AMAT 8-K Current Reports

Applied Materials 8-K Report, Executive Changes (Aug 27, 2026)

Applied Materials, Inc. (AMAT) announced on August 27, 2026, a significant addition to its Board of Directors with the election of Akash Palkhiwala. This appointment, effective immediately, also includes his placement on the Board's Audit Committee, signaling confidence in his financial expertise and oversight capabilities. Investors should note that Mr. Palkhiwala's compensation package is standard for non-employee directors, consisting of retainers and a restricted stock unit grant, with a vesting date of March 1, 2027. This move is a routine governance update, indicating no immediate impact on company operations but reinforcing the board's structure.

Aug 27, 2026 8-K

Applied Materials 8-K Report, Financial Results (Aug 13, 2026)

Applied Materials reported record third-quarter fiscal 2026 results (quarter ended July 26, 2026), with revenue of $9.12 billion, up 25% year over year, and the highest sequential revenue growth in the company's history. GAAP EPS was $3.17 (up 43%) and non-GAAP EPS was a record $3.50 (up 41%). GAAP gross margin was 50.3% and non-GAAP gross margin was 50.4%, marking the 13th consecutive quarter of year-over-year gross margin expansion. Semiconductor Systems revenue rose about 26% to $7.04 billion, with DRAM rising to 26% of segment revenue from 22%. Cash from operations was a record $3.04 billion, and non-GAAP free cash flow was $2.33 billion, up 14%. The company returned $860 million to shareholders through $440 million in buybacks and $420 million in dividends. Management guided fiscal Q4 2026 revenue to $10.25 billion (±$500 million) and non-GAAP EPS to $4.02 (±$0.20). The EPS outlook includes a $0.05 per share net tax benefit from intra-entity intangible asset transfers and excludes $0.01 per share of acquisition-related charges. Management said it expects another strong growth year in 2027, citing increased customer demand visibility, and is making additional manufacturing capacity investments to support projected demand through the end of the decade. The CEO attributed demand strength to AI-driven adoption and said the company expects to grow faster than the overall semiconductor equipment market in calendar 2026. Investors should note several items that affect GAAP comparisons. Q3 GAAP results included a $220 million unrealized loss on strategic investments, which was excluded from non-GAAP results. The nine-month GAAP results include a $253 million legal settlement with the U.S. Commerce Department's Bureau of Industry and Security over an export controls compliance matter, which reduced nine-month GAAP EPS by $0.32. Q3 GAAP tax expense fell sharply to a 12.7% effective rate from a prior-year period that included a valuation allowance charge. Geographically, China revenue was roughly flat at $2.51 billion but fell to 28% of total revenue from 35%, while U.S. revenue more than doubled to $1.37 billion. This 8-K furnishes the earnings release under Item 2.02 and is not deemed filed under Section 18 of the Exchange Act.

Aug 13, 2026 8-K

Applied Materials 8-K Report, Financial Results (May 14, 2026)

Applied Materials reported record second-quarter fiscal 2026 results for the period ended April 26, 2026. Revenue rose 11% year over year to $7.91 billion, GAAP operating income grew 16% to $2.52 billion (31.9% margin), and GAAP diluted EPS was $3.51, up 33%. Non-GAAP diluted EPS was $2.86, up 20%. Management said it now expects its semiconductor equipment business to grow more than 30% in calendar 2026, citing AI infrastructure build-out and strength in leading-edge logic, DRAM, and advanced packaging. It also said it has increased its build plan, inventory, and logistics capacity to meet demand. The GAAP EPS figure is flattered by a $685 million unrealized gain on strategic investments, which added roughly $0.80 per diluted share. Non-GAAP net income of $2.29 billion was about $520 million below GAAP net income of $2.81 billion. Investors should anchor on the non-GAAP EPS of $2.86 and the operating results. Non-GAAP free cash flow fell 80% to $210 million, driven by a $1.75 billion working-capital build and capital expenditures that rose to $635 million from $510 million. Share repurchases slowed to $400 million, and dividends totaled $365 million. For the third quarter of fiscal 2026, Applied guided to revenue of $8.95 billion, plus or minus $500 million, and non-GAAP diluted EPS of $3.36, plus or minus $0.20. The company also raised its quarterly dividend 15% to $0.53 per share, its ninth consecutive annual increase, and agreed to acquire the NEXX advanced packaging deposition business from ASMPT. Risks flagged in the filing include export controls, tariffs, customer concentration, and geopolitical conditions. The filing notes that the $253 million legal settlement with the Commerce Department (BIS) was recorded in the first quarter, not in the quarter reported here.

May 14, 2026 8-K

Applied Materials 8-K Report, Shareholder Vote Results (Mar 13, 2026)

Applied Materials, Inc. (the Company) held its Annual Meeting of Shareholders on March 12, 2026, and reported the results of three shareholder votes in this Current Report on Form 8-K, filed March 13, 2026 under Item 5.07 (Submission of Matters to a Vote of Security Holders). The filing discloses no financial results, transactions, or other material events beyond these votes. Shareholders elected all ten director nominees to one-year terms. Vote counts for each nominee show substantial "For" majorities, with the lowest "For" count being James R. Anderson's... no, Kevin P. March, who received 536,089,076 For votes against 62,101,403 Against and 984,238 Abstain. Broker non-votes were 85,096,891 for each nominee. Shareholders also approved, on an advisory basis, the compensation of the Company's named executive officers for fiscal year 2025, with 552,486,796 For, 41,457,649 Against, and 5,230,272 Abstain. In addition, shareholders ratified the appointment of KPMG LLP as the Company's independent registered public accounting firm for fiscal year 2026, with 636,399,482 For, 46,823,436 Against, and 1,048,690 Abstain.

Mar 13, 2026 8-K

Regulation FDOther EventsExhibits & Filings

Applied Materials 8-K Report, Financial Results (Feb 12, 2026)

Applied Materials reported fiscal Q1 2026 (quarter ended January 25, 2026) revenue of $7.01 billion, down 2% year over year, with GAAP EPS of $2.54 (up 75%) and non-GAAP EPS of $2.38 (flat). The headline GAAP EPS jump is largely driven by a $484 million unrealized gain on strategic investments and a lower tax provision, while the underlying operating picture was softer: GAAP operating margin fell to 26.1% from 30.4%, and non-GAAP operating margin slipped to 30.0% from 30.6%. The results also include a $253 million legal settlement with the U.S. Commerce Department's Bureau of Industry and Security over an export controls compliance matter, which weighed on GAAP results. The quarter's operating story is strong demand in AI-related areas. Semiconductor Systems revenue fell to $5.14 billion from $5.60 billion, but DRAM rose to 34% of segment revenue from 27%, and management cited record DRAM revenue. Applied Global Services grew revenue 15% to $1.56 billion with a 28.1% operating margin, and management called out record services and spares revenue. Management said it expects its semiconductor equipment business to grow more than 20% in calendar 2026 and has increased inventories and system manufacturing capacity in preparation. Looking ahead, management guided fiscal Q2 2026 revenue to $7.65 billion (plus or minus $500 million) and non-GAAP EPS to $2.64 (plus or minus $0.20), implying meaningful sequential growth. Cash generation was solid, with operating cash flow of $1.69 billion and non-GAAP free cash flow of $1.04 billion, nearly double the prior year. The company returned $702 million to shareholders through $337 million in buybacks and $365 million in dividends. Investors should note that the segment reporting changed this quarter, with the 200-millimeter equipment business moved into Semiconductor Systems and corporate support costs fully allocated, so prior-period figures were recast.

