Applied Materials (AMAT) Q4 FY2026

Q4 revenue rose 53% to a record $10.41B, and the Q1 FY2027 outlook topped Zacks consensus.

Applied Materials · Q4 FY2026 · Published Nov 13, 2026 · By DeepCell AI · Sources

Applied Materials (AMAT) Q4 FY2026

Quarter ended October 25, 2026

For information only, not investment advice. No rating or price target.

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1 · Applied Materials (AMAT) Q4 FY2026 earnings review

Q4 revenue rose 53% to a record $10.41B, and the Q1 FY2027 outlook topped Zacks consensus

  1. 1.Non-GAAP EPS of $4.16 beat the $4.06 Zacks consensus by 2.5%
  2. 2.Q1 FY2027 outlook is revenue of $11.1B and non-GAAP EPS of $4.35, each plus or minus a range
  3. 3.China share of revenue fell to 25% from 29%; China revenue was $2.64B
  4. 4.Semiconductor Systems revenue rose 63.9% to $8.00B
  5. 5.Shares were up 0.3% pre-market at $382.00 as of 8:35 AM EST, not a close

Note: Consensus gaps and segment growth are DeepCell calculations. Q1 FY2027 is the quarter ending in January 2027. Pre-market is not a close.Source: Applied Materials official Q4 FY2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; Zacks on Yahoo Finance, Nov 9 and Nov 12, 2026; CNBC quote, Nov 13, 2026 8:35 AM EST

2

2 · Executive summary

Q4 non-GAAP EPS of $4.16 and revenue of $10.41B beat Zacks consensus

Q4 FY2026 results vs. Zacks consensus (Yahoo Finance, Nov 9, 2026)

MetricActualConsensusVarianceResult
Q4 revenue$10.41B$10.30B+$109M / +1.1%Beat
Q4 non-GAAP EPS ($)$4.16$4.06+$0.10 / +2.5%Beat

Share price, Nov 12 regular close to Nov 13 pre-market last

Applied Materials, Inc. (Nasdaq)Nov 12 closePre-market, 8:35 AM ESTChange ($)Change (%)
AMAT$380.95$382.00+$1.05+0.3%

Note: Both prices are from CNBC; the pre-market last at 8:35 AM EST is not a close, and the change is a DeepCell calculation. Zacks figures are adjusted for non-recurring items, the same basis as non-GAAP EPS.Source: Applied Materials official Q4 FY2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; Zacks on Yahoo Finance, Nov 9 and Nov 12, 2026; CNBC quote, Nov 13, 2026 8:35 AM EST

3

3 · Q4 results vs. consensus

Applied guided Q1 FY2027 revenue to $11.1B, 3.4% above Zacks consensus at the midpoint

Quarterly outlook, as stated in the Aug 13 and Nov 12, 2026 releases

MetricQ4 FY2026 outlookQ4 FY2026 actualQ1 FY2027 outlookZacks Q1 consensus
Revenue$10.25B ± $0.5B$10.4B$11.10B ± $0.5B$10.74B
Non-GAAP diluted EPS$4.02 ± $0.20$4.16$4.35 ± $0.20$4.18
Revenue rangen.a.n.a.$10.6B–$11.6Bn.a.
Non-GAAP EPS rangen.a.n.a.$4.15–$4.55n.a.

Note: Ranges and gaps are DeepCell calculations. The Q1 revenue midpoint is 6.6% above Q4 revenue; the EPS midpoint is 4.1% above the Zacks figure. Zacks consensus is as of Nov 12, 2026.Source: Applied Materials official Q4 FY2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; Q3 FY2026 results release (Form 8-K, Aug 13, 2026); Zacks on Yahoo Finance, Nov 12, 2026

4

4 · Q1 FY2027 outlook

Q4 operating income rose to $3.66B, and GAAP EPS rose to $3.40

  1. Revenue grewRevenue rose to $10.41B from $6.80B. Revenue rose 14.2% from Q3 FY2026.
  2. Operating margin widenedGAAP operating margin rose to 35.1% from 25.2%.
  3. Investment losses cut GAAP EPSAn unrealized loss of $653M on strategic investments cut GAAP net income.

