Reports › AMAT › 10-Q FY2026

SEC filings, compared

What changed in Applied Materials Inc /De's 10-Q for the quarter ended January 25, 2026

Compared with the 10-Q for the quarter ended January 26, 2025. Part I, Item 2 and Part II, Item 1A analysed; every summary checked against the quoted filing text.

Registrant: APPLIED MATERIALS INC /DE · AMAT
This filing: 0001628280-26-009694 ↗ · filed Feb 19, 2026
Compared with: 0000006951-25-000011 ↗ · filed Feb 20, 2025
Processed: Sep 20, 2026 UTC · parser-v5 · classify-v4 · select-v1

Research tool. Describes what filings say. Not investment advice. Verify independently. Read the cited paragraph before relying on it.

How a report is made

45 material changes among 72 changed paragraphs

16 shown by default across the three sections below; each section's "Show all" reaches the rest, in filing order.

Numbers from XBRL

Each figure is the one the filing itself tagged, taken from the filing that reported it. Not written by a model.

Concept	FY2026	FY2025	Change (our arithmetic)
Revenueus-gaap:RevenueFromContractWithCustomerExcludingAssessedTax	7,012,000,000USD · Oct 27, 2025 to Jan 25, 2026	7,166,000,000USD · Oct 28, 2024 to Jan 26, 2025	−154,000,000−2.1%
Net income or lossus-gaap:NetIncomeLoss	2,026,000,000USD · Oct 27, 2025 to Jan 25, 2026	1,185,000,000USD · Oct 28, 2024 to Jan 26, 2025	+841,000,000+71%
Cash and cash equivalentsus-gaap:CashAndCashEquivalentsAtCarryingValue	7,218,000,000USD · at Jan 25, 2026	6,264,000,000USD · at Jan 26, 2025	+954,000,000+15.2%
Net cash from operating activitiesus-gaap:NetCashProvidedByUsedInOperatingActivities	1,686,000,000USD · Oct 27, 2025 to Jan 25, 2026	925,000,000USD · Oct 28, 2024 to Jan 26, 2025	+761,000,000+82.3%

Values as tagged in the filing's inline XBRL, resolved by accession rather than by period matching. When a value is not tagged, we show that instead of estimating it. FY2026: 0001628280-26-009694 · FY2025: 0000006951-25-000011

What the company says for the first time

Paragraphs with no counterpart in the prior filing.

6 material additions

Part I, Item 2 · MD&A

6 of 6 shown · In filing order, too few to rank

01AddedPart I, Item 2 › Overview

Summary · quote-checked

New disclosure describes moving the 200mm equipment business between segments and fully allocating corporate support costs to reportable segments.

The paragraph introduces substantive changes to segment organization, cost allocation, and recast prior-period balances, altering how operations and segment results are presented.

Filing text · FY2025 10-Q · filed Feb 20, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed Feb 19, 2026

[added] Effective the first quarter of fiscal 2026, we have moved our 200 millimeter (200mm) equipment business from our Applied Global Services (AGS) segment to our Semiconductor Systems segment. We made this change in order to increase our operational efficiency and consolidate the reporting of our 200mm equipment with the reporting of our other capital equipment used to fabricate semiconductor chips in our Semiconductor Systems segment. In addition, effective in the first quarter of fiscal 2026, we are fully allocating corporate support costs to our reportable segments. Prior-period segment balances have been recast to conform to the current-year presentation.

Cite this change

"Effective the first quarter of fiscal 2026, we have moved our 200 millimeter (200mm) equipment business from our Applied Global Services (AGS) segment to our Semiconductor Systems segment."

Applied Materials Inc /De, Form 10-Q for FY2026, Part I, Item 2, accession 0001628280-26-009694, filed 19 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/6951/000162828026009694/amat-20260125.htm

Comparison: https://yearover.com/reports/amat/0001628280-26-009694?ref=quote

02AddedPart I, Item 2 › Operating Expenses

Summary · quote-checked

Added disclosure of a $253 million charge and settlement agreement resolving a previously disclosed export controls compliance matter.

The paragraph adds a legal matter, financial charge, and settlement obligation, substantively changing disclosed obligations and financial exposure.

Filing text · FY2025 10-Q · filed Feb 20, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed Feb 19, 2026

[added] In the first quarter of fiscal 2026, we recorded a charge of $253 million related to a previously disclosed export controls compliance matter, and subsequently entered into a settlement agreement to resolve the matter. See the information under the heading "Legal Matters" in Note 13 of the Notes to Consolidated Condensed Financial Statements for information regarding this matter and the settlement agreement.

