Applied Materials
Builds wafer-fabrication tools and services across chipmaking’s materials-engineering steps.
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Profile
Supplies deposition, etch, ion implantation, polishing, metrology, inspection and packaging systems to chipmakers, alongside spares, services and factory-automation software. Semiconductor Systems drives most sales, while demand follows wafer-fab investment cycles and export rules constrain access to some markets.
Builds wafer-fabrication systems for deposition, etch, rapid thermal processing, ion implantation, chemical-mechanical planarization, metrology and inspection, and advanced packaging. Semiconductor Systems sells capital equipment to foundry, logic, DRAM and NAND manufacturers, while smaller display operations sit within Other.
Applied Global Services supplies spares, maintenance, upgrades and factory-automation software for a large installed base. A broad process portfolio supports integrated and co-optimized solutions across adjacent manufacturing steps, and most products and services are delivered outside the United States.
Demand follows chipmakers’ capital-spending cycles and shifts with new device architectures and materials. Sales are concentrated among a small number of large customers, while export controls can restrict products and services in certain countries.
Company facts
Key statistics
Year to date +71.7% · Average volume (30d) 7.2M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 25, 2026 | Mizuho Securities | Target | $650 | $590 | |
| Aug 18, 2026 | Argus Research | Target | $500 | $600 | |
| Aug 14, 2026 | Seaport Global | Reiterate | Buy | $500 | $575 |
| Aug 14, 2026 | Craig-Hallum | Reiterate | Buy | $450 | $585 |
| Aug 14, 2026 | RBC Capital | Reiterate | Outperform | $520 | $600 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 13, 2026Q3 FY26 | $3.40 | $3.50 | +2.9% | $8.99B | $9.12B | +1.3% | −5.12% |
| May 14, 2026Q2 FY26 | $2.68 | $2.86 | +6.7% | $7.68B | $7.91B | +3.0% | −0.89% |
| Feb 12, 2026Q1 FY26 | $2.21 | $2.38 | +7.7% | $6.87B | $7.01B | +2.1% | +8.08% |
| Dec 12, 2025Q4 FY25 | $2.11 | $2.17 | +2.8% | $6.68B | $6.80B | +1.7% | +0.79% |
Financial highlights
| 12 quarters | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $7.10B | $7.30B | $6.80B | $7.01B | $7.91B | $9.12B | |
| Gross profit | $3.49B | $3.56B | $3.27B | $3.44B | $3.95B | $4.59B | |
| Operating income | $2.17B | $2.23B | $1.71B | $2.10B | $2.52B | $3.08B | |
| Net income | $2.14B | $1.78B | $1.90B | $2.03B | $2.81B | $2.54B | |
| Diluted EPS | $2.63 | $2.21 | $2.38 | $2.54 | $3.51 | $3.17 | |
| Gross margin | 49.1% | 48.8% | 48.0% | 49.0% | 49.9% | 50.3% | |
| Operating margin | 30.5% | 30.6% | 25.2% | 29.9% | 31.9% | 33.7% |
Fiscal years (4-quarter sums)FY21 $23.06B · FY22 $25.79B · FY23 $26.52B · FY24 $27.18B · FY25 $28.37B
Revenue by product · Q3 FY26
Revenue by geography · Q3 FY26
Balance sheet, Jul 26, 2026Cash & short-term investments $9.23B · Total debt $7.35B · Total assets $43.52B · Shareholders' equity $25.63B
Dividends
Raised for 19 straight years — most recently to $0.53 from $0.46 in May 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 20, 2026 | Aug 20 | Sep 10 | $0.53 | |
| May 21, 2026 | May 21 | Jun 11 | $0.53 | raised from $0.46 |
| Feb 19, 2026 | Feb 19 | Mar 12 | $0.46 | |
| Nov 20, 2025 | Nov 20 | Dec 11 | $0.46 | |
| Aug 21, 2025 | Aug 21 | Sep 11 | $0.46 | |
| May 22, 2025 | May 22 | Jun 12 | $0.46 | raised from $0.40 |
| Feb 20, 2025 | Feb 20 | Mar 13 | $0.40 | |
| Nov 21, 2024 | Nov 21 | Dec 12 | $0.40 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 793.96M · Float 790.86M · 99.6% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 80.21M | 10.10% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 51.85M | 6.53% | 13F | Aug 13, 2026 |
| State Street Corp | 38.24M | 4.82% | 13F | Aug 7, 2026 |
| Invesco Ltd. | 28.27M | 3.56% | 13F | Aug 14, 2026 |
| Capital Research Global Investors | 22.16M | 2.79% | 13F | Aug 12, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 25, 2026 | Brice Hill | officer: SVP, CFO | −7,500 | $479.25 |
| Jun 30, 2026 | Gary E. Dickerson | director, officer: President and CEO | −20,000 | $735.22 |
| Jun 29, 2026 | Gary E. Dickerson | director, officer: President and CEO | −58,321 | $700.36 |
| Jun 18, 2026 | Prabu G. Raja | officer: President, Semi. Products Grp. | −10,000 | $633.53 |
| Jun 15, 2026 | Timothy M. Deane | officer: SVP, Applied Global Services | −8,621 | $590.76 |
Peers
- Lam Research
Leads global dry etch; strong rival in CVD/ALD deposition and advanced packaging.
- KLA
Dominates semiconductor process control; direct rival in metrology, inspection, and packaging yield management.
- ASML (ADR)
Monopoly EUV lithographer; displaced AMAT as WFE revenue #1 in 2023–2024; expanding into metrology.
- Axcelis Technologies
Pure-play ion implant rival; leads high-current and SiC ion implant against AMAT's Varian portfolio.
- Onto Innovation
Rising advanced packaging process control specialist; competes in metrology and inspection against AMAT tools.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Applied Materials | $462.35 | +0.16% | $366.55B | 39.8 | 26.2 | 11.9 | +24.8% |
| Lam Research | $303.48 | +0.51% | $377.55B | 52.4 | 31.9 | 16.3 | +30.0% |
| KLA | $176.16 | +0.38% | $229.30B | 47.9 | 31.8 | 16.9 | +15.2% |
| ASML (ADR) | $1,704.99 | +0.49% | $653.73B | 53.1 | 29.8 | 16.3 | +18.4% |
| Axcelis Technologies | $115.63 | +0.17% | $3.55B | 38.8 | 23.9 | 4.1 | +10.6% |
| Onto Innovation | $272.00 | +0.48% | $13.47B | 101.8 | 26.4 | 12.0 | +35.3% |
| Median | 52.4 | 29.8 | 16.3 | +18.4% |