Feb 12, 2026 8-K

Applied Materials 8-K Report, Regulation FD Disclosure (Feb 12, 2026)

Applied Materials (AMAT) disclosed in this February 12, 2026 Form 8-K that it has resolved the last of the U.S. government inquiries that had been running against it. On February 11, 2026, the company entered into a settlement agreement with the Bureau of Industry and Security (BIS) of the U.S. Department of Commerce, under which it will pay $252.5 million in a one-time payment. The settlement concerns BIS allegations that certain customer shipments to China between November 2020 and July 2022 did not comply with the Export Administration Regulations. Applied attributes the issue to a misunderstanding of how those regulations applied, rather than admitting to intentional wrongdoing. The filing does not state an admission of liability, but the company did agree to conduct internal audits of its export controls compliance program and to maintain export compliance training and reporting mechanisms. Separately, the Department of Justice and the SEC have informed the company that they have closed their respective inquiries with no enforcement action. This is a meaningful positive for investors, because the DOJ and SEC probes carried the risk of additional penalties, criminal exposure, and securities-related claims. With those reviews closed, the principal remaining overhang is the $252.5 million payment and the ongoing compliance obligations. The payment is a one-time charge, and the filing does not indicate whether it was already reserved for in prior financial statements. Investors should check the company's forthcoming quarterly report for the accounting treatment and any effect on reported results. Management stated that it is focused on executing its technology roadmap and supporting demand for next-generation semiconductor equipment. The disclosure is furnished under Item 7.01 rather than filed, so it is not subject to Section 18 liability unless expressly incorporated into another filing. Forward-looking statements in the press release carry the usual risks described in the company's most recent Form 10-K.

Feb 12, 2026 8-K

Financial EventsRegulation FDExhibits & Filings

Applied Materials 8-K Report, Financial Results (Nov 13, 2025)

Applied Materials reported fiscal fourth-quarter and full-year 2025 results (quarter ended October 26, 2025). Full-year net revenue rose 4% to a record $28.37 billion, and the company cited its sixth consecutive year of growth, driven by AI-related investment in advanced logic, DRAM, and advanced packaging. Fourth-quarter revenue fell 3% year over year to $6.80 billion. Quarterly non-GAAP diluted EPS declined 6% to $2.17, while GAAP diluted EPS rose 14% to $2.38, largely because of a $467 million unrealized gain on strategic investments that is excluded from non-GAAP results. Full-year non-GAAP EPS grew 9% to a record $9.42. Margins were mixed. Full-year non-GAAP operating margin expanded 1.0 point to 30.2%, but fourth-quarter non-GAAP operating margin contracted 0.7 points to 28.6%. Non-GAAP free cash flow fell 24% for the year to $5.70 billion as capital expenditures nearly doubled to $2.26 billion. The company also recorded $181 million of restructuring charges tied to a workforce reduction plan announced in the fourth quarter. Management guided first-quarter fiscal 2026 revenue to $6.85 billion (plus or minus $0.5 billion) and non-GAAP EPS to $2.18 (plus or minus $0.20). It said it is preparing operations to support higher demand beginning in the second half of calendar 2026. China fell to 30% of full-year revenue from 37% a year earlier, which reflects export-control pressure.

Nov 13, 2025 8-K

Applied Materials 8-K Report, Exit or Disposal Costs (Oct 23, 2025)

Applied Materials, Inc. (AMAT) announced a workforce reduction plan on October 23, 2025, impacting approximately 4% of its global workforce. This strategic move is intended to position the company for continued growth and enhance its competitiveness and productivity. The company expects to incur charges between $160 million and $180 million, primarily related to severance and other termination benefits, with most of these charges recognized in the fourth quarter of fiscal year 2025. The plan is anticipated to be completed in the first quarter of fiscal year 2026, subject to local legal requirements and employee representative consultations. This action signals a proactive approach by management to optimize operations.

Oct 23, 2025 8-K

Regulation FD

Applied Materials 8-K Report, Regulation FD Disclosure (Oct 2, 2025)

Applied Materials, Inc. (AMAT) has filed an 8-K to disclose the impact of a new U.S. Department of Commerce rule, the BIS Affiliates Rule, which expands export restrictions. This rule will further limit AMAT's ability to export certain products and provide parts and services to specific customers in China without a license. The company anticipates a significant near-term and medium-term financial impact from these restrictions.

Oct 2, 2025 8-K

Material AgreementsFinancial EventsExhibits & Filings

Applied Materials 8-K Report, Material Agreement (Sep 26, 2025)

Applied Materials, Inc. (AMAT) announced on September 25, 2025, the execution of a new 364-day revolving credit facility totaling $2.0 billion, with an option to expand the facility to $3.0 billion. This new credit agreement, established with Bank of America, N.A. as the administrative agent, provides the company with significant financial flexibility for general corporate purposes. The facility offers flexible interest rate options, including SOFR-based or prime rate options, with margins and commitment fees tied to Applied Materials' public debt credit ratings. A key financial covenant requires the company to maintain a consolidated adjusted EBITDA to consolidated net interest expense ratio of no less than 3.00 to 1.00, indicating a focus on maintaining a healthy debt servicing capability. The agreement also includes provisions for an extension of the maturity date, offering further operational and financial planning advantages.

Sep 26, 2025 8-K

Material AgreementsOther EventsExhibits & Filings

Applied Materials 8-K Report, Material Agreement (Sep 19, 2025)

Applied Materials, Inc. (AMAT) announced the completion of a registered public offering, raising a total of $1 billion through the issuance of senior unsecured notes. The offering comprises $550 million in 4.000% senior unsecured notes due 2031 and $450 million in 4.600% senior unsecured notes due 2036. The net proceeds from this offering are earmarked primarily for repaying AMAT's outstanding $700 million in 3.900% senior unsecured notes maturing on October 1, 2025, with the remainder allocated for general corporate purposes. This strategic debt issuance allows AMAT to proactively manage its debt maturity profile, replacing a larger maturing note with new debt at potentially different interest rates and maturities. The company has entered into an underwriting agreement with a syndicate of reputable financial institutions, and the notes are issued under an established indenture, supplemented by a second supplemental indenture. While the indenture contains limited covenants, it does include provisions for potential note repurchase upon a change in control coupled with a credit rating downgrade, and allows for redemption at the company's discretion. Investors should note that the proceeds are intended for debt repayment and general corporate uses, indicating a focus on financial stability and operational flexibility.

Sep 19, 2025 8-K

Applied Materials 8-K Report, Executive Changes (Sep 15, 2025)

Applied Materials, Inc. (AMAT) has filed an 8-K report disclosing the resignation of Yvonne McGill from its Board of Directors, effective September 12, 2025. This departure is noted as not being the result of any disagreements concerning the Company's operations, policies, or practices. While the filing does not provide further details on the reasons for Ms. McGill's resignation, its characterization as amicable is a positive signal for ongoing board stability and strategic continuity.

Sep 15, 2025 8-K

Applied Materials 8-K Report, Financial Results (Aug 14, 2025)

Applied Materials reported fiscal Q3 2025 (quarter ended July 27, 2025) with record revenue of $7.30 billion, up 8% year over year, and record non-GAAP diluted EPS of $2.48, up 17%. GAAP diluted EPS was $2.22, up 8%. Gross margin was 48.8% GAAP and 48.9% non-GAAP, and operating margin was 30.6% GAAP and 30.7% non-GAAP, both improving year over year. GAAP net income was boosted by a large $314 million unrealized gain on strategic investments and a $460 million tax charge related to a valuation allowance against corporate alternative minimum tax credits, so the headline GAAP and non-GAAP figures diverge materially below the operating line. The key concern for investors is the outlook. Management guided fiscal Q4 2025 revenue to approximately $6.70 billion, plus or minus $500 million, which implies a sequential decline of roughly 8% at the midpoint. The CFO attributed the decline to digestion of capacity in China and non-linear demand from leading-edge customers. The CEO also cited a dynamic macroeconomic and policy environment and lower near-term visibility, particularly for China. Guided non-GAAP gross margin is 48.1% and non-GAAP EPS is $2.11 plus or minus $0.20. China rose to 35% of net revenue from 32% a year earlier, which adds to concentration risk given the export-control and tariff exposure cited in the forward-looking statements. Cash generation weakened as the company ramped investment. Non-GAAP free cash flow was $2.05 billion, down 2% year over year, and capital expenditures rose to $584 million from $297 million. Share repurchases were $1.06 billion in the quarter, and nine-month repurchases were $4.04 billion. Cash and cash equivalents declined to $5.38 billion from $8.02 billion at fiscal year-end 2024, while long-term investments grew to $4.13 billion. Net income for the nine months declined to $5.10 billion from $5.45 billion, reflecting the large tax items in the period.

