Applied Materials
What matters nowUpdated 5 h ago
- On October 12 Applied Materials unveiled its $5 billion EPIC Center in Sunnyvale, which it calls its largest-ever capital investment, with TSMC, Intel, Samsung Electronics, Micron and SK hynix as founding partners 1. Earlier in October Intel 2 and UCLA 3 also announced work at the center.
- The stock fell 7.15% on October 13, the day after the unveiling, and the pooled 24/7 venue price of $462.78 sits 6.3% below the $494.04 previous close 1. The EPIC unveiling is the only candidate event recorded for that move.
- Fiscal Q3 2026 (ended July 26) revenue was a record $9.12 billion, up 25% year on year. Trailing 12-month revenue is $30.84 billion, with a 49.4% gross margin and a 29.6% operating margin, and the shares trade at 39.9 times trailing earnings and 38.0 times EV/EBITDA, with a 1.5% free-cash-flow yield.
- Morgan Stanley cut its price target to $563 from $642 on September 30 and kept Equal-Weight, citing a lower multiple of 22 times instead of 26 times, even though it raised its 2027 revenue estimate to $50.7 billion 4. Insiders sold 287,313 shares worth $174.1 million over the past 180 days and made no purchases.
- Fiscal Q4 2026 earnings are estimated for November 12, 2026 (not confirmed), with company guidance of $10.25 billion in revenue plus or minus $500 million and non-GAAP diluted EPS of $4.02 plus or minus $0.20. The EPIC Center is scheduled to become operational by the end of 2026.
- Polymarket odds put an 81.5% chance on no Fed rate change after the October 2026 meeting and a 17.5% chance on a 25 basis point increase, with the September CPI due October 14.
Unite.AI · Oct 12
Applied Materials release via GlobeNewswire · Oct 6
Applied Materials release via GlobeNewswire · Oct 8
Barchart (via Webull) · Sep 30
Applied Materials sells the equipment that makes semiconductors: deposition, etch, epitaxy, process control and advanced packaging systems used in chip fabs, plus the service, spare parts and factory software that keep those tools running. Its fiscal 2025 revenue was $28.37 billion, and its fiscal Q3 2026 (ended July 26, 2026) was a record $9.12 billion, up 25% from a year earlier. Traders track its results against wafer-fab equipment spending by the largest chipmakers, which is driven by DRAM, leading-edge logic and advanced packaging capacity.
How it makes money
Applied sells capital equipment to chipmakers, mostly outside the United States (about 89% of fiscal 2025 revenue came from customers outside the US). Its Semiconductor Systems segment sells new fab tools, and its Applied Global Services segment earns recurring revenue from service agreements, spare parts and upgrades on the installed base. Revenue follows customer capital spending cycles, so orders and guidance for the next quarter matter as much as the current quarter's results.
Last 12 monthsChart & venues →
Valuation & fundamentalsFull financials →
TTM through 2026-07-26 from SEC filings (some quarters derived from annual and year-to-date figures). Ratios use our pooled 24/7 price. Quarterly statements →
Biggest businessesAll products & projects →
Semiconductor Systems
Largest business: $7.04 billion in fiscal Q3 2026 revenue, up 26.5% from a year earlier.
Applied Global Services
Recurring-revenue arm: $1.78 billion in fiscal Q3 2026 revenue, up 21.7% from a year earlier.
Display and other products
Corporate and Other: $294M in fiscal Q3 2026, up 6.9% from a year earlier; display equipment sits here.
Kinex hybrid bonding system
Introduced October 7, 2025 as an integrated die-to-wafer hybrid bonder; customer adoption not disclosed.
Latest newsAll news →
Applied Materials unveils $5B EPIC Center in Sunnyvale with TSMC, Intel, Samsung, Micron and SK hynix as founders
Applied Materials unveiled its EPIC Center on October 12, 2026, at its Sunnyvale, California campus.
