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← AMAT post-call outlook
AMAT full model — every line, forward
post-call vintage · 2026-08-18
line itemFQ4 FY2026FY2026FY2027FY2028FY2029
Segments
Semiconductor Systems $M7,95026,00030,60032,70034,000
Applied Global Services $M1,8506,9508,3009,30010,300
Display & other $M5501,4371,6001,5001,500
P&L
Revenue $M10,35034,387
was 33,222		40,500
was 38,650		43,500
was 42,250		45,800
was 45,200
Gross margin50.4%50.2%50.6%50.9%51.0%
R&D $M1,0103,8504,4004,7004,950
SG&A $M5811,9002,1502,3002,350
Operating income $M3,625————
Operating margin35.0%33.5%34.4%34.8%35.1%
Tax rate11.0%10.5%13.0%13.0%13.0%
Non-GAAP net income $M3,280————
Diluted shares M800805790778765
Adjusted EPS4.1013.00
was 12.37		15.60
was 15.00		17.20
was 17.00		18.50
was 18.77
GAAP EPS3.95————
Cash flow
Cash from operations $M2,9009,60011,70012,80013,500
Capex $M7502,6002,4002,3002,300
Free cash flow $M2,1507,0009,30010,50011,200
Buyback $M600————
Dividends $M425————
Statement identities, checked by code
✓ nq segments sum to revenue: 10350 vs 10350
✓ nq adj EPS = non-GAAP NI / shares: 4.10 vs 4.1
✓ nq FCF = CFO - capex: 2150 vs 2150
✓ nq detail revenue matches grid p50: 10350 vs 10350
✓ fy2026 segments sum matches path revenue: 34387 vs 34387
✓ fy2026 detail EPS matches path EPS: 13.00 vs 13.0
✓ fy2026 FCF = CFO - capex: 7000 vs 7000
✓ fy2027 segments sum matches path revenue: 40500 vs 40500
✓ fy2027 detail EPS matches path EPS: 15.60 vs 15.6
✓ fy2027 FCF = CFO - capex: 9300 vs 9300
✓ fy2028 segments sum matches path revenue: 43500 vs 43500
✓ fy2028 detail EPS matches path EPS: 17.20 vs 17.2
✓ fy2028 FCF = CFO - capex: 10500 vs 10500
✓ fy2029 segments sum matches path revenue: 45800 vs 45800
✓ fy2029 detail EPS matches path EPS: 18.50 vs 18.5
✓ fy2029 FCF = CFO - capex: 11200 vs 11200