Form 8-K

8-K — APPLIED MATERIALS INC /DE

Accession: 0001628280-26-035071

Filed: 2026-05-14

Period: 2026-05-14

CIK: 0000006951

SIC: 3674 (SEMICONDUCTORS & RELATED DEVICES)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — amat-20260514.htm (Primary)

EX-99.1 — EX-99.1 EARNINGS RELEASE (exhibit991q22026earningsre.htm)

GRAPHIC — AMAT LOGO (applied-newsxreleasexlockua.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: amat-20260514.htm · Sequence: 1

amat-20260514

0000006951FALSEAPPLIED MATERIALS INC /DE00000069512026-05-142026-05-14

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

____________________________________________________________________

FORM 8-K

____________________________________________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 14, 2026

____________________________________________________________________

Applied Materials, Inc.

(Exact name of registrant as specified in its charter)

____________________________________________________________________

Delaware 000-06920 94-1655526

(State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.)

3050 Bowers Avenue

P.O. Box 58039

Santa Clara, CA 95052-8039

(Address of principal executive offices)

Registrant’s telephone number, including area code: (408) 727-5555

N/A

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class Trading Symbol Name of Each Exchange on Which Registered

Common Stock, par value $.01 per share AMAT The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act). ☐

Item 2.02 Results of Operations and Financial Condition.

On May 14, 2026, Applied Materials, Inc. (“Applied Materials”) announced its financial results for its second quarter ended April 26, 2026. A copy of Applied Materials’ press release is attached hereto as Exhibit 99.1.

The information in this Form 8-K, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to liability under that section, and shall not be deemed to be incorporated by reference in any filing of Applied Materials under the Securities Act of 1933, as amended, or the Exchange Act, unless expressly incorporated by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No. Description

99.1

Press Release issued by Applied Materials, Inc. dated May 14, 2026

104 Cover Page Interactive Data File (formatted as inline XBRL)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Applied Materials, Inc.

(Registrant)

Date: May 14, 2026 By: /s/ Teri A. Little

Teri A. Little

Senior Vice President, Chief Legal Officer

and Corporate Secretary

EX-99.1 — EX-99.1 EARNINGS RELEASE

EX-99.1

Filename: exhibit991q22026earningsre.htm · Sequence: 2

Document

Exhibit 99.1

Investor Relations Contact:

Mike Sullivan (408) 986-7977

mike_sullivan@amat.com

Media Contact:

Ricky Gradwohl (408) 235-4676

ricky_gradwohl@amat.com

APPLIED MATERIALS ANNOUNCES SECOND QUARTER 2026 RESULTS

•Record revenue $7.91 billion, up 11 percent year over year

•GAAP gross margin 49.9 percent and non-GAAP gross margin 50.0 percent

•Record GAAP EPS $3.51 and record non-GAAP EPS $2.86, up 33 percent and 20 percent year over year, respectively

•Announced new EPIC Center partner engagements designed to accelerate commercialization of next-generation semiconductor technologies

SANTA CLARA, Calif., May 14, 2026 — Applied Materials, Inc. (NASDAQ: AMAT) today reported results for its second quarter ended Apr. 26, 2026.

Second Quarter Results

Applied generated record revenue of $7.91 billion. On a GAAP basis, the company reported gross margin of 49.9 percent, operating income of $2.52 billion or 31.9 percent of revenue, and record earnings per share (EPS) of $3.51.

On a non-GAAP basis, the company reported gross margin of 50.0 percent, operating income of $2.54 billion or 32.1 percent of revenue, and record EPS of $2.86.

The company generated $845 million in cash from operations and distributed $765 million to shareholders through $400 million in share repurchases and $365 million in dividends.

“Applied Materials delivered record quarterly performance, and we now expect our semiconductor equipment business to grow more than 30 percent in calendar 2026,” said Gary Dickerson, President and CEO. “The rapid global build-out of AI computing infrastructure combined with Applied’s strong leadership positions in leading-edge logic, DRAM and advanced packaging provide an exceptionally strong foundation for sustained, multi-year revenue and profit growth.”