Cite this change

"In the first quarter of fiscal 2026, we recorded a charge of $253 million related to a previously disclosed export controls compliance matter, and subsequently entered into a settlement agreement to resolve the matter. See the information under the heading "Legal Matters" in Note 13 of the Notes to Consolidated Condensed Financial Statements for information regarding this matter and the settlement agreement."

Applied Materials Inc /De, Form 10-Q for FY2026, Part I, Item 2, accession 0001628280-26-009694, filed 19 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/6951/000162828026009694/amat-20260125.htm

Comparison: https://yearover.com/reports/amat/0001628280-26-009694?ref=quote

03AddedPart I, Item 2 › Operating Expenses

Summary · quote-checked

Added disclosure of $12 million in restructuring charges tied primarily to severance and employment termination benefits under the Fiscal 2025 Restructuring Plan.

The new paragraph discloses a restructuring event and related charges, including severance and employment termination benefits, introducing substantive information about expenses and obligations.

Filing text · FY2025 10-Q · filed Feb 20, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed Feb 19, 2026

[added] In the first quarter of fiscal 2026, we recognized $12 million in restructuring charges, consisting primarily of severance and other employment termination benefits incurred in connection with the approved Fiscal 2025 Restructuring Plan.

Cite this change

"In the first quarter of fiscal 2026, we recognized $12 million in restructuring charges, consisting primarily of severance and other employment termination benefits incurred in connection with the approved Fiscal 2025 Restructuring Plan."

Applied Materials Inc /De, Form 10-Q for FY2026, Part I, Item 2, accession 0001628280-26-009694, filed 19 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/6951/000162828026009694/amat-20260125.htm

Comparison: https://yearover.com/reports/amat/0001628280-26-009694?ref=quote

04AddedPart I, Item 2 › Accounting Standards Not Yet Adopted

Summary · quote-checked

Added disclosure of a new FASB standard on accounting for government grants, including its fiscal year 2030 effective date and adoption options.

The paragraph introduces a new accounting obligation and states that the company is evaluating its effect on financial statements and disclosures.

Filing text · FY2025 10-Q · filed Feb 20, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed Feb 19, 2026

[added] Accounting for Government Grants Received by Business Entities. In December 2025, the Financial Accounting Standards Board (FASB) issued an accounting standard update establishing authoritative guidance on the accounting for government grants received by business entities, including grants related to an asset and grants related to income. This authoritative guidance will be effective for us beginning with our interim and annual reporting for fiscal year 2030, with early adoption permitted. The standard allows for adoption on a modified prospective, modified retrospective, or full retrospective basis. We are evaluating the effect of this guidance on our consolidated financial statements and related disclosures.

Cite this change

"Accounting for Government Grants Received by Business Entities. In December 2025, the Financial Accounting Standards Board (FASB) issued an accounting standard update establishing authoritative guidance on the accounting for government grants received by business entities, including grants related to an asset and grants related to income."

Applied Materials Inc /De, Form 10-Q for FY2026, Part I, Item 2, accession 0001628280-26-009694, filed 19 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/6951/000162828026009694/amat-20260125.htm

Comparison: https://yearover.com/reports/amat/0001628280-26-009694?ref=quote

05AddedPart I, Item 2 › Accounting Standards Not Yet Adopted

Summary · quote-checked

Added disclosure of a new accounting standard update simplifying expected credit loss calculations, with adoption beginning in fiscal year 2027.

The new paragraph introduces a previously undisclosed accounting change, implementation timing, and related calculation process for accounts receivable and contract assets, despite the stated immaterial expected impact.

Filing text · FY2025 10-Q · filed Feb 20, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed Feb 19, 2026

[added] Measurement of Credit Losses for Accounts Receivable and Contract Assets. In July 2025, the FASB issued an accounting standard update to provide a practical expedient that simplifies the calculation of expected credit losses (Topic 326). The practical expedient allows an entity to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset, therefore, an entity will no longer need to develop reasonable and supportable forecasts of future economic conditions. This authoritative guidance will be effective for us beginning with our interim and annual reporting for fiscal year 2027, with early adoption permitted. Although this guidance will simplify our process of calculating expected credit losses on accounts receivable and contract assets, we do not expect this guidance to materially impact our consolidated financial statements or related disclosures.

