFair Value (In millions)Cash$1,419 $— $— $1,419 Cash equivalents:Money market funds*2,193 — — 2,193 Bank certificates of deposit and time deposits180 — — 180 U.S. Treasury and agency securities1,196 — — 1,196 Municipal securities5 — — 5 Commercial paper, corporate bonds and medium-term notes2,248 — — 2,248 Total cash equivalents5,822 — — 5,822 Total cash and cash equivalents$7,241 $— $— $7,241 Short-term and long-term investments:Bank certificates of deposit and time deposits$4 $— $— $4 U.S. Treasury and agency securities1,229 3 — 1,232 Non-U.S. government securities**5 — — 5 Municipal securities463 5 — 468 Commercial paper, corporate bonds and medium-term notes848 6 — 854 Asset-backed and mortgage-backed securities614 4 2 616 Total fixed income securities3,163 18 2 3,179 Publicly traded equity securities1,288 824 2 2,110 Equity investments in privately held companies342 74 46 370 Total equity investments1,630 898 48 2,480 Total short-term and long-term investments$4,793 $916 $50 $5,659 Total cash, cash equivalents and investments$12,034 $916 $50 $12,900 Money market funds* Non-U.S. government securities** _________________________ *Excludes $71 million of restricted cash equivalents invested in money market funds related to deferred compensation plans. **Includes Canadian provincial government debt. 61 61 61

October 29, 2023CostGrossUnrealizedGainsGrossUnrealizedLossesEstimatedFair Value (In millions)Cash$1,417 $— $— $1,417 Cash equivalents:Money market funds*3,260 — — 3,260 Municipal securities26 — — 26 Commercial paper, corporate bonds and medium-term notes1,429 — — 1,429 Total cash equivalents4,715 — — 4,715 Total cash and cash equivalents$6,132 $— $— $6,132 Short-term and long-term investments:Bank certificates of deposit and time deposits$18 $— $— $18 U.S. Treasury and agency securities381 — 7 374 Non-U.S. government securities**7 — 1 6 Municipal securities438 — 11 427 Commercial paper, corporate bonds and medium-term notes760 — 12 748 Asset-backed and mortgage-backed securities502 — 15 487 Total fixed income securities2,106 — 46 2,060 Publicly traded equity securities543 171 16 698 Equity investments in privately held companies192 78 10 260 Total equity investments735 249 26 958 Total short-term and long-term investments$2,841 $249 $72 $3,018 Total cash, cash equivalents and investments$8,973 $249 $72 $9,150 Money market funds* Non-U.S. government securities** ________________________ *Excludes $101 million of restricted cash equivalents invested in money market funds related to deferred compensation plans. **Includes Canadian provincial government debt. During fiscal 2024, 2023 and 2022, interest income from our cash, cash equivalents and fixed income securities was $486 million, $262 million and $44 million, respectively. Maturities of Investments The following table summarizes the contractual maturities of our investments at October 27, 2024: CostEstimated Fair Value (In millions)Due in one year or less$1,405 $1,403 Due after one through five years1,163 1,165 No single maturity date*1,454 1,668 Total$4,022 $4,236 _________________________ *Securities with no single maturity date include publicly traded and privately held equity securities and asset-backed and mortgage-backed securities. 65 65 65

Operating income (loss) by segment for the periods presented were as follows: Change 202520242025 over 2024 (In millions, except percentages and ratios)Operating income (loss)Semiconductor Systems$7,379 $6,981 $398 6 %Applied Global Services1,792 1,812 (20)(1)%Corporate and Other(882)(926)44 5 %Total$8,289 $7,867 $422 5 %Operating marginSemiconductor Systems35.5 %35.1 %0.4 pointsApplied Global Services28.1 %29.1 %(1.0) points Semiconductor Systems’ operating margin for fiscal 2025 increased compared to the same period in the prior year primarily driven by higher net revenue, favorable changes in customer and product mix, lower material and manufacturing costs, and an increase in average selling prices, partially offset by increased RD&E expenses. AGS’ operating margin for fiscal 2025 decreased compared to the same periods in the prior year primarily due to a decrease in 200mm equipment net revenue, higher expense related to an increase in headcount to support business growth, and higher excess and obsolete inventory charges, partially offset by higher net revenue from services and spares. 32 32 32 Table of Contents Table of Contents

Operating income by segment for the periods presented were as follows: Change 202420232024 over 2023 (In millions, except percentages and ratios)Operating income (loss)Semiconductor Systems$6,981 $6,879 $102 1 %Applied Global Services1,812 1,529 283 19 %Display51 114 (63)(55)%Corporate and Other(977)(868)(109)13 %Total$7,867 $7,654 $213 3 %Operating marginSemiconductor Systems35.1 %34.9 %0.2 pointsApplied Global Services29.1 %26.7 %2.4 pointsDisplay5.8 %13.1 %(7.3) points Semiconductor Systems’ operating margin for fiscal 2024 increased primarily driven by lower material, freight, logistics and manufacturing costs, favorable changes in customer and product mix and lower depreciation expense as a result of changes in certain assets’ useful lives effective as of the beginning of fiscal 2024, partially offset by increased RD&E expenses. AGS’ operating margin for fiscal 2024 increased primarily due to the increase in net revenue and a favorable change in product mix. Display’s operating margin for fiscal 2024 decreased primarily due to unfavorable changes in product mix. 37 37 37 Table of Contents Table of Contents

