The massive EPS beat and raised guidance signal accelerating AI-driven demand for semiconductor equipment. The raised calendar 2026 outlook to >30% growth and strong Q3 guidance provide a clear catalyst for upward revisions. Monitor the earnings call for details on capacity expansion and supply chain readiness to support the growth trajectory.
Price Chart
Executive Summary
Applied Materials reported a record Q2 FY2026 with revenue of $7.91B (+11% YoY) and GAAP EPS of $3.51 (+33% YoY), significantly beating consensus estimates of $2.68 EPS on $7.69B revenue. The company raised its calendar 2026 semiconductor equipment growth outlook to >30% and guided Q3 revenue to $8.95B (+/- $500M) and non-GAAP EPS to $3.36 (+/- $0.20), well above expectations. The strong beat and raised guidance confirm accelerating AI-driven demand across logic, DRAM, and advanced packaging.
Key Financial Metrics
Key Facts
- Record revenue of $7.91B, up 11% YoY from $7.10B
- Record GAAP EPS of $3.51, up 33% YoY from $2.63
- Record non-GAAP EPS of $2.86, up 20% YoY from $2.39
- GAAP operating margin expanded 140bps to 31.9%
- Semiconductor Systems revenue $5.965B, up 10% YoY with record DRAM revenue
- Applied Global Services revenue $1.665B, up 17% YoY
- Raised calendar 2026 semiconductor equipment growth outlook to >30%
- Q3 FY2026 guidance: revenue $8.95B (+/- $500M) and non-GAAP EPS $3.36 (+/- $0.20)
- Increased quarterly dividend by 15% to $0.53 per share
- Announced multiple EPIC Center partnerships with TSMC, SK hynix, Micron, and universities
- Agreed to acquire ASMPT's NEXX business for advanced packaging deposition equipment
Financial Impact
EPS beat consensus by +31% ($3.51 GAAP vs $2.68 est); revenue beat by +2.9% ($7.91B vs $7.69B est); Q3 guidance midpoint of $8.95B revenue and $3.36 EPS well above consensus
Risk Factors
- Export controls and tariff risks, particularly related to China (27% of Q2 revenue)
- Cyclicality of semiconductor capital equipment spending
- Execution risk in scaling manufacturing capacity to meet surging demand
- Geopolitical tensions affecting global supply chains
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-035071 |
| Document: amat-20260514.htm | 0001628280-26-035071 |
| Document: 0001628280-26-035071-index-headers.html | 0001628280-26-035071 |
| Document: 0001628280-26-035071-index.html | 0001628280-26-035071 |
| Document: 0001628280-26-035071.txt | 0001628280-26-035071 |
| 8-K Data (Synthetic) | 0001628280-26-035071 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jun 17, 2026 15w ago | Insider Cluster | $617.11 $424.21 | ▼ −31.26% | ▼ −33.15% | $540.04 (−12.49%) |
Jun 17, 2026 15w ago | Insider Cluster | $617.11 $424.21 | ▼ −31.26% | ▼ −33.15% | $540.04 (−12.49%) |
Jun 17, 2026 15w ago | Insider Cluster | $617.11 $424.21 | ▼ −31.26% | ▼ −33.15% | $540.04 (−12.49%) |
Jun 16, 2026 15w ago | Press Release | $568.23 $454.01 | ▼ −20.10% | ▼ −21.10% | $540.04 (−4.96%) |
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May 28, 2026 18w ago | Insider Cluster | $450.23 $484.19 | ▲ +7.54% | ▲ +6.62% | $540.04 (+19.95%) |
May 18, 2026 19w ago | ANALYST-DOWNGRADE | $413.27 $547.66 | ▼ −32.52% | ▼ −27.94% | $540.04 (−30.68%) |
May 14, 2026 20w ago | 8-K | $435.77 $525.02 | ▲ +20.48% | ▲ +16.24% | $540.04 (+23.93%) |
May 14, 2026 20w ago | Press Release | $435.77 $525.02 | ▼ −20.48% | ▼ −16.24% | $540.04 (−23.93%) |
US Market Status
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