Applied Materials

Applied Materials makes the equipment that chipmakers use to deposit, etch, change and measure the thin layers of material on silicon wafers. It has two segments. Semiconductor Systems sells equipment for foundry and logic, DRAM and flash memory chips, and for advanced packaging. Applied Global Services sells spare parts, upgrades and services for the installed base of equipment.

A smaller display business is in its Other category. Revenue was a record $34.45 billion in fiscal 2026, which ended on October 25, 2026. In Q4 fiscal 2026, Semiconductor Systems had revenue of $8.00 billion and Applied Global Services had revenue of $1.90 billion. Its fiscal year ends on the last Sunday of October.

The market prices Applied Materials as a cyclical supplier whose record results depend on a peak in chip equipment spending. AI demand drove record revenue of $34.45 billion in fiscal 2026 and $10.41 billion in Q4, and the company guided Q1 fiscal 2027 revenue of $11.10 billion, plus or minus $500 million. But chipmakers can cut equipment orders quickly, as they did in past cycles. China gave 25% of Q4 revenue, and U.S. export rules can lower these sales further.

A U.S. rule that extends export limits to companies that listed parties own is suspended only until January 10, 2027. For the gap to close, three things must be true. Sales for DRAM, leading-edge logic and advanced packaging must grow more than sales to China fall. Gross margin must keep rising.

It rose year over year again in Q4 fiscal 2026, to 50.4% from 48.0%. Revenue must keep growing in fiscal 2027 after the record year of 2026. The end of the export rule suspension on January 10, 2027 and the Q1 fiscal 2027 report, which Applied has not dated yet, are the next tests. If these checks pass, the gap can close over the next four to six quarters.

The main reason it may not close is a fall in chip equipment spending, which can lower revenue and margins at the same time.

1. Nov 12, 2026Passed

   Q4 fiscal 2026 results and fiscal 2027 outlookRevenue near the $10.25 billion guidance and a view of strong growth in fiscal 2027 pass; revenue below the range or a weaker 2027 view fail.Outcome: Revenue was a record $10.41 billion, and the company guided Q1 fiscal 2027 revenue of $11.10 billion and said that it is in a great position for multi-year revenue and profit growth.
2. Nov 2026Passed

   U.S. export rule for affiliates of listed partiesAn extension of the suspension or no new loss of China sales passes; a return of the rule that cuts sales to more Chinese customers fails.Outcome: On November 9, 2026, the Bureau of Industry and Security extended the suspension of the rule, but only to January 10, 2027.
3. Q4 2026 · est.Due this quarter

   Besi stake of about 20%The share purchase closes after the U.S. antitrust waiting period and the partnership in hybrid bonding grows; a block or a cancelled purchase fails.
4. Jan 10, 2027Pending

   End of the extended suspension of the affiliates export ruleA further extension or a permanent end of the rule passes; a return of the rule on January 10, 2027 that cuts sales to more Chinese customers fails.
5. Feb 12, 2027 · est.Pending

   Q1 fiscal 2027 resultsRevenue of $11.10 billion, plus or minus $500 million, and non-GAAP EPS of $4.35, plus or minus $0.20, pass; revenue or EPS below the range fails.

Every passed and failed checkpoint across all picks

• November 12, 2026Applied Materials reported Q4 fiscal 2026 results. Revenue was a record $10.41 billion, up 53%. GAAP EPS was $3.40, and non-GAAP EPS was a record $4.16, up 92%. Non-GAAP gross margin was 50.6%. For fiscal 2026, revenue was a record $34.45 billion, up 21%, and non-GAAP EPS was a record $12.89, up 37%. China gave 25% of Q4 revenue, down from 29% a year earlier. In Q4 the company bought back $2.00 billion of its shares and paid $421 million in dividends. It said that it is on track to grow Semiconductor Systems more than 40% in calendar 2026. It guided Q1 fiscal 2027 revenue of $11.10 billion, plus or minus $500 million, and non-GAAP EPS of $4.35, plus or minus $0.20.
• November 9, 2026The U.S. Bureau of Industry and Security extended the suspension of its rule that adds export limits for affiliates of listed parties, which are companies at least 50% owned by them. The suspension was to end on November 9, 2026, and now runs to January 10, 2027.
• October 26, 2026Applied Materials agreed to buy more shares of BE Semiconductor Industries (Besi), a maker of chip assembly equipment, including hybrid bonding. With its existing stake from April 2025, it will own about 20% of Besi. The purchase must first clear the U.S. antitrust waiting period. Applied said that it does not intend to buy more than about 20% or to ask for a board seat.

Last earnings

August 13, 2026 (8-K on sec.gov)

Next earnings

Expected about February 12, 2027. The company has not confirmed the date.

• 8-KOther company newsFiled October 26, 2026 · amat-20261026
• 8-KChange of directors or officers and Investor disclosureFiled August 27, 2026 · amat-20260827
• 10-QQuarterly report for the period ended Jul 26, 2026Filed August 20, 2026 · amat-20260726
• 8-KEarnings releaseFiled August 13, 2026 · Press release and exhibits
• 10-QQuarterly report for the period ended Apr 26, 2026Filed May 21, 2026 · amat-20260426
• 8-KEarnings releaseFiled May 14, 2026 · Press release and exhibits
• 8-KShareholder vote resultsFiled March 13, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Jan 25, 2026Filed February 19, 2026 · amat-20260125
• 8-KEarnings releaseFiled February 12, 2026 · Press release and exhibits
• 8-KInvestor disclosure and Other company newsFiled February 12, 2026 · amat-20260211

Every filing on SEC EDGAR (CIK 6951)

• Chip equipment spending is cyclical. Record revenue in 2026 depends on AI spending by chipmakers and their customers. If AI spending or memory prices fall, chipmakers can cut orders quickly, and revenue and margins can fall together.
• China gave 25% of revenue in Q4 fiscal 2026 and 27% in fiscal 2026. U.S. export rules already limit sales to many Chinese customers, and the government can add more limits. A rule that extends these limits to companies that listed parties own is suspended only until January 10, 2027.
• The 2026 settlement with the U.S. Department of Commerce requires export compliance audits for three years. If Applied does not meet these terms, the suspended denial order can take effect and stop some exports.
• A small number of large chipmakers in Taiwan, Korea, the United States and China buy most of the equipment. A delay of one large factory project can lower revenue for several quarters.
• China controls the export of rare earth minerals that some Applied products use. More controls can delay parts and raise costs.

Applied Materials has more cash and investments than debt. At October 25, 2026, cash and cash equivalents were $7.24 billion and short-term investments were $2.10 billion. Read more

Yield at the current rate

0.5% (current annual rate, at today’s price)

Dividend yield

0.5% (last 12 months, at today’s price of $395.08)

Paid per share

$1.98 in the last 12 months (4 payments)

Current annual rate

$2.12 ($0.53 × 4 a year)

Payout ratio

20% of the last fiscal year’s earnings (the year that ended October 26, 2025)

Latest ex-dividend date

August 20, 2026, $0.53 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 15.4% a year. From 2015 to 2025, the dividend grew by about 16.1% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.