Analyst Consensus ?
ConsensusBuy52 ratings
Bullish4178.8%
Neutral1121.2%
Bearish00.0%
Applied Materials, Inc. · AMAT · FY2026 Q2 · Calendar Q2 2026
Applied Materials Posts Record Q2 on AI-Driven Demand, Gross Margin at 25-Year High
Applied Materials delivered record Q2 FY2026 results with revenue of $7.91 billion and EPS of $2.86, beating consensus on both lines. AI computing workloads -- including generative and agentic AI -- are driving demand for leading-edge logic, DRAM, and high-bandwidth memory packaging, which management expects to fuel over 30% wafer-fab equipment growth in 2026. Gross margin reached a 25-year high near 50%, with operating margin above 30%. New product launches across gate-all-around and etch technologies, the EPIC Center co-innovation platform with major foundry and memory partners, and the NEXX acquisition for panel-level packaging position Applied Materials across multiple growth vectors. The stock drifted materially higher after the report.
Reported After market closeNASDAQTechnology
$410.39B market cap
90quality score
Company context
Snapshot as of publicationApplied 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.
Earnings scorecard
Reported versus consensus
Reported EPS
$2.86
Consensus $3
EPS surprise
+6.7%
Reported versus consensus
Reported revenue
$7.91B
Consensus $7.68B
Revenue surprise
+3.0%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$476.65Current
$85Low
$421.18Average
$900High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Aug 26, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Mizuho | Outperform | Outperform | Maintain | Aug 25, 2026 |
| UBS | Buy | Buy | Maintain | Aug 14, 2026 |
| TD Cowen | Buy | Buy | Maintain | Aug 14, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Aug 14, 2026 |
| Needham | Buy | Buy | Maintain | Aug 14, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Aug 14, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Aug 14, 2026 |
| Craig-Hallum | Buy | Buy | Maintain | Aug 14, 2026 |
| Bernstein | Outperform | Outperform | Maintain | Aug 14, 2026 |
| B. Riley Securities | Buy | Buy | Maintain | Aug 14, 2026 |
| B of A Securities | Buy | Buy | Maintain | Aug 14, 2026 |
| Stifel | Buy | Buy | Maintain | Jul 10, 2026 |
| Susquehanna | Positive | Positive | Maintain | Jun 30, 2026 |
| Keybanc | Overweight | Overweight | Maintain | Jun 29, 2026 |
| Cantor Fitzgerald | Overweight | Overweight | Maintain | Jun 29, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Jun 26, 2026 |
| Jefferies | Buy | Buy | Maintain | Jun 26, 2026 |
| Citigroup | Buy | Buy | Maintain | Jun 17, 2026 |
| Barclays | Overweight | Overweight | Maintain | Jun 11, 2026 |
| Argus Research | Buy | Buy | Maintain | May 19, 2026 |
| Wolfe Research | Outperform | Outperform | Maintain | May 15, 2026 |
| Goldman Sachs | Buy | Buy | Maintain | May 15, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | May 15, 2026 |
| Deutsche Bank | Buy | Buy | Maintain | May 15, 2026 |
| Daiwa Capital | Neutral | Outperform | Downgrade | Aug 20, 2025 |