UCLA Samueli School of Engineering joins Applied Materials' EPIC Center as a research partner
UCLA's Samueli School of Engineering joins Applied Materials' EPIC Center as a research partner, focusing on 3D chip scaling, advanced packaging and new materials for energy-efficient AI compute.
Applied Materials and Intel collaborate on transistors, interconnects and advanced packaging for AI chips
Applied Materials and Intel will work together to speed up development of next-generation transistors, interconnects and advanced packaging for AI chips.
Besi joins Applied Materials' EPIC Center as innovation partner in an expanded packaging partnership
Applied Materials and BE Semiconductor Industries (Besi) expanded their partnership, and Besi joined Applied's EPIC Center in Silicon Valley as an innovation partner.
Morgan Stanley cuts Applied Materials target to $563 from $642 on a lower multiple, keeps Equal-Weight
Morgan Stanley cut its Applied Materials price target to $563 from $642 and kept its Equal-Weight rating.
Mizuho cuts Applied Materials price target to $590 from $650 and keeps Outperform
Mizuho lowered its price target on Applied Materials to $590 from $650 on Tuesday, August 25, 2026, and kept its Outperform rating.
Products & businesses
Semiconductor Systems
Largest business: $7.04 billion in fiscal Q3 2026 revenue, up 26.5% from a year earlier.
Applied Global Services
Recurring-revenue arm: $1.78 billion in fiscal Q3 2026 revenue, up 21.7% from a year earlier.
Display and other products
Corporate and Other: $294M in fiscal Q3 2026, up 6.9% from a year earlier; display equipment sits here.
Kinex hybrid bonding system
Introduced October 7, 2025 as an integrated die-to-wafer hybrid bonder; customer adoption not disclosed.
Xtera epitaxy system (gate-all-around)
Introduced October 7, 2025 for gate-all-around transistors at 2nm and smaller.
PROVision 10 eBeam metrology
Introduced October 7, 2025 for yield detection on 3D chip structures.
What it's building next
Segments
| Segment | Revenue | Share | |
|---|---|---|---|
| Semiconductor Systems Designs, makes and sells equipment for building chips: materials engineering (deposition, etch and epitaxy), process control, and advanced packaging. Largest revenue contributor. From fiscal 2026 it also includes the 200mm equipment business. | $20.80B | 73.3% | |
| Applied Global Services Service agreements, spare parts, upgrades and factory automation software sold to customer fabs. Through fiscal 2025 it also sold 200mm equipment, which moved into Semiconductor Systems in fiscal 2026. | $6.38B | 22.5% | |
| Corporate and Other (incl. Display) Products not in the reportable segments, including display manufacturing equipment. Display is no longer a separate reportable segment as of fiscal 2025. | $1.19B | 4.2% |
Fiscal FY2025 · from the annual report
Valuation & fundamentals
TTM through 2026-07-26 from SEC filings (some quarters derived from annual and year-to-date figures). Ratios use our pooled 24/7 price.