Cite this change

"Measurement of Credit Losses for Accounts Receivable and Contract Assets. In July 2025, the FASB issued an accounting standard update to provide a practical expedient that simplifies the calculation of expected credit losses (Topic 326)."

Applied Materials Inc /De, Form 10-Q for FY2026, Part I, Item 2, accession 0001628280-26-009694, filed 19 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/6951/000162828026009694/amat-20260125.htm

Comparison: https://yearover.com/reports/amat/0001628280-26-009694?ref=quote

06AddedPart I, Item 2 › Financial Condition, Liquidity and Capital Resources

Summary · quote-checked

Added disclosure of the OBBBA, including accelerated deductions, expanded semiconductor incentives, and potential effects on tax-credit utilization.

The new paragraph identifies enacted tax reforms, effective periods, specific incentives, and a potential adverse effect on the company’s ability to use certain tax credits.

Filing text · FY2025 10-Q · filed Feb 20, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed Feb 19, 2026

[added] On July 4, 2025, the U.S. government enacted the One Big Beautiful Bill Act (OBBBA). The OBBBA includes a broad range of tax reform provisions including extending and modifying certain key Tax Act provisions and expanding certain CHIPS Act incentives. These changes include full expensing of domestic research costs, immediate expensing of qualifying property and increasing the investment tax credit for certain investments in domestic semiconductor manufacturing from 25% to 35%. Key tax provisions of the OBBBA are designed to accelerate tax deductions but that may have a detrimental impact on our ability to use certain tax credits. The use of certain tax credits may not be economically viable if it requires electing to forgo significant tax deductions. Most of the provisions are effective beginning in fiscal years 2026 or 2027. The most impactful provisions in fiscal year 2026 include immediate expensing of U.S. performed research costs and the increase in the investment tax credit from 25% to 35% for qualifying property placed in service after December 31, 2025.

Cite this change

"Key tax provisions of the OBBBA are designed to accelerate tax deductions but that may have a detrimental impact on our ability to use certain tax credits."

Applied Materials Inc /De, Form 10-Q for FY2026, Part I, Item 2, accession 0001628280-26-009694, filed 19 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/6951/000162828026009694/amat-20260125.htm

Comparison: https://yearover.com/reports/amat/0001628280-26-009694?ref=quote

What the company no longer says

Paragraphs of the prior filing that this filing dropped. Only last year's text can show these.

5 material removals

Part I, Item 2 · MD&A

5 of 5 shown · In filing order, too few to rank

01RemovedPart I, Item 2 › Overview

Summary · quote-checked

The Display segment overview, including its products, growth strategy, demand dependencies, and customer investment timing, was removed.

The removed paragraph disclosed substantive products, growth dependencies, demand drivers, and equipment-investment timing; it was not merely a recurring list or formatting change.

Filing text · FY2025 10-Q · filed Feb 20, 2025

[removed] The Display segment encompasses products for manufacturing liquid crystal and OLED displays, and other display technologies for TVs, monitors, laptops, personal computers (PC), tablets, smart phones, other consumer-oriented devices, equipment upgrades and solar energy cells. The segment is focused on expanding its presence through technologically-differentiated equipment and products that provide customers with improved performance and yields. Display segment growth depends primarily on consumer demand for increasingly larger and more advanced TVs and high-resolution displays for mobile devices and information technology (IT) products, including laptops, monitors and tablets, as well as new form factors, including thin, light, curved and flexible displays, and new applications such as augmented and virtual reality. The timing of customer investment in manufacturing equipment is also affected by the timing of next-generation process development and of capacity expansion to meet end-market demand.

Filing text · FY2026 10-Q · filed Feb 19, 2026

No corresponding language in the FY2026 10-Q.

Cite this change

"The Display segment encompasses products for manufacturing liquid crystal and OLED displays, and other display technologies for TVs, monitors, laptops, personal computers (PC), tablets, smart phones, other consumer-oriented devices, equipment upgrades and solar energy cells. The segment is focused on expanding its presence through technologically-differentiated equipment and products that provide customers with improved performance and yields. Display segment growth depends primarily on consumer demand for increasingly larger and more advanced TVs and high-resolution displays for mobile devices and information technology (IT) products, including laptops, monitors and tablets, as well as new form factors, including thin, light, curved and flexible displays, and new applications such as augmented and virtual reality. The timing of customer investment in manufacturing equipment is also affected by the timing of next-generation process development and of capacity expansion to meet end-market demand."

