Applied Materials
Applied Materials, Inc. · Semiconductor Equipment (Full-line Front-end)
01Wall Street Consensus
02Earnings Results
※ non-GAAP 희석 EPS $3.50 — 전년比 +41%, 컨센 $3.39 대비 +3.2%
Key Takeaways
- Revenue $9.115B (+25% YoY, +15% QoQ) — a quarterly record
- Non-GAAP diluted EPS $3.50 (+41% YoY) — 3.2% above the $3.39 consensus
- Non-GAAP gross margin 50.4%; non-GAAP operating margin 34.0%
- Semiconductor Systems revenue $7.040B (+26% YoY) — DRAM 26% of segment revenue, up from 22%
- Applied Global Services revenue $1.781B (+22% YoY)
- Non-GAAP free cash flow $2.330B (+14% YoY); $860M returned ($440M buybacks + $420M dividends)
- Q4 guidance: revenue $10.25B +/- $0.5B; non-GAAP EPS $4.02 +/- $0.20
- CY2026 Semiconductor Systems growth outlook raised to above 30% from above 20%
Key Checkpoints
- 01Semiconductor Systems revenue — shift in DRAM mix
- 02Applied Global Services revenue growth
- 03Q4 guidance — whether the memory capex ramp is reflected
- 04Updated CY2026 semiconductor equipment market outlook
Upside Catalysts
- HBM and advanced packaging equipment demand
- DRAM capex cycle
Risk Factors
- China revenue exposure and export controls
- Volatility in memory capex
EEPS History (Last 2 Quarters)
Actual EPS vs Consensus — Green Beat · Red Miss
1Haelangdal Read
The equipment line moved first. Semiconductor Systems revenue grew 26% year over year, and within it DRAM went from 22% to 26% of segment revenue. The segment grew and memory's share of it grew, so the absolute DRAM increase runs steeper than the segment growth rate.
Q4 guidance is $10.25B in revenue and $4.02 in EPS — another 12% on top of Q3 — and the company raised its CY2026 Semiconductor Systems growth outlook to above 30% from above 20%.
Equipment orders lead bit supply. When the DRAM tools being installed now show up as output is an input to any estimate of where the memory cycle peaks.
SEPS 서프라이즈 히스토리
분기별 EPS 컨센서스 대비 서프라이즈(%) — 막대: EPS, 점선: 매출
컨센서스 대비 실제 EPS/매출 서프라이즈 (%)