Applied Materials, Inc. (AMAT) financials
NASDAQ · Technology · Semiconductors · 36,500 employees · CEO Gary E. Dickerson
- Price
- $390.09 -7.49%
- Market cap
- $310B
- Enterprise value
- $310B
- Last report
- Q3 '26 filed 2026-08-20
- Next report
- 2026-11-12 EPS est. $4.06
Revenue (TTM)$30.8B+7.8% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)30.5%+0.4 pp vs a year agoOperating income $9.41B
Net income (TTM)$9.27B+35.6% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$5.62B-3.4% vs a year agoCapex $2.77B
Diluted EPS (TTM)$11.60+38.4% vs a year agoSum of the last 4 quarters
Net cash$1.89B+651.8% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $310B EV $310B
- Revenue
- $30.8B Trailing 12 months
- Revenue growth
- +21% FY2026 consensus
- Profit margin
- 30.1% Net income / revenue, TTM
- P/E
- 33.4× Forward 30.4× (FY2026)
- P/S
- 10.0× Price / sales, TTM
- EV / EBITDA
- 26.9× TTM
- Free cash flow
- $5.62B Trailing 12 months
- Net income
- $9.27B Trailing 12 months
- Revenue estimate
- $34.3B FY2026 consensus
- Earnings
- 2026-11-12 Revenue est. $10.3B
- Dividend
- $1.98 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-08-13): revenue beat by 1.3%, EPS beat by 2.9%Revenue $9.12B vs $8.99B expected (+1.3%); EPS $3.50 vs $3.40 (+2.9%).
- Revenue growth accelerating: 24.8% year on yearQ3 '26 revenue $9.12B, against an average of 3.4% over the four quarters before.
- Operating margin 30.5% (TTM), +0.4 pp on a year agoOperating income grew 9.1% while revenue grew 7.8%.
- 12.3% of pre-tax profit is non-operatingPre-tax income $10.7B vs operating income $9.41B (TTM). Gains on equity stakes and other one-off items lift net income and EPS - operating income is the cleaner measure of the business.
- Capex 9.0% of revenue (a year ago 6.6%)$2.77B invested in the last 4 quarters (+47.3% on a year earlier). Free cash flow $5.62B = 60.7% of net income.
- Returned $3.54B to shareholders = 63.0% of free cash flowBuybacks $2.03B (a year earlier $5.49B), dividends $1.52B, stock-based pay $686M (TTM).
- Diluted share count down 1.4% in a year800M diluted shares in Q3 '26, 811M a year earlier.
- Net cash $1.89BCash + short-term investments $9.23B, debt incl. leases $7.35B; a year ago net cash $251M.
Last quarter: Q3 '26
Quarter ended 2026-07-26. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $9.12B | $7.3B | +24.8% |
| Gross margin | 50.3% | 48.8% | +1.5 pp |
| Operating income | $3.08B | $2.23B | +37.7% |
| Operating margin | 33.7% | 30.6% | +3.2 pp |
| Net income | $2.54B | $1.78B | +42.7% |
| Diluted EPS | $3.17 | $2.21 | +43.4% |
| Operating cash flow | $3.04B | $2.63B | +15.3% |
| Capex | $707M | $584M | +21.1% |
| Free cash flow | $2.33B | $2.05B | +13.7% |
| R&D | $1.1B | $901M | +22.1% |
| Stock-based compensation | $169M | $158M | +7.0% |
Reported vs consensus
2026-08-13| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $9.12B | $8.99B | +1.3% |
| EPS (as estimated) | $3.50 | $3.40 | +2.9% |
From the report of 2026-08-13 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Semiconductor Systems | $7.04B | +29.7% | 77.2% | $22.9B | +8.0% | |
| Applied Global Services | $1.78B | +11.3% | 19.5% | $6.63B | +3.6% | |
| Corporate And Reconciling Items | $294M | +2,350.0% | 3.2% | $2.01B | – |
Revenue by region
share of total| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| CHINA | $2.51B | -1.6% | 27.5% | $8.65B | -0.6% | |
| Taiwan, Province Of China | $2.03B | +9.9% | 22.2% | $7.74B | +22.7% | |
| Korea, Republic Of | $1.52B | +31.1% | 16.7% | $5.77B | +3.8% | |
| United States | $1.37B | +100.1% | 15.0% | $3.62B | +1.6% | |
| JAPAN | $839M | +17.7% | 9.2% | $2.44B | +1.2% | |
| Europe | $483M | +201.9% | 5.3% | $1.27B | +10.8% | |
| Southeast Asia | $374M | +91.8% | 4.1% | $1.35B | +45.6% |
Segment profits
Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).