“The growth in AI that Applied has been investing for is now in full force,” said Brice Hill, Senior Vice President and CFO. “As the largest process equipment company in the fastest growing markets, our top priority is ensuring we have the operational and supply chain readiness to support our customers’ growth. We have increased our build plan, inventory positions and logistics capacity, and we are driving higher operating profit and productivity across the company.”

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Results Summary

Q2 FY2026 Q2 FY2025 Change

(In millions, except per share amounts and percentages)

Revenue $ 7,910 $ 7,100 11%

Gross margin 49.9 % 49.1 % 0.8 points

Operating margin 31.9 % 30.5 % 1.4 points

Net income $ 2,806 $ 2,137 31%

Diluted earnings per share $ 3.51 $ 2.63 33%

Non-GAAP Results

Non-GAAP gross margin 50.0 % 49.2 % 0.8 points

Non-GAAP operating margin 32.1 % 30.7 % 1.4 points

Non-GAAP net income $ 2,286 $ 1,940 18%

Non-GAAP diluted EPS $ 2.86 $ 2.39 20%

Non-GAAP free cash flow $ 210 $ 1,061 (80)%

A reconciliation of the GAAP and non-GAAP results is provided in the financial tables included in this release. See also “Use of Non-GAAP Financial Measures” section.

Recent Highlights

•Announced several EPIC Center engagements with chipmakers and partners designed to dramatically reduce the time it takes to commercialize breakthrough technologies from early-stage research to full-scale manufacturing. These engagements build upon the previously announced partnership with Samsung Electronics.

•A new innovation partnership with TSMC to accelerate the development and commercialization of semiconductor technologies required for the next era of AI. Working together at Applied’s EPIC Center in Silicon Valley, the companies will co-innovate to advance materials engineering, equipment innovation, and process integration technologies designed to deliver energy-efficient performance from the data center to the edge.

•Arizona State University (ASU), Rensselaer Polytechnic Institute (RPI) and Stanford University will join Applied’s EPIC Center as inaugural research partners, leveraging the synergy of academia and industry to accelerate energy‑efficient innovations for next‑generation AI chips.

•Advantest Corporation, a leading semiconductor test equipment supplier, will join Applied’s EPIC platform as an innovation partner to strengthen the links between front-end manufacturing technologies and back-end testing of chips and packages, helping chipmakers bring new designs to market faster.

•A long-term collaboration agreement between Applied and SK hynix to accelerate the development and deployment of next-generation DRAM and high-bandwidth memory (HBM) essential for AI and high-performance computing. Engineers from both companies will work side-by-side at Applied’s EPIC Center to advance innovation in materials, process integration and 3D advanced packaging as memory architectures move beyond current production nodes.

•Applied and Micron Technology are working to develop next-generation DRAM, HBM and NAND solutions that increase the energy-efficient performance of AI systems, bringing together advanced R&D capabilities from Applied’s EPIC Center in Silicon Valley and Micron’s state-of-the-art innovation center in Boise, Idaho.

•Introduced chip-making systems designed to create the smallest atomic-scale features in 3D Gate-All-Around transistors for the world’s most advanced logic chips. By controlling materials deposition with atomic-level

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precision, the technologies enable chipmakers to build faster and more power-efficient transistors at the scale required to sustain the pace of today’s global AI infrastructure build-out.

•Precision™ Selective Nitride PECVD preserves integrity of shallow trench isolation, reducing parasitic capacitance and boosting chip performance-per-watt.

•Trillium™ ALD wraps silicon nanosheets with complex metal gate stacks that optimize transistors for a wide range of AI computing applications.

•Entered into an agreement with ASMPT Limited to acquire its NEXX business, a leading supplier of large-area advanced packaging deposition equipment for the semiconductor industry. The addition of the NEXX team and products will broaden Applied’s portfolio of panel-level advanced packaging technologies which are designed to enable chipmakers and systems companies to build larger-body AI accelerators for higher energy-efficient performance.

•Received a 2026 Intel EPIC Supplier Award for Excellence in Technology Development.

•Joined Synopsys and NVIDIA in a collaboration to advance AI and quantum chemistry R&D with accelerated materials modeling.