Applied Materials Inc /De, Form 10-Q for FY2025, Part I, Item 2, accession 0000006951-25-000011, filed 20 February 2025.

Filing: https://www.sec.gov/Archives/edgar/data/6951/000000695125000011/amat-20250126.htm

Comparison: https://yearover.com/reports/amat/0001628280-26-009694?ref=quote

02RemovedPart I, Item 2 › Results of Operations

Summary · quote-checked

The current filing removes the paragraph explaining decreased Display net revenue and attributing it to lower customer investments amid weak end-market demand.

The removed MD&A disclosure stated a revenue direction and specific drivers, so its omission changes the substance of the reported results narrative.

Filing text · FY2025 10-Q · filed Feb 20, 2025

[removed] Our Display net revenue decreased in the three months ended January 26, 2025 compared to the same period in the prior year primarily due to lower customer investments in display fabrication equipment amid ongoing weakness in end market demand.

Filing text · FY2026 10-Q · filed Feb 19, 2026

No corresponding language in the FY2026 10-Q.

Cite this change

"Our Display net revenue decreased in the three months ended January 26, 2025 compared to the same period in the prior year primarily due to lower customer investments in display fabrication equipment amid ongoing weakness in end market demand."

Applied Materials Inc /De, Form 10-Q for FY2025, Part I, Item 2, accession 0000006951-25-000011, filed 20 February 2025.

Filing: https://www.sec.gov/Archives/edgar/data/6951/000000695125000011/amat-20250126.htm

Comparison: https://yearover.com/reports/amat/0001628280-26-009694?ref=quote

03RemovedPart I, Item 2 › Results of Operations

Summary · quote-checked

The current filing removes a paragraph reporting decreased net revenue from customers in China and its stated causes and offsetting factor.

The removed MD&A paragraph disclosed a regional revenue decline and specific drivers; removing that substantive results narrative is more than a period or wording update.

Filing text · FY2025 10-Q · filed Feb 20, 2025

[removed] Net revenue decreased from customers in China in the three months ended January 26, 2025 compared to the same period in the prior year primarily due to lower investments in semiconductor equipment, partially offset by higher customer spending on spares and services.

Filing text · FY2026 10-Q · filed Feb 19, 2026

No corresponding language in the FY2026 10-Q.

Cite this change

"Net revenue decreased from customers in China in the three months ended January 26, 2025 compared to the same period in the prior year primarily due to lower investments in semiconductor equipment, partially offset by higher customer spending on spares and services."

Applied Materials Inc /De, Form 10-Q for FY2025, Part I, Item 2, accession 0000006951-25-000011, filed 20 February 2025.

Filing: https://www.sec.gov/Archives/edgar/data/6951/000000695125000011/amat-20250126.htm

Comparison: https://yearover.com/reports/amat/0001628280-26-009694?ref=quote

04RemovedPart I, Item 2 › Results of Operations

Summary · quote-checked

Removed the explanation that U.S. customer net revenue growth reflected semiconductor equipment investments, partly offset by lower 200mm equipment investment.

The removed MD&A paragraph disclosed the direction of revenue change and its stated drivers; dropping that substantive explanation is material rather than a period or wording update.

Filing text · FY2025 10-Q · filed Feb 20, 2025

[removed] Net revenue increased from customers in the United States in the three months ended January 26, 2025 compared to the same period in the prior year primarily due to investments in semiconductor equipment, partially offset by a decrease in investments in 200mm equipment.

Filing text · FY2026 10-Q · filed Feb 19, 2026

No corresponding language in the FY2026 10-Q.

Cite this change

"Net revenue increased from customers in the United States in the three months ended January 26, 2025 compared to the same period in the prior year primarily due to investments in semiconductor equipment, partially offset by a decrease in investments in 200mm equipment."

Applied Materials Inc /De, Form 10-Q for FY2025, Part I, Item 2, accession 0000006951-25-000011, filed 20 February 2025.

Filing: https://www.sec.gov/Archives/edgar/data/6951/000000695125000011/amat-20250126.htm

Comparison: https://yearover.com/reports/amat/0001628280-26-009694?ref=quote

05RemovedPart I, Item 2 › Segment Operating Income

Summary · quote-checked

The disclosure of Display’s operating margin decline and its revenue and product-mix drivers was removed.

