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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
Achieved sixth consecutive year of growth with record annual revenue, gross margin, operating profit, and EPS in FY25, despite trade restrictions and unfavorable market mix.
AI-driven demand and substantial investment in next-generation computing infrastructure are expected to drive future semiconductor and wafer fab equipment growth.
The company is extending leadership in leading-edge logic, DRAM, and advanced packaging, supported by inflection-focused innovation and deep customer co-innovation.
Management is preparing for higher demand in the second half of calendar 2026, driven by AI adoption and advanced semiconductor investments.
Financial highlights
FY25 revenue reached $28.4 billion, up 4% year-over-year, with growth across all segments; 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.
Non-GAAP free cash flow for the year was $5.7 billion; nearly $8 billion in cash from operations generated.
Q4 revenue was $6.8 billion, down 3% year-over-year; non-GAAP EPS was $2.17, down 6% year-over-year.
Record revenue in Taiwan and Korea; record foundry and DRAM sales outside China.
Outlook and guidance
FY26 is expected to be another growth year, with revenue weighted toward the second half as AI-related fab equipment spending accelerates.
Q1 FY26 guidance: revenue of $6.85 billion (±$500 million), non-GAAP EPS of $2.18 (±$0.20), and non-GAAP gross margin of ~48.4%.
Leading-edge foundry logic, DRAM, and high-bandwidth memory are forecast as the fastest-growing segments.
Guidance excludes known acquisition charges and includes a net income tax benefit from intra-entity intangible asset transfers.
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
Reconcile China share loss vs. 'competing well'
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Next Applied Materials earnings date
Q1 202612 Feb, 2026
Next Applied Materials earnings date
Q1 202612 Feb, 2026
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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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