Financial statements
| Metric | TTM | Q3 FY2026 2026-07-26 | Q2 FY2026 2026-04-26 | Q1 FY2026 2026-01-25 | Q4 FY2025 2025-10-26 | Q3 FY2025 2025-07-27 | Q2 FY2025 2025-04-27 | Q1 FY2025 2025-01-26 | Q4 FY2024 2024-10-27 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $30.84B | $9.12B +25% | $7.91B +11% | $7.01B -2% | $6.80Bd -3% | $7.30B +8% | $7.10B +7% | $7.17B +7% | $7.04Bd +5% |
| Gross profit | $15.23B | $4.59B +29% | $3.95B +13% | $3.44B -2% | $3.27Bd -2% | $3.56B +11% | $3.48B +11% | $3.50B +9% | $3.33Bd +5% |
| Operating income | $9.14B | $3.08B +38% | $2.52B +16% | $1.83B -16% | $1.71Bd -16% | $2.23B +15% | $2.17B +13% | $2.17B +11% | $2.05Bd +4% |
| Net income | $9.27B | $2.54B +43% | $2.81B +31% | $2.03B +71% | $1.90Bd +10% | $1.78B +4% | $2.14B +24% | $1.19B -41% | $1.73Bd -14% |
| EPS (diluted) | $11.59 | $3.17 +43% | $3.51 +33% | $2.54 +75% | $2.37d +13% | $2.22 +8% | $2.63 +28% | $1.45 -40% | $2.09d -12% |
| Operating cash flow | $8.40B | $3.04Bd +15% | $845.0Md -46% | $1.69B +82% | $2.83Bd +10% | $2.63Bd +10% | $1.57Bd +13% | $925.0M -60% | $2.58Bd +66% |
| Capital expenditure | $2.77B | $707.0Md +21% | $635.0Md +25% | $646.0M +70% | $785.0Md +93% | $584.0Md +97% | $510.0Md +98% | $381.0M +66% | $407.0Md +32% |
| Share buybacks | $2.03B | $440.0Md -58% | $400.0Md -76% | $337.0M -74% | $851.0Md -41% | $1.06Bd +23% | $1.67Bd +104% | $1.32B +88% | $1.44Bd +106% |
| Cash & equivalents | $7.04B | $7.04B | $6.30B | $7.22B | $7.24B | $5.38B | $6.17B | $6.26B | $8.02B |
| Total debt | $7.74B | $7.74Bd | $7.65Bd | $6.55Bd | $6.55Bd | $6.96Bd | $6.96Bd | $6.96Bd | $6.96Bd |
| Shares outstanding | 793.6M | 793.6M | 794.0M | 793.6M | 793.0M | 796.6M | 802.5M | 812.4M | 818.0M |
| Metric | FY2025 2025-10-26 | FY2024 2024-10-27 | FY2023 2023-10-29 | FY2022 2022-10-30 |
|---|---|---|---|---|
| Revenue | $28.37B +4% | $27.18B +2% | $26.52B +3% | $25.79B |
| Cost of revenue | $14.56B +2% | $14.28B +1% | $14.13B +2% | $13.79B |
| Gross profit | $13.81B +7% | $12.90B +4% | $12.38B +3% | $11.99B |
| Research & development | $3.57B +10% | $3.23B +4% | $3.10B +12% | $2.77B |
| Operating income | $8.29B +5% | $7.87B +3% | $7.65B -2% | $7.79B |
| EBIT | $8.29B +5% | $7.87B +3% | $7.65B -2% | $7.79B |
| Depreciation & amortization | $435.0M +11% | $392.0M -24% | $515.0M +16% | $444.0M |
| Interest expense | $269.0M +9% | $247.0M +4% | $238.0M +4% | $228.0M |
| Income tax | $2.27B +133% | $975.0M +13% | $860.0M -20% | $1.07B |
| Net income | $7.00B -2% | $7.18B +5% | $6.86B +5% | $6.53B |
| EPS (diluted) | $8.66 +1% | $8.61 +6% | $8.11 +9% | $7.44 |
| Dividends per share | $1.78 +17% | $1.52 +25% | $1.22 +20% | $1.02 |
| Diluted shares (weighted) | 808.0M | 834.0M | 845.0M | 877.0M |
| Operating cash flow | $7.96B -8% | $8.68B -0% | $8.70B +61% | $5.40B |
| Capital expenditure | $2.26B +90% | $1.19B +8% | $1.11B +41% | $787.0M |
| Share buybacks | $4.89B +28% | $3.82B +75% | $2.19B -64% | $6.10B |
| Dividends paid | $1.38B +16% | $1.19B +22% | $975.0M +12% | $873.0M |
| Cash & equivalents | $7.24B | $8.02B | $6.13B | $2.00B |
| Long-term debt (incl. current portion) | $6.46B | $5.46B | $5.46B | $5.46B |
| Total debt | $6.55Bd | $6.96Bd | $5.56Bd | $5.46Bd |
| Total assets | $36.30B | $34.41B | $30.73B | $26.73B |
| Total liabilities | $15.88B | $15.41B | $14.38B | $14.53B |
| Shareholders' equity | $20.41B | $19.00B | $16.35B | $12.19B |
| Shares outstanding | 793.0M | 818.0M | 833.0M | 844.0M |
From XBRL data in SEC filings. Small figures under each value: change vs the same period a year earlier. d = derived (e.g. Q4 = full year − first nine months).
