Applied Materials (AMAT) Earnings Date & Reports

Key Takeaways

• Applied Materials is scheduled to report fiscal fourth-quarter 2026 results on November 12, 2026, after the market close.
• Management guided fourth-quarter revenue to $10.25 billion (± $500 million) and non-GAAP diluted EPS (earnings per share) to $4.02 (± $0.20).
• Consensus estimates point to EPS near $4.06, slightly above the midpoint of company guidance.
• Guidance implies roughly 51% revenue growth and 85% EPS growth compared with the prior-year quarter.
• The prior quarter set records, with revenue of $9.115 billion and non-GAAP EPS of $3.50, driven by AI (artificial intelligence) infrastructure demand.
• The company has topped EPS estimates for eight consecutive quarters, raising the bar for this report.

Earnings Context and Why It Matters

Applied Materials is the world's leading supplier of semiconductor manufacturing equipment, meaning its results are a key barometer for the broader chip industry. After delivering record fiscal third-quarter results in August, the company enters this report riding exceptional momentum tied to the global build-out of AI data centers. Investors will watch closely because the fourth quarter represents the culmination of a fiscal year in which demand for leading-edge foundry-logic, DRAM (dynamic random-access memory), and advanced packaging equipment has accelerated sharply. With management forecasting its highest year-over-year revenue growth in recent history, this print will test whether that momentum is durable or beginning to cool.

Earnings Expectations

For fiscal Q4 2026, Applied Materials guided revenue to $10.25 billion (± $500 million) and non-GAAP diluted EPS to $4.02 (± $0.20). The midpoint of this range implies roughly 51% revenue growth and about 85% EPS growth versus fiscal Q4 2025, when the company reported revenue of $6.80 billion and non-GAAP EPS of $2.17. Wall Street consensus currently sits near $4.06 in EPS, modestly above the company's own guidance midpoint, reflecting expectations that Applied Materials can continue to outperform its own forecast.

In the most recent quarter (fiscal Q3 2026), the company posted record revenue of $9.115 billion, up 25% year over year, alongside record non-GAAP EPS of $3.50, up 41%. Non-GAAP (non-Generally Accepted Accounting Principles) gross margin reached 50.4%, and non-GAAP operating margin hit a record 34%. Key metrics to watch this quarter include gross margin, the revenue mix across foundry-logic, DRAM, and flash memory, and the pace of growth in advanced packaging, which management has said could rise more than 70% for the full fiscal year.

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Market Reaction and Investor Sentiment

Sentiment heading into this report is broadly constructive, supported by Applied Materials' record third quarter and management's confident fourth-quarter outlook. The company's largest customers have begun providing rolling eight-quarter forecasts, which management has cited as evidence of improved demand visibility and high confidence in continued growth into 2027. Still, the stock enters the print with elevated expectations, and any softness in guidance or margin commentary could trigger volatility. Key risk factors include potential swings in China-related demand, the timing of memory capacity additions, and broader concerns about the sustainability of AI-driven capital spending across the semiconductor supply chain.

Forward Outlook and Key Factors to Monitor

Beyond the headline numbers, investors will focus on what management says about fiscal 2027. Management has already indicated confidence that 2027 will be another year of strong growth, supported by expanding demand for leading-edge logic, DRAM, and advanced packaging.

Gross margin will remain a central theme. Applied Materials has posted thirteen consecutive quarters of year-over-year non-GAAP gross margin expansion, and sustaining that trend will depend on product mix and pricing discipline. Continued strength in high-bandwidth memory (HBM, the specialized memory used in AI accelerators) and 3D chiplet stacking should help, but rising input costs and capacity investments could pressure margins over time.

The Applied Global Services segment is another area to watch. Management expects services revenue to grow more than 20% this fiscal year, reflecting the growing value of its installed base and AI-enabled service offerings. Finally, investors should monitor commentary on China, which has historically represented a meaningful share of revenue, as export-control policies and geopolitical developments can influence both demand and sentiment. As always, the guidance offered for the first quarter of fiscal 2027 will likely matter as much as the reported results themselves.

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