Applied Materials posts record fiscal Q4 revenue and non-GAAP EPS, with large buyback

Applied Materials reported its fiscal fourth quarter and full fiscal 2026 results on November 12, 2026. Quarterly revenue rose 53% from a year earlier to a company record, and non-GAAP earnings per share nearly doubled. Gross margin widened on both GAAP and non-GAAP bases, and the company ran its largest quarterly share repurchase in more than eight years. For the full year, revenue, operating income and EPS all set records. Management tied the results to AI-driven chip demand and said it expects the Semiconductor Systems business to grow more than 40% in calendar 2026.

1. Q4 FY2026 revenue was $10.41 billion, up 53% year over year; GAAP EPS was $3.40 and non-GAAP EPS was $4.16, up 92%.
2. Q4 GAAP gross margin was 50.4% and non-GAAP gross margin 50.6%; non-GAAP operating margin was 35.3%.
3. Full fiscal 2026 revenue was $34.45 billion, up 21%; record GAAP EPS was $12.62 and non-GAAP EPS $12.89.
4. Q4 free cash flow was a record $2.6 billion on a non-GAAP basis; full-year non-GAAP free cash flow was $6.2 billion.
5. Q4 shareholder distributions totaled $2.42 billion: $2.00 billion of buybacks and $421 million of dividends.
6. A $253 million legal settlement with the U.S. Commerce Department was booked in fiscal 2026 full-year results.
7. CEO Gary Dickerson said the company is on track to grow its Semiconductor Systems business more than 40% in calendar 2026.