Aug 14, 2025 8-K

Applied Materials 8-K Report, Executive Changes (Jul 22, 2025)

Applied Materials (AMAT) filed an 8-K on July 22, 2025 to report the Board's July 18, 2025 appointment of James R. Anderson as a non-employee director, effective immediately. Mr. Anderson also joins the Board's Strategy and Investment Committee. The filing is a governance update rather than a financial disclosure: it contains no earnings, guidance, or changes to operations or capital allocation. Mr. Anderson brings more than 25 years of technology and semiconductor experience. He is currently CEO and a board member of Coherent Corp. (since June 2024) and previously served as President and CEO of Lattice Semiconductor (from 2018), with earlier leadership roles at AMD, Intel, Broadcom and LSI. The Board's stated rationale is his background in innovation-driven technology businesses as Applied pursues AI-related and next-generation chip opportunities. Compensation follows the standard non-employee director program: a $100,000 annual retainer, an additional $10,000 for Strategy and Investment Committee service, and RSUs valued at $240,000 (prorated), vesting in full on March 1, 2026, subject to continued service. For investors, the appointment adds a director with deep semiconductor operating experience and a seat on a committee focused on strategy and investment, which may be relevant to capital deployment decisions. The filing discloses no related-party transactions, no arrangements tied to his election, and no material financial impact. Investors should note his current CEO role at Coherent as a potential area to monitor for time commitments or future conflicts, though the filing does not raise any concern on this point.

Jul 22, 2025 8-K

Other EventsExhibits & Filings

Applied Materials 8-K Report, Financial Results (May 15, 2025)

Applied Materials reported fiscal Q2 2025 (quarter ended April 27, 2025) revenue of $7.10 billion, up 7% year over year, with record GAAP diluted EPS of $2.63 (up 28%) and record non-GAAP diluted EPS of $2.39 (up 14%). Gross margin expanded to 49.1% GAAP and 49.2% non-GAAP, and operating margin reached 30.5% GAAP and 30.7% non-GAAP, each up about 1.7 points year over year. Note that GAAP EPS was lifted by a $0.10 per share unrealized gain on strategic investments and a $0.05 gain on an asset sale, and the GAAP effective tax rate was only 8.0%, helped by a $124 million resolution of prior-year tax items. Growth was led by the Semiconductor Systems segment, where revenue rose to $5.26 billion and operating margin reached 36.2%. Customer geography shifted notably: Taiwan and Korea grew sharply, while China fell from 43% of revenue to 25%. Cash generation was softer than earnings suggest. Operating cash flow was $1.57 billion for the quarter, but non-GAAP free cash flow fell 7% to $1.06 billion as capital expenditures rose to $510 million from $257 million. Accounts receivable climbed to $6.19 billion from $5.23 billion at fiscal year-end, and first-half cash from operations dropped to $2.50 billion from $3.72 billion. The company returned $2.00 billion to shareholders in the quarter, including $1.67 billion in buybacks and $325 million in dividends, which exceeded its quarterly free cash flow. Cash and short-term investments declined, though long-term investments increased. Management's Q3 FY2025 outlook calls for revenue of approximately $7.20 billion (plus or minus $500 million), non-GAAP gross margin of 48.3%, and non-GAAP diluted EPS of $2.35 (plus or minus $0.20). Management stated that it has not seen significant changes in customer demand despite trade and macroeconomic uncertainty, while the filing flags ongoing export controls, tariffs, and customer concentration as key risks.

May 15, 2025 8-K

Applied Materials 8-K Report, Corporate Update (Apr 14, 2025)

On April 14, 2025, Applied Materials (AMAT) disclosed in a Form 8-K that it has purchased 9% of the outstanding common stock of BE Semiconductor Industries N.V. (Besi), a Dutch manufacturer of semiconductor assembly equipment. The stake was acquired through market-based transactions, which the company says are not subject to regulatory approvals. The filing does not disclose the purchase price or total cost, so the financial magnitude of the investment cannot be assessed from this document alone. The company frames the investment as strategic and long-term, tied to a collaboration that began in 2020 and was recently extended. The two companies have co-developed an integrated die-based hybrid bonding system aimed at high-volume manufacturing over the next several years. Hybrid bonding is positioned as a key technology for advanced packaging of AI-oriented logic and memory chips, which connects chips with direct copper-to-copper bonds to improve density, performance, power consumption, and cost. For investors, the key points are that Applied is deepening a technology partnership rather than pursuing control: it does not intend to seek board representation at Besi and has no plans to buy additional shares. The main open questions are the cost of the stake, its accounting treatment, and whether the partnership will yield meaningful revenue. The filing provides no financial forecasts or quantified benefits.

Apr 14, 2025 8-K

Material AgreementsFinancial EventsExhibits & Filings

Applied Materials 8-K Report, Shareholder Vote Results (Mar 10, 2025)

Applied Materials Inc. (AMAT) filed an 8-K report detailing the results of its Annual Meeting of Shareholders held on March 6, 2025. The primary outcomes of the meeting focused on corporate governance and auditor ratification. Shareholders overwhelmingly re-elected all ten incumbent directors to serve one-year terms, demonstrating strong confidence in the current board's leadership. Additionally, the compensation of the company's named executive officers for fiscal year 2024 was approved on an advisory basis, indicating shareholder support for executive pay practices. Furthermore, the appointment of KPMG LLP as the company's independent registered public accounting firm for fiscal year 2025 received overwhelming ratification. This indicates continued trust in KPMG's audit services. The substantial majority of votes in favor for all proposals suggest a stable shareholder base supportive of the company's established governance and operational oversight.

Mar 10, 2025 8-K

Applied Materials 8-K Report, Material Agreement (Feb 27, 2025)

Applied Materials, Inc. (AMAT) has entered into a new five-year, $2.0 billion revolving credit facility, replacing its previous $1.5 billion facility. This move signifies a strengthening of the company's liquidity and financial flexibility, allowing for general corporate purposes and potentially increasing the facility to $2.5 billion subject to lender commitments. The new credit agreement features competitive interest rates tied to public debt credit ratings and includes a financial covenant requiring a minimum consolidated adjusted EBITDA to consolidated net interest expense ratio of 3.00:1.00. This proactive refinancing demonstrates AMAT's commitment to maintaining robust financial health and access to capital. The termination of the prior credit agreement without outstanding balances indicates a smooth transition and no immediate repayment pressure from the old facility. Investors can view this as a positive development, reinforcing the company's ability to fund operations and pursue strategic initiatives.

Feb 27, 2025 8-K

Applied Materials 8-K Report, Financial Results (Feb 13, 2025)

Applied Materials reported fiscal Q1 2025 (quarter ended January 26, 2025) revenue of $7.17 billion, up 7% year over year, with record revenue and expanded gross margins. GAAP gross margin was 48.8% and non-GAAP gross margin was 48.9%, both up about 1 point. GAAP diluted EPS fell 40% to $1.45, mainly because of a $644 million ($0.79 per share) income tax charge from remeasuring Singapore deferred tax assets after new tax incentive agreements. Non-GAAP diluted EPS rose 12% to $2.38. Net income declined 41% to $1.19 billion. Cash generation weakened sharply. Operating cash flow was $925 million, down from $2.33 billion, and non-GAAP free cash flow fell 74% to $544 million, reflecting a $1.32 billion net increase in operating assets and liabilities and higher capital expenditures. Despite this, the company returned $1.64 billion to shareholders, including $1.32 billion in buybacks and $326 million in dividends, and cash and cash equivalents declined to $6.26 billion from $8.02 billion. Semiconductor Systems was the main driver, with revenue of $5.36 billion and a 37.1% GAAP operating margin, while Display revenue fell to $183 million. For fiscal Q2 2025, management guided to revenue of $7.1 billion (plus or minus $400 million) and non-GAAP diluted EPS of $2.30 (plus or minus $0.18), with non-GAAP gross margin of 48.4%. The outlook explicitly includes the estimated impact of recently announced U.S. export regulations. China's share of revenue fell to 31% from 45% a year earlier, while Korea (23%) and Taiwan (17%) grew sharply, so investors should watch China exposure and export control developments closely.