| Redburn Atlantic | Neutral | Buy | Downgrade | Jul 7, 2025 |
| Raymond James | Outperform | Outperform | Maintain | May 16, 2025 |
| Berenberg | Buy | Buy | Maintain | Aug 21, 2023 |
| New Street Research | Neutral | Buy | Downgrade | Jun 16, 2023 |
| Exane BNP Paribas | Neutral | Outperform | Downgrade | Apr 6, 2023 |
| Loop Capital | Buy | Buy | Maintain | Dec 7, 2022 |
| Summit Insights Group | Buy | Hold | Upgrade | Nov 18, 2022 |
| Cowen & Co. | Outperform | Outperform | Maintain | Nov 18, 2022 |
| William Blair | Perform | Market Perform | Maintain | Oct 17, 2022 |
| DA Davidson | Buy | Buy | Maintain | Aug 19, 2022 |
| Piper Sandler | Neutral | Neutral | Maintain | May 20, 2022 |
| Credit Suisse | Outperform | Outperform | Maintain | Nov 19, 2021 |
| B. Riley FBR | Buy | Buy | Maintain | Apr 5, 2021 |
| CFRA | Hold | Hold | Maintain | May 15, 2020 |
| Stifel Nicolaus | Buy | Buy | Maintain | Feb 13, 2020 |
| Nomura | Buy | Buy | Maintain | Feb 13, 2020 |
| Bank of America | Neutral | Buy | Downgrade | Aug 28, 2018 |
| B. Riley | Buy | Buy | Maintain | Sep 28, 2017 |
| Pacific Crest | Overweight | Overweight | Maintain | Mar 10, 2016 |
| CLSA | Buy | Outperform | Maintain | Jan 19, 2016 |
| Summit Research Partners | Hold | Buy | Downgrade | Aug 11, 2015 |
| S&P Capital IQ | Strong Buy | Hold | Upgrade | Jun 9, 2014 |
| ISI Group | Buy | Strong Buy | Downgrade | Apr 10, 2014 |
| LBBW Research | Buy | Hold | Upgrade | Nov 29, 2013 |
| Northland Securities | Outperform | Outperform | Maintain | Aug 28, 2013 |
| PiperJaffray | Overweight | Overweight | Maintain | May 17, 2013 |
| Bank oferica | Neutral | Neutral | Maintain | May 18, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $476.65. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Mizuho Securities | Analyst unavailable | $590 | $484.19 | +23.8% | Aug 25, 2026 |
| Argus Research | Analyst unavailable | $600 | $507.69 | +25.9% | Aug 18, 2026 |
| UBS | Analyst unavailable | $850 | $505.2 | +78.3% | Aug 14, 2026 |
| Seaport Global | Jay Goldberg | $575 | $505.8 | +20.6% | Aug 14, 2026 |
| Craig-Hallum | Analyst unavailable | $585 | $511.2 | +22.7% | Aug 14, 2026 |
| RBC Capital | Analyst unavailable | $600 | $511.4 | +25.9% | Aug 14, 2026 |
| Deutsche Bank | Melissa Weathers | $605 | $510.63 | +26.9% | Aug 14, 2026 |
| Morgan Stanley | Analyst unavailable | $642 | $511.9 | +34.7% | Aug 14, 2026 |
| Bernstein | Analyst unavailable | $700 | $534.54 | +46.9% | Aug 14, 2026 |
| UBS | Analyst unavailable | $675 | $534.54 | +41.6% | Aug 14, 2026 |
| Goldman Sachs | Analyst unavailable | $645 | $507.67 | +35.3% | Aug 3, 2026 |
| HSBC | Analyst unavailable | $683 | $536.25 | +43.3% | Jul 27, 2026 |
| UBS | Timothy Arcuri | $705 | $589.65 | +47.9% | Jul 15, 2026 |
| Stifel Nicolaus | Analyst unavailable | $650 | $588.66 | +36.4% | Jul 10, 2026 |
| Mizuho Securities | Analyst unavailable | $650 | $570.5 | +36.4% | Jul 8, 2026 |
| Morgan Stanley | Analyst unavailable | $647 | $613.08 | +35.7% | Jul 6, 2026 |
