TLDR
- Applied Materials reports Q3 fiscal 2026 earnings after market close on August 13
- Analysts expect EPS of $3.39 and revenue of ~$9 billion, up 23% year over year
- AMAT stock has dropped from a year-to-date high of $740 to around $539
- Analyst consensus is “Moderate Buy” with an average price target of $603.23
- CEO Gary Dickerson sold $14.7 million worth of stock in late June
Applied Materials (AMAT) is set to report its Q3 fiscal 2026 results after the market closes on Thursday, August 13. The earnings call is scheduled for 4:30 PM ET.
Wall Street expects EPS of $3.39 and revenue of around $9 billion. That would represent revenue growth of roughly 23% year over year. Applied Materials has guided for EPS in the range of $3.16 to $3.56.
AMAT stock is trading around $539, down from a year-to-date high of $739.67. That’s a drop of roughly 27% from peak, putting it in local bear market territory.
The stock has a 12-month low of $154.46 and a market cap of approximately $424 billion. It currently trades at a forward P/E of 43.8, above its five-year average of 21.18.
Last quarter, the company beat expectations. EPS came in at $2.86 versus the $2.68 consensus. Revenue hit $7.91 billion, up 11.4% year over year, beating the $7.68 billion estimate.
Gross margin in Q2 reached 50%, and operating income rose 20% to $2.5 billion. Semiconductor systems brought in $5.9 billion of revenue, with applied global services adding $1.66 billion.
One number stood out on the wrong side. Free cash flow dropped to $210 million from $1.06 billion in the same quarter last year.
Analyst Targets
Analyst sentiment heading into earnings is broadly positive. The consensus rating is “Moderate Buy” with an average price target of $603.23, which implies roughly 12% upside from current levels.
Susquehanna raised its target from $575 to $900 with a “positive” rating. Wells Fargo lifted its target to $740 with an “overweight” rating. Morgan Stanley moved its target up to $647, though it kept an “equal weight” rating.
Erste Group Bank was the lone downgrade, cutting from “buy” to “hold.” Among 34 analysts tracked by MarketBeat, one has a Strong Buy, 26 have Buy ratings, and seven have Hold ratings.
Insider Activity
CEO Gary Dickerson sold 20,000 shares at an average price of $735.22 on June 30, totaling $14.7 million. SVP Timothy Deane sold 8,621 shares at $590.76 on June 15, worth around $5.1 million.
In total, insiders sold 278,088 shares worth roughly $169.7 million over the past three months. Insiders now own 0.30% of the company. Institutional investors hold 80.56%.
Applied Materials also declared a quarterly dividend of $0.53 per share, payable September 10 to shareholders of record on August 20.
The stock also appeared on a reported short list from Michael Burry, who has flagged concerns about a potential market pullback. That has added some negative pressure on sentiment around AMAT and other chip-related names.
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