Feb 13, 2025 8-K

Applied Materials 8-K Report, Financial Results (Nov 14, 2024)

Applied Materials reported fiscal fourth quarter and full-year 2024 results for the period ended October 27, 2024. Q4 revenue reached a record $7.05 billion, up 5% year over year, but GAAP diluted EPS fell 12% to $2.09 as a $244 million unrealized loss on strategic investments weighed on results. Non-GAAP EPS rose 9% to $2.32. Full-year revenue grew 2% to $27.18 billion, and GAAP EPS of $8.61 (up 6%) and non-GAAP EPS of $8.65 (up 7%) were both records, marking the company's fifth consecutive year of growth. Management credited demand tied to AI and energy-efficient computing and described the industry roadmap as increasingly dependent on materials engineering. Cash generation remained strong, with fiscal 2024 operating cash flow of $8.68 billion and non-GAAP free cash flow of $7.49 billion. The company returned $5.01 billion to shareholders in the year, including $3.82 billion in buybacks and $1.19 billion in dividends, and ended the year with $9.5 billion in cash and short- and long-term investments against $6.26 billion in total debt. Q4 Semiconductor Systems revenue rose 6% and Applied Global Services grew 11%, while Display collapsed to $211 million in Q4 from $298 million a year earlier. China's share of revenue jumped to 37% for the year (from 27%), a concentration that carries export-control risk. For Q1 fiscal 2025, the company guided revenue to about $7.15 billion (±$400 million) and non-GAAP EPS to about $2.29 (±$0.18).

Nov 14, 2024 8-K

Material AgreementsOther EventsExhibits & Filings

Applied Materials 8-K Report, Financial Results (Aug 15, 2024)

Applied Materials reported fiscal Q3 2024 results (quarter ended July 28, 2024) with record revenue of $6.78 billion, up 5% year over year. GAAP diluted EPS rose 11% to $2.05 and non-GAAP diluted EPS rose 12% to $2.12. GAAP operating margin was 28.7% and non-GAAP operating margin was 28.8%, up 0.7 and 0.5 points. Management attributed the results to AI-driven demand for its materials engineering portfolio and said the quarter's EPS came in toward the high end of guidance. Semiconductor Systems was the main driver, with revenue of $4.92 billion and a 34.8% GAAP operating margin, and DRAM rose to 24% of segment revenue from 17%. Cash generation and capital returns were solid but mixed on a free cash flow basis. Cash from operations was $2.39 billion, but non-GAAP free cash flow fell 10% to $2.09 billion because of higher capital spending relative to the prior year's quarter, and total cash returned to shareholders was $1.19 billion ($861 million in buybacks and $331 million in dividends). Cash and equivalents increased to $8.29 billion, while long-term debt rose to $6.16 billion after a $694 million debt borrowing in the quarter. Revenue mix shifted notably: China grew to 32% of net revenue from 27%, while Europe fell to $339 million from $661 million. For the fourth quarter of fiscal 2024, management guided to net revenue of approximately $6.93 billion (plus or minus $400 million) and non-GAAP diluted EPS of $2.00 to $2.36, a wide range that reflects uncertainty around items such as tax effects and acquisition charges. Investors will likely focus on whether the AI-related demand strength can offset the wider geographic and export-control risks described in the forward-looking statements, and on whether the cash flow decline is temporary. This filing is a Form 8-K furnishing the earnings press release under Item 2.02, and the information is not deemed filed under Section 18 of the Exchange Act.

Aug 15, 2024 8-K

Applied Materials 8-K Report, Material Agreement (Jun 11, 2024)

Applied Materials, Inc. (AMAT) has filed a Current Report (8-K) detailing a significant financing event. On June 11, 2024, the company successfully completed a registered public offering, raising $700 million in aggregate principal amount of 4.800% senior unsecured notes due 2029. These notes were issued under an indenture with BofA Securities, Inc. and J.P. Morgan Securities LLC acting as underwriters. The net proceeds from this offering are designated for general corporate purposes, providing AMAT with increased financial flexibility.

Jun 11, 2024 8-K

Acquisitions & DispositionsExhibits & Filings

Applied Materials 8-K Report, Acquisition Completed (May 16, 2024)

Applied Materials reported fiscal Q2 2024 (quarter ended April 28, 2024) results that were essentially flat on revenue but mixed on profitability. Net revenue was $6.65 billion, unchanged from a year earlier, and GAAP gross margin rose 0.7 points to 47.4%. GAAP operating margin held at 28.8%, while non-GAAP operating margin slipped 0.1 point to 29.0%. GAAP diluted EPS rose 11% to $2.06, and non-GAAP diluted EPS rose 5% to $2.09. The EPS growth came mainly from below-the-line items, including a $141 million swing in interest and other income (from a $73 million expense a year earlier) that reflects gains on strategic investments, rather than from stronger operations. Non-GAAP free cash flow fell 44% to $1.14 billion as operating cash flow dropped to $1.39 billion, largely due to working capital changes. The geographic mix shifted sharply. China rose to 43% of revenue ($2.83 billion) from 21% a year earlier, while the United States, Korea, and Taiwan all declined as a share of sales. Within Semiconductor Systems, which generated $4.90 billion (down 1.5%), DRAM rose to 32% of segment revenue from 11%, while foundry, logic and other fell to 65% from 84%. Applied Global Services grew 7% to $1.53 billion with a 28.5% operating margin, and Display and Adjacent Markets margin collapsed to 2.8%. Management guided third-quarter revenue to approximately $6.65 billion, plus or minus $400 million, and non-GAAP EPS to between $1.83 and $2.19. That range is wide, reflecting uncertainty around export regulation and demand. Capital returns remained substantial. The company distributed $1.09 billion in the quarter, including $820 million in share repurchases and $266 million in dividends. Cash and equivalents reached $7.09 billion, and stockholders' equity rose to $18.2 billion from $16.3 billion at fiscal year-end 2023. Investors should weigh the flat top line, the China concentration and its exposure to export controls, and the lower cash generation against the stable margins and healthy balance sheet. This 8-K furnishes the earnings release under Item 2.02 and is not deemed filed under Section 18 of the Exchange Act.

May 16, 2024 8-K

Applied Materials 8-K Report, Shareholder Vote Results (Mar 11, 2024)

Applied Materials, Inc. (AMAT) filed an 8-K on March 11, 2024, detailing the results of its Annual Meeting of Shareholders held on March 7, 2024. The primary focus of the filing is the voting outcomes on several key proposals, all of which saw overwhelming support from shareholders, indicating strong confidence in the company's leadership and governance. Shareholders overwhelmingly re-elected all ten director nominees and approved, on an advisory basis, the executive compensation for fiscal year 2023. Furthermore, the appointment of KPMG LLP as the independent registered public accounting firm for fiscal year 2024 was ratified. Two shareholder proposals, one regarding lobbying reports and another concerning pay equity reporting, did not receive majority support and were therefore not approved.

Mar 11, 2024 8-K

Applied Materials 8-K Report, Executive Changes (Feb 29, 2024)

Applied Materials, Inc. (AMAT) announced the appointment of Adam Sanders as its new Corporate Controller and Chief Accounting Officer, effective March 4, 2024. Mr. Sanders, who has been with Applied Materials since 1999, brings extensive experience within the company, most recently serving as the Semiconductor Segment Group CFO. This appointment fills the principal accounting officer role, which had been temporarily held by Charles Read since December 2023. The compensation package for Mr. Sanders includes an annual base salary of $340,000, eligibility for a 50% target bonus in fiscal year 2024, and a restricted stock unit award valued at $400,000. The stock award is subject to a tiered vesting schedule starting in April 2025, contingent upon continued employment. Mr. Sanders' background and compensation structure appear aligned with executive roles within the company, with no apparent related party transactions or undisclosed arrangements.