Segments in Q3 '26
| Segment | Revenue | y/y | Operating income | y/y | Margin | Margin a year ago | TTM operating income |
|---|---|---|---|---|---|---|---|
| Semiconductor Systems | – | – | – | – | – | – | – |
| Applied Global Services | – | – | – | – | – | – | – |
| Displayand Adjacent Markets | – | – | – | – | – | – | – |
| Corporate And Reconciling Items | – | – | -$118M | -2,850.0% | – | – | -$1.07B |
| Semiconductor Systems Segment | – | – | $2.66B | +44.6% | – | – | $8.08B |
| Applied Global Services Segment | – | – | $536M | +34.0% | – | – | $2.14B |
| Display Segment | – | – | – | – | – | – | – |
Operating income by segment
quarterlySegment operating margin
quarterlyFourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $8.4B
- Capex
- -$2.77B
- Buybacks
- -$2.03B
- Dividends
- -$1.52B
- Acquisitions
- -$262M
- Net debt issued
- $290M
- Stock-based compensation
- $686M
- Free cash flow
- $5.62B
- Returned to shareholders / FCF
- 63.0%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 33.4× | 19.5× | 11.8× – 26.6× |
| EV / EBITDA | 26.9× | 15.2× | 9.8× – 18.6× |
| EV / Sales | 10.0× | 5.0× | 3.1× – 6.5× |
| Price / FCF | 55.1× | 22.2× | 14.5× – 32.6× |
| Price / Book | 12.1× | 8.1× | 6.3× – 10.4× |
| FCF yield | 1.8% | 4.9% | 3.1% – 6.9% |
| Return on invested capital | 23.5% | 28.3% | 22.0% – 34.4% |
| Return on equity | 40.4% | 43.1% | 34.3% – 53.5% |
Analysts
Consensus target $659.83 (+69.1%)
range $530.00 – $900.00 · rating Buy
Strong buy1
Buy42
Hold12
Sell0
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $34.3B | +21.0% | $12.82 | +48.0% | 30.4× | 22 |
| FY2027 | $46.9B | +36.5% | $18.77 | +46.4% | 20.8× | 24 |
| FY2028 | $57.1B | +21.8% | $24.59 | +31.0% | 15.9× | 16 |
| FY2029 | $62.8B | +9.9% | $26.76 | +8.8% | 14.6× | 7 |
| FY2030 | $80.4B | +28.1% | $36.10 | +34.9% | 10.8× | 7 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 222 figures Applied Materials, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable and Accrued Liabilities, Current | $5.79B | $4.61B | +25.4% | $5.33B | $4.82B | +10.6% |
| Accounts Payable, Current | $2.39B | $1.77B | +34.9% | $1.98B | $1.57B | +26.0% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $7.69B | $5.77B | +33.2% | $5.19B | $5.23B | -0.9% |
| Accounts Receivable, Credit Loss Expense (Reversal) | $0 | $0 | – | $0 | $0 | – |
| Accrued Income Taxes, Current | $317M | $157M | +101.9% | $380M | $535M | -29.0% |
| Accrued Income Taxes, Noncurrent | $880M | $330M | +166.7% | $356M | $670M | -46.9% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $4.19B | $3.99B | +5.0% | $3.9B | $3.77B | +3.5% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$165M | -$102M | -61.8% | -$110M | -$168M | +34.5% |
| Additional Paid in Capital, Common Stock | $10.6B | $10.1B | +4.8% | $10.3B | $9.66B | +7.0% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | – | 0 | 0 | – |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $169M | $158M | +7.0% | $660M | $577M | +14.4% |
| Assets | $43.5B | $34.2B | +27.2% | $36.3B | $34.4B | +5.5% |
| Assets, Current | $25.1B | $19.7B | +27.3% | $20.9B | $21.2B | -1.6% |
| Cash | $1.76B | $1.44B | +22.7% | $1.42B | $1.31B | +8.1% |
| Cash and Cash Equivalents, at Carrying Value | $7.04B | $5.38B | +30.7% | $7.24B | $8.02B | -9.7% |
| Cash Equivalents, at Carrying Value | $5.27B | $3.95B | +33.6% | $5.82B | $6.71B | -13.2% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $7.09B | $5.45B | +30.1% | $7.31B | $8.11B | -9.9% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $735M | -$790M | +193.0% | -$801M | $1.88B | -142.6% |
| Common Stock, Dividends, Per Share, Declared | $0.53 | $0.46 | +15.2% | $1.78 | $1.52 | +17.1% |
| Common Stock, Par or Stated Value Per Share | $0.012025-10-26 | $0.01 | 0.0% | $0.01 | $0.01 | 0.0% |
| Common Stock, Shares Authorized | 2.5B2025-10-26 | 2.5B | 0.0% | 2.5B | 2.5B | 0.0% |
| Common Stock, Shares, Issued | 793M2025-10-26 | 818M | -3.1% | 793M | 818M | -3.1% |
