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Sentiment · FY2026 Q3
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Stacy Rasgon | Bernstein | 13 (31%) |
| CJ Muse | Cantor Fitzgerald | 12 (8%) |
| Harlan Sur | JPMorgan | 11 (9%) |
| Krish Sankar | TD Cowen | 10 (0%) |
| Tim Arcuri | UBS | 10 (30%) |
| Vivek Arya | Bank of America | 10 (0%) |
| Jim Schneider | Goldman Sachs | 7 (0%) |
| Atif Malik | Citigroup | 7 (0%) |
| Joe Quatrochi | Wells Fargo | 6 (0%) |
| Melissa Weathers | Deutsche Bank | 6 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Bernstein | 1 | 13 (31%) |
| Cantor Fitzgerald | 1 | 12 (8%) |
| JPMorgan | 1 | 11 (9%) |
| TD Cowen | 1 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $7.04B | +4.8% | $2.09 | -12.2% | 47.3% | 29.0% | 24.6% | $2.17B |
| FY2025 Q1 | $7.17B | +6.8% | $1.45 | -39.8% | 48.8% | 30.4% | 16.5% | $544M |
| FY2025 Q2 | $7.10B | +6.8% | $2.63 |
| 10 (0%) |
| Bank of America | 1 | 10 (0%) |
| UBS | 1 | 10 (30%) |
| Goldman Sachs | 2 | 9 (0%) |
| Citigroup | 1 | 7 (0%) |
| +27.7% |
| 49.1% |
| 30.5% |
| 30.1% |
| $1.06B |
| FY2025 Q3 | $7.30B | +7.7% | $2.21 | +7.8% | 48.8% | 30.6% | 24.4% | $2.05B |
| FY2025 Q4 | $6.80B | -3.5% | $2.38 | +13.9% | 48.0% | 25.2% | 27.9% | $2.04B |
| FY2026 Q1 | $7.01B | -2.1% | $2.54 | +75.2% | 49.0% | 29.9% | 28.9% | $1.04B |
| FY2026 Q2 | $7.91B | +11.4% | $3.51 | +33.5% | 49.9% | 31.9% | 35.5% | $832M |
| FY2026 Q3 | $9.12B | +24.8% | $3.17 | +43.4% | 50.3% | 33.7% | 27.8% | $2.05B |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
Applied Materials surged to record Q2 revenue of $7.91 billion up 11% year-over-year with record non-GAAP EPS of $2.86 growing 20%, as AI-driven equipment demand accelerated and gross margins crossed 50% for the first time. Leading-edge foundry logic market leadership strengthened as GAA adoption broadened across multiple customers. Management raised the calendar 2026 equipment growth outlook to more than 30%, reflecting the structural pull from AI infrastructure investment.
Demand | Innovation & R&D | Capex Investment | Revenue Growth | Competitive Dynamics | Margin | Trade Tariffs | Pricing | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 10 | 5 | 4 | 1 | 2 | 4 | 3 | |
| 2025Q1 | 9 | 5 | 1 | 4 | 4 | 1 | 3 | 1 |
| 2025Q2 | 8 | 3 | 2 | 3 | 3 | 1 | 2 | 1 |
| 2025Q3 | 13 | 1 | 3 | 2 | 1 | 4 | ||
| 2025Q4 | 4 | 2 | 5 | 4 | 1 | 3 | ||
| 2026Q1 | 10 | 4 | 5 | 3 | 2 | 4 | 1 | 2 |
| 2026Q2 | 9 | 6 | 7 | 4 | 5 | 3 | 1 | 2 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | '26Q2 | |
|---|---|---|---|---|---|---|---|
| Demand | 10 | 9 | 8 | 13 | 4 | 10 | 9 |
| Innovation & R&D | 5 | 5 | 3 | 1 | 2 | 4 | 6 |
| Capex Investment | 4 | 1 | 2 | 3 | 5 | 7 | |
| Revenue Growth | 1 | 4 | 3 | 2 | 5 | 3 | 4 |
| Competitive Dynamics | 2 | 4 | 3 | 1 | 4 | 2 | 5 |
| Margin | 4 | 1 | 1 | 1 | 4 | 3 | |
| Trade Tariffs | 3 | 2 | 4 | 3 | 1 | 1 | |
| Pricing | 3 | 1 | 1 | 2 | 2 |
What AMAT and other companies said about each other on FY2026 Q2 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“how does that fit with your JV with Besi”
An analyst references Applied's hybrid-bonding joint venture with Besi in the context of the NEXX panel-packaging acquisition.
“We recently announced our intent to acquire NEXX to further strengthen Applied's portfolio of panel-level technologies”
Applied intends to acquire NEXX to add panel-level electroplating technology for larger AI-accelerator packages.
“the development partner agreement with Advantest”
Advantest signed a development partner agreement under Applied's EPIC program.
“we announced our EPIC co-development engagement with TSMC, who joined as a founding partner together with Micron, Samsung and SK Hynix.”
SK Hynix is a founding partner in Applied's EPIC co-development platform.
“we announced our EPIC co-development engagement with TSMC, who joined as a founding partner together with Micron, Samsung and SK Hynix.”
Samsung is a founding partner in Applied's EPIC co-development platform.
“we announced our EPIC co-development engagement with TSMC, who joined as a founding partner together with Micron, Samsung and SK Hynix.”
Micron is a founding partner in Applied's EPIC co-development platform, reflecting strong memory-maker collaboration amid DRAM capacity expansion.
“we announced our EPIC co-development engagement with TSMC, who joined as a founding partner together with Micron, Samsung and SK Hynix.”
TSMC joined Applied's EPIC co-innovation platform as a founding partner, a positive read-through for the depth of Applied's engagement with the leading foundry.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
AMAT Applied Materials | 9 | +11.4% | |
| ADI Analog Devices | 9 | +37.3% | |
| ALAB Astera Labs, Inc. Common Stock | 9 | +104.5% | |
| AMD Advanced Micro Devices, Inc. | 9 | +50.1% | |
| ARM Arm Holdings | 7 | +22.4% | |
| ASML ASML Holding | 10 | +21.3% | |
| AVGO Broadcom Inc. | 10 | +47.9% | |
| INTC Intel Corporation | 8 | +25.4% | |
| KLAC KLA Corporation | 8 | +15.2% | |
| LRCX Lam Research | 9 | +30.0% | |
| MCHP Microchip Technology | 9 | +38.0% | |
| MPWR Monolithic Power Systems | 10 | +47.6% | |
| MRVL Marvell Technology | 10 | +27.6% | |
| MU Micron Technology, Inc. | 9 | +345.7% | |
| NVDA NVIDIA Corporation | 9 | +85.2% | |
| NXPI NXP Semiconductors | 9 | +19.5% | |
| ON ON Semiconductor | 8 | +9.2% | |
| Q Qnity Electronics, Inc. | 10 | +22.1% | |
| QCOM Qualcomm | 3 | -4.0% | |
| SWKS Skyworks Solutions | 3 | -3.1% | |
| TER Teradyne | 9 | +103.9% | |
| TXN Texas Instruments | 9 | +22.8% |