Key figures

$M unless notedQ4 FY2025Q4 FY2026YoY
Revenue$6,800M$10,409M53.1%
Income from operations$1,712M$3,658M113.7%
Net income$1,897M$2,718M43.3%
Non-GAAP net income$1,732M$3,321M91.7%
GAAP diluted EPS ($)$2.38$3.40n.a.
Non-GAAP diluted EPS ($)$2.17$4.16n.a.

Note: YoY rates are DeepCell calculations. The company states revenue growth of 53% and non-GAAP EPS growth of 92%.Source: Applied Materials official Q4 FY2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; Q3 FY2026 results release (Form 8-K, Aug 13, 2026); analysis of company data

5

5 · Q4 key financials

Q4 revenue rose to a record $10.41B from $6.80B

Revenue

$M, Q4 FY2025 vs Q4 FY2026

v · Q4 FY2025: $6,800Mv · Q4 FY2026: $10,409MQ4 FY2025Q4 FY2026$0M$2,500M$5,000M$7,500M$10,000M$12,000M$6,800M$10,409M
Semiconductor Systems revenue rose to $8.00B. AGS revenue rose to $1.90B.“AI continues to fuel strong incremental demand for semiconductors.” Gary Dickerson, President and CEO

Note: AGS is Applied Global Services. The company says it is on track to grow Semiconductor Systems more than 40% in calendar 2026. Calendar 2026 runs from Q2 FY2026 to Q1 FY2027.Source: Applied Materials official Q4 FY2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; analysis of company data

6

6 · Revenue growth

Semiconductor Systems revenue rose 63.9% to $8.00B, with DRAM at 33% of the segment

  1. Systems margin widenedSemiconductor Systems operating margin was 38.8%, up from 29.3%.
  2. Foundry and logic share fellFoundry and logic was 58% of the segment, down from 66%.
  3. Services grewAGS revenue rose 25.9%. AGS operating income was $578M.

Segment results

$MQ4 FY2025Q4 FY2026YoY
Semiconductor Systems revenue$4,879M$7,996M+63.9%
AGS revenue$1,506M$1,896M+25.9%
Other revenue$415M$517M+24.6%
Semiconductor Systems operating income$1,430M$3,101Mn.a.

Note: AGS is Applied Global Services; DRAM is dynamic random-access memory. Other includes the Display business. Segment mix percentages are as stated. YoY rates are DeepCell calculations.Source: Applied Materials official Q4 FY2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; analysis of company data

7

7 · Segment results

China share of revenue fell to 25% from 29%, while China revenue rose 34.5%

China revenue

$M, Q4 FY2025 vs Q4 FY2026

v · Q4 FY2025: $1,964Mv · Q4 FY2026: $2,642MQ4 FY2025Q4 FY2026$0M$1,000M$2,000M$3,000M$1,964M$2,642M
China revenue was $2.64B, against $2.51B in Q3 FY2026, when China was 28% of revenue. Taiwan was the largest region at 28%.

Note: Revenue by geography and the shares of revenue are as reported. The growth rate is a DeepCell calculation from the geographic revenue table.Source: Applied Materials official Q4 FY2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; Q3 FY2026 results release (Form 8-K, Aug 13, 2026); analysis of company data

8

8 · China revenue share

Gross margin widened to 50.4% from 48.0%; non-GAAP gross margin was 50.6%

Gross profit

$M, Q4 FY2025 vs Q4 FY2026

v · Q4 FY2025: $3,265Mv · Q4 FY2026: $5,251MQ4 FY2025Q4 FY2026$0M$2,000M$4,000M$6,000M$3,265M$5,251M
Gross profit rose to $5.25B. Non-GAAP operating margin was 35.3%, up from 28.6%.

Note: Gross margin is gross profit divided by revenue. Non-GAAP gross margin excludes acquisition-related amortization.Source: Applied Materials official Q4 FY2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; analysis of company data

9

9 · Margin analysis

Q4 free cash flow rose to $2.62B, and buybacks rose to $2.00B

  1. Cash flow grewCash from operations was $3.30B. Capital expenditures were $684M.
  2. Returns roseApplied returned $2.42B, including $421M of dividends.
  3. Debt shifted to short termShort-term debt was $1.30B at Oct 25, 2026.

