The earnings call for Applied Materials highlighted record performance and growth in several key areas such as DRAM, advanced packaging, and U.S. manufacturing investments. However, challenges in China and nonlinear demand from leading-edge customers impact short-term visibility and guidance for Q4. Despite these challenges, the company remains confident in its long-term growth opportunities and market position.

Company Guidance -

Q4 2025

In the third fiscal quarter of 2025, Applied Materials reported record performance driven by high demand for semiconductor systems and services, achieving a gross margin of nearly 49% and record non-GAAP EPS of $2.48. However, the company forecasted a sequential decline in revenue and earnings for the fourth quarter, primarily due to uncertainties in its China business and nonlinear demand from leading-edge customers. Despite this, Applied Materials remains on track for mid-single-digit growth in fiscal 2025, marking its sixth consecutive year of revenue growth. The company anticipates a stable revenue contribution from China at around 29% in Q4 and expects overall revenue of $6.7 billion, down 4.9% year-over-year. Challenges include digestion of capacity in China and pending export licenses, with no expected approvals factored into the Q4 outlook. Applied Materials remains optimistic about long-term growth opportunities, emphasizing its leadership in AI-driven sectors and investment in advanced packaging, with a projected doubling of this business segment to over $3 billion in the coming years.

Record Performance in Q3 2025

Applied Materials delivered record performance with strong demand across semiconductor systems and services. Total net revenue was approximately $7.3 billion, up 8% year-over-year.

Robust Gross Margin and Earnings

Non-GAAP gross margin was nearly 49%, with record non-GAAP earnings per share of $2.48, up 17% year-over-year.

Strong DRAM Market Share

Revenue from leading-edge DRAM customers is expected to be up around 50% in fiscal 2025, supported by record results for the etch business.

Advanced Packaging Growth

The packaging business is on track to more than double to greater than $3 billion over the next few years.

Investment in U.S. Manufacturing

Applied Materials plans to invest more than $200 million in Arizona, building on over $400 million invested in U.S. manufacturing infrastructure over the past 5 years.

24 Consecutive Quarters of Service Business Growth

The service business has grown for 24 consecutive quarters, with more than two-thirds of service revenue coming from subscriptions.

Applied Materials (AMAT) Earnings, Revenues Date & History

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AMAT Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 13, 2025	2025 (Q4)	2.13 / -	2.32	―	―	―
Aug 14, 2025	2025 (Q3)	2.36 / 2.48	2.12	16.98% (+0.36)
May 15, 2025	2025 (Q2)	2.31 / 2.39	2.09	14.35% (+0.30)
Feb 13, 2025	2025 (Q1)	2.28 / 2.38	2.13	11.74% (+0.25)
Nov 14, 2024	2024 (Q4)	2.19 / 2.32	2.12	9.43% (+0.20)
Aug 15, 2024	2024 (Q3)	2.03 / 2.12	1.9	11.58% (+0.22)
May 16, 2024	2024 (Q2)	1.99 / 2.09	2	4.50% (+0.09)
Feb 15, 2024	2024 (Q1)	1.90 / 2.13	2.03	4.93% (+0.10)
Nov 16, 2023	2023 (Q4)	1.99 / 2.12	2.03	4.43% (+0.09)
Aug 17, 2023	2023 (Q3)	1.74 / 1.90	1.94	-2.06% (-0.04)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

AMAT Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 14, 2025	$187.70	$161.29	-14.07%
May 15, 2025	$173.76	$164.63	-5.25%
Feb 13, 2025	$182.80	$167.85	-8.18%
Nov 14, 2024	$184.08	$167.14	-9.20%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.