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Applied Materials (AMAT) earnings and revenue breakdown

Latest: Q3 FY26 · 10-Q filed Aug 20, 2026 · Applied Materials (AMAT) Q3 FY26 earnings results →

Q3 FY26 Revenue up 25% year over year to $9.1B · 28¢ of every $1 of revenue kept as net profit · operating margin 33.7%

Applied Materials made $9.1B in Q3 FY26 (+25% Y/Y). Operating margin 33.7%, net earnings $2.5B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 20, 2026.

Revenue$9.1B
Year over year+25%
Operating margin33.7%
Net earnings$2.5B
Operating cash flow$3.0B

Drawing the Sankey…

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Applied Materials Q3 FY26 revenue breakdown: Sankey diagram of revenue, costs, profit and cash flow
Applied Materials Q3 FY26 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $9.1B in Q3 FY26, up 25% year over year and up 15% from the previous quarter.

Gross margin was 50.3%, up 1.5 points from Q3 FY25. Operating profit was $3.1B, a 33.7% margin (up 3.2 points year over year). Of the extra revenue versus Q3 FY25, 46% reached operating profit, above the 31% margin then. Operating expenses grew 14% against revenue growth of 25%. The fastest-growing cost line was Research & development (+22%). Net earnings were $2.5B, up 43% year over year. The effective tax rate was 12.7%.

Operating cash flow was $3.0B (up 15% year over year), 120% of net earnings. Non-cash charges added back $0.15B of depreciation and amortization and $0.17B of share-based compensation. Working capital and other items added $0.18B. After capital expenditures ($0.71B), free cash flow as the company reports it was $2.3B.

Quarterly history

Applied Materials revenue by quarterApplied Materials revenue by quarter$7.0BQ4 FY24$7.1BQ2 FY25$7.3BQ3 FY25$6.8BQ4 FY25$7.0BQ1 FY26$7.9BQ2 FY26$9.1BQ3 FY26
Applied Materials net earnings by quarterApplied Materials net earnings by quarter$1.7BQ4 FY24$2.1BQ2 FY25$1.8BQ3 FY25$1.9BQ4 FY25$2.0BQ1 FY26$2.8BQ2 FY26$2.5BQ3 FY26
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 FY2610-QAug 20, 2026$9.1B+25%33.7%$2.5B$3.0B
Q2 FY2610-QMay 21, 2026$7.9B+11%31.9%$2.8B$845M
Q1 FY2610-QFeb 19, 2026$7.0B-2%26.1%$2.0B$1.7B
Q4 FY2510-KDec 12, 2025$6.8B-4%25.2%$1.9B$2.8B
Q3 FY2510-QAug 21, 2025$7.3B+8%30.6%$1.8B$2.6B
Q2 FY2510-QMay 22, 2025$7.1B+7%30.5%$2.1B$1.6B
Q4 FY2410-KDec 13, 2024$7.0B+5%29.0%$1.7B$2.6B

Charts

Applied Materials: revenue growth, year over year and quarter over quarterApplied Materials: revenue growth, year over year and quarter over quarterY/YQ/Q+5%Q4 FY24+7%+1%Q2 FY25+8%+3%Q3 FY25-4%-7%Q4 FY25-2%+3%Q1 FY26+11%+13%Q2 FY26+25%+15%Q3 FY26
Latest (Q3 FY26): Y/Y +25%, Q/Q +15%.
Applied Materials: where the cash came from (+) and went (−), TTM to Q3 FY26Applied Materials: where the cash came from (+) and went (−), TTM to Q3 FY26Operating cash flow$8.4BCapital spending−$2.8BBuybacks−$2.0BCash drawn (+) / kept (−)−$1.6BDividends−$1.5BTaxes on employees’ shares−$475MOther financing$290MShares issued$263MAcquisitions−$262MOther investing−$262MAsset & business sales$6.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Applied Materials: profit against cash, quarter by quarterApplied Materials: profit against cash, quarter by quarterNet incomeOperating cash flow$1.7B$2.6BQ4 FY24$1.2B$925MQ1 FY25$2.1B$1.6BQ2 FY25$1.8B$2.6BQ3 FY25$1.9B$2.8BQ4 FY25$2.0B$1.7BQ1 FY26$2.8B$845MQ2 FY26$2.5B$3.0BQ3 FY26
Latest (Q3 FY26): Net income $2.5B, Operating cash flow $3.0B.
Applied Materials: diluted shares by fiscal yearApplied Materials: diluted shares by fiscal year923MFY20919MFY21877MFY22845MFY23834MFY24808MFY25
-12.5% since FY20: buybacks shrank the count.
Applied Materials in its industry: growth against margin (80 companies, SIC 3674)Applied Materials in its industry: growth against margin (80 companies, SIC 3674)revenue growth, year over year →↑ operating marginmedian +36%median 11%NVDAMUAVGOINTCAMDTXNADINXPIMRVLAMKRONMCHPQARMFSLRMPWRNXTSWKSQorvo, Inc.UCTTALABPENGCRUSDIODCRDOVIAVMTSIOSISSMTCKLICARRYICHRSEDGSITMSYNAENPHLSCCIPGPFORMALGMAAOITESLABRMBSMXLPLABSHLSCBRSAOSLSkyWater Technology, LLCWOLFPOWINLSTAMBALASRAXTIINDIMXAMBQFTCIAIPTYGOLPTHMRAMNVTSKOPNBZAIGUERLEDSGSITNVECSODIQUIKPRSOGCTSMOBXALMUASTIIPWRAMAT (+25%, 34%)
Semiconductors & Related Devices; dot size is quarterly revenue; dashed lines are the industry's medians.

