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Applied Materials
Applied Materials (AMAT) investor relations material
Applied Materials Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 earnings summary12 Feb, 2026
Executive summary
Q1 FY2026 revenue and earnings exceeded the midpoint of guidance, driven by strong AI-related semiconductor demand, leadership in high-growth equipment segments, and robust operational execution.
Semiconductor industry revenues are projected to reach $1 trillion in 2026, with the equipment business expected to grow over 20% this year.
Growth momentum is expected to continue into 2027, supported by increased customer visibility, capacity expansion, and higher planned capex from cloud providers.
The company has nearly doubled manufacturing capacity and strengthened supply chain operations to support demand.
Record DRAM revenue and record services and spares revenue were achieved in Q1.
Financial highlights
Q1 FY2026 revenue was $7.01 billion, down 2% year-over-year but up 3% sequentially; non-GAAP EPS was $2.38, flat year-over-year and up 10% sequentially.
Non-GAAP gross margin was 49.1%, up 20 basis points year-over-year and 100 basis points sequentially.
Non-GAAP operating profit was $2.11 billion, down 4% year-over-year but up 8% sequentially; operating margin at 30.0%.
Cash from operations was $1.69 billion; free cash flow was $1.04 billion.
$702 million returned to shareholders via dividends and buybacks in Q1.
Outlook and guidance
Q2 FY2026 revenue is expected at $7.65 billion ±$500 million; non-GAAP EPS guidance is $2.64 ±$0.20.
Non-GAAP gross margin is projected at approximately 49.3%; operating expenses at ~$1.415 billion; tax rate at ~11%.
Semiconductor Systems revenue is projected at $5.8 billion, AGS at $1.6 billion, and other revenue at $250 million.
The company anticipates more than 20% growth in its semiconductor equipment business for the calendar year, with growth weighted toward the second half due to clean room capacity constraints.
Drivers for 20% semiconductor equipment growth?
Capacity readiness for anticipated market growth?
Semiconductor Systems revenue mix shift drivers?
New WFE intensity framework details?
Cleanroom capacity impact on 2026/2027 growth?
Gross margin trajectory beyond Q2?
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Next Applied Materials earnings date
Q2 202614 May, 2026
Applied Materials
Next Applied Materials earnings date
Q2 202614 May, 2026
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Frequently asked questions
Semiconductor Suppliers
Applied Materials is an American company with global operations that manufactures and supplies equipment, associated services, and software for semiconductors. It also supplies equipment that makes it possible to manufacture coatings for electronics and packaging. The company is one of the largest suppliers of semiconductor equipment in the world and is therefore, unsurprisingly, an important player in the global semiconductor industry. Applied Materials operates in three different business sectors: Semiconductor Products, Display and Adjacent Markets, and Global Services. It is headquartered in Santa Clara, California, and its shares are traded on the Nasdaq.
The Company’s Journey
Applied Materials was founded in 1967 and began in a small office in Santa Clara, California, with its initial focus on manufacturing equipment for the burgeoning semiconductor industry.
The 1970s marked a period of significant growth for Applied Materials as the demand for semiconductors surged due to the rise of the personal computer. In the 1980s and 1990s, Applied Materials continued to grow, both organically and through strategic acquisitions, expanding its reach globally. Entering the 21st century, Applied Materials broadened its focus beyond the semiconductor sector. Today, the company is one of the leaders in semiconductor equipment together with companies such as ASML, Lam Research, and KLA.
Semiconductor Products
Applied Materials' Semiconductor Products segment is a cornerstone of its business and the leading source of revenue. This arm of the business focuses on providing advanced equipment and services for semiconductor chip manufacturing. This includes tools for deposition, etching, ion implantation, rapid thermal processing, and wafer inspection. These technologies are crucial for creating the intricate structures found in modern microchips, which are essential components in a wide range of electronic devices. The segment's offerings are aimed to meet the needs in various stages of the semiconductor production process and enable the creation of smaller, more powerful, and energy-efficient chips.
Further reading: Understanding the Semiconductor Value Chain: Key Players & Dynamics
Display and Adjacent Markets and Global Services
The company’s Display and Adjacent Markets division focuses on providing equipment used in the manufacture of flat panel displays, such as those for TVs, smartphones, and tablets. This involves technologies for depositing and etching materials on glass and flexible substrates, essential for producing high-resolution screens.
The Global Services segment complements this by offering comprehensive services and support, including upgrades, maintenance, and consulting, to optimize the performance and productivity of manufacturing equipment.
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