| Susquehanna | Mehdi Hosseini | $900 | $694.64 | +88.8% | Jun 30, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $850 | $626.84 | +78.3% | Jun 29, 2026 |
| H.C. Wainwright | Analyst unavailable | $850 | $626.84 | +78.3% | Jun 29, 2026 |
| KeyBanc | Analyst unavailable | $750 | $626.84 | +57.3% | Jun 29, 2026 |
| Wells Fargo | Analyst unavailable | $740 | $668 | +55.3% | Jun 26, 2026 |
| Jefferies | Analyst unavailable | $770 | $668 | +61.5% | Jun 26, 2026 |
| Wells Fargo | Analyst unavailable | $715 | $617.11 | +50.0% | Jun 22, 2026 |
| Barclays | Tom O'Malley | $590 | $497.01 | +23.8% | Jun 11, 2026 |
| UBS | Timothy Arcuri | $570 | $524.88 | +19.6% | Jun 10, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $650 | $499.21 | +36.4% | Jun 10, 2026 |
| Raymond James | Analyst unavailable | $650 | $499.21 | +36.4% | Jun 10, 2026 |
| Truist Financial | Analyst unavailable | $575 | $455.51 | +20.6% | May 28, 2026 |
| Mizuho Securities | Vijay Rakesh | $540 | $454.89 | +13.3% | May 27, 2026 |
| Argus Research | Jim Kelleher | $500 | $401.1 | +4.9% | May 19, 2026 |
| Needham | Analyst unavailable | $530 | $433.41 | +11.2% | May 15, 2026 |
| Wolfe Research | Analyst unavailable | $550 | $433 | +15.4% | May 15, 2026 |
| Deutsche Bank | Analyst unavailable | $550 | $431.82 | +15.4% | May 15, 2026 |
| RBC Capital | Analyst unavailable | $520 | $430.96 | +9.1% | May 15, 2026 |
| UBS | Analyst unavailable | $515 | $431.74 | +8.0% | May 15, 2026 |
| Stifel Nicolaus | Analyst unavailable | $530 | $429.59 | +11.2% | May 15, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $575 | $440.56 | +20.6% | May 15, 2026 |
| KeyBanc | Analyst unavailable | $550 | $440.56 | +15.4% | May 15, 2026 |
| Mizuho Securities | Analyst unavailable | $500 | $440.56 | +4.9% | May 15, 2026 |
| Goldman Sachs | James Schneider | $520 | $440.56 | +9.1% | May 15, 2026 |
| Bernstein | Stacy Rasgon | $525 | $440.56 | +10.1% | May 15, 2026 |
| Wells Fargo | Analyst unavailable | $520 | $440.56 | +9.1% | May 15, 2026 |
| Morgan Stanley | Analyst unavailable | $502 | $440.56 | +5.3% | May 15, 2026 |
| Barclays | Tom O'Malley | $500 | $440.56 | +4.9% | May 15, 2026 |
| Jefferies | Analyst unavailable | $510 | $440.56 | +7.0% | May 15, 2026 |
| RBC Capital | Srini Pajjuri | $500 | $420.95 | +4.9% | May 12, 2026 |
| HSBC | Analyst unavailable | $517 | $410.64 | +8.5% | May 8, 2026 |
| Seaport Global | Analyst unavailable | $500 | $391.38 | +4.9% | May 4, 2026 |
| UBS | Analyst unavailable | $480 | $391.31 | +0.7% | May 4, 2026 |
| Susquehanna | Analyst unavailable | $500 | $397.81 | +4.9% | Apr 9, 2026 |
| Morgan Stanley | Shane Brett | $420 | $356.92 | -11.9% | Feb 13, 2026 |
| RBC Capital | Analyst unavailable | $430 | $357.23 | -9.8% | Feb 13, 2026 |
| Goldman Sachs | James Schneider | $390 | $357.28 | -18.2% | Feb 13, 2026 |
| UBS | Analyst unavailable | $430 | $360.71 | -9.8% | Feb 13, 2026 |
| Bernstein | Analyst unavailable | $425 | $358.92 | -10.8% | Feb 13, 2026 |
