Applied Materials earnings
Applied Materials' next results are expected on November 12, 2026. Applied Materials' key watch is whether EPIC turns joint development into customer qualification and equipment sales.
What has Applied Materials guided for Q4 FY2026?
From $507.03, the weighted forecast points to losses through October 2029 as multiple compression outweighs operating growth; it hinges on durable AI-led demand, production wins and cash generation. Management guides Q4 FY2026 revenue to $9,750–$10,750 million. Non-GAAP diluted EPS guidance is $3.82–$4.22. Packaging revenue is expected to grow more than 70% in calendar 2026, with AGS revenue growing 20%.
| Period guided | Low | High | Date given | |
|---|---|---|---|---|
| Total revenue | Q4 FY2026 | 9,750 | 10,750 | Aug 13, 2026 |
| Non-GAAP diluted EPS | Q4 FY2026 | 3.82 | 4.22 | Aug 13, 2026 |
| overall packaging revenues, growth | calendar 2026 | 70.0% | Aug 13, 2026 | |
| AGS, growth | calendar 2026 | 20.0% | Aug 13, 2026 |
Has Applied Materials kept its past promises?
Management has kept some promises: Applied reported six consecutive years of revenue growth, and record third-quarter revenue in August 2026 supported its demand outlook. But EPIC began installation and operations later than its original early-2026 target, and the promised 80–100% distribution of free cash flow must be judged over several years. Management’s incentives point toward shareholders; spending discipline and execution will decide whether that alignment is real.
What do Applied Materials' last eight quarters show?
Revenue, gross margin and operating income all strengthened, and operating expenses grew more slowly than sales. Across the recent quarters, the sequence supports a recovery rather than a single isolated spike.
Reported net income fell from April even though operating profit rose. April included a $685 million strategic-investment gain, while July included a $220 million expense. Removing the July unrealized loss alone brings reported EPS closer to the company’s adjusted result. The lesson is simple: investment marks can overwhelm the operating signal in any single quarter.
| Jul 2026 | Apr 2026 | Jan 2026 | Oct 2025 | Jul 2025 | Apr 2025 | Jan 2025 | Oct 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 9,115 | 7,910 | 7,012 | 6,800 | 7,302 | 7,100 | 7,166 | 7,045 |
| Gross margin | 50.3% | 49.9% | 49.0% | 48.0% | 48.8% | 49.1% | 48.8% | 47.3% |
| Operating income | 3,075 | 2,523 | 1,831 | 1,712 | 2,233 | 2,169 | 2,175 | 2,046 |
| Net income | 2,538 | 2,806 | 2,026 | 1,897 | 1,779 | 2,137 | 1,185 | 1,731 |
| EPS, diluted | 3.17 | 3.51 | 2.54 | 2.38 | 2.22 | 2.63 | 1.45 | 2.09 |
| = Free cash flow | 2,330 | 210 | 1,040 | 2,043 | 2,050 | 1,061 | 544 | 2,168 |
What should I watch in Applied Materials' next results?
Applied scheduled EPIC’s unveiling for October 12, 2026, followed by an investor presentation on October 13. The useful evidence will be operating tools, active joint development and progress toward customer qualification. More partners broaden the opportunity, but qualification will show whether the center is shortening the path from research to equipment sales.