•Increased the quarterly cash dividend by 15 percent, from $0.46 to $0.53 per share, marking nine consecutive years of dividend increases. With the increase, Applied has more than doubled its dividend per share from four years ago.

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Business Outlook

Applied’s total revenue and non-GAAP diluted EPS for the third quarter of fiscal 2026 are expected to be as follows:

Q3 FY2026

(In millions, except per share amounts)

Total revenue $ 8,950 +/- $ 500

Non-GAAP diluted EPS $ 3.36 +/- $ 0.20

This outlook for non-GAAP diluted EPS excludes known charges related to completed acquisitions of $0.01 per share, includes the normalized tax benefit of share-based compensation of $0.01 per share and includes a net income tax benefit related to intra-entity intangible asset transfers of $0.04 per share, but does not reflect any items that are unknown at this time, such as any additional charges related to acquisitions or other non-operational or unusual items, as well as other tax-related items, which we are not able to predict without unreasonable efforts due to their inherent uncertainty.

Second Quarter Reportable Segment Information

Effective in the first quarter of fiscal 2026, management moved our 200-millimeter equipment business to Semiconductor Systems. The business was previously included in Applied Global Services. Additionally, effective in the first quarter of fiscal 2026, management began fully allocating corporate support costs to our operating segments. Prior-period numbers have been recast to conform to the current-year presentation. Display operating segment financial results are included in the Other category balances below.

Semiconductor Systems Q2 FY2026 Q2 FY2025

(in millions, except percentages)

Revenue $ 5,965 $ 5,401

Foundry, logic and other 67 % 66 %

DRAM 29 % 27 %

Flash memory 4 % 7 %

Gross margin 54.7 % 53.5 %

Operating income $ 2,092 $ 1,770

Operating margin 35.1 % 32.8 %

Non-GAAP Results

Non-GAAP gross margin 54.8 % 53.6 %

Non-GAAP operating income $ 2,102 $ 1,781

Non-GAAP operating margin 35.2 % 33.0 %

Applied Global Services Q2 FY2026 Q2 FY2025

(in millions, except percentages)

Revenue $ 1,665 $ 1,420

Gross margin 34.7 % 33.5 %

Operating income $ 487 $ 378

Operating margin 29.2 % 26.6 %

Non-GAAP Results

Non-GAAP gross margin 34.7 % 33.5 %

Non-GAAP operating income $ 487 $ 378

Non-GAAP operating margin 29.2 % 26.6 %

Other Q2 FY2026 Q2 FY2025

(in millions)

Revenue $ 280 $ 279

Cost of products sold and expenses (336) (258)

Operating income (loss) $ (56) $ 21

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Use of Non-GAAP Financial Measures

Applied provides investors with certain non-GAAP financial measures, which are adjusted for the impact of certain costs, expenses, gains and losses, including, as applicable, certain items related to mergers and acquisitions; restructuring and severance charges and any associated adjustments; legal settlement charges; impairments of assets; gain or loss, dividends and impairments on strategic investments; certain income tax items; and other discrete adjustments. On a non-GAAP basis, the tax effect related to share-based compensation is recognized ratably over the fiscal year. Reconciliations of these non-GAAP measures to the most directly comparable financial measures calculated and presented in accordance with GAAP are provided in the financial tables included in this release.

Management uses these non-GAAP financial measures to evaluate the company’s operating and financial performance and for planning purposes, and as performance measures in its executive compensation program. Applied believes these measures enhance an overall understanding of its performance and investors’ ability to review the company’s business from the same perspective as the company’s management, and facilitate comparisons of this period’s results with prior periods on a consistent basis by excluding items that management does not believe are indicative of Applied's ongoing operating performance. There are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with generally accepted accounting principles, may be different from non-GAAP financial measures used by other companies, and may exclude certain items that may have a material impact upon our reported financial results. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP.

Webcast Information

Applied Materials will discuss these results during an earnings call that begins at 1:30 p.m. Pacific Time today. A live webcast and related slide presentation will be available at https://ir.appliedmaterials.com. A replay will be available on the website beginning at 5:00 p.m. Pacific Time today.