Feb 29, 2024 8-K

Leadership ChangesCorporate ChangesExhibits & Filings

Applied Materials 8-K Report, Financial Results (Feb 15, 2024)

Applied Materials reported first-quarter fiscal 2024 results (quarter ended January 28, 2024) with revenue of $6.71 billion, essentially flat year over year ($6,707M vs. $6,739M). Profitability held up well: GAAP gross margin expanded 1.1 points to 47.8%, GAAP operating margin was 29.3% (up 0.1 points), and non-GAAP operating margin was flat at 29.5%. GAAP diluted EPS rose 19% to $2.41, but this was inflated by a $280 million unrealized gain on strategic investments (about $0.33 per share). Non-GAAP diluted EPS was $2.13, up 5% year over year, and the change in useful lives of certain PP&E added $0.03 to both GAAP and non-GAAP EPS. Non-GAAP net income rose only 3% because the unrealized gain is excluded from that measure. Cash generation was solid, with $2.33 billion in operating cash flow and $2.10 billion in non-GAAP free cash flow (up 6%). The company returned $966 million to shareholders, including $700 million in buybacks and $266 million in dividends. Cash and cash equivalents rose to $6.85 billion, and total stockholders' equity increased to $17.4 billion. The guidance for the second quarter of fiscal 2024 calls for revenue of approximately $6.50 billion (plus or minus $400 million) and non-GAAP diluted EPS of $1.79 to $2.15. The guidance range is wide, which reflects uncertainty. The mix shift is also notable: China rose to 45% of revenue from 17% a year earlier, while Taiwan fell to 8% from 29%. Management emphasized that leadership at key semiconductor inflections should support outperformance as customers ramp chip technologies tied to AI and IoT. Investors should weigh the strong cash position and shareholder returns against flat core revenue, the heavy reliance on China, and the wide forward EPS range.

Feb 15, 2024 8-K

Applied Materials 8-K Report, Executive Changes (Dec 13, 2023)

Applied Materials, Inc. (AMAT) filed an 8-K report on December 12, 2023, detailing two significant events: the departure of its Principal Accounting Officer and amendments to its bylaws. Jeff Bodner, the Principal Accounting Officer, departed the company on December 11, 2023. The company stated that this departure was not due to any disagreements related to financial controls, statements, operations, policies, or practices, which should provide some comfort to investors regarding the integrity of the company's financial reporting. In conjunction with Mr. Bodner's departure, Charles Read has been appointed as the interim Principal Accounting Officer. Mr. Read has a long tenure with Applied Materials, holding senior finance roles including Corporate Vice President, Business Units and Operations CFO. His experience in various accounting and financial leadership positions within the company and prior roles at Brocade Communications Systems and KPMG provides a strong foundation for his interim responsibilities. Additionally, the Board of Directors amended the company's bylaws to lower the ownership threshold required for stockholders to call a special meeting from 20% to 10%. This change may increase shareholder engagement and influence in corporate governance matters.

Dec 13, 2023 8-K

Applied Materials 8-K Report, Financial Results (Nov 16, 2023)

Applied Materials reported fourth quarter and fiscal 2023 results for the period ended October 29, 2023. Q4 revenue was $6.72 billion, flat year over year, while GAAP diluted EPS rose 29% to $2.38 and non-GAAP adjusted EPS rose 4% to $2.12. For the full fiscal year, revenue reached a record $26.52 billion (up 3%), GAAP EPS was $8.11 (up 9%), and non-GAAP adjusted EPS was $8.05 (up 5%). Management highlighted that the company is outgrowing the wafer fabrication equipment market for the fifth consecutive year. Q4 EPS growth was helped in part by a $147 million unrealized gain on strategic investments and a lower tax provision, so the underlying operating trend is more modest than the headline GAAP EPS growth suggests. Profitability and cash generation were strong for the year. Full-year operating margin on a GAAP basis fell to 28.9% from 30.2%, and non-GAAP adjusted operating margin fell to 29.1% from 30.5%, reflecting higher operating expenses, particularly R&D. Operating cash flow was a record $8.70 billion and non-GAAP free cash flow was $7.59 billion, up 65%. The company returned $3.16 billion to shareholders in fiscal 2023 through $2.19 billion of buybacks and $975 million of dividends. Cash and cash equivalents rose to $6.13 billion, and stockholders' equity increased to $16.35 billion from $12.19 billion. For the outlook, management guided first-quarter fiscal 2024 net sales to approximately $6.47 billion, plus or minus $400 million, and non-GAAP adjusted diluted EPS to between $1.72 and $2.08. Geographic mix shifted notably, with China rising to 27% of full-year sales and 44% of Q4 sales, which investors should weigh against export-control risks described in the forward-looking statements.

Nov 16, 2023 8-K

Applied Materials 8-K Report, Financial Results (Aug 17, 2023)

Applied Materials reported fiscal third-quarter 2023 results (quarter ended July 30, 2023) that were at the high end of its guidance range, according to CEO Gary Dickerson. Net sales were $6.43 billion, down 1% year over year, while GAAP diluted EPS of $1.85 was flat and non-GAAP adjusted diluted EPS of $1.90 declined 2%. Profitability eased modestly: GAAP operating margin was 28.0% (down 1.5 points) and non-GAAP adjusted operating margin was 28.3% (down 1.7 points). Gross margin held roughly steady at 46.3% GAAP and 46.4% non-GAAP. Cash generation was strong, with $2.58 billion in operating cash flow in the quarter and $7.15 billion year to date, up from $4.54 billion a year earlier. The company returned $707 million to shareholders in the quarter ($439 million in buybacks and $268 million in dividends). Cash and cash equivalents rose sharply to $6.03 billion from $2.0 billion at fiscal year-end 2022, while total stockholders' equity increased to $15.1 billion. The outlook for fiscal Q4 2023 calls for net sales of approximately $6.51 billion (plus or minus $400 million) and non-GAAP adjusted diluted EPS of $1.82 to $2.18. Segment performance was mixed: Semiconductor Systems was the main driver at $4.68 billion in sales with a 34.6% GAAP operating margin, while Display and Adjacent Markets fell sharply to $235 million in sales from $333 million, and its operating margin compressed to 15.7%. Applied Global Services grew sales 3% to $1.46 billion. Geographically, U.S. sales rose to 16% of revenue from 11%, while Korea and Taiwan declined, and China was roughly flat at 27% of sales.

Aug 17, 2023 8-K

Applied Materials 8-K Report, Financial Results (May 18, 2023)

Applied Materials reported fiscal Q2 2023 (quarter ended April 30, 2023) with revenue of $6.63 billion, up 6% year over year, and GAAP diluted EPS of $1.86, up 7%. Non-GAAP adjusted EPS was $2.00, up 8%. Profitability was slightly weaker: GAAP operating margin was 28.8% and non-GAAP operating margin was 29.1%, both down 1.5 points year over year. Management said results landed at the high end of guidance and expects to outperform its markets in 2023. Growth came from the Semiconductor Systems segment, where foundry/logic mix rose to 84% of segment sales from 65%, while DRAM and flash demand fell as a share of sales. Display and Adjacent Markets sales fell sharply, from $381 million to $168 million. Cash generation and balance sheet strength were the clearest positives. Operating cash flow was $2.29 billion in the quarter, and cash and equivalents rose to $4.59 billion from $2.0 billion at fiscal year-end 2022. The company returned $1.02 billion to shareholders, including $800 million of buybacks and $219 million of dividends. Buybacks were much lower than the prior-year pace, with six-month repurchases of $1.05 billion versus $3.6 billion a year earlier. Total debt is about $5.66 billion, including $199 million of short-term debt. Geographic mix shifted notably: China sales fell to $1.41 billion (21% of total) from $2.13 billion (34%), while U.S., Korean and Taiwanese sales increased. The third-quarter outlook points to a sequential decline. Management expects net sales of approximately $6.15 billion, plus or minus $400 million, and non-GAAP adjusted diluted EPS of $1.56 to $1.92. The guidance explicitly cites export regulations and trade policy as risks. Investors should also note that the GAAP effective tax rate was 11.4% in the quarter, aided by discrete tax items, and that a $117 million realized loss and impairment on strategic investments was excluded from non-GAAP results.