Fiscal Year202520242023 Net revenue$28,368 $27,176 $26,517 Cost of products sold14,560 14,279 14,133 Gross profit13,808 12,897 12,384 Operating expenses:Research, development and engineering3,570 3,233 3,102 Marketing and selling858 836 776 General and administrative910 961 852 Restructuring charges181 — — Total operating expenses5,519 5,030 4,730 Income from operations8,289 7,867 7,654 Interest expense269 247 238 Interest and other income (expense), net1,251 532 300 Income before income taxes9,271 8,152 7,716 Provision for income taxes2,273 975 860 Net income$6,998 $7,177 $6,856 Earnings per share:Basic$8.71 $8.68 $8.16 Diluted$8.66 $8.61 $8.11 Weighted average number of shares:Basic804 827 840 Diluted808 834 845 See accompanying Notes to Consolidated Financial Statements. 47 47 47 Table of Contents Table of Contents

Fiscal Year202420232022 Net revenue$27,176 $26,517 $25,785 Cost of products sold14,279 14,133 13,792 Gross profit12,897 12,384 11,993 Operating expenses:Research, development and engineering3,233 3,102 2,771 Marketing and selling836 776 703 General and administrative961 852 735 Severance and related charges— — (4)Total operating expenses5,030 4,730 4,205 Income from operations7,867 7,654 7,788 Interest expense247 238 228 Interest and other income (expense), net532 300 39 Income before income taxes8,152 7,716 7,599 Provision for income taxes975 860 1,074 Net income$7,177 $6,856 $6,525 Earnings per share:Basic$8.68 $8.16 $7.49 Diluted$8.61 $8.11 $7.44 Weighted average number of shares:Basic827 840 871 Diluted834 845 877 See accompanying Notes to Consolidated Financial Statements. 52 52 52 Table of Contents Table of Contents

October 26,2025October 27,2024 (In millions)InventoriesCustomer service spares$1,786 $1,742 Raw materials2,007 1,680 Work-in-process914 879 Finished goodsDeferred cost of sales229 217 Evaluation inventory474 459 Manufactured on-hand inventory505 444 Total finished goods1,208 1,120 Total inventories$5,915 $5,421 October 26,2025October 27,2024 (In millions)Other Current AssetsPrepaid income taxes and income taxes receivable$148 $120 Prepaid expenses and other1,060 974 $1,208 $1,094 Useful LifeOctober 26,2025October 27,2024 (In years)(In millions)Property, Plant and Equipment, NetLand and improvements$558 $492 Buildings and improvements3-302,930 2,359 Demonstration and manufacturing equipment5-82,708 2,578 Furniture, fixtures and other equipment3-5855 782 Construction in progress1,460 898 Gross property, plant and equipment8,511 7,109 Accumulated depreciation(3,901)(3,770)$4,610 $3,339 3-30 5-8 3-5 Depreciation expense was $389 million, $346 million and $471 million for fiscal 2025, 2024 and 2023, respectively. October 26,2025October 27,2024(In millions)Deferred Income Taxes and Other AssetsNon-current deferred income taxes$1,233 $2,393 Operating lease right-of-use assets509 375 Income tax receivables and other assets806 314 $2,548 $3,082 Operating lease right-of-use assets Operating lease right-of-use assets 67 67 67

October 27,2024October 29,2023 (In millions)InventoriesCustomer service spares$1,742 $1,589 Raw materials1,680 1,653 Work-in-process879 997 Finished goodsDeferred cost of sales217 413 Evaluation inventory459 423 Manufactured on-hand inventory444 650 Total finished goods1,120 1,486 Total inventories$5,421 $5,725 October 27,2024October 29,2023 (In millions)Other Current AssetsPrepaid income taxes and income taxes receivable$120 $412 Prepaid expenses and other974 976 $1,094 $1,388 Useful LifeOctober 27,2024October 29,2023 (In years)(In millions)Property, Plant and Equipment, NetLand and improvements$492 $393 Buildings and improvements3-302,359 2,194 Demonstration and manufacturing equipment5-82,578 2,353 Furniture, fixtures and other equipment3-5782 762 Construction in progress898 672 Gross property, plant and equipment7,109 6,374 Accumulated depreciation(3,770)(3,651)$3,339 $2,723 3-30 5-8 3-5 Depreciation expense was $346 million, $471 million and $404 million for fiscal 2024, 2023 and 2022, respectively. 70 70 70