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Forward-Looking Statements

This press release contains forward-looking statements, including those regarding anticipated growth and trends in our businesses and markets, industry outlooks and demand drivers, technology transitions, our business and financial performance and market share positions, our capital allocation and cash deployment strategies, our investment and growth strategies, our development of new products and technologies, the plans and expectations for the EPIC Center, legal matters, our business outlook for the third quarter of fiscal 2026 and beyond, and other statements that are not historical facts. These statements and their underlying assumptions are subject to risks and uncertainties and are not guarantees of future performance. Factors that could cause actual results to differ materially from those expressed or implied by such statements include, without limitation: the level of demand for our products; global economic, political and industry conditions, including changes in interest rates and prices for goods and services; global trade issues, changes in trade and export regulations, license requirements, and their interpretation, and our ability to obtain licenses or authorizations on a timely basis, if at all; changes in tariffs, any retaliatory measures, and our ability to mitigate the impact of tariffs; the effects of geopolitical turmoil or conflicts; demand for semiconductor chips and electronic devices; customers’ technology and capacity requirements; the introduction of new and innovative technologies, and the timing of technology transitions; our ability to develop, deliver and support new products and technologies; our ability to meet customer demand, and our suppliers’ ability to meet our demand requirements; the concentrated nature of our customer base; our ability to expand our current markets, increase market share and develop new markets; market acceptance of existing and newly developed products; our ability to obtain and protect intellectual property rights in key technologies; cybersecurity incidents affecting us or our suppliers, customers or vendors; our ability to achieve the objectives of operational and strategic initiatives, align our resources and cost structure with business conditions, and attract, motivate and retain key employees; acquisitions, investments and divestitures; changes in income tax laws; the variability of operating expenses and results among products and segments, and our ability to accurately forecast future results, market conditions, customer requirements and business needs; our ability to ensure compliance with applicable law, rules and regulations; and other risks and uncertainties described in our filings with the Securities and Exchange Commission, including our most recent Forms 10-K, 10-Q and 8-K. All forward-looking statements are based on management’s current estimates, projections and assumptions, and we assume no obligation to update them.

About Applied Materials

Applied Materials, Inc. (Nasdaq: AMAT) is the leader in materials engineering solutions that are at the foundation of virtually every new semiconductor and advanced display in the world. The technology we create is essential to advancing AI and accelerating the commercialization of next-generation chips. At Applied, we push the boundaries of science and engineering to deliver material innovation that changes the world. Learn more at www.appliedmaterials.com.

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APPLIED MATERIALS, INC.

UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended Six Months Ended

(In millions, except per share amounts) April 26,

2026 April 27,

2025 April 26,

2026 April 27,

2025

Revenue $ 7,910 $ 7,100 $ 14,922 $ 14,266

Cost of products sold 3,963 3,615 7,540 7,285

Gross profit 3,947 3,485 7,382 6,981

Operating expenses:

Research, development and engineering 1,027 893 1,955 1,752

Marketing and selling 233 216 455 422

General and administrative 164 207 353 463

Legal settlement — — 253 —

Restructuring charges — — 12 —

Total operating expenses 1,424 1,316 3,028 2,637

Income from operations 2,523 2,169 4,354 4,344

Interest expense 69 68 138 132

Interest and other income (expense), net 771 221 1,337 229

Income before income taxes 3,225 2,322 5,553 4,441

Provision for income taxes 419 185 721 1,119

Net income $ 2,806 $ 2,137 $ 4,832 $ 3,322

Earnings per share:

Basic $ 3.53 $ 2.64 $ 6.09 $ 4.10

Diluted $ 3.51 $ 2.63 $ 6.05 $ 4.08

Weighted average number of shares:

Basic 794 809 794 811

Diluted 799 812 799 815

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APPLIED MATERIALS, INC.