May 18, 2023 8-K

Applied Materials 8-K Report, Shareholder Vote Results (Mar 13, 2023)

This 8-K filing reports on the results of Applied Materials, Inc.'s (AMAT) Annual Meeting of Shareholders held on March 9, 2023. The key outcomes include the overwhelming election of all ten director nominees, with strong support across the board. Shareholders also approved, on an advisory basis, the compensation of the company's Named Executive Officers for Fiscal Year 2022, though with a notable percentage of 'Against' votes. The meeting also saw shareholders express a preference for an annual advisory vote on executive compensation. A significant development was the approval of a shareholder proposal requesting the Board to consider enabling owners of 10% of outstanding common stock to call a special shareholder meeting. This proposal received a majority of 'For' votes, indicating shareholder desire for increased responsiveness. Conversely, a shareholder proposal seeking to incorporate the CEO pay ratio into executive compensation policies was not approved.

Mar 13, 2023 8-K

Corporate ChangesExhibits & Filings

Applied Materials 8-K Report, Financial Results (Feb 16, 2023)

Applied Materials reported fiscal Q1 2023 (quarter ended January 29, 2023) revenue of $6.74 billion, up 7% year over year, with GAAP diluted EPS of $2.02 (up 1%) and non-GAAP adjusted diluted EPS of $2.03 (up 7%). Profitability compressed: GAAP operating margin fell 2.3 points to 29.2% and non-GAAP operating margin fell 2.2 points to 29.5%, and GAAP net income declined 4% to $1.717 billion. EPS grew faster than net income largely because diluted share count fell from 897 million to 849 million, reflecting prior buybacks. Cash generation was strong, with $2.27 billion in operating cash flow, and cash and equivalents rose to $3.55 billion from $2.00 billion at fiscal year-end. The company returned $470 million to shareholders ($250 million in repurchases and $220 million in dividends). The Semiconductor Systems segment drove growth, with revenue of $5.16 billion (up roughly 13%) and a 37.1% operating margin, while Applied Global Services grew about 4% to $1.37 billion at a 28.0% margin. Display and Adjacent Markets collapsed to $167 million from $366 million, with its margin falling to 4.8%. Geographically, China revenue dropped sharply to $1.15 billion from $1.99 billion (17% of sales versus 32%), offset by Taiwan, which rose to $1.97 billion, and Europe and the United States, which also grew. The outlook is the main concern. Management guided fiscal Q2 2023 net sales to about $6.40 billion (plus or minus $400 million), including a $250 million negative impact from a cybersecurity event at one of its suppliers, and guided non-GAAP diluted EPS to a wide range of $1.66 to $2.02. Management characterized the company as well positioned to outperform its markets in 2023, but the filing leaves investors with a near-term revenue decline, uncertain supplier recovery, and continued China exposure to weigh.

Feb 16, 2023 8-K

Applied Materials 8-K Report, Bylaw Amendment (Dec 16, 2022)

Applied Materials, Inc. (AMAT) filed a Current Report on Form 8-K on December 15, 2022, detailing amendments to its Amended and Restated Bylaws. The primary focus of these changes, effective December 13, 2022, is to enhance procedural mechanics and disclosure requirements related to stockholder nominations of directors. These amendments are designed to provide greater clarity and enforceability concerning the process by which shareholders can nominate directors, particularly in light of Rule 14a-19 under the Securities Exchange Act of 1934. Key changes include stricter requirements for stockholders intending to nominate directors, the need for nominees to provide requested information, specific rules on proxy card colors for soliciting shareholders, and provisions for disregarding nominations that do not adhere to the amended bylaws or Rule 14a-19. Investors should note these changes as they impact corporate governance and the ability of shareholders to nominate candidates for the board.

Dec 16, 2022 8-K

Applied Materials 8-K Report, Financial Results (Nov 17, 2022)

Applied Materials reported record fiscal 2022 results, with revenue of $25.79 billion (up 12%) and non-GAAP adjusted EPS of $7.70 (up 13%). Fourth-quarter revenue reached a record $6.75 billion (up 10% year over year), but GAAP EPS of $1.85 declined 2%, and gross margin fell 2.2 points to 45.9% as the company absorbed supply chain constraints and mix shifts. Non-GAAP adjusted EPS of $2.03 rose 5%. The bigger investor focus is the outlook. For fiscal Q1 2023, management guided to net sales of approximately $6.70 billion (plus or minus $400 million), which includes the expected impact of recently announced U.S. export regulations, and non-GAAP adjusted EPS of $1.75 to $2.11. The CEO said the company is slowing the rate of spending growth in the near term amid geopolitical and macroeconomic challenges, while continuing strategic investments to outgrow the semiconductor market. Cash generation weakened in the quarter. Operating cash flow fell to $857 million from $1.15 billion a year earlier, and cash and equivalents dropped to $1.99 billion from $5.0 billion at fiscal year-end 2021. Inventories rose to $5.93 billion from $4.31 billion, and accounts receivable rose to $6.07 billion from $4.95 billion, while the company still returned $6.98 billion to shareholders in fiscal 2022, including $6.10 billion in buybacks, which exceeded full-year operating cash flow of about $5.40 billion.

Nov 17, 2022 8-K

Regulation FDExhibits & Filings

Applied Materials 8-K Report, Executive Changes (Oct 24, 2022)

Applied Materials (AMAT) filed an 8-K on October 24, 2022 to report the appointment of Kevin P. March to its Board of Directors and the Audit Committee, effective immediately upon his election on October 20, 2022. The filing is a governance update rather than a financial disclosure: it contains no earnings, guidance, or capital allocation information. Investors should view it as a routine board refresh that adds a seasoned finance executive to the Audit Committee. Mr. March is a retired Texas Instruments executive who served as Senior Vice President and Chief Financial Officer from 2003 to 2017, after joining TI in 1984. The company highlights his role in forming TI's Analog Semiconductor segment and developing its capital management strategy. His background in finance, operations, and semiconductor business management is directly relevant to an Audit Committee seat at a large semiconductor equipment maker. Compensation for Mr. March follows the standard non-employee director program: an $85,000 annual retainer, an additional $25,000 for Audit Committee service, and restricted stock units valued at $240,000, all prorated through the 2023 Annual Meeting. The RSUs are scheduled to vest on March 1, 2023, subject to continued board service. The filing discloses no related-party transactions and no arrangements tied to his election. Exhibit 99.1 is furnished under Item 7.01 and is not deemed filed for Exchange Act liability purposes.

Oct 24, 2022 8-K

Applied Materials 8-K Report, Regulation FD Disclosure (Oct 12, 2022)

Applied Materials (AMAT) filed an 8-K on October 12, 2022 to disclose a revised outlook for its fourth quarter of fiscal 2022 (ending October 30, 2022) following new U.S. export regulations announced October 7, 2022 that restrict sales of advanced U.S. semiconductor technology, including wafer fabrication equipment and related parts and services, to China. Management estimates the rules will reduce fourth-quarter net sales by approximately $400 million (plus or minus $150 million). Net sales guidance was lowered to about $6.4 billion (plus or minus $250 million) from the prior $6.65 billion (plus or minus $400 million), partly offset by supply chain performance improvements. Non-GAAP adjusted diluted EPS guidance fell to $1.54–$1.78 from $1.82–$2.18, including a preliminary estimated $0.23 per share hit mainly from inventory and remanufacturing charges tied to the new rules. The company said it expects the regulations to reduce first-quarter fiscal 2023 net sales by a similar amount, and it is pursuing additional export licenses and authorizations where needed. Additional detail is promised for the next earnings webcast, so the magnitude and duration of the impact remain a key open question for investors. Separately, Applied disclosed that it recently received a subpoena from the U.S. Attorney's Office for the District of Massachusetts requesting information about certain China customer shipments. The company says it is cooperating with the government and remains committed to compliance with export controls and trade regulations. The subpoena does not quantify any potential liability, and the filing does not state an outcome, so its financial significance is currently unknown.

