Applied Materials Reports Record Q3 Revenue, Beats Earnings Estimates

Applied Materials AMAT reported fiscal Q3 2026 revenue of $9.12 billion, up 25% year over year and ahead of the roughly $9 billion consensus, with non-GAAP earnings of $3.50 per share against about $3.39 expected . GAAP EPS of $3.17 rose 43% from a year earlier. Guidance for the October quarter was set at $10.25 billion plus or minus $500 million in revenue and non-GAAP EPS of $4.02 plus or minus $0.20, also above Street models .

Shares still fell roughly 6% in premarket trading on August 14 . The setup, not the print, explains the reaction: the stock had roughly doubled year to date going into the report, leaving little room for anything short of a blowout. The detail analysts flagged was geographic mix, with China falling to about 28% of revenue from roughly 35% a year earlier . That line matters because export controls have made China the least predictable input in the model.

Demand underneath the quarter is leading-edge logic and high-bandwidth memory tied to AI datacenter buildouts, which is what carried both the beat and the guide. What to watch from here is whether the China mix keeps compressing without offsetting strength elsewhere, and whether the read-across holds for the rest of the wafer-fab equipment complex: LRCX and KLAC trade on the same cycle and moved with Applied on the print .

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