The removed paragraph stated a substantive MD&A result and explained its drivers; removing that explanation changes the disclosed operating-performance narrative.

Filing text · FY2025 10-Q · filed Feb 20, 2025

[removed] Display's operating margin for the three months ended January 26, 2025 decreased compared to the same period in the prior year primarily due to the decrease in Display net revenue, partially offset by favorable product mix.

Filing text · FY2026 10-Q · filed Feb 19, 2026

No corresponding language in the FY2026 10-Q.

Cite this change

"Display's operating margin for the three months ended January 26, 2025 decreased compared to the same period in the prior year primarily due to the decrease in Display net revenue, partially offset by favorable product mix."

Applied Materials Inc /De, Form 10-Q for FY2025, Part I, Item 2, accession 0000006951-25-000011, filed 20 February 2025.

Filing: https://www.sec.gov/Archives/edgar/data/6951/000000695125000011/amat-20250126.htm

Comparison: https://yearover.com/reports/amat/0001628280-26-009694?ref=quote

What the company says differently

Paragraphs that changed between the two filings, shown as a word diff.

34 material changes

Part I, Item 2 · MD&A

5 of 34 shown · Ordered by the model, quote-checked

01ChangedPart I, Item 2 › Overview

Summary · quote-checked

The company reports two segments instead of three, removing the Display segment; the financial statement note cross-reference also changes.

Removing a reportable segment changes the disclosed business structure and segment reporting, while the Note 13-to-Note 14 cross-reference is boilerplate.

Why the model ranked it here

The removal of the Display reportable segment changes the company’s disclosed business structure and the basis for evaluating segment performance.

Filing text · FY2025 10-Q · filed Feb 20, 2025

We operate in ~~[removed] three~~ reportable segments: Semiconductor ~~[removed] Systems,~~ Applied Global Services® ~~[removed] (AGS), and Display.~~ A summary of financial information for each reportable segment is found in Note ~~[removed] 13~~ of Notes to Consolidated Condensed Financial Statements. A discussion of factors that could affect our operations is set forth under "Risk Factors" in Part II, Item 1A, which is incorporated herein by reference.

Filing text · FY2026 10-Q · filed Feb 19, 2026

We operate in [added] two reportable segments: Semiconductor [added] Systems and Applied Global Services® [added] (AGS). A summary of financial information for each reportable segment is found in Note [added] 14 of Notes to Consolidated Condensed Financial Statements. A discussion of factors that could affect our operations is set forth under "Risk Factors" in Part II, Item 1A, which is incorporated herein by reference.

Cite this change

"We operate in two reportable segments: Semiconductor Systems and Applied Global Services® (AGS)."

Applied Materials Inc /De, Form 10-Q for FY2026, Part I, Item 2, accession 0001628280-26-009694, filed 19 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/6951/000162828026009694/amat-20260125.htm

Comparison: https://yearover.com/reports/amat/0001628280-26-009694?ref=quote

02ChangedPart I, Item 2 › Financial Condition, Liquidity and Capital Resources

Summary · quote-checked

Credit facilities expanded from one primary revolving agreement to multiple facilities with higher aggregate capacity, new maturities, and a potential term-loan conversion.

The disclosure changes borrowing capacity, facility structure, expiration dates, and conversion terms, altering stated liquidity resources and obligations rather than merely updating wording or dates.

Why the model ranked it here

The expanded credit-facility structure changes the company’s stated liquidity resources, maturities, and potential borrowing obligations.

Filing text · FY2025 10-Q · filed Feb 20, 2025

We have credit facilities for unsecured borrowings in various currencies of up to ~~[removed] $1.6 billion, of which $1.5 billion is comprised~~ of a committed revolving credit agreement ~~[removed] (Revolving Credit Agreement)~~ with a group of ~~[removed] banks. The Revolving~~ Credit Agreement is scheduled to expire in February ~~[removed] 2026,~~ unless extended as permitted under the ~~[removed] Revolving Credit Agreement. The Revolving~~ Credit Agreement includes financial and other covenants with which we were in compliance as of January ~~[removed] 26, 2025.~~ No amounts were outstanding under ~~[removed] the Revolving Credit Agreement~~ as of January ~~[removed] 26, 2025 and October 27, 2024.~~ See Note 9, Borrowing Facilities and Debt, of the Notes to the Consolidated Condensed Financial Statements for further discussion related to our Revolving Credit Agreement and other credit facilities.