| Needham | Analyst unavailable | $440 | $362.63 | -7.7% | Feb 13, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $470 | $361.84 | -1.4% | Feb 13, 2026 |
| Deutsche Bank | Analyst unavailable | $450 | $362 | -5.6% | Feb 13, 2026 |
| Craig-Hallum | Christian Schwab | $450 | $328.39 | -5.6% | Feb 13, 2026 |
| Wells Fargo | Analyst unavailable | $435 | $328.39 | -8.7% | Feb 13, 2026 |
| Mizuho Securities | Analyst unavailable | $410 | $328.39 | -14.0% | Feb 13, 2026 |
| Stifel Nicolaus | Brian Chin | $450 | $328.39 | -5.6% | Feb 13, 2026 |
| KeyBanc | Steve Barger | $450 | $328.39 | -5.6% | Feb 13, 2026 |
| Barclays | Tom O'Malley | $450 | $328.39 | -5.6% | Feb 13, 2026 |
| KGI Securities | Leon Chen | $425 | $328.39 | -10.8% | Feb 13, 2026 |
| UBS | Timothy Arcuri | $405 | $327.39 | -15.0% | Feb 2, 2026 |
| Morgan Stanley | Analyst unavailable | $364 | $322.32 | -23.6% | Feb 2, 2026 |
| Mizuho Securities | Vijay Rakesh | $370 | $332.71 | -22.4% | Jan 27, 2026 |
| Deutsche Bank | Melissa Weathers | $390 | $318.78 | -18.2% | Jan 23, 2026 |
| Needham | Charles Shi | $390 | $327.01 | -18.2% | Jan 20, 2026 |
| KeyBanc | Analyst unavailable | $380 | $319.08 | -20.3% | Jan 16, 2026 |
| Wells Fargo | Analyst unavailable | $350 | $326.3 | -26.6% | Jan 15, 2026 |
| Barclays | Tom O'Malley | $360 | $301.89 | -24.5% | Jan 15, 2026 |
| RBC Capital | Analyst unavailable | $385 | $301.89 | -19.2% | Jan 14, 2026 |
| Stifel Nicolaus | Brian Chin | $340 | $304.87 | -28.7% | Jan 14, 2026 |
| Bernstein | Analyst unavailable | $325 | $307.44 | -31.8% | Jan 12, 2026 |
| Susquehanna | Analyst unavailable | $400 | $301.18 | -16.1% | Jan 11, 2026 |
| Goldman Sachs | James Schneider | $310 | $281.64 | -35.0% | Jan 9, 2026 |
| Mizuho Securities | Vijay Rakesh | $275 | $281.64 | -42.3% | Jan 9, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $350 | $258 | -26.6% | Dec 16, 2025 |
| Jefferies | Analyst unavailable | $360 | $259.11 | -24.5% | Dec 15, 2025 |
| Wells Fargo | Analyst unavailable | $290 | $259.11 | -39.2% | Dec 15, 2025 |
| Morgan Stanley | Analyst unavailable | $273 | $260.94 | -42.7% | Dec 2, 2025 |
| KeyBanc | Analyst unavailable | $285 | $254.75 | -40.2% | Dec 2, 2025 |
| UBS | Timothy Arcuri | $285 | $230.91 | -40.2% | Nov 25, 2025 |
| UBS | Timothy Arcuri | $250 | $223.22 | -47.6% | Nov 14, 2025 |
| Morgan Stanley | Analyst unavailable | $252 | $220.35 | -47.1% | Nov 14, 2025 |
| Bernstein | Stacy Rasgon | $250 | $219.28 | -47.6% | Nov 14, 2025 |
| Mizuho Securities | Vijay Rakesh | $205 | $223.23 | -57.0% | Nov 14, 2025 |
| Goldman Sachs | James Schneider | $250 | $223.23 | -47.6% | Nov 14, 2025 |
| Evercore ISI | Mark Lipacis | $290 | $223.23 | -39.2% | Nov 14, 2025 |
| Stifel Nicolaus | Brian Chin | $250 | $235.08 | -47.6% | Nov 11, 2025 |
| Morgan Stanley | Analyst unavailable | $256 | $236.6 | -46.3% | Oct 31, 2025 |
| Barclays | Tom O'Malley | $250 | $224.99 | -47.6% | Oct 20, 2025 |
| Mizuho Securities | Vijay Rakesh | $215 | $227.58 | -54.9% | Oct 16, 2025 |
