Applied Materials (AMAT) Q3 FY26 earnings
Revenue $9.1B, up 25% from a year ago. Net income $2.5B.
Applied Materials grew revenue 25% to $9.1B, with Semiconductor Systems at 77% of the quarter. Net income was $2.5B — a 28% margin.
Applied's Semiconductor Systems backlog fell to $7.1B from $12.7B in 2022, matching AGS.
The order book turned before the revenue mix did: equipment backlog fell three straight years while the services backlog kept climbing, and in fiscal 2025 the filer's own percent column puts services at 48% against equipment's 47%.
Applied spent $2.26B on plant and equipment in fiscal 2025, from $0.25B nine years earlier.
The cash flow statement's own line, as filed each year. † marks the two 53-week fiscal years, 2016 and 2021.
Where the revenue came from
| Segment | Amount | % of revenue | Y/Y |
|---|---|---|---|
| Semiconductor Systems | $7.0B | 77.2% | +27% |
| Applied Global Services | $1.8B | 19.5% | +22% |
| Other | $294M | 3.2% | +7% |
Income statement, line by line
| Line | Amount | % of revenue | Y/Y |
|---|---|---|---|
| Revenue | $9.1B | +25% | |
| Cost of revenue | $4.5B | 49.7% | +21% |
| Gross profit | $4.6B | 50.3% | +29% |
| Operating expenses | $1.5B | 16.6% | +14% |
| Operating income | $3.1B | 33.7% | +38% |
| Pretax income | $2.9B | 31.9% | — |
| Income tax | $369M | 4.0% | -53% |
| Net income | $2.5B | 27.8% | +43% |
— means the filing states no comparable prior-year figure for that line, so we do not compute one.
Effective tax rate: 12.7%. That is tax as a share of pretax income. The 4.0% in the column above is tax as a share of revenue, which is not a tax rate.
The last 8 quarters
| Quarter ended | Revenue | Net income | Net margin |
|---|---|---|---|
| Jul 26, 2026 | $9.1B | $2.5B | 27.8% |
| Apr 26, 2026 | $7.9B | $2.8B | 35.5% |
| Jan 25, 2026 | $7.0B | $2.0B | 28.9% |
| Oct 26, 2025 | $6.8B | $1.9B | 27.9% |
| Jul 27, 2025 | $7.3B | $1.8B | 24.4% |
| Apr 27, 2025 | $7.1B | $2.1B | 30.1% |
| Jan 26, 2025 | $7.2B | $1.2B | 16.5% |
| Oct 27, 2024 | $7.0B | $1.7B | 24.6% |
Held by tracked 13F managers
APPLIED MATLS INC (COM): 15 of 69 tracked managers reported holding it — $6,404M across tracked reports, as filed.
13F reports arrive up to 45 days after quarter end and may be amended; totals sum across tracked reports, not unique economic ownership.
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