Applied Materials (AMAT) Q2 FY2026 earnings: revenue $7.9 billion, up 11.4% on the year

Applied Materials Inc. (AMAT) reported revenue of $7.9 billion for Q2 FY2026, the quarter ended 26 April 2026, up 11.4% on the same quarter a year earlier. Net income was $2.8 billion, up 31.3% on the year, and diluted earnings per share $3.51. The figures are the company's own, from the 10-Q it filed with the SEC on 21 May 2026.

Revenue

$7.9 billion

+11.4% on the year · +12.8% on the quarter

Q3 FY2024Q2 FY2026

Operating margin

31.9%

30.5% a year earlier

Q3 FY2024Q2 FY2026

Net income

$2.8 billion

+31.3% on the year · +38.5% on the quarter

Q3 FY2024Q2 FY2026

Diluted EPS

$3.51

+33.5% on the year · +38.2% on the quarter

Q3 FY2024Q2 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 raised, 2 new.

Record revenue, up 11 percent: Revenue was $7.91 billion, up from $7.10 billion a year earlier. Six-month revenue was $14.92 billion, against $14.27 billion.
EPS rose on GAAP and non-GAAP bases: Non-GAAP net income rose 18 percent to $2,286 million, while GAAP net income of $2,806 million rose 31 percent. The reconciliation in the release explains the difference.
Semiconductor Systems revenue rose 10 percent: Semiconductor Systems revenue was $5,965 million against $5,401 million. Operating margin was 35.1 percent against 32.8 percent, and operating income was $2,092 million. Foundry, logic and other was 67 percent of segment revenue, DRAM 29 percent and flash memory 4 percent.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Revenue	7,910	7,012	7,100	+12.8%	+11.4%
Cost of revenue	3,963	3,577	3,615	+10.8%	+9.6%
Gross profit	3,947	3,435	3,485	+14.9%	+13.3%
Gross margin	49.9%	49.0%	49.1%
Research and development	1,027	928	893	+10.7%	+15.0%
Selling, general and administrative	397	411	423	-3.4%	-6.1%
Operating income	2,523	1,831	2,169	+37.8%	+16.3%
Operating margin	31.9%	26.1%	30.5%
Interest expense	69.0	69.0	68.0	0.0%	+1.5%
Pre-tax income	3,225	2,328	2,322	+38.5%	+38.9%
Income tax	419	302	185	+38.7%	+126.5%
Effective tax rate	13.0%	13.0%	8.0%
Net income	2,806	2,026	2,137	+38.5%	+31.3%
Net margin	35.5%	28.9%	30.1%
Diluted EPS	$3.51	$2.54	$2.63	+38.2%	+33.5%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Operating cash flow	845	1,686	1,571	-49.9%	-46.2%
Capital expenditure	635	646	510	-1.7%	+24.5%
Free cash flow	210	1,040	1,061	-79.8%	-80.2%
Free cash flow margin	2.7%	14.8%	14.9%
Cash from investing	-959	-780	221
Cash from financing	-814	-931	-1,903
Depreciation and amortisation	135	127	103	+6.3%	+31.1%
Share-based compensation	169	207	159	-18.4%	+6.3%
Buybacks	400	337	1,670	+18.7%	-76.0%
Dividends paid	365	365	325	0.0%	+12.3%
Dividend per share	$0.53	$0.46	$0.46	+15.2%	+15.2%
Diluted shares, weighted	799m	799m	812m	0.0%	-1.6%
Shares outstanding at period end	794m	794m	802m	+0.0%	-1.1%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Shareholders' equity	23,909	21,717	18,961	+10.1%	+26.1%
Short-term borrowings	1,199	n/a	n/a
Debt	6,455	6,553	6,261	-1.5%	+3.1%
Operating lease liabilities	699	536	328	+30.4%	+113.1%
Other liabilities	8,024	8,838	8,082	-9.2%	-0.7%
Total liabilities and equity	40,286	37,644	33,632	+7.0%	+19.8%
Fixed assets	5,255	4,949	3,832	+6.2%	+37.1%
Goodwill	3,824	3,707	3,748	+3.2%	+2.0%
Intangible assets	330	215	249	+53.5%	+32.5%
Investments	7,082	6,261	4,216	+13.1%	+68.0%
Cash and equivalents	6,301	7,218	6,169	-12.7%	+2.1%
Receivables	6,372	4,977	6,187	+28.0%	+3.0%
Inventory	6,343	5,997	5,656	+5.8%	+12.1%
Other assets	4,779	4,320	3,575	+10.6%	+33.7%
Total assets	40,286	37,644	33,632	+7.0%	+19.8%

Questions

What was Applied Materials' revenue in Q2 FY2026?