UNAUDITED CONSOLIDATED CONDENSED BALANCE SHEETS

(In millions) April 26,

2026 October 26,

2025

ASSETS

Current assets:

Cash and cash equivalents $ 6,301 $ 7,241

Short-term investments 1,940 1,332

Accounts receivable, net 6,372 5,185

Inventories 6,343 5,915

Other current assets 1,615 1,208

Total current assets 22,571 20,881

Long-term investments 5,142 4,327

Property, plant and equipment, net 5,255 4,610

Goodwill 3,824 3,707

Purchased technology and other intangible assets, net 330 226

Deferred income taxes and other assets 3,164 2,548

Total assets $ 40,286 $ 36,299

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Short-term debt $ 1,199 $ 100

Accounts payable and accrued expenses 5,229 5,333

Contract liabilities 2,570 2,566

Total current liabilities 8,998 7,999

Long-term debt 5,256 6,455

Income taxes payable 704 356

Other liabilities 1,419 1,074

Total liabilities 16,377 15,884

Total stockholders’ equity 23,909 20,415

Total liabilities and stockholders’ equity $ 40,286 $ 36,299

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APPLIED MATERIALS, INC.

UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

(In millions) Three Months Ended Six Months Ended

April 26,

2026 April 27,

2025 April 26,

2026 April 27,

2025

Cash flows from operating activities:

Net income $ 2,806 $ 2,137 $ 4,832 $ 3,322

Adjustments required to reconcile net income to cash provided by operating activities:

Depreciation and amortization 135 103 262 208

Restructuring charges — — 12 —

(Gain) / loss and impairment on investments (672) (76) (1,138) 24

Share-based compensation 169 159 376 354

Deferred income taxes 152 4 74 672

Other 5 (33) 4 (38)

Net change in operating assets and liabilities (1,750) (723) (1,891) (2,046)

Cash provided by operating activities 845 1,571 2,531 2,496

Cash flows from investing activities:

Capital expenditures (635) (510) (1,281) (891)

Cash paid for acquisitions, net of cash acquired (175) (1) (175) (29)

Proceeds from asset sale 6 33 6 33

Proceeds from sales and maturities of investments 2,091 1,921 3,234 3,144

Purchases of investments (2,246) (1,222) (3,523) (2,933)

Cash provided by (used in) investing activities (959) 221 (1,739) (676)

Cash flows from financing activities:

Proceeds from issuance of commercial paper 100 100 300 300

Repayments of commercial paper (200) (100) (400) (300)

Proceeds from common stock issuances 131 129 131 129

Common stock repurchases (400) (1,670) (737) (2,988)

Tax withholding payments for vested equity awards (80) (35) (309) (177)

Payments of dividends to stockholders (365) (325) (730) (651)

Payments of debt issuance costs — (2) — (2)

Cash used in financing activities (814) (1,903) (1,745) (3,689)

Increase (decrease) in cash, cash equivalents and restricted cash equivalents (928) (111) (953) (1,869)

Cash, cash equivalents and restricted cash equivalents—beginning of period 7,287 6,355 7,312 8,113

Cash, cash equivalents and restricted cash equivalents — end of period $ 6,359 $ 6,244 $ 6,359 $ 6,244

Reconciliation of cash, cash equivalents, and restricted cash equivalents

Cash and cash equivalents $ 6,301 $ 6,169 $ 6,301 $ 6,169

Restricted cash equivalents included in deferred income taxes and other assets 58 75 58 75

Total cash, cash equivalents, and restricted cash equivalents $ 6,359 $ 6,244 $ 6,359 $ 6,244

Supplemental cash flow information:

Cash payments for income taxes $ 538 $ 763 $ 650 $ 833

Cash refunds from income taxes $ 13 $ 5 $ 16 $ 75

Cash payments for interest $ 54 $ 68 $ 119 $ 120

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Additional Information

Q2 FY2026 Q2 FY2025

Revenue by Geography (In millions)

United States $ 941 $ 808

% of Total 12 % 11 %

Europe $ 347 $ 252

% of Total 4 % 4 %

Japan $ 623 $ 572

% of Total 8 % 8 %

Korea $ 1,572 $ 1,562

% of Total 20 % 22 %

Taiwan $ 2,155 $ 1,997

% of Total 27 % 28 %

Southeast Asia $ 185 $ 135

% of Total 2 % 2 %

China $ 2,087 $ 1,774

% of Total 27 % 25 %

Employees (In thousands)

Regular Full Time 36.4 36.0

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APPLIED MATERIALS, INC.

UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP RESULTS

Three Months Ended Six Months Ended

(In millions, except percentages) April 26,

2026 April 27,

2025 April 26,

2026 April 27,

2025

Non-GAAP Gross Profit

GAAP reported gross profit $ 3,947 $ 3,485 $ 7,382 $ 6,981

Certain items associated with acquisitions1

6 6 13 13

Non-GAAP gross profit $ 3,953 $ 3,491 $ 7,395 $ 6,994

Non-GAAP gross margin 50.0 % 49.2 % 49.6 % 49.0 %

Non-GAAP Operating Income

GAAP reported operating income $ 2,523 $ 2,169 $ 4,354 $ 4,344

Certain items associated with acquisitions1

10 11 21 23

Acquisition integration and deal costs 3 — 3 3

Legal settlement2

— — 253 —

Restructuring charges3

— — 12 —

Non-GAAP operating income $ 2,536 $ 2,180 $ 4,643 $ 4,370

Non-GAAP operating margin 32.1 % 30.7 % 31.1 % 30.6 %

Non-GAAP Net Income

GAAP reported net income $ 2,806 $ 2,137 $ 4,832 $ 3,322

Certain items associated with acquisitions1

10 11 21 23

Acquisition integration and deal costs 3 — 3 3

Legal settlement2

— — 253 —

Restructuring charges3

— — 12 —

Realized loss (gain), dividends and impairments on strategic investments, net 15 (18) 29 (27)

Unrealized loss (gain) on strategic investments, net (685) (80) (1,169) 26

Foreign exchange loss (gain) related to purchase of strategic investment — 23 — 23

Loss (gain) on asset sale — (44) — (44)

Income tax effect of share-based compensation4

7 4 (14) (6)

Income tax effects related to intra-entity intangible asset transfers5

32 32 63 706

Resolution of prior years’ income tax filings and other tax items 9 (124) 49 (140)

Income tax effect of non-GAAP adjustments6

89 (1) 106 —

Non-GAAP net income $ 2,286 $ 1,940 $ 4,185 $ 3,886

1 These items are incremental charges attributable to completed acquisitions, consisting of amortization of purchased intangible assets.

2 Charge of $253 million for settlement with the U.S. Commerce Department Bureau of Industry and Security to resolve a previously disclosed export controls compliance matter.

3 The restructuring charges related to a workforce reduction plan announced in the fourth quarter of fiscal 2025.

4 GAAP basis tax benefit related to share-based compensation is recognized ratably over the fiscal year on a non-GAAP basis.

5 Amount for the six months ended April 27, 2025, included changes to the income tax provision of $62 million from amortization of intangibles and a $644 million remeasurement of deferred tax assets resulting from new tax incentive agreements in Singapore in the first quarter of fiscal 2025.

6 Adjustment to provision for income taxes related to non-GAAP adjustments reflected in income before income taxes.

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APPLIED MATERIALS, INC.

UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP RESULTS

Three Months Ended Six Months Ended

(In millions, except per share amounts) April 26,

2026 April 27,

2025 April 26,

2026 April 27,

2025

Non-GAAP Earnings Per Diluted Share

GAAP reported earnings per diluted share $ 3.51 $ 2.63 $ 6.05 $ 4.08

Certain items associated with acquisitions 0.01 0.01 0.03 0.02

Legal settlement — — 0.32 —

Restructuring charges — — 0.01 —

Realized loss (gain), dividends and impairments on strategic investments, net 0.08 (0.02) 0.09 (0.03)

Unrealized loss (gain) on strategic investments, net (0.80) (0.10) (1.38) 0.03

Foreign exchange loss (gain) related to purchase of strategic investment — 0.03 — 0.03

Loss (gain) on asset sale — (0.05) — (0.05)

Income tax effect of share-based compensation 0.01 — (0.02) (0.01)

Income tax effects related to intra-entity intangible asset transfers1

0.04 0.04 0.08 0.87

Resolution of prior years’ income tax filings and other tax items 0.01 (0.15) 0.06 (0.17)

Non-GAAP earnings per diluted share $ 2.86 $ 2.39 $ 5.24 $ 4.77

Weighted average number of diluted shares 799 812 799 815

1 Amount for the six months ended April 27, 2025, included changes to the income tax provision of $0.08 per diluted share from amortization of intangibles and $0.79 per diluted share from a remeasurement of deferred tax assets resulting from new tax incentive agreements in Singapore in the first quarter of fiscal 2025.

