Reports › AMAT › 10-Q FY2026

SEC filings, compared

What changed in Applied Materials Inc /De's 10-Q for the quarter ended April 26, 2026

Compared with the 10-Q for the quarter ended April 27, 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: 0001628280-26-037227 ↗ · filed May 21, 2026
Compared with: 0000006951-25-000024 ↗ · filed May 22, 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

47 material changes among 72 changed paragraphs

15 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	7,910,000,000USD · Jan 26, 2026 to Apr 26, 2026	7,100,000,000USD · Jan 27, 2025 to Apr 27, 2025	+810,000,000+11.4%
Net income or lossus-gaap:NetIncomeLoss	2,806,000,000USD · Jan 26, 2026 to Apr 26, 2026	2,137,000,000USD · Jan 27, 2025 to Apr 27, 2025	+669,000,000+31.3%
Cash and cash equivalentsus-gaap:CashAndCashEquivalentsAtCarryingValue	6,301,000,000USD · at Apr 26, 2026	6,169,000,000USD · at Apr 27, 2025	+132,000,000+2.1%
Net cash from operating activitiesus-gaap:NetCashProvidedByUsedInOperatingActivities	2,531,000,000USD · Oct 27, 2025 to Apr 26, 2026	2,496,000,000USD · Oct 28, 2024 to Apr 27, 2025	+35,000,000+1.4%

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: 0001628280-26-037227 · FY2025: 0000006951-25-000024

What the company says for the first time

Paragraphs with no counterpart in the prior filing.

5 material additions

Part I, Item 2 · MD&A

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

01AddedPart I, Item 2 › Operating Expenses

Summary · quote-checked

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

The paragraph introduces a legal settlement, related charge, and export-controls compliance matter, changing disclosed obligations and financial exposure.

Filing text · FY2025 10-Q · filed May 22, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed May 21, 2026

[added] In the first six months of fiscal 2026, we recorded a charge of $253 million related to a settlement agreement which resolved a previously disclosed export controls compliance 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 six months of fiscal 2026, we recorded a charge of $253 million related to a settlement agreement which resolved a previously disclosed export controls compliance 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 0001628280-26-037227, filed 21 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/6951/000162828026037227/amat-20260426.htm

Comparison: https://yearover.com/reports/amat/0001628280-26-037227?ref=quote

02AddedPart I, Item 2 › Operating Expenses

Summary · quote-checked

Added disclosure of $12 million in restructuring charges incurred under the approved Fiscal 2025 Restructuring Plan.

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

Filing text · FY2025 10-Q · filed May 22, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed May 21, 2026

[added] In the first six months 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 six months 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 0001628280-26-037227, filed 21 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/6951/000162828026037227/amat-20260426.htm

Comparison: https://yearover.com/reports/amat/0001628280-26-037227?ref=quote

03AddedPart I, Item 2 › Accounting Standards Not Yet Adopted

Summary · quote-checked

Added disclosure of new FASB guidance on accounting for government grants, including its effective date, adoption options, and evaluation status.

The new paragraph identifies a newly issued accounting standard and a future accounting obligation affecting government grants and financial statement disclosures, rather than merely updating boilerplate.

Filing text · FY2025 10-Q · filed May