Applied Materials (AMAT) reported revenue of $7.9 billion for Q2 FY2026, the quarter ended 26 April 2026, up 11.4% on the same quarter a year earlier.

How much did Applied Materials earn in Q2 FY2026?

Net income for Q2 FY2026 was $2.8 billion, up 31.3% on the year, and diluted earnings per share $3.51.

When did Applied Materials report Q2 FY2026 results?

Applied Materials filed its 10-Q for the quarter ended 26 April 2026 with the SEC on 21 May 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	6,123	6,271	6,245	6,520	6,749	6,739	6,630	6,425	6,723	6,707	6,646	6,778	7,045	7,166	7,100	7,302	6,800	7,012	7,910	9,115
Cost of revenue	3,178	3,312	3,318	3,514	3,648	3,594	3,536	3,449	3,554	3,503	3,493	3,573	3,710	3,670	3,615	3,740	3,535	3,577	3,963	4,529
Gross profit	2,945	2,959	2,927	3,006	3,101	3,145	3,094	2,976	3,169	3,204	3,153	3,205	3,335	3,496	3,485	3,562	3,265	3,435	3,947	4,586
Gross margin	48%	47%	47%	46%	46%	47%	47%	46%	47%	48%	47%	47%	47%	49%	49%	49%	48%	49%	50%	50%
R&D	622	654	686	705	726	771	775	767	789	754	785	836	858	859	893	901	917	928	1,027	1,100
SG&A	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	462	423	428	455	411	397	411
Operating income	2,014	1,976	1,894	1,924	1,994	1,970	1,911	1,802	1,971	1,967	1,912	1,942	2,046	2,175	2,169	2,233	1,712	1,831	2,523	3,075
Operating margin	33%	32%	30%	30%	30%	29%	29%	28%	29%	29%	29%	29%	29%	30%	31%	31%	25%	26%	32%	34%
Interest expense	57.0	57.0	58.0	56.0	57.0	59.0	61.0	60.0	58.0	59.0	59.0	63.0	66.0	64.0	68.0	66.0	71.0	69.0	69.0	68.0
Pre-tax income	2,006	1,925	1,864	1,861	1,949	1,961	1,777	1,806	2,172	2,303	1,994	1,960	1,895	2,119	2,322	2,563	2,267	2,328	3,225	2,907
Tax rate	15%	7%	18%	14%	18%	12%	11%	14%	8%	12%	14%	13%	9%	44%	8%	31%	16%	13%	13%	13%
Net income	1,712	1,792	1,536	1,606	1,591	1,717	1,575	1,560	2,004	2,019	1,722	1,705	1,731	1,185	2,137	1,779	1,897	2,026	2,806	2,538
Net margin	28%	29%	25%	25%	24%	25%	24%	24%	30%	30%	26%	25%	25%	17%	30%	24%	28%	29%	35%	28%
Diluted EPS	$1.88	$2.00	$1.74	$1.85	$1.85	$2.02	$1.86	$1.85	$2.38	$2.41	$2.06	$2.05	$2.09	$1.45	$2.63	$2.22	$2.38	$2.54	$3.51	$3.17
Operating cash flow	1,148	2,658	415	1,469	857	2,270	2,292	2,583	1,555	2,325	1,392	2,385	2,575	925	1,571	2,634	2,828	1,686	845	3,037
Capital expenditure	206	144	210	210	223	287	255	255	309	229	257	297	407	381	510	584	785	646	635	707
Free cash flow	942	2,514	205	1,259	634	1,983	2,037	2,328	1,246	2,096	1,135	2,088	2,168	544	1,061	2,050	2,043	1,040	210	2,330
Buybacks	1,500	1,803	1,800	1,000	1,500	250	800	439	700	700	820	861	1,442	1,318	1,670	1,056	851	337	400	440
Dividends paid	216	214	211	225	223	220	219	268	268	266	266	331	329	326	325	368	365	365	365	420
Shares outstanding	892m	883m	870m	860m	844m	845m	840m	837m	833m	831m	828m	824m	818m	812m	802m	797m	793m	794m	794m	794m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 26 April 2026, filed 21 May 2026: the filing.