NewsFull archive →
Applied Materials unveils $5B EPIC Center in Sunnyvale with TSMC, Intel, Samsung, Micron and SK hynix as founders
Applied Materials unveiled its EPIC Center on October 12, 2026, at its Sunnyvale, California campus.
UCLA Samueli School of Engineering joins Applied Materials' EPIC Center as a research partner
UCLA's Samueli School of Engineering joins Applied Materials' EPIC Center as a research partner, focusing on 3D chip scaling, advanced packaging and new materials for energy-efficient AI compute.
Applied Materials and Intel collaborate on transistors, interconnects and advanced packaging for AI chips
Applied Materials and Intel will work together to speed up development of next-generation transistors, interconnects and advanced packaging for AI chips.
Besi joins Applied Materials' EPIC Center as innovation partner in an expanded packaging partnership
Applied Materials and BE Semiconductor Industries (Besi) expanded their partnership, and Besi joined Applied's EPIC Center in Silicon Valley as an innovation partner.
Morgan Stanley cuts Applied Materials target to $563 from $642 on a lower multiple, keeps Equal-Weight
Morgan Stanley cut its Applied Materials price target to $563 from $642 and kept its Equal-Weight rating.
Mizuho cuts Applied Materials price target to $590 from $650 and keeps Outperform
Mizuho lowered its price target on Applied Materials to $590 from $650 on Tuesday, August 25, 2026, and kept its Outperform rating.
Applied Materials shares fall more than 5% after hours despite the revenue beat and higher outlook
Applied Materials shares fell more than 5% in extended trading on August 13 even though results and guidance beat estimates.
Applied Materials posts record fiscal Q3 2026 revenue of $9.12B and non-GAAP EPS of $3.50
Applied Materials reported record fiscal third-quarter revenue of $9.12 billion for the quarter ended July 26, 2026, up 25% from a year earlier.
UC Berkeley joins Applied Materials' EPIC Center as a research collaborator
The University of California, Berkeley will work alongside Applied Materials' scientists and engineers at the EPIC Center in Silicon Valley.
Applied Materials jumps about 15% on July 30 on Lam Research's record quarter, with no company news
Applied Materials rose about 15% on Thursday, July 30, 2026, without any announcement of its own.
CEO Gary Dickerson sells 78,321 AMAT shares at $700 to $736 on June 29 and 30
Gary Dickerson, President and CEO, sold 78,321 shares of Applied common stock on June 29 and 30, 2026, in four open-market transactions priced between about $700 and $736.
Applied introduces six DRAM and advanced-packaging systems aimed at HBM and hybrid bonding
Applied launched six systems for DRAM and advanced packaging, including Centura Prime Epi for DRAM peripheral transistors and Producer Avila 2 PECVD for HBM and thin DRAM dies.
Semiconductor Products president Prabu Raja sells 10,000 AMAT shares at $633.53
Prabu Raja, President of Applied's Semiconductor Products Group, sold 10,000 shares of common stock on June 18, 2026, at a weighted average price of $633.53, according to a Form 4 filing.
Applied unveils Centris Spectral SiN ALD and Producer Selectra Mo Etch for 3D chip scaling
Applied launched two tools for 3D chip structures: Centris Spectral SiN ALD, which deposits silicon nitride in tall, narrow features using microwave plasma, and Producer Selectra Mo Etch, which selectively removes molybdenum to separate 3D NAND wordlines.