Filing text · FY2026 10-Q · filed Feb 19, 2026

We have credit facilities for unsecured borrowings in various currencies of up to [added] an aggregate amount of $4.1 billion. These credit facilities consist of a [added] $2.0 billion five-year committed revolving credit agreement [added] with a group of banks (Five-Year Credit Agreement), a $2.0 billion 364-day committed revolving credit agreement with a group of [added] banks (364-Day Credit Agreement), and revolving credit facilities with Japanese banks pursuant to which we may borrow up to approximately $51 million in aggregate at any time. The Five-Year Credit Agreement is scheduled to expire in February [added] 2030, unless extended as permitted under the [added] terms of the agreement. The 364-Day Credit Agreement is scheduled to expire in September 2026, provided, however, if any loans are outstanding on the maturity date, we may convert all or part of such loans to term loans that will mature in September 2027, subject to payment of a fee by us and other customary conditions. The Five-Year Credit Agreement [added] and the 364-Day Credit Agreement each includes financial and other covenants with which we were in compliance as of January [added] 25, 2026. No amounts were outstanding under [added] any of these credit facilities as of January [added] 25, 2026. See Note 9, Borrowing Facilities and Debt, of the Notes to the Consolidated Condensed Financial Statements for further discussion related to our Revolving Credit Agreement and other credit facilities.

Cite this change

"These credit facilities consist of a $2.0 billion five-year committed revolving credit agreement with a group of banks (Five-Year Credit Agreement), a $2.0 billion 364-day committed revolving credit agreement with a group of banks (364-Day Credit Agreement), and revolving credit facilities with Japanese banks pursuant to which we may borrow up to approximately $51 million in aggregate at any time."

Applied Materials Inc /De, Form 10-Q for FY2026, Part I, Item 2, accession 0001628280-26-009694, filed 19 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/6951/000162828026009694/amat-20260125.htm

Comparison: https://yearover.com/reports/amat/0001628280-26-009694?ref=quote

03ChangedPart I, Item 2 › Financial Condition, Liquidity and Capital Resources

Summary · quote-checked

The disclosure changes from no expected material fiscal 2025 impact to materially higher foreign taxes beginning in fiscal 2026, primarily due to Singapore, and adds implementation uncertainty.

The tax outlook changes direction and timing, identifies Singapore as the primary driver, and adds ongoing guidance and interpretation uncertainty, substantively changing the stated tax exposure.

Why the model ranked it here

The disclosure changes the tax outlook from immaterial expected effects to materially higher foreign taxes and adds uncertainty around implementation.

Filing text · FY2025 10-Q · filed Feb 20, 2025

Various countries where we do business have enacted or plan to enact new tax laws to implement the global minimum tax regimes based on the Organization for Economic Cooperation and Development Base Erosion and Profit Shifting Project, and where enacted, the rules began to be effective in fiscal 2025. The ~~[removed] impact of the~~ currently enacted legislation is ~~[removed] not~~ expected to ~~[removed] be material to our fiscal 2025 financial results.~~ We continue to monitor developments and evaluate impacts, if any, of these rules on our results of operations and cash flows. The adoption and effective dates of these rules vary by country and could increase tax complexity and uncertainty and may adversely affect our provision for income ~~[removed] taxes,~~ in future years.

Filing text · FY2026 10-Q · filed Feb 19, 2026

Various countries where we do business have enacted or plan to enact new tax laws to implement the global minimum tax regimes based on the Organization for Economic Cooperation and Development Base Erosion and Profit Shifting Project, and where enacted, the rules began to be effective in fiscal 2025. The currently enacted legislation is expected to [added] materially increase our foreign taxes beginning in the first quarter of fiscal 2026, primarily due to the implementation of the global minimum tax regime in Singapore. We continue to monitor developments and evaluate impacts, if any, of these rules on our results of operations and cash flows. [added] Tax authorities and standard-setting bodies continue to issue new guidance, and the ultimate impact of these rules remains subject to ongoing interpretation and implementation. The adoption and effective dates of these rules vary by country and could increase tax complexity and uncertainty and may adversely affect our provision for income [added] taxes in future years.

Cite this change

"The currently enacted legislation is expected to materially increase our foreign taxes beginning in the first quarter of fiscal 2026, primarily due to the implementation of the global minimum tax regime in Singapore."

