Filing Flows › Applied Materials (AMAT) › Q2 FY26
Applied Materials (AMAT) Q2 FY26 earnings results (second quarter fiscal 2026)
10-Q filed May 21, 2026
Applied Materials (AMAT) reported revenue of $7.9B for the second quarter fiscal 2026 (Q2 FY26), +11% from a year earlier and +13% from the quarter before. Operating margin was 31.9%, net earnings $2.8B (35.5% of revenue).
Applied Materials, Q2 FY26: revenue $7.9B (+11% year over year), operating margin 31.9%, net earnings $2.8B, operating cash flow $845M. The chart follows the revenue to costs, profit and cash.
| Q2 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $7.9B | +13% | +11% |
| Gross profit | $3.9B | +15% | +13% |
| Operating profit | $2.5B | +38% | +16% |
| Net earnings | $2.8B | +38% | +31% |
| Operating cash flow | $845M | -50% | -46% |
| Free cash flow | $210M | — | -80% |
What changed
Revenue was $7.9B in Q2 FY26, up 11% year over year and up 13% from the previous quarter.
Gross margin was 49.9%, up 0.8 points from Q2 FY25. Operating profit was $2.5B, a 31.9% margin (up 1.3 points year over year). Of the extra revenue versus Q2 FY25, 44% reached operating profit, above the 31% margin then. Operating expenses grew 8% against revenue growth of 11%. The fastest-growing cost line was Research & development (+15%). Net earnings were $2.8B, up 31% year over year. The effective tax rate was 13.0%. Non-operating items added $0.70B, 22% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $0.84B (down 46% year over year), 30% of net earnings. Non-cash charges added back $0.14B of depreciation and amortization and $0.17B of share-based compensation. Working capital and other items used $2.3B. After capital expenditures ($0.64B), free cash flow as the company reports it was $0.21B.
Questions
What was Applied Materials' revenue in the second quarter fiscal 2026?
Applied Materials (AMAT) reported revenue of $7.9B for the second quarter fiscal 2026 (Q2 FY26), +11% from a year earlier and +13% from the quarter before.
Was Applied Materials profitable in the second quarter fiscal 2026?
Operating profit was $2.5B (31.9% of revenue) and net earnings $2.8B.
Source: Applied Materials 10-Q on SEC EDGAR.