| Stifel Nicolaus | Analyst unavailable | $215 | $209.95 | -54.9% | Oct 13, 2025 |
| KeyBanc | Steve Barger | $240 | $220.3 | -49.6% | Oct 10, 2025 |
| Wells Fargo | Analyst unavailable | $250 | $211.56 | -47.6% | Oct 8, 2025 |
| Morgan Stanley | Shane Brett | $209 | $190.1 | -56.2% | Sep 22, 2025 |
| Stifel Nicolaus | Brian Chin | $180 | $166.35 | -62.2% | Aug 15, 2025 |
| Stifel Nicolaus | Brian Chin | $195 | $190.39 | -59.1% | Aug 13, 2025 |
| Barclays | Tom O'Malley | $170 | $185.69 | -64.3% | Jul 28, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $220 | $180.18 | -53.8% | Jun 24, 2025 |
| Mizuho Securities | Vijay Rakesh | $195 | $165.57 | -59.1% | May 16, 2025 |
| Morgan Stanley | Joseph Moore | $162 | $165.57 | -66.0% | May 16, 2025 |
| Wells Fargo | Joe Quatrochi | $200 | $165.57 | -58.0% | May 16, 2025 |
| Susquehanna | Mehdi Hosseini | $165 | $198.71 | -65.4% | Jan 22, 2025 |
| Wolfe Research | Chris Caso | $230 | $173.02 | -51.7% | Nov 15, 2024 |
| Needham | Quinn Bolton | $225 | $172.54 | -52.8% | Nov 15, 2024 |
| Goldman Sachs | Toshiya Hari | $230 | $186 | -51.7% | Nov 15, 2024 |
| Evercore ISI | Mark Lipacis | $250 | $186 | -47.6% | Nov 15, 2024 |
| Deutsche Bank | Melissa Weathers | $200 | $186 | -58.0% | Nov 15, 2024 |
| Raymond James | Srini Pajjuri | $245 | $213.89 | -48.6% | Oct 15, 2024 |
| Mizuho Securities | Vijay Rakesh | $225 | $196.71 | -52.8% | Sep 20, 2024 |
| Citigroup | Atif Malik | $217 | $188.47 | -54.5% | Sep 16, 2024 |
| Morgan Stanley | Joseph Moore | $224 | $203.75 | -53.0% | Aug 16, 2024 |
| Wells Fargo | Joseph Quatrochi | $280 | $209.72 | -41.3% | Aug 15, 2024 |
| Citigroup | Atif Malik | $240 | $181.81 | -49.6% | Aug 5, 2024 |
| Barclays | Tom O'Malley | $225 | $212.22 | -52.8% | Jun 5, 2024 |
| Needham | Charles Shi | $240 | $213.56 | -49.6% | May 17, 2024 |
| B.Riley Financial | Craig Ellis | $255 | $214.03 | -46.5% | May 17, 2024 |
| Stifel Nicolaus | Brian Chin | $240 | $214.03 | -49.6% | May 17, 2024 |
| Mizuho Securities | Vijay Rakesh | $245 | $214.03 | -48.6% | May 17, 2024 |
| Berenberg Bank | Tammy Qiu | $250 | $214.03 | -47.6% | May 17, 2024 |
| UBS | Timothy Arcuri | $235 | $214.03 | -50.7% | May 17, 2024 |
| Wells Fargo | Joe Quatrochi | $255 | $214.03 | -46.5% | May 17, 2024 |
| Evercore ISI | Mark Lipacis | $260 | $214.03 | -45.5% | May 17, 2024 |
| Susquehanna | Mehdi Hosseini | $185 | $217.49 | -61.2% | May 16, 2024 |
| Jefferies | Blayne Curtis | $210 | $209.73 | -55.9% | May 13, 2024 |
| Deutsche Bank | Melissa Weathers | $225 | $209.25 | -52.8% | Apr 11, 2024 |
| Needham | Charles Shi | $180 | $141.14 | -62.2% | Oct 13, 2023 |
| Susquehanna | Mehdi Hosseini | $128 | $148.77 | -73.1% | Aug 21, 2023 |
| Mizuho Securities | Vijay Rakesh | $158 | $139.66 | -66.9% | Aug 18, 2023 |
| Wells Fargo | Joseph Quatrochi | $150 | $125.62 | -68.5% | May 19, 2023 |
| Goldman Sachs | Toshiya Hari | $120 | $125.7 | -74.8% | May 18, 2023 |
| Bernstein | Stacy Ragson | $140 | $114.5 | -70.6% | Feb 17, 2023 |
