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Applied Materials
Applied Materials (AMAT) investor relations material
Applied Materials Q4 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2026 earnings summary12 Nov, 2026
Executive summary
Record FY2026 results and AI-led demand reflect strength in leading-edge logic, DRAM, advanced packaging, and process control.
Management expects another record market year in 2027, with WFE demand forecast to grow more than 30% and continued market outperformance.
Capacity plans target doubling systems output from Q4 FY2026 levels by 2028 and more than doubling manufacturing and lab capacity by 2030.
Financial highlights
FY2026 revenue was $34.446B, up 21%; non-GAAP gross margin rose 130 bps to 50.1%, and non-GAAP EPS increased 37% to $12.89.
Q4 revenue reached $10.409B, up 53% YoY; non-GAAP EPS was $4.16, up 92% YoY.
Q4 net income was $2.718B, up 43% YoY; FY net income was $10.088B, up 44%.
Record operating cash flow was $3.300B in Q4 and $8.868B for FY; non-GAAP free cash flow was $2.616B and $6.196B, respectively.
FY operating cash flow increased 11% and free cash flow rose 9%, after $2.672B of capital expenditures.
Outlook and guidance
Q1 FY2027 revenue guidance is $11.1B ± $500M and non-GAAP diluted EPS is $4.35 ± $0.20.
Q1 EPS outlook excludes $0.01/share of known acquisition charges and includes a $0.04/share tax benefit from intra-entity intangible asset transfers.
Q1 Semiconductor Systems revenue is expected at ~$8.7B, AGS at ~$2B, and Other at ~$400M; AGS revenue is expected to stay near Q1 levels in Q2.
Semiconductor Systems is expected to grow more than 40% in calendar 2026; systems output is expected to increase each quarter.
Q1 non-GAAP gross margin is expected at ~50.8%, with non-GAAP OpEx of ~$1.7B and a tax rate of ~13%.
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Latest events from Applied Materials
- AI-led demand underpins share gains, capacity expansion and 2030 margin targets.AMAT
SEMICON West 2026 - AI-driven demand and innovation are fueling record growth and margin expansion through 2027.AMATGoldman Sachs Communacopia + Technology Conference 2026
- AI and cloud investments drive strong growth in advanced packaging, DRAM, and services.AMATCiti’s 2026 Global TMT Conference
- AI-driven compute innovation and co-innovation at EPIC Center are set to reshape the semiconductor industry.AMATThe Six Five Summit: AI Unleashed 2026
- Record revenue and EPS growth driven by AI demand, new products, and strong margin expansion.AMATQ3 2026
- AI-driven growth and advanced packaging innovations drive leadership and market expansion.AMATInvestor update presentation
- Record FY25 revenue and EPS, with AI-driven growth expected to accelerate in 2026.AMATQ4 2025
- Record Q3 revenue and earnings growth driven by AI, DRAM, and advanced packaging demand.AMATQ3 2024
- Record revenue and margins, non-GAAP EPS up 12%, but GAAP EPS hit by Singapore tax charge.AMATQ1 2025
Next Applied Materials earnings date
Q1 202711 Feb, 2027
Applied Materials
Next Applied Materials earnings date
Q1 202711 Feb, 2027
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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.