Key Highlights

  • Applied Materials will report fourth-quarter and fiscal 2026 results on Thursday 12 November 2026 at 4:30 p.m. Eastern Time.
  • Fiscal third-quarter Revenue was $9.115 billion, up 25 per cent, with non-GAAP Earnings Per Share of $3.50, up 41 per cent.
  • Fourth-quarter guidance is revenue of $10.25 billion, plus or minus $500 million, and non-GAAP Diluted Earnings per Share of $4.02, plus or minus $0.20.

A dated event on the horizon

Applied Materials (NASDAQ:AMAT), the semiconductor equipment maker, will report fourth-quarter and fiscal 2026 results on Thursday 12 November 2026 at 4:30 p.m. Eastern Time, according to its Investor relations website. Until then, the most recent figures are those for the fiscal third quarter, which ended on 26 July 2026 and were released on 13 August 2026. This article reviews that quarter and the guidance the company attached to it.

The third quarter in detail

Revenue was $9.115 billion, up 25 per cent from $7.302 billion a year earlier. GAAP earnings per share were $3.17, up 43 per cent from $2.22, while non-GAAP earnings per share rose 41 per cent to $3.50 from $2.48.

Gross Margin was 50.3 per cent on a GAAP basis and 50.4 per cent on a non-GAAP basis. Operating Margin was 33.7 per cent GAAP and 34.0 per cent non-GAAP.

Chief executive Gary Dickerson said that rapid global adoption of AI is driving Demand for the company's materials engineering solutions, and that Applied was further raising its Semiconductor Systems revenue expectations for calendar 2026. That is a management expectation, not a reported result.

Segments and geography

Semiconductor Systems revenue was $7.040 billion, compared with $5.564 billion, with a non-GAAP operating margin of 38.0 per cent. Applied Global Services, the installed-base business, contributed $1.781 billion against $1.463 billion, at an operating margin of 30.1 per cent. That is growth of about 27 per cent for Semiconductor Systems and about 22 per cent for Applied Global Services. Only Semiconductor Systems grew faster than the 25 per cent rise in total group revenue.

The remaining Other category, which includes the display business, generated $294 million and an operating loss of $118 million.

By region, China accounted for $2.506 billion, or 28 per cent of revenue, followed by Taiwan at $2.025 billion (22 per cent), Korea at $1.521 billion (17 per cent) and the United States at $1.367 billion (15 per cent). Japan, Europe and Southeast Asia made up the balance. The concentration of sales in East Asia means regional demand and trade policy are relevant factors.

Cash flow and Shareholder returns

Operating Cash Flow was $3.037 billion, the highest quarterly figure to date, and non-GAAP free cash flow was $2.330 billion, up 14 per cent. Capital Expenditure was $707 million.

The company repurchased $440 million of shares and paid $420 million in dividends, returning $860 million in total during the quarter.

Guidance and what to watch

For the fourth quarter, Applied guided to revenue of $10.25 billion, plus or minus $500 million, and non-GAAP diluted earnings per share of $4.02, plus or minus $0.20. These are forecasts, and the reported outcome on 12 November may differ. The midpoint of the revenue range is about 12 per cent above the third-quarter figure, and the midpoint of the earnings range is about 15 per cent above the third-quarter non-GAAP figure.

Three matters deserve attention on 12 November. The first is whether revenue lands within the guided range of $9.75 billion to $10.75 billion. The second is whether margins hold near the third-quarter levels. The third is any further change to the company's calendar 2026 Semiconductor Systems expectations, along with the regional mix, given China's 28 per cent share.