| Loop Capital Markets | Scott Graham | $125 | $119.46 | -73.8% | Feb 16, 2023 |
| Cowen & Co. | Cowen Cowen | $135 | $104.7 | -71.7% | Nov 21, 2022 |
| Evercore ISI | Analyst unavailable | $120 | $105.28 | -74.8% | Nov 18, 2022 |
| Citigroup | Analyst unavailable | $135 | $104.22 | -71.7% | Nov 17, 2022 |
| Mizuho Securities | Vijay Rakesh | $90 | $75.32 | -81.1% | Oct 18, 2022 |
| Morgan Stanley | Joseph Moore | $99 | $79.42 | -79.2% | Oct 13, 2022 |
| J.P. Morgan | Harlan Sur | $115 | $79.42 | -75.9% | Oct 13, 2022 |
| Mizuho Securities | Vijay Rakesh | $150 | $76.01 | -68.5% | Oct 12, 2022 |
| Barclays | Analyst unavailable | $85 | $84.15 | -82.2% | Sep 28, 2022 |
| Mizuho Securities | Vijay Rakesh | $150 | $90.29 | -68.5% | Sep 6, 2022 |
| Morgan Stanley | Analyst unavailable | $109 | $89.63 | -77.1% | Sep 6, 2022 |
| Citigroup | Analyst unavailable | $150 | $102.9 | -68.5% | Aug 22, 2022 |
| Morgan Stanley | Joseph Moore | $115 | $104.2 | -75.9% | Aug 19, 2022 |
| Craig-Hallum | Analyst unavailable | $126 | $104.63 | -73.6% | Aug 19, 2022 |
| D.A. Davidson | Analyst unavailable | $155 | $104.57 | -67.5% | Aug 19, 2022 |
| Deutsche Bank | Analyst unavailable | $115 | $105.13 | -75.9% | Aug 19, 2022 |
| Goldman Sachs | Analyst unavailable | $109 | $106.38 | -77.1% | Aug 19, 2022 |
| Stifel Nicolaus | Patrick Ho | $184 | $108.27 | -61.4% | Aug 19, 2022 |
| Needham | Analyst unavailable | $125 | $108.27 | -73.8% | Aug 19, 2022 |
| Wells Fargo | Joseph Quatrochi | $125 | $108.27 | -73.8% | Aug 19, 2022 |
| Susquehanna | Mehdi Hosseini | $115 | $108.27 | -75.9% | Aug 19, 2022 |
| Goldman Sachs | Toshiya Hari | $95 | $101.26 | -80.1% | Jul 27, 2022 |
| Barclays | Analyst unavailable | $95 | $101.67 | -80.1% | Jul 25, 2022 |
| Deutsche Bank | Analyst unavailable | $110 | $95.35 | -76.9% | Jul 18, 2022 |
| UBS | Timothy Arcuri | $100 | $91.19 | -79.0% | Jul 11, 2022 |
| Daiwa | Louis Miscioscia | $120 | $106.62 | -74.8% | May 25, 2022 |
| Goldman Sachs | Analyst unavailable | $133 | $106.46 | -72.1% | May 23, 2022 |
| Citigroup | Analyst unavailable | $160 | $106.46 | -66.4% | May 23, 2022 |
| D.A. Davidson | Thomas Diffely | $170 | $106.46 | -64.3% | May 22, 2022 |
| Morgan Stanley | Joseph Moore | $133 | $106.46 | -72.1% | May 21, 2022 |
| Craig-Hallum | Analyst unavailable | $145 | $103.09 | -69.6% | May 20, 2022 |
| Deutsche Bank | Analyst unavailable | $135 | $110.74 | -71.7% | May 20, 2022 |
| Mizuho Securities | Analyst unavailable | $160 | $110.74 | -66.4% | May 20, 2022 |
| Needham | Analyst unavailable | $130 | $110.74 | -72.7% | May 20, 2022 |
| B.Riley Financial | Craig Ellis | $145 | $110.48 | -69.6% | May 16, 2022 |
| Barclays | Blayne Curtis | $150 | $114.63 | -68.5% | Apr 29, 2022 |
| Deutsche Bank | Sidney Ho | $145 | $114.84 | -69.6% | Apr 18, 2022 |
| Stifel Nicolaus | Patrick Ho | $197 | $116.24 | -58.7% | Apr 11, 2022 |
| Stifel Nicolaus | Patrick Ho | $190 | $123.64 | -60.1% | Mar 11, 2022 |
| UBS | Timothy Arcuri | $160 | $133.35 | -66.4% | Feb 20, 2022 |