Oct 12, 2022 8-K

Leadership ChangesExhibits & Filings

Applied Materials 8-K Report, Executive Changes (Sep 29, 2022)

This 8-K filing from Applied Materials (AMAT) announces a separation agreement with Ali Salehpour, Senior Vice President of Services, Display and Flexible Technology, who previously announced his retirement in August 2022 for January 2023. The agreement outlines Mr. Salehpour's transition to an Advisor role to the CEO until his separation, during which he will continue to receive his current compensation and benefits, including salary, eligibility for the fiscal year 2022 bonus, and continued vesting of equity awards. Further details of the agreement include a lump-sum cash payment of $655,000, payable one year after separation, contingent on adherence to non-compete and confidentiality clauses. The company will also cover COBRA premiums for Mr. Salehpour and his dependents for approximately 18 months. This filing provides transparency on executive transitions and associated financial arrangements.

Sep 29, 2022 8-K

Applied Materials 8-K Report, Executive Changes (Sep 6, 2022)

Applied Materials, Inc. (AMAT) announced a significant change in its principal accounting officer role through an 8-K filing on September 6, 2022. Charles Read, who has held the position of Corporate Vice President, Corporate Controller and Chief Accounting Officer since 2013, will transition to a new role as Corporate Vice President, Business Units and Operations CFO, effective September 13, 2022. This move signifies a strategic reallocation of experienced leadership within the company's finance department. Concurrently, the company has appointed Jeff Bodner as the new Corporate Vice President, Corporate Controller and Chief Accounting Officer, also effective September 13, 2022. Mr. Bodner brings a wealth of experience from his previous roles, including Chief Accounting Officer at ESS Tech, Inc., and extensive finance leadership positions at Intel Corporation and PwC. His appointment is accompanied by a competitive compensation package, including base salary, bonus eligibility, a sign-on bonus, and a substantial restricted stock unit award, underscoring the company's investment in retaining and attracting key financial talent.

Sep 6, 2022 8-K

Applied Materials 8-K Report, Executive Changes (Aug 25, 2022)

Applied Materials, Inc. (AMAT) announced on August 23, 2022, that Ali Salehpour, Senior Vice President of Services, Display, and Flexible Technology, has informed the company of his intention to retire in January 2023. Mr. Salehpour will continue in his role until his retirement to facilitate a seamless transition of his duties. While this filing primarily concerns an executive departure, it's important for investors to note that the company is managing this transition effectively. Mr. Salehpour's tenure is set to conclude after the current fiscal year, allowing ample time for succession planning and knowledge transfer within the Services, Display, and Flexible Technology segments. Investors should monitor future communications for updates on his successor and the potential impact on these business areas.

Aug 25, 2022 8-K

Applied Materials 8-K Report, Financial Results (Aug 18, 2022)

Applied Materials reported fiscal Q3 2022 (quarter ended July 31, 2022) with record quarterly net sales of $6.52 billion, up 5% year over year, and non-GAAP adjusted diluted EPS of $1.94, up 2%. GAAP diluted EPS was $1.85, down 1%, and GAAP net income fell 6% to $1.61 billion. Gross margin compressed to 46.1% GAAP (46.2% non-GAAP) from roughly 48% a year earlier, and operating margin declined to 29.5% GAAP (30.0% non-GAAP) from 32.5% (32.7%), reflecting higher costs and supply chain constraints that limited the company's ability to ship as much product as customers wanted. Inventories rose to $5.51 billion from $4.31 billion at fiscal year-end, while cash and equivalents fell to $2.96 billion from $4.99 billion, largely due to $4.6 billion of share repurchases year to date and $441 million of acquisitions in the quarter. Cash generation remained solid, with $1.47 billion of operating cash flow in the quarter and $1.23 billion returned to shareholders through $1.00 billion of buybacks and $225 million of dividends. Segment performance was mixed: Semiconductor Systems grew sales 6% to $4.73 billion but its operating margin fell to 35.9% from 40.1%, Applied Global Services grew 10% to $1.42 billion with a stable 30.6% margin, and Display and Adjacent Markets declined 23% to $333 million. China fell to 27% of sales from 36% a year earlier, while Europe, Taiwan and the United States grew. For the fourth quarter of fiscal 2022, management guided to net sales of about $6.65 billion (plus or minus $400 million) and non-GAAP adjusted diluted EPS of $1.82 to $2.18, a wide range that signals continued uncertainty from supply chain issues and macroeconomic headwinds. Management stated that its top priority is increasing shipments to customers and that it remains confident in the long-term strength of the semiconductor market despite near-term macro risks such as inflation, rising interest rates, and export control policy changes. The filing is a furnished (not filed) 8-K under Item 2.02, so the results are presented to investors without incurring Section 18 liability, and the press release contains the detailed GAAP to non-GAAP reconciliations.

Aug 18, 2022 8-K

Applied Materials 8-K Report, Financial Results (May 19, 2022)

Applied Materials reported fiscal Q2 2022 (quarter ended May 1, 2022) revenue of $6.25 billion, up 12% year over year, with GAAP operating margin of 30.3% (up 2.0 points) and GAAP diluted EPS of $1.74 (up 22%). Non-GAAP adjusted diluted EPS was $1.85, up 13%, while non-GAAP adjusted operating margin of 30.6% declined 1.1 points year over year. Management described demand as 'never been stronger' but said results remain constrained by ongoing supply chain issues. Semiconductor Systems drove the bulk of profit, with operating income of $1.65 billion at a 37.0% margin, and Applied Global Services delivered $422 million at a 30.5% margin. Cash generation was weak in the quarter. Operating cash flow was only $415 million, driven by a $1.05 billion outflow from operating assets and liabilities, and inventories rose to $5.0 billion from $4.3 billion at fiscal year-end. Applied returned $2.01 billion to shareholders, including $1.80 billion of share repurchases and $211 million of dividends. Cash and cash equivalents fell to $3.33 billion from $5.0 billion at October 31, 2021, reflecting the buybacks and a cash tax payment of $951 million in the quarter. For the third quarter of fiscal 2022, Applied guided to net sales of approximately $6.25 billion, plus or minus $400 million, and non-GAAP adjusted diluted EPS of $1.59 to $1.95. The wide EPS range and the supply-chain caveat leave meaningful uncertainty around near-term earnings, and investors will likely focus on whether inventory build and working capital normalize and whether the company can convert strong demand into shipments.

May 19, 2022 8-K

Applied Materials 8-K Report, Shareholder Vote Results (Mar 14, 2022)

This 8-K filing from Applied Materials, Inc. (AMAT) details the outcomes of its Annual Meeting of Shareholders held on March 10, 2022. Key resolutions voted on by shareholders included the election of directors, advisory approval of executive compensation, ratification of the independent auditor, and two shareholder proposals. All ten director nominees were elected with significant "For" votes. The compensation of the company's named executive officers for fiscal year 2021 received advisory approval from shareholders, although with a notable percentage of "Against" votes. Additionally, the appointment of KPMG LLP as the independent registered public accounting firm for fiscal year 2022 was overwhelmingly ratified.

