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Applied Materials (AMAT) investor relations material
Applied Materials Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary13 Nov, 2025
Executive summary
Fiscal 2025 marked the sixth consecutive year of growth, with record annual revenue of $28.4 billion, record gross margin, operating profit, and EPS, despite trade restrictions and an unfavorable market mix.
AI computing and advanced semiconductor investments are driving secular growth in wafer fab equipment, positioning the company for another record year in 2026.
Inflection-focused innovation and leadership in logic, DRAM, and packaging support next-generation technology ramps.
Financial highlights
Fiscal 2025 revenue grew 4% year-over-year to $28.4 billion; non-GAAP EPS was $9.42, up 9% year-over-year.
Non-GAAP gross margin increased by 120 basis points to 48.8%, the highest in 25 years; operating income grew 8% to $8.56 billion.
Free cash flow for FY25 was $5.7 billion; nearly $8 billion in cash from operations and $5.7 billion in free cash flow were generated.
$6.3 billion was returned to shareholders via dividends and share repurchases; quarterly dividend per share increased by 15% to $0.46.
Outlook and guidance
Fiscal 2026 is expected to be another growth year, with revenue weighted toward the second half as AI-related investments accelerate.
Q1 2026 guidance: revenue of $6.85 billion ± $500 million, non-GAAP EPS of $2.18 ± $0.20, and non-GAAP gross margin of approximately 48.4%.
Wafer fab equipment spending is projected to accelerate in the second half of 2026, with leading-edge foundry logic, DRAM, and high-bandwidth memory as the fastest-growing segments.
How did other markets offset China trade impact?
What is the strategic rationale for AGS changes?
What drives 2H 2026 demand expectations?
Geographic revenue shifts: Q4 drivers
Display segment Q4 growth drivers
Explain FY25 free cash flow decline
Mitigating China trade restriction impact
AI's impact on AMAT's market share gains
H2 CY26 ramp's impact on financials
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Next Applied Materials earnings date
UBS’s 2025 Global Technology and AI Conference2 Dec, 2025
Next Applied Materials earnings date
UBS’s 2025 Global Technology and AI Conference2 Dec, 2025
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Frequently asked questions
Semiconductor Suppliers
Applied Materials is an American company with global operations that manufactures and supplies equipment, associated services, and software for semiconductors. It also supplies equipment that makes it possible to manufacture coatings for electronics and packaging. The company is one of the largest suppliers of semiconductor equipment in the world and is therefore, unsurprisingly, an important player in the global semiconductor industry. Applied Materials operates in three different business sectors: Semiconductor Products, Display and Adjacent Markets, and Global Services. It is headquartered in Santa Clara, California, and its shares are traded on the Nasdaq.
The Company’s Journey
Applied Materials was founded in 1967 and began in a small office in Santa Clara, California, with its initial focus on manufacturing equipment for the burgeoning semiconductor industry.
The 1970s marked a period of significant growth for Applied Materials as the demand for semiconductors surged due to the rise of the personal computer. In the 1980s and 1990s, Applied Materials continued to grow, both organically and through strategic acquisitions, expanding its reach globally. Entering the 21st century, Applied Materials broadened its focus beyond the semiconductor sector. Today, the company is one of the leaders in semiconductor equipment together with companies such as ASML, Lam Research, and KLA.
Semiconductor Products
Applied Materials' Semiconductor Products segment is a cornerstone of its business and the leading source of revenue. This arm of the business focuses on providing advanced equipment and services for semiconductor chip manufacturing. This includes tools for deposition, etching, ion implantation, rapid thermal processing, and wafer inspection. These technologies are crucial for creating the intricate structures found in modern microchips, which are essential components in a wide range of electronic devices. The segment's offerings are aimed to meet the needs in various stages of the semiconductor production process and enable the creation of smaller, more powerful, and energy-efficient chips.
Further reading: Understanding the Semiconductor Value Chain: Key Players & Dynamics
Display and Adjacent Markets and Global Services
The company’s Display and Adjacent Markets division focuses on providing equipment used in the manufacture of flat panel displays, such as those for TVs, smartphones, and tablets. This involves technologies for depositing and etching materials on glass and flexible substrates, essential for producing high-resolution screens.
The Global Services segment complements this by offering comprehensive services and support, including upgrades, maintenance, and consulting, to optimize the performance and productivity of manufacturing equipment.
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