Applied opens Tampines facility in Singapore, expected to double its footprint there
Singapore's Deputy Prime Minister Gan Kim Yong spoke at the opening of Applied's new manufacturing facility at Tampines Industrial Crescent on June 10, 2026.
Applied Materials Q2 FY2026 record revenue $7.91B; Q3 guided to $8.95B and 2026 outlook raised
Applied reported record fiscal second-quarter revenue of $7.91 billion, up 11% from a year earlier, with record GAAP EPS of $3.51 and non-GAAP EPS of $2.86, up 20%.
TSMC joins Applied's EPIC Center as a founding partner
TSMC joined Applied Materials' EPIC Center in Silicon Valley as a founding partner, and the two companies will co-develop materials, equipment and process technologies for leading-edge logic.
Advantest joins Applied's EPIC platform as innovation partner, the first test-equipment company to do so
Advantest, a maker of automated test equipment, joined Applied's EPIC platform as an innovation partner, making it the first test-equipment company to join.
Applied launches Precision Selective Nitride PECVD and Endura Trillium ALD for 2nm-class chips
Applied introduced two deposition systems aimed at 2-nanometer-class logic.
Applied Materials and Micron partner on next-generation AI memory at EPIC Center
Applied and Micron will develop next-generation DRAM, high-bandwidth memory and NAND for AI systems.
SK hynix becomes EPIC Center founding partner in long-term DRAM and HBM R&D deal
Applied and SK hynix signed a long-term R&D agreement to speed up next-generation DRAM and high-bandwidth memory for AI systems.
Applied Materials Q1 FY2026 revenue $7.01B, down 2%; Q2 revenue guided to $7.65B
Applied reported fiscal first-quarter revenue of $7.01 billion, down 2% from a year earlier, with non-GAAP EPS of $2.38, flat year over year.
Applied Materials settles US export probe with Commerce Department for $252.5 million
Applied agreed to pay $252.5 million to the Department of Commerce to resolve allegations that some customer shipments to China from November 2020 to July 2022 did not comply with export rules.
Samsung Electronics joins Applied's $5 billion EPIC Center as first founding member
Applied Materials said Samsung Electronics will join its EPIC Center in Silicon Valley as the first founding member.
SEC filings
| Oct 5, 26 | 4 | Form 4: Sanders Adam (Corp. Controller & CAO) — tax withholding 269 sh, open-market sale 725 sh | sec.gov ↗ |
| Oct 5, 26 | 4 | Form 4: Deane Timothy M (SVP, Applied Global Services) — tax withholding 2,644 sh | sec.gov ↗ |
| Sep 10, 26 | 4 | Form 4: BRUNER JUDY (Director) — open-market sale 1,000 sh | sec.gov ↗ |
| Sep 8, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Aug 31, 26 | 4 | Form 4: Palkhiwala Akash J. (Director) — award 279 sh | sec.gov ↗ |
| Aug 31, 26 | 3 | Form 3: Initial insider ownership statement | sec.gov ↗ |
| Aug 27, 26 | 4 | Form 4: Hill Brice (SVP, CFO) — open-market sale 7,500 sh | sec.gov ↗ |
| Aug 27, 26 | 8-K | 8-K: Director/Officer Change, Regulation FD Disclosure (Items 5.02, 7.01) | sec.gov ↗ |
| Aug 25, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Aug 20, 26 | 10-Q | 10-Q: Quarterly report for the period ended Jul 26, 2026 | sec.gov ↗ |
