Coverage summary
Aardvark Labs Capital Research has covered Applied Materials (AMAT) since August 15, 2025. The company is in the Technology sector. This page lists 5 reports: 5 earnings recaps.
The latest is the Q3 FY26 Earnings Recap, published August 28, 2026. That report moved the rating from Outperform to Hold. The rating has changed twice since coverage began.
Translations: 5 in Chinese.
The Excel model for AMAT holds 23 quarters and 5 fiscal years of history and 9 quarters and 5 fiscal years of projections. It was last updated October 19, 2026.
Rating history
All AMAT reports
Recap: Q3 FY26
Third Consecutive Cycle Raise, Q4 Guided 7% Above the Street, and the Stock Fell Anyway: Downgrading to Hold on Valuation, Not Execution
Recap: Q2 FY26
1,000bp Cycle Upgrade in 90 Days (CY26 Now +30% Equipment Growth); Record Q2 Across the Board, 50% GM (25-Yr High); TSMC Joins EPIC Closing Top-4 Loop — Maintaining Outperform
Recap: Q1 FY26
H2 2026 Acceleration Starts to Show: Q1 Top of Guide, SemiSystems GM Crossed 54%, CY26 Equipment Now +20% (From "Growth Year"), Samsung First EPIC Partner — Upgrading to Outperform
Recap: Q4 FY25
FY25 Closes 6th Consecutive Growth Year With 25-Year-High GM 48.8%; Q1 FY26 Guide Flat Until 2H 2026 Acceleration Begins Showing — Maintaining Hold
Recap: Q3 FY25
Record Q3 ($7.3B / 48.9% GM) But Q4 Guides Down on China + Export-License Backlog + Leading-Edge Nonlinearity; GAA/DRAM/Packaging Thesis Intact — Initiating at Hold