Applied Materials (NASDAQ: AMAT) is due to report results for the fourth quarter and fiscal year 2026, the quarter ended in October 2026, after the market closes on Thursday, November 12, 2026. The conference call and webcast start at 4:30 p.m. Eastern (1:30 p.m. Pacific, 21:30 UTC, 23:30 in Bucharest) and are available at the company’s investor site (company notice of October 22). The last reported quarter, the third quarter of fiscal 2026, was the strongest in the series below: revenue of $9,115M, up 25% on the year, and non-GAAP earnings per share of $3.50, up 41%. The shares closed at $332.72 on Friday, November 6, up 4.22% on the day, after a 13.58% fall on Thursday, November 5; 24/7 Wall St reported a rise of about 11% in afternoon trading on Monday, November 9, to roughly $370.81, which is an intraday price, not a close. Below: the recent quarters, each compared with the same quarter a year earlier, what guidance implies (my arithmetic), analyst consensus, the dividend, and what to watch. Cisco reports the same evening; see our Cisco preview.
The recent quarters, each against the same quarter a year earlier
| Metric (each quarter vs the same quarter a year earlier) | Q4 FY25 (quarter ended Oct 26, 2025) | Q1 FY26 (Jan 25, 2026) | Q2 FY26 (Apr 26, 2026) | Q3 FY26 (Jul 26, 2026) |
|---|---|---|---|---|
| Revenue | $6,800M vs $7,045M, -3% | $7,012M vs $7,166M, -2% | $7,910M vs $7,100M, +11% | $9,115M vs $7,302M, +25% |
| Non-GAAP EPS | $2.17 vs $2.32, -6% | $2.38 vs $2.38, flat | $2.86 vs $2.39, +20% | $3.50 vs $2.48, +41% |
| GAAP EPS | $2.38 vs $2.09, +14% | $2.54 vs $1.45, +75% | $3.51 vs $2.63, +33% | $3.17 vs $2.22, +43% |
| Semiconductor Systems revenue (my arithmetic for the change) | $4,760M vs $5,177M, -8% | $5,141M vs $5,597M, -8% | $5,965M vs $5,401M, +10% | $7,040M vs $5,564M, +27% |
| Applied Global Services revenue (my arithmetic for the change) | $1,625M vs $1,639M, -1% | $1,559M vs $1,353M, +15% | $1,665M vs $1,420M, +17% | $1,781M vs $1,463M, +22% |
| Non-GAAP gross margin | 48.1% vs 47.5% | 49.1% vs 48.9% | 50.0% vs 49.2% | 50.4% vs 48.9% |
Figures are from Applied Materials’ own earnings releases for Q4 FY25 (November 13, 2025), Q1 FY26 (February 12, 2026), Q2 FY26 (May 14, 2026, SEC exhibit 99.1) and Q3 FY26 (August 13, 2026). Percentages for revenue and EPS are the company’s rounded year-over-year changes; the segment changes are my arithmetic. The Q1 FY26 release says prior-period segment figures were recast to move the 200-millimeter equipment business into Semiconductor Systems and to allocate corporate support costs in full, so the Q4 FY25 segment comparison (original presentation) and the Q1 to Q3 FY26 comparisons (recast basis) are not on exactly the same footing. Each quarter is compared only with its own year-earlier quarter in the same release.
What the guidance implies (my calculation)
| Guidance (company, August 13, 2026) and arithmetic | Range | Growth vs the year-earlier period (my arithmetic) |
|---|---|---|
| Q4 FY26 revenue | $10,250M, plus or minus $500M ($9,750M to $10,750M) | +43.4% to +58.1% vs $6,800M (midpoint +50.7%) |
| Q4 FY26 non-GAAP EPS | $4.02, plus or minus $0.20 ($3.82 to $4.22) | +76.0% to +94.5% vs $2.17 (midpoint +85.3%) |
| Nine months of FY26 (Q1 to Q3, reported) | Revenue $24,037M; non-GAAP EPS $8.74 | +11.4% vs $21,568M; +20.6% vs $7.25 (Q1 to Q3 FY25) |
| Implied fiscal 2026 revenue (nine months plus the Q4 guide) | $33,787M to $34,787M (midpoint $34,287M) | +19.1% to +22.6% vs $28,368M in fiscal 2025 |
| Implied fiscal 2026 non-GAAP EPS (nine months plus the Q4 guide) | $12.56 to $12.96 (midpoint $12.76) | +33.3% to +37.6% vs $9.42 in fiscal 2025 |
Applied Materials guides one quarter ahead and does not give a full-year forecast, so the fiscal 2026 rows are my arithmetic: the three reported quarters plus the Q4 guidance range. They are not a company forecast, and quarterly non-GAAP EPS figures are not strictly additive. Zacks calls the guidance midpoint growth of 85% for EPS (Zacks, October 22), which matches the +85.3% above.
