Applied Materials, Inc. · AMAT · FY2025 Q4 · Calendar Q4 2025

Applied Materials posts record FY2025 results, keeps 2026 outlook on AI demand

Applied Materials' growth rests on AI-driven compute investment across leading-edge logic, DRAM and high-bandwidth memory, with record FY2025 revenue and margins delivered despite a reduced China addressable market. Management's reported visibility of more than 1-2 years on supply-chain and equipment demand, combined with a cash of new platforms, underpins a durable through-cycle story, though it is contingent on trade-policy stability and tariff-cost absorption. Consensus targets of about $666 versus a current price near $474 reflect meaningful expected upside if the 2026 second-half ramp materializes.

Reported After market closeNASDAQTechnology $376.54B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $2.17 Consensus $2.11
EPS surprise +2.8% Reported versus consensus
Reported revenue $6.80B Consensus $6.68B
Revenue surprise +1.7% Reported versus consensus

Market reaction

event-close to next-session close
Stock move +0.8% Event window
SPY move -0.2% Same window
Abnormal move +0.9% Stock minus SPY
Volume 0.8× Versus trailing sessions
Subsequent drift +15.5% Up to 20 sessions
AMATSPY benchmark

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Why did AMAT rise 0.8% after beating EPS estimates in FY2025 Q4?What changed in AMAT's guidance and outlook in FY2025 Q4?Give me the bull and bear case for AMAT after FY2025 Q4 earnings.

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Transcript intelligence

What changed

Applied Materials delivered record FY2025 revenue, margin and EPS (revenue $6.8B vs. $6.68B estimated; EPS $2.17 vs. $2.11) despite trade restrictions limiting China exposure, versus a prior-quarter guide that pointed to lower Q4 results. Three new platforms (Xtera, Kinex, PROVision 10) launched at SEMICON West, the EPIC Center is slated to open in 2026, and a $125M 200mm equipment line was reclassified from Applied Global Services to Semiconductor Systems. Guidance for 2026 was maintained as an expected growth year weighted toward the second half.

Guidance delta

Guidance effectively maintained. After lowering the near-term Q4 outlook in the prior quarter (~$6.7B revenue) on China visibility and export-license backlog, Q4 revenue landed at $6.8B, and management held its view of another growth year in 2026, with a revenue profile weighted toward the second half.

Key takeaways

  • Record FY2025 revenue, margins and EPS achieved despite reduced China market access.
  • Revenue of $6.8B and EPS of $2.17 topped consensus ($6.68B / $2.11).
  • AI compute demand expected to drive a strong second-half-2026 surge.
  • Management reports greater than 1-2 years of supply-chain and equipment demand visibility.
  • Share gains in DRAM and high-bandwidth memory reinforce leadership in fast-growing segments.

Management priorities

  • Scale production of the Xtera, Kinex and PROVision 10 platforms.
  • Commence operations of the EPIC Center in Silicon Valley in 2026.
  • Expand deep, multiyear co-innovation engagements with leading customers.
  • Continue headcount optimization and cost-efficiency programs.
  • Increase AI and advanced analytics tools across R&D and operations.

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Earnings History

Estimate Beat Miss Match
AMAT EPS earnings history estimate and actual scatter chart 9 reported fiscal quarters and 4 future estimate-only quarters. Q1 '24 estimate $1.91 Q1 '24 actual $2.13, beat Q2 '24 estimate $1.99 Q2 '24 actual $2.09, beat Q3 '24 estimate $2.02 Q3 '24 actual $2.12, beat Q3 '25 estimate $2.36 Q3 '25 actual $2.48, beat Q4 '25 estimate $2.11 Q4 '25 actual $2.17, beat Q1 '26 estimate $2.21 Q1 '26 actual $2.38, beat Q2 '26 estimate $2.68 Q2 '26 actual $2.86, beat Q3 '26 estimate $3.40 Q3 '26 actual $3.50, beat Q4 '26 estimate $4.06 Q1 '27 estimate $4.21 Q2 '27 estimate $4.52 Q3 '27 estimate $4.86
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Analyst Consensus ?

ConsensusBuy54 ratings
Bullish4277.8%
Neutral1222.2%
Bearish00.0%

Analyst 52W Price Targets

$474.25Previous close
$85Low
$421.03Average
$900High

Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Sep 25, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
UBS Buy BuyMaintainSep 1, 2026
Mizuho Outperform OutperformMaintainAug 25, 2026
Argus Research Buy BuyMaintainAug 18, 2026
TD Cowen Buy BuyMaintainAug 14, 2026
Stifel Buy BuyMaintainAug 14, 2026
Show 49 more rating actions

Named analyst price targets

Upside is calculated against the persisted previous close $474.25. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
UBSTimothy Arcuri$695$458.39 +46.5%Sep 1, 2026
Mizuho SecuritiesAnalyst unavailable$590$484.19 +24.4%Aug 25, 2026
Argus ResearchAnalyst unavailable$600$507.69 +26.5%Aug 18, 2026
UBSAnalyst unavailable$850$505.2 +79.2%Aug 14, 2026
Seaport GlobalJay Goldberg$575$505.8 +21.2%Aug 14, 2026
See 183 more

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Company context

Snapshot as of publication

Applied Materials, Inc. engages in provision of materials engineering solutions used to produce semiconductors. The firm also focuses on design, development, production, and servicing of the critical wafer fabrication tools used for customers to manufacture semiconductors. It operates through the following segments: Semiconductor Systems and Applied Global Services (AGS). The Semiconductor Systems segment includes designing, development, manufacturing and sale of equipment used to fabricate semiconductor chips referred to as integrated circuits. The AGS segment engages in provision of services, spares, and factory automation software to customer fabrication plants globally. The company was founded on November 10, 1967 and is headquartered in Santa Clara, CA.

Historical context

All AMAT earnings
-5.1%FY2026 Q3 · Calendar Q3 2026-0.9%FY2026 Q2 · Calendar Q2 2026

Technology peers this season

Latest reports in the same sector
CompanyQuarterEPS surpriseMarket moveHeadline
SNX TD Synnex Corp FY2026 Q3 · Calendar Q3 2026 +20.9% -9.9% TD SYNNEX: AI-led growth accelerates, but mix and cash flow matter
ADBE Adobe Inc. FY2026 Q3 · Calendar Q3 2026 +0.8% +1.4% Adobe raises FY26 outlook as AI strategy broadens
ORCL Oracle Corporation FY2027 Q1 · Calendar Q3 2026 +10.3% -1.7% Oracle raises FY27 outlook as AI demand accelerates cloud growth
SAIL SailPoint, Inc. FY2027 Q2 · Calendar Q3 2026 +13.8% -1.2% SailPoint pairs 25% ARR growth with accelerating AI-driven adoption
CIEN Ciena Corporation FY2026 Q3 · Calendar Q3 2026 +22.0% -10.4% Ciena raises outlook as AI networking demand lifts backlog
DOCU DocuSign, Inc. FY2027 Q2 · Calendar Q3 2026 +6.4% +3.7% DocuSign Q2 FY27: IAM momentum supports a raised outlook

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Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
  3. Polygon adjusted daily market bars · 2026-09-25T10:41:05.772516+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-25T10:41:05.769546+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-09-25. For educational purposes only; not investment advice.