Cash flow and balance sheet

$MPriorCurrent
Cash from operations, Q4$2,828M$3,300M
Free cash flow, Q4$2,043M$2,616M
Common stock repurchases, Q4$851M$2,000M
Cash and cash equivalents$7,241M$7,239M
Long-term debt$6,455M$5,233M

Note: Cash flow rows compare Q4 FY2025 with Q4 FY2026; balance rows compare Oct 26, 2025 with Oct 25, 2026. Free cash flow is cash from operations less capital expenditures.Source: Applied Materials official Q4 FY2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; analysis of company data

10

10 · Cash flow and capital returns

China demand, investment marks and the Q1 FY2027 range are the main watch items

Indicator
What to watch
Implication
Latest reading
China revenue share
China share fell from a year ago
Export rules can shift demand
China 25% of revenue
Strategic investments
Marks move GAAP EPS
Non-GAAP EPS excludes them
Unrealized loss $653M
Q1 FY2027 revenue
The range is wide
Outcome can land at either end
$10.6B–$11.6B

Source: Applied Materials official Q4 FY2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; analysis of company data

11

11 · Key risks to the outlook

12 · Appendix: Non-GAAP items

13 · Appendix: Fiscal year

14 · Appendix: Balance sheet

Appendix: revenue by region and costs

Revenue by region

$M unless notedQ4 FY2025Q4 FY2026YoY
China$1,964M$2,642M34.5%
Taiwan$1,834M$2,916M59.0%
Korea$1,219M$1,811M48.6%
United States$655M$1,320M101.5%

Costs and earnings

$M unless notedQ4 FY2025Q4 FY2026YoY
Research, development and engineering$917M$1,129M23.1%
Income from operations$1,712M$3,658M113.7%
Interest and other income, net$626M-$513Mn.a.
Net income$1,897M$2,718M43.3%

Note: YoY rates in this appendix are DeepCell calculations from the statements. Japan, Southeast Asia and Europe are in the data sheet.Source: Applied Materials official Q4 FY2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; analysis of company data

15

15 · Appendix: Revenue by region

Appendix: sources

  • Results release, Q4 FY2026 (Form 8-K Exhibit 99.1, Nov 12, 2026) — https://www.sec.gov/Archives/edgar/data/6951/000162828026073360/exhibit991q42026earningsre.htm
  • SEC filing index, Form 8-K, accession 0001628280-26-073360 — https://www.sec.gov/Archives/edgar/data/6951/000162828026073360/
  • Prior outlook: Q3 FY2026 results release (Form 8-K Exhibit 99.1, Aug 13, 2026) — https://www.sec.gov/Archives/edgar/data/6951/000162828026056699/exhibit991q32026earningsre.htm
  • Q4 consensus: Zacks, Yahoo Finance, Nov 9, 2026 7:48 AM EST — https://finance.yahoo.com/markets/stocks/articles/amat-post-q4-earnings-time-124800229.html
  • Q1 FY2027 consensus: Zacks, Yahoo Finance, Nov 12, 2026 4:25 PM EST — https://finance.yahoo.com/markets/stocks/articles/applied-materials-amat-tops-q4-212502728.html
  • Share price: CNBC AMAT quote, Nov 12, 2026 regular close $380.95 and pre-market last $382.00 at 8:35 AM EST — https://www.cnbc.com/quotes/AMAT
  • Company figures are in U.S. dollars, in millions as reported. Non-GAAP figures follow the company’s reconciliation tables. The Form 10-K for fiscal 2026 had not been filed when this deck was built.

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16

16 · Sources

Important disclosures and disclaimer

For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.

No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader’s investment objectives, financial situation or needs.

Sources and accuracy. Company figures come from Applied Materials, Inc.’s Q4 FY2026 earnings release, filed as Exhibit 99.1 to a Form 8-K on November 12, 2026. Consensus estimates (Zacks, via Yahoo Finance) and share prices (CNBC) are third-party data. We have not independently verified third-party data.

Basis of presentation. Figures are U.S. GAAP unless labelled non-GAAP, in U.S. dollars, for the three months ended October 25, 2026 and October 26, 2025.

Forward-looking statements. Company outlook, consensus estimates and the watch items in this deck are forward-looking and may not be achieved. Readers should check the figures against the original release.

Date of analysis. Share prices are the CNBC regular-session close on November 12, 2026, and the pre-market last at 8:35 AM EST on November 13, 2026. The pre-market last is not a close.

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17

17 · Disclosures

Sources

Not investment advice; no rating or price target.

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