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APPLIED MATERIALS, INC.

UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP RESULTS

Three Months Ended Six Months Ended

(In millions, except percentages) April 26,

2026 April 27,

2025 April 26,

2026 April 27,

2025

Semiconductor Systems Non-GAAP Gross Profit

GAAP reported gross profit $ 3,264 $ 2,889 $ 6,058 $ 5,875

Certain items associated with acquisitions1

6 6 13 13

Non-GAAP gross profit $ 3,270 $ 2,895 $ 6,071 $ 5,888

Non-GAAP gross margin 54.8 % 53.6 % 54.7 % 53.5 %

Applied Global Services Non-GAAP Gross Profit

GAAP reported gross profit $ 577 $ 476 $ 1,114 $ 913

Non-GAAP gross profit $ 577 $ 476 $ 1,114 $ 913

Non-GAAP gross margin 34.7 % 33.5 % 34.6 % 32.9 %

Semiconductor Systems Non-GAAP Operating Income

GAAP reported operating income $ 2,092 $ 1,770 $ 3,519 $ 3,642

Certain items associated with acquisitions1

10 11 21 23

Acquisition integration and deal costs — — — 2

Legal settlement2

— — 253 —

Non-GAAP operating income $ 2,102 $ 1,781 $ 3,793 $ 3,667

Non-GAAP operating margin 35.2 % 33.0 % 34.2 % 33.3 %

Applied Global Services Non-GAAP Operating Income

GAAP reported operating income $ 487 $ 378 $ 925 $ 714

Acquisition integration and deal costs — — — 1

Non-GAAP operating income $ 487 $ 378 $ 925 $ 715

Non-GAAP operating margin 29.2 % 26.6 % 28.7 % 25.8 %

1 These items are incremental charges attributable to completed acquisitions, consisting of amortization of purchased intangible assets.

2 Charge of $253 million for settlement with the U.S. Commerce Department Bureau of Industry and Security to resolve a previously disclosed export controls compliance matter.

Note: The reconciliation of GAAP and non-GAAP segment results above does not include certain revenues, costs of products sold and operating expenses that are reported within other and included in consolidated operating income.

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APPLIED MATERIALS, INC.

UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP EFFECTIVE INCOME TAX RATE

Three Months Ended

(In millions, except percentages) April 26, 2026

GAAP provision for income taxes (a)

$ 419

Income tax effect of share-based compensation (7)

Income tax effects related to intra-entity intangible asset transfers (32)

Resolutions of prior years’ income tax filings and other tax items (9)

Income tax effect of non-GAAP adjustments (89)

Non-GAAP provision for income taxes (b)

$ 282

GAAP income before income taxes (c)

$ 3,225

Certain items associated with acquisitions 10

Acquisition integration and deal costs 3

Realized loss (gain), dividends and impairments on strategic investments, net 15

Unrealized loss (gain) on strategic investments, net (685)

Non-GAAP income before income taxes (d)

$ 2,568

GAAP effective income tax rate (a/c)

13.0 %

Non-GAAP effective income tax rate (b/d)

11.0 %

UNAUDITED RECONCILIATION OF NON-GAAP FREE CASH FLOW

Three Months Ended Six Months Ended

(In millions) April 26,

2026 April 27,

2025 April 26,

2026 April 27,

2025

Cash provided by operating activities $ 845 $ 1,571 $ 2,531 $ 2,496

Capital expenditures (635) (510) (1,281) (891)

Non-GAAP free cash flow $ 210 $ 1,061 $ 1,250 $ 1,605

GRAPHIC — AMAT LOGO

GRAPHIC

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May 14, 2026

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