Applied Materials set to report earnings with $4.06 EPS estimate

Applied Materials reports fiscal fourth-quarter 2026 results after the market closes on November 12, 2026. Analysts are looking for non-GAAP earnings of $4.06 per share on revenue of $10.30 billion.

If the company delivers, those figures would mark approximately 51% revenue growth and 87% EPS growth from a year earlier.

Applied Materials does not make the chips that power AI models. It makes the equipment that chipmakers need to build them.

What the Street is expecting

The consensus calls for $10.30 billion in revenue and $4.06 in non-GAAP EPS. Applied Materials’ own guidance midpoint sits at $10.25 billion in revenue and $4.02 in EPS.

The year-ago comparison makes the expected growth look even more dramatic. In fiscal Q4 of the previous year, Applied Materials posted $6.80 billion in revenue and EPS of $2.17.

The prior quarter offers a useful reference point. In fiscal Q3 2026, Applied Materials reported record revenue of $9.12 billion, up 25% year-over-year. Non-GAAP EPS in that quarter came in at $3.50, a 41% increase from the prior year. That result topped expectations by about 3%.

The AI engine behind the numbers

The growth story traces back to demand for wafer fabrication equipment tied to artificial intelligence. Three areas stand out: leading-edge logic, DRAM, and advanced packaging.

Applied Materials has also been spending money to stay in that position. On October 12, 2026, the company announced a $5 billion Equipment and Process Innovation and Commercialization Center, known as EPIC, in Silicon Valley. The facility is meant to drive AI-related semiconductor research and development. TSMC and Intel are among the partners.

Then, on October 26, 2026, Applied Materials said it had raised its stake in BE Semiconductor Industries to about 20%. BE Semiconductor operates in the advanced packaging space, one of the same areas powering Applied’s recent growth.

What this means for investors

AMAT shares recently traded near $395 amid broader market volatility. Analysts covering the stock have kept Buy ratings, though their price targets vary.

Because consensus sits a touch above the company’s own guidance midpoint, simply hitting guidance could look like a miss to some traders. Last quarter, Applied beat estimates by about 3%.

For the broader semiconductor sector, Applied Materials works as an early read on capital spending. Its revenue reflects what chipmakers are willing to invest in new capacity today.

The key items to watch after the bell are straightforward. First, revenue and EPS against the $10.30 billion and $4.06 consensus. Second, guidance for the coming quarter and any read on segment demand across logic, DRAM, and packaging. Third, how management frames its recent strategic bets.