| Common Stock, Shares, Outstanding | 793M2025-10-26 | 818M | -3.1% | 793M | 818M | -3.1% |
| Common Stock, Value, Outstanding | $8M | $8M | 0.0% | $8M | $8M | 0.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $2.5B | $1.82B | +37.1% | $7.06B | $7.23B | -2.4% |
| Contract with Customer, Asset, after Allowance for Credit Loss | $227M | $306M | -25.8% | $281M | $269M | +4.5% |
| Contract with Customer, Asset, Credit Loss Expense (Reversal) | $0 | $0 | – | $0 | $0 | – |
| Contract with Customer, Liability | $3.27B | $2.47B | +32.4% | $2.57B | $2.85B | -9.9% |
| Contract with Customer, Liability, Current | $3.27B | $2.47B | +32.4% | $2.57B | $2.85B | -9.9% |
| Contract with Customer, Liability, Revenue Recognized | $300M | $300M | 0.0% | $2.4B | $2.7B | -11.1% |
| Cost of Goods and Services Sold | $4.53B | $3.74B | +21.1% | $14.6B | $14.3B | +2.0% |
| Current Federal Tax Expense (Benefit) | – | – | – | $675M | $1.25B | -46.2% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $411M | $366M | +12.3% |
| Current Income Tax Expense (Benefit) | – | – | – | $1.12B | $1.65B | -32.2% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $34M | $33M | +3.0% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | $5M2026-01-25 | $3M | +66.7% | $7M2022-10-30 | $2M | +250.0% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $2.31B | $1.32B | +75.4% | $1.27B | $1.16B | +9.5% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One | $2.18B | $1.57B | +39.3% | $1.28B | $1.41B | -9.3% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | $5M2026-01-25 | $3M | +66.7% | $7M2022-10-30 | $2M | +250.0% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $2.3B | $1.32B | +73.4% | $1.29B | $1.17B | +10.5% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | $2.18B | $1.56B | +39.3% | $1.28B | $1.4B | -9.1% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $382M | -$697M | +154.8% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $788M | $30M | +2,526.7% |
| Deferred Income Tax Assets, Net | $1.11B | $1.29B | -14.2% | $1.23B | $2.39B | -48.5% |
| Deferred Income Tax Expense (Benefit) | – | – | – | $1.15B | -$678M | +270.1% |
| Deferred Income Taxes and Other Assets, Noncurrent | $3.37B | $2.25B | +49.6% | $2.55B | $3.08B | -17.3% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | -$17M | -$11M | -54.5% |
| Deferred Tax Assets, Deferred Income | $61M2025-10-26 | $72M | -15.3% | $61M | $72M | -15.3% |
| Deferred Tax Assets, Goodwill and Intangible Assets | $225M2025-10-26 | $977M | -77.0% | $225M | $977M | -77.0% |
| Deferred Tax Assets, Gross | $2.53B2025-10-26 | $3.05B | -17.1% | $2.53B | $3.05B | -17.1% |
| Deferred Tax Assets, Inventory | $145M2025-10-26 | $127M | +14.2% | $145M | $127M | +14.2% |
| Deferred Tax Assets, Net | $1.22B2025-10-26 | $2.38B | -49.0% | $1.22B | $2.38B | -49.0% |
| Deferred Tax Assets, Net of Valuation Allowance | $1.48B2025-10-26 | $2.48B | -40.3% | $1.48B | $2.48B | -40.3% |
| Deferred Tax Assets, Other | $50M2025-10-26 | $79M | -36.7% | $50M | $79M | -36.7% |
| Deferred Tax Assets, Property, Plant and Equipment | $192M2025-10-26 | $101M | +90.1% | $192M | $101M | +90.1% |
| Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax | $407M2025-10-26 | $410M | -0.7% | $407M | $410M | -0.7% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Other | $265M2025-10-26 | $261M | +1.5% | $265M | $261M | +1.5% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | $34M2025-10-26 | $44M | -22.7% | $34M | $44M | -22.7% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | $29M2025-10-26 | $24M | +20.8% | $29M | $24M | +20.8% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Allowance for Doubtful Accounts | $3M2025-10-26 | $4M | -25.0% | $3M | $4M | -25.0% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-07-26, 10-Q 2026-04-26, 10-Q 2026-01-25, 10-K 2025-10-26, 10-Q 2025-07-27, 10-Q 2025-04-27, 10-Q 2025-01-26, 10-K 2024-10-27, 10-Q 2024-07-28
Data as of 2026-11-01