Applied Materials Inc /De, Form 10-Q for FY2026, Part I, Item 2, accession 0001628280-26-009694, filed 19 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/6951/000162828026009694/amat-20260125.htm

Comparison: https://yearover.com/reports/amat/0001628280-26-009694?ref=quote

04ChangedPart I, Item 2 › Revenue

Summary · quote-checked

Revenue changed from increasing to decreasing, while gross-margin drivers shifted to higher average selling prices and included new offsets from lower revenue and unfavorable mix.

The reported revenue direction changed, and the stated gross-margin drivers were substantively revised, including newly identified offsets; these are material MD&A results changes.

Why the model ranked it here

Revenue shifted from growth to decline, while gross-margin performance now includes lower revenue and unfavorable mix as offsets.

Filing text · FY2025 10-Q · filed Feb 20, 2025

~~[removed] Net revenue~~ in the ~~[removed] first quarter of fiscal 2025 increased~~ as compared to the same period in the prior year. Gross margin in the three months ended January ~~[removed] 26, 2025~~ increased compared to the same period in the prior year, primarily driven by ~~[removed] favorable changes in customer and product mix~~ and lower material and manufacturing ~~[removed] costs.~~

Filing text · FY2026 10-Q · filed Feb 19, 2026

[added] Revenue in the [added] three months ended January 25, 2026 decreased as compared to the same period in the prior year. Gross margin in the three months ended January [added] 25, 2026 increased compared to the same period in the prior year, primarily driven by [added] an increase in average selling prices and lower material and manufacturing [added] costs, partially offset by lower revenue and unfavorable changes in customer and product mix.

Cite this change

"Revenue in the three months ended January 25, 2026 decreased as compared to the same period in the prior year. Gross margin in the three months ended January 25, 2026 increased compared to the same period in the prior year, primarily driven by an increase in average selling prices and lower material and manufacturing costs, partially offset by lower revenue and unfavorable changes in customer and product mix."

Applied Materials Inc /De, Form 10-Q for FY2026, Part I, Item 2, accession 0001628280-26-009694, filed 19 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/6951/000162828026009694/amat-20260125.htm

Comparison: https://yearover.com/reports/amat/0001628280-26-009694?ref=quote

05ChangedPart I, Item 2 › Segment Operating Income (Loss)

Summary · quote-checked

Operating margin shifted from an increase to a decrease, with new drivers including a legal settlement charge and lower revenue.

The paragraph changes direction and replaces the stated drivers, adding a legal settlement charge tied to export-controls compliance and lower revenue while changing cost effects.

Why the model ranked it here

Operating margin shifted to a decline driven in part by a legal settlement related to export-controls compliance and lower revenue.

Filing text · FY2025 10-Q · filed Feb 20, 2025

Semiconductor ~~[removed] System's~~ operating margin for the three months ended January ~~[removed] 26, 2025 increased~~ compared to the same period in the prior year primarily driven by ~~[removed] favorable changes in customer and product mix, lower material and manufacturing costs,~~ partially offset by ~~[removed] increased RD&E expenses.~~

Filing text · FY2026 10-Q · filed Feb 19, 2026

Semiconductor [added] Systems' operating margin for the three months ended January [added] 25, 2026 decreased compared to the same period in the prior year primarily driven by [added] a legal settlement charge related to a previously disclosed export controls compliance matter, lower revenue and increased RD&E expenses, partially offset by [added] an increase in average selling prices and lower material and manufacturing costs.

Cite this change

"Semiconductor Systems' operating margin for the three months ended January 25, 2026 decreased compared to the same period in the prior year primarily driven by a legal settlement charge related to a previously disclosed export controls compliance matter, lower revenue and increased RD&E expenses, partially offset by an increase in average selling prices and lower material and manufacturing costs."

Applied Materials Inc /De, Form 10-Q for FY2026, Part I, Item 2, accession 0001628280-26-009694, filed 19 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/6951/000162828026009694/amat-20260125.htm

Comparison: https://yearover.com/reports/amat/0001628280-26-009694?ref=quote

Show all 34 in Part I, Item 2 (29 more, in filing order)

What the company reported as changed this quarter

We have not parsed the annual report this quarter's risk factors refers to, so we cannot tell whether it restates the section or reports changes to it. Nothing is compared until we can.

Part II, Item 1A · Risk Factors

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