| Aug 13, 26 | 8-K | 8-K: Results of Operations (Item 2.02) | sec.gov ↗ |
| Jul 6, 26 | 4 | Form 4: Sanders Adam (Corp. Controller & CAO) — tax withholding 125 sh | sec.gov ↗ |
| Jul 1, 26 | 4 | Form 4: DICKERSON GARY E (President and CEO, Director) — open-market sale 78,321 sh | sec.gov ↗ |
| Jun 29, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Jun 22, 26 | 4 | Form 4: Raja Prabu G. (President, Semi. Products Grp.) — open-market sale 10,000 sh | sec.gov ↗ |
| Jun 17, 26 | 4 | Form 4: Iannotti Thomas J (Director) — open-market sale 9,250 sh, gift 750 sh | sec.gov ↗ |
| Jun 17, 26 | 4 | Form 4: Nalamasu Omkaram (Senior Vice President, CTO) — open-market sale 35,000 sh | sec.gov ↗ |
| Jun 17, 26 | 4 | Form 4: DICKERSON GARY E (President and CEO, Director) — open-market sale 83,000 sh, gift 17,000 sh | sec.gov ↗ |
| Jun 17, 26 | 4 | Form 4: Deane Timothy M (SVP, Applied Global Services) — open-market sale 8,621 sh, gift 1,545 sh | sec.gov ↗ |
| Jun 16, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Jun 15, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Jun 15, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Jun 15, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Jun 5, 26 | 4 | Form 4: Raja Prabu G. (President, Semi. Products Grp.) — open-market sale 50,000 sh | sec.gov ↗ |
| Jun 5, 26 | 4 | Form 4: Hill Brice (SVP, CFO) — open-market sale 2,500 sh | sec.gov ↗ |
Insider trades, 12 months
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-10-02 | Sanders Adam Corp. Controller & CAO | Sale | 725 | $544.56 | $394.8K |
| 2026-09-08 | BRUNER JUDY Director | Sale | 1.0K | $465.00 | $465.0K |
| 2026-08-25 | Hill Brice SVP, CFO | Sale | 7.5K | $479.25 | $3.6M |
| 2026-06-30 | DICKERSON GARY E President and CEO, Director | Sale | 20.0K | $735.22 | $14.7M |
| 2026-06-29 | DICKERSON GARY E President and CEO, Director | Sale | 58.3K | $700.36 | $40.8M |
| 2026-06-18 | Raja Prabu G. President, Semi. Products Grp. | Sale | 10.0K | $633.53 | $6.3M |
| 2026-06-16 | Nalamasu Omkaram Senior Vice President, CTO | Sale | 24.3K | $593.43 | $14.4M |
| 2026-06-16 | DICKERSON GARY E President and CEO, Director | Sale | 71.7K | $593.75 | $42.6M |
| 2026-06-16 | Iannotti Thomas J Director | Sale | 9.3K | $599.77 | $5.5M |
| 2026-06-15 | Deane Timothy M SVP, Applied Global Services | Sale | 8.6K | $590.76 | $5.1M |
| 2026-06-15 | Nalamasu Omkaram Senior Vice President, CTO | Sale | 10.7K | $591.95 | $6.4M |
| 2026-06-15 | DICKERSON GARY E President and CEO, Director | Sale | 11.3K | $590.03 | $6.7M |
| 2026-06-04 | Raja Prabu G. President, Semi. Products Grp. | Sale | 50.0K | $505.28 | $25.3M |
| 2026-06-03 | Hill Brice SVP, CFO | Sale | 2.5K | $498.86 | $1.2M |
| 2026-05-26 | BRUNER JUDY Director | Sale | 1.1K | $450.00 | $507.6K |
| 2026-05-22 | Sanders Adam Corp. Controller & CAO | Sale | 268 | $434.22 | $116.4K |
| 2026-02-25 | BRUNER JUDY Director | Sale | 2.5K | $391.71 | $979.3K |
| 2026-02-24 | Sanders Adam Corp. Controller & CAO | Sale | 534 | $379.16 | $202.5K |
| 2026-02-23 | BRUNER JUDY Director | Sale | 4.0K | $377.02 | $1.5M |
| 2026-02-17 | Hill Brice SVP, CFO | Sale | 5.0K | $361.21 | $1.8M |