| J.P. Morgan | Harlan Sur | $174 | $136.22 | -63.5% | Feb 17, 2022 |
| B.Riley Financial | Craig Ellis | $175 | $131.62 | -63.3% | Feb 14, 2022 |
| Wells Fargo | Joseph Quatrochi | $180 | $132.25 | -62.2% | Feb 11, 2022 |
| Jefferies | Mark Lipacis | $197 | $166.7 | -58.7% | Jan 14, 2022 |
| Barclays | Blayne Curtis | $165 | $159.26 | -65.4% | Jan 12, 2022 |
| Morgan Stanley | Joseph Moore | $160 | $153.38 | -66.4% | Dec 15, 2021 |
| Deutsche Bank | Sidney Ho | $180 | $153.38 | -62.2% | Dec 15, 2021 |
| Cowen & Co. | Krish Sankar | $190 | $152.46 | -60.1% | Dec 10, 2021 |
| Evercore ISI | C J Muse | $185 | $149.52 | -61.2% | Nov 19, 2021 |
| D.A. Davidson | Thomas Diffely | $175 | $149.52 | -63.3% | Nov 19, 2021 |
| New Street | Pierre Ferragu | $140 | $132.44 | -70.6% | Sep 28, 2021 |
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What changed
Revenue hit a record $7.91B with non-GAAP gross margin at its highest level in over 25 years. EPS of $2.86 beat the $2.68 consensus by 6.7%, and revenue beat the $7.68B estimate by 2.9%. Management introduced the EPIC Center collaboration platform with eight founding partners including TSMC, Micron, Samsung, and SK Hynix. The NEXX acquisition was announced to add panel-level packaging capabilities for larger-body AI accelerators. Agentic AI was highlighted as a new demand driver adding CPU-intensive workloads for DRAM and NAND.
Guidance delta
Guidance sentiment was maintained, with management reiterating its outlook for approximately 30% wafer-fab equipment growth in 2026. Capex outlook remains stable. Q3 guidance was described as robust. No upward or downward revision to the full-year growth framework was indicated.
Key takeaways
- Record revenue of $7.91B and record earnings, with the highest gross margin in over 25 years.
- AI-driven demand is shifting spend toward leading-edge logic, DRAM, and advanced packaging, expected to drive over 30% equipment growth in 2026.
- Non-GAAP gross margin near 50% and operating margin above 30%.
- New product introductions -- Trillium ALD, precision PECVD, Sym3 Z -- strengthen leadership in gate-all-around and etch technologies.
- Applied Global Services expected to grow in the mid-teens, boosted by AI-enabled service innovations and an expanding installed base.
Management priorities
- Master Class webcast on DRAM and advanced packaging (June 25).
- Unveiling of the EPIC Center in Sunnyvale in October.
- Continued roll-out of new products: Trillium ALD, precision PECVD, Sym3 Z.
- Expansion of manufacturing capacity in the U.S., Europe, and Singapore.
- Further development of AIx service suite and AI-driven automation.
Sources
- Earnings call transcript and parsed analysis · 2026-05-17T18:09:36.534115+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-28T08:01:35.735198+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-28T08:01:35.732290+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 . For educational purposes only; not investment advice.