Applied Materials

Applied Materials makes the equipment that chipmakers use to deposit, etch, change and measure the thin layers of material on silicon wafers. It has two segments. Semiconductor Systems sells equipment for foundry and logic, DRAM and flash memory chips, and for advanced packaging. Applied Global Services sells spare parts, upgrades and services for the installed base of equipment.

A smaller display business is in its Other category. In Q3 fiscal 2026, which ended on July 26, 2026, Semiconductor Systems had revenue of $7.04 billion and Applied Global Services had revenue of $1.78 billion. Its fiscal year ends on the last Sunday of October.

The market prices Applied Materials as a cyclical supplier whose record results depend on a peak in chip equipment spending. AI demand drove record revenue of $9.12 billion in Q3 fiscal 2026, and the company expects another strong growth year in 2027. But chipmakers can cut equipment orders quickly, as they did in past cycles. China gave 28% of Q3 revenue, and U.S. export rules can lower these sales further.

A U.S. rule that extends export limits to companies that listed parties own is suspended only until November 2026. For the gap to close, three things must be true. Sales for DRAM, leading-edge logic and advanced packaging must grow more than sales to China fall. Gross margin must keep rising, as it did year over year for 13 quarters in a row to Q3 fiscal 2026.

The outlook for fiscal 2027 must confirm growth after the strong year of 2026. The Q4 fiscal 2026 report on November 12, 2026, with the first view of fiscal 2027, is the next test. If these checks pass, the gap can close over the next four to six quarters. The main reason it may not close is a fall in chip equipment spending, which can lower revenue and margins at the same time.

1. Nov 12, 2026Pending

   Q4 fiscal 2026 results and fiscal 2027 outlookRevenue near the $10.25 billion guidance and a view of strong growth in fiscal 2027 pass; revenue below the range or a weaker 2027 view fail.
2. Nov 2026Pending

   U.S. export rule for affiliates of listed partiesAn extension of the suspension or no new loss of China sales passes; a return of the rule that cuts sales to more Chinese customers fails.
3. Q4 2026 · est.Due this quarter

   Besi stake of about 20%The share purchase closes after the U.S. antitrust waiting period and the partnership in hybrid bonding grows; a block or a cancelled purchase fails.

Every passed and failed checkpoint across all picks

• October 26, 2026Applied Materials agreed to buy more shares of BE Semiconductor Industries (Besi), a maker of chip assembly equipment, including hybrid bonding. With its existing stake from April 2025, it will own about 20% of Besi. The purchase must first clear the U.S. antitrust waiting period. Applied said that it does not intend to buy more than about 20% or to ask for a board seat.
• October 22, 2026Applied Materials said that it will hold its Q4 fiscal 2026 earnings call on November 12, 2026, at 4:30 p.m. ET.
• August 27, 2026Applied Materials added Akash Palkhiwala, the CFO and COO of Qualcomm, to its board of directors and its audit committee.

Last earnings

August 13, 2026 (8-K on sec.gov)

Next earnings

November 12, 2026, as the company confirmed.

• 8-KOther company newsFiled October 26, 2026 · amat-20261026
• 8-KChange of directors or officers and Investor disclosureFiled August 27, 2026 · amat-20260827
• 10-QQuarterly report for the period ended Jul 26, 2026Filed August 20, 2026 · amat-20260726
• 8-KEarnings releaseFiled August 13, 2026 · amat-20260813
• 10-QQuarterly report for the period ended Apr 26, 2026Filed May 21, 2026 · amat-20260426
• 8-KEarnings releaseFiled May 14, 2026 · amat-20260514
• 8-KShareholder vote resultsFiled March 13, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Jan 25, 2026Filed February 19, 2026 · amat-20260125
• 8-KEarnings releaseFiled February 12, 2026 · amat-20260212
• 8-KInvestor disclosure and Other company newsFiled February 12, 2026 · amat-20260211

Every filing on SEC EDGAR (CIK 6951)

• Chip equipment spending is cyclical. Record revenue in 2026 depends on AI spending by chipmakers and their customers. If AI spending or memory prices fall, chipmakers can cut orders quickly, and revenue and margins can fall together.
• China gave 28% of revenue in Q3 fiscal 2026. U.S. export rules already limit sales to many Chinese customers, and the government can add more limits. A rule that extends these limits to companies that listed parties own is suspended only until November 2026.
• The 2026 settlement with the U.S. Department of Commerce requires export compliance audits for three years. If Applied does not meet these terms, the suspended denial order can take effect and stop some exports.
• A small number of large chipmakers in Taiwan, Korea, the United States and China buy most of the equipment. A delay of one large factory project can lower revenue for several quarters.
• China controls the export of rare earth minerals that some Applied products use. More controls can delay parts and raise costs.

Applied Materials has more cash and investments than debt. At July 26, 2026, cash and cash equivalents were $7.04 billion and short-term investments were $2.20 billion. Read more

Dividend yield

0.5% (last 12 months, at today’s price of $416.00)

Paid per share

$1.98 in the last 12 months (4 payments)

Current annual rate

$2.12 ($0.53 × 4 a year)

Payout ratio

20% of the last fiscal year’s earnings (the year that ended October 26, 2025)

Latest ex-dividend date

August 20, 2026, $0.53 per share

Dividends per share by year

Over the last 5 years, the dividend grew by about 16.6% a year. Over the last 10 years, the dividend grew by about 17.3% a year.

Source: company filings and market data, read on October 29, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.