In supply chains and themes

Chip equipment by country (WFE) money flowChip equipment by country (WFE) · Wafer-fab equipment

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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Customers and suppliers named in filings

Buys from

About Applied Materials

Applied Materials, Inc. is the leader in the materials engineering solutions used to produce virtually every semiconductor in the world. Semiconductors provide the foundation for advances in technology that are reshaping the global economy, including artificial intelligence, the internet of things, robotics, electric and autonomous vehicles, and clean energy. We are experts in the design, development, production, and servicing of the critical wafer fabrication tools our customers need to manufacture semiconductors. Our customers’ products are used across personal computing devices, mobile phones, artificial intelligence (AI) and data center servers, automobiles, connected devices, industrial applications and consumer electronics.

In its own words, from its 10-K, filed Dec 12, 2025.

Applied Materials against its Semiconductors & Related Devices peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +25% against the peers' median +40%. Operating margin: 33.7% against the peers' median 40.1%.

CompanyQuarterRevenueY/YOp. margin
AMAT Applied MaterialsQ3 FY26$9.1B+25%33.7%
NVDA NVIDIAQ2 FY27$96.2B+106%66.2%
MU Micron TechnologyQ4 FY26$54.2B+379%80.7%
AVGO BroadcomQ3 FY26$29.6B+86%53.9%
INTC IntelQ3 2026$16.5B+21%15.3%
AMD Advanced Micro DevicesQ3 2026$13.4B+45%21.2%
TXN Texas InstrumentsQ3 2026$6.1B+28%47.5%
ADI Analog DevicesQ3 FY26$4.0B+40%40.1%
NXPI NXP Semiconductors N.V.Q3 2026$3.8B+19%32.4%

Source: Applied Materials 10-Q on SEC EDGAR · CIK 6951 · Semiconductors & Related Devices

Guidance and outlook

Applied Materials Revenue: guidance against what was reportedApplied Materials Revenue: guidance against what was reportedguided rangereported (above / within / below)Q1 FY25Q2 FY25$7.1BQ3 FY25$7.3BQ4 FY25$6.8BQ1 FY26$7.0BQ2 FY26$7.9BQ3 FY26$9.1BQ4 FY26
Met or beat 7 of 7 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.
Applied Materials: what its forward-looking statements are about (10-Q filed 2026-08-20)Applied Materials: what its forward-looking statements are about (10-Q filed 2026-08-20)Other19Demand13Costs5Buybacks & dividends3Legal & regulation3Tax2Financing1Products1Margins1Deals1
49 statements; tone -0.02 (−1 all cautious, +1 all confident); 27 hedged.
Applied Materials: outlook statements against the filing beforeApplied Materials: outlook statements against the filing beforeNew1Updated3Dropped3Confident9Cautious10

13F: who owns AMAT and who is buying

Largest holders of AMAT (13F)Largest holders of AMAT (13F)BlackRock$58.0BVanguard Capital Management LLC$37.5BState Street$27.6BInvesco$20.4BVanguard Group$19.7BCapital Research Global Investors$16.0BGeode Capital Management, LLC$15.9BVanguard Portfolio Management LLC$13.4BMorgan Stanley$9.8BPrice T Rowe Associates$9.1B
Funds' net buying of AMAT by quarter (13F)Funds' net buying of AMAT by quarter (13F)−$365M2024-09−$2.2B2024-12−$1.9B2025-03−$765M2025-06$1.5B2025-09$6.0B2025-12−$4.0B2026-03$1.2B2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on AMAT

History

Every quarter: Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results · Q3 FY25 results · Q2 FY25 results · Q4 FY24 results

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中文版：应用材料（AMAT）财报

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