What analysts expect, and the share price
- Consensus: EPS of $4.06 (+87.1% on the year-ago $2.17) and revenue of $10.30 billion (+51.4% on the year-ago quarter), according to Zacks (November 9, 2026). Both sit inside Applied Materials’ guidance: the EPS is $0.04 above the $4.02 midpoint, and the revenue is $50M above the $10.25 billion midpoint.
- Zacks view: the consensus EPS estimate was unchanged over the past 60 days, the Zacks Rank is #3 (Hold) and the Earnings ESP is 0.00%. These are Zacks metrics, not ours. Applied Materials beat the Zacks EPS consensus in each of the last four quarters, by 5.45% on average.
- Valuation: Zacks puts the forward 12-month price-to-sales ratio at 5.76 against 2.73 for its industry group (November 9).
- Price: $332.72 at the close on November 6, up 4.22%; $319.25 on November 5, down 13.58%; $390.09 on October 30 (StockAnalysis daily history). On November 9, 24/7 Wall St reported the shares up about 11% in afternoon trading to roughly $370.81, as chip-equipment peers also rallied; I could not find a verified November 9 close.
What to watch on November 12
- The first-quarter fiscal 2027 guide: it will be set against the year-ago $7,012M of revenue and $2.38 of non-GAAP EPS, so it shows how much of the recent growth the company expects to carry into the new year.
- Semiconductor Systems: revenue was $7,040M in Q3, up 27%; Zacks cites a Q4 segment outlook of about $7.9 billion (October 22), while the release’s own outlook table gives only total revenue and EPS. Leading-edge logic, DRAM and advanced packaging were the demand areas management pointed to in August (24/7 Wall St).
- Applied Global Services: growth has risen from +15% to +17% to +22% over the last three quarters; the next figure shows whether that continues.
- Gross margin: non-GAAP gross margin was 50.4% in Q3 against 48.9% a year earlier; the company gave no gross margin guide for Q4.
- Supply and equipment spending: Lam Research cited supply constraints in its October 21 report and Applied Materials fell 6% after that report (24/7 Wall St), so comments on supply and on wafer fab equipment spending will matter.
- China: China was 30% of revenue in fiscal 2025 ($8,529M), down from 37% ($10,117M) in fiscal 2024 (Q4 FY25 release), and the company lists new export regulations as a risk factor.
The dividend
Applied Materials’ latest declared quarterly dividend is $0.53 per share: announced on September 10, 2026, record date November 19, payable December 10 (company release). The previous one, also $0.53, was announced on June 9 (record date August 20, paid September 10; company release). The Q2 FY26 release records the 15% increase from $0.46 to $0.53. The company announces dividends in separate releases, not in the earnings release, so a new declaration on November 12 is not something to expect. The annualised $2.12 is a yield of 0.64% on the $332.72 close of November 6 (my arithmetic). Against non-GAAP EPS of $10.91 for the last four reported quarters ($2.17 + $2.38 + $2.86 + $3.50) that is a payout of about 19.4%, and about 16.6% against the $12.76 midpoint implied for fiscal 2026; both are my arithmetic, and quarterly non-GAAP EPS is not strictly additive. In Q3 FY26 the company paid $420M in dividends and bought back $440M of shares, $860M in total. Under the current one-day settlement cycle the ex-dividend date normally equals the record date, so I expect November 19 (my inference; check with your broker). A dividend is never guaranteed.
For investors in Europe
- Applied Materials pays in dollars and U.S. withholding tax applies by default; the rate for non-U.S. investors depends on your broker having a valid Form W-8BEN. See our W-8BEN guide.
- The report comes after the U.S. close, so the first reaction is in after-hours trading and at the next U.S. open, at 16:30 in Bucharest on Friday, November 13. The dollar affects the euro value of the shares and the dividend.
Sources
- Applied Materials, to Report Fourth Quarter and Fiscal 2026 Results (October 22, 2026)
- Applied Materials earnings releases: Q4 FY25 (November 13, 2025); Q1 FY26 (February 12, 2026); Q2 FY26 (SEC exhibit 99.1, May 14, 2026); Q3 FY26 (August 13, 2026)
- Applied Materials dividend releases: September 10, 2026; June 9, 2026
- Zacks via Yahoo Finance: AMAT to Post Q4 Earnings: Time to Buy, Sell or Hold the Stock? (November 9, 2026, 4:48 AM PST)
- Zacks: Can Semiconductor Systems Drive AMAT’s Next Growth Phase? (October 22, 2026)
- StockAnalysis: AMAT daily price history (closes of October 30 and November 5 to 6, 2026)
- 24/7 Wall St: Applied Materials Jumps 11% Ahead of Earnings (November 9, 2026; intraday price, not a close)
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Company figures are taken from the releases listed; consensus, price and rating data come from the third-party sources listed, as of the dates stated; and the percentage changes, implied guidance figures, yield and payout ratios are my own arithmetic, not a company forecast. Investing involves risk, including the possible loss of capital, and a dividend payment is never guaranteed.