Mar 14, 2022 8-K

Applied Materials 8-K Report, Executive Changes (Mar 7, 2022)

Applied Materials (AMAT) filed an 8-K on March 7, 2022 announcing the appointment of Brice Hill as Senior Vice President and Chief Financial Officer, effective that same day. Hill succeeds Robert J. Halliday, who had been serving as interim CFO and will remain with the company as a Corporate Vice President and Advisor to support a smooth transition. Hill comes from Xilinx, where he was Executive Vice President and CFO until its acquisition by Advanced Micro Devices in February 2022, and previously spent roughly 25 years in finance roles at Intel, most recently as Corporate Vice President and CFO and COO of the Technology, Systems and Core Engineering Group. The filing is primarily a leadership change rather than a financial disclosure, and no financial results or guidance are included. The compensation package is the most material detail for shareholders: a $675,000 base salary, a 135% target bonus under the Senior Executive Bonus Plan starting in fiscal 2022, a $2,000,000 sign-on bonus subject to clawback if he leaves within two years, and an $8,500,000 RSU award vesting in three annual installments from 2023 to 2025. He is also eligible for a long-term incentive award of at least $4,250,000 at the next regular annual equity grant cycle. For investors, the appointment brings a CFO with deep semiconductor finance experience at a time when the company describes the industry as in a period of unprecedented growth. The transition appears orderly given Halliday's continued involvement. The 8-K does not indicate any disagreement with the prior management or any related-party transactions involving Hill.

Mar 7, 2022 8-K

Corporate ChangesExhibits & Filings

Applied Materials 8-K Report, Financial Results (Feb 16, 2022)

Applied Materials reported first-quarter fiscal 2022 results (quarter ended January 30, 2022) that set a company record for quarterly revenue of $6.27 billion, up 21% year over year. GAAP operating margin rose to 31.5% from 24.9% and non-GAAP adjusted operating margin reached 31.7%, up 2.7 points. GAAP diluted EPS was $2.00, up 64%, while non-GAAP adjusted diluted EPS was $1.89, up 36%. The GAAP-to-non-GAAP gap in the current quarter was largely driven by a $62 million tax-related benefit from resolutions of prior years' tax filings, which flatters GAAP EPS, and the prior-year comparison was distorted by severance charges and COVID-19 costs. Cash generation was strong. Cash from operations was a record $2.66 billion, helped by a $633 million net change in operating assets and liabilities, and the company returned $2.02 billion to shareholders through $1.80 billion in buybacks and $214 million in dividends. Growth was broad-based across segments: Semiconductor Systems revenue rose to $4.57 billion from $3.55 billion, Applied Global Services grew to $1.32 billion, and Display and Adjacent Markets declined to $366 million. Management said supply constraints remain a challenge but expressed a very positive outlook for 2022 and beyond. For the second quarter of fiscal 2022, management guided to net sales of approximately $6.35 billion (plus or minus $300 million) and non-GAAP adjusted diluted EPS of $1.75 to $2.05, explicitly including ongoing supply chain impacts. The midpoint of the EPS range implies a sequential decline from Q1's $1.89 non-GAAP figure, which investors should weigh against the strong quarter. Key risks flagged in the forward-looking statements include supply chain and logistics constraints, customer concentration, U.S.-China trade and export policy changes, and COVID-19 effects.

Feb 16, 2022 8-K

Applied Materials 8-K Report, Bylaw Amendment (Dec 8, 2021)

Applied Materials, Inc. (AMAT) filed an 8-K on December 7, 2021, to report an amendment and restatement of its corporate bylaws, effective December 3, 2021. The amendments, approved by the Board of Directors, introduce several key changes aimed at clarifying governance procedures and enhancing operational flexibility. These updates primarily address director nominations, the requirements for nominees, voting standards for stockholder actions, and introduce an emergency bylaw provision. From an investor's perspective, these changes are largely procedural and designed to align with Delaware corporate law and modern governance practices. The clarification on director nominations ensures that a stockholder's nominations do not exceed the number of open director seats. The requirement for nominees to affirm their intent to serve for the full term provides greater certainty. The addition of an emergency bylaw provision offers a contingency plan for unforeseen circumstances that might prevent the board from achieving a quorum, ensuring business continuity. Overall, these amendments signal good corporate governance and operational preparedness by the company.

Dec 8, 2021 8-K

Applied Materials 8-K Report, Financial Results (Nov 18, 2021)

Applied Materials reported fiscal Q4 and full-year 2021 results (quarter ended October 31, 2021) that set records for annual revenue and operating margin. Full-year net sales rose 34% to $23.06 billion, with GAAP operating margin of 29.9% (non-GAAP 31.7%) and GAAP diluted EPS of $6.40 (non-GAAP $6.84). Fourth-quarter revenue of $6.12 billion grew 31% year over year but landed at the low end of guidance because of supply chain constraints. Management said demand for semiconductors and equipment is outpacing its supply chain, particularly for certain silicon components, and that these shortages will likely persist near term. Orders were the standout metric: total orders rose 62% for the year and Semiconductor Systems orders rose 78%. The Semiconductor Systems backlog grew from $5.5 billion to $6.7 billion during the quarter, which management said supports strength into 2022. Cash generation was strong, with record annual operating cash flow of $5.44 billion. The company returned $4.59 billion to shareholders in fiscal 2021, including $3.75 billion in buybacks and $838 million in dividends. For fiscal Q1 2022, Applied guided to net sales of about $6.16 billion (plus or minus $250 million) and non-GAAP diluted EPS of $1.78 to $1.92. Investors will be watching whether supply constraints ease enough to convert the record backlog into revenue. Note that the filing reports results only; it does not itself disclose the outlook beyond Q1 FY2022.

Nov 18, 2021 8-K

Applied Materials 8-K Report, Executive Changes (Oct 1, 2021)

Applied Materials (AMAT) filed an 8-K on October 1, 2021 disclosing that Senior Vice President and Chief Financial Officer Daniel J. Durn is leaving to become CFO of Adobe Inc. Durn will remain with the company through October 15, 2021 to support a smooth transition. The company has named Robert J. Halliday, a former CFO (February 2013 to August 2017) and current senior advisor, as interim CFO while it searches for a permanent successor. For investors, the leadership change is the central event, but the filing and accompanying press release present it as orderly rather than disruptive. Halliday's familiarity with the role and the company reduces execution risk during the search. The company also stated that its fourth-quarter fiscal 2021 guidance is unchanged, which signals management's confidence in near-term results despite the transition. The compensation terms for the interim CFO are notable. Halliday receives an annual base salary of $710,000, a target bonus of 135% of salary (prorated for his interim service), and a $2,000,000 cash bonus payable if he remains interim CFO until a permanent CFO starts or is terminated without cause, or due to death or disability, before that date. The retention-style bonus gives him a financial incentive to stay through the handover, though the amount is a modest figure relative to Applied's scale. The filing does not name a successor or timeline for the permanent appointment.

Oct 1, 2021 8-K

Applied Materials 8-K Report, Financial Results (Aug 19, 2021)

Applied Materials reported record third-quarter fiscal 2021 results for the quarter ended August 1, 2021. Revenue reached $6.20 billion, up 41% year over year from $4.40 billion, driven by strong secular demand for semiconductors and advanced displays. GAAP operating margin expanded to 32.5% (up 7.3 points) and non-GAAP adjusted operating margin reached 32.7% (up 6.3 points). GAAP diluted EPS was $1.87 (up 105%) and non-GAAP adjusted diluted EPS was $1.90 (up 79%). Semiconductor Systems, the largest segment, drove most of the growth, with net sales of $4.45 billion and a 40.1% GAAP operating margin. Cash generation and capital return were also strong. Operating cash flow was $1.69 billion in the quarter, and the company returned $1.72 billion to shareholders through $1.50 billion in share repurchases and $219 million in dividends. Cash and cash equivalents rose to $6.07 billion, and stockholders' equity grew to $12.06 billion. Long-term debt was essentially flat at $5.45 billion. For the fourth quarter of fiscal 2021, management guided to net sales of approximately $6.33 billion, plus or minus $250 million, and non-GAAP adjusted diluted EPS of $1.87 to $2.01. Investors should note that the outlook implies only modest sequential revenue growth, and that the press release cites risks including U.S. export license restrictions on sales to certain Chinese entities, COVID-19 disruptions, and customer concentration. China accounted for 36% of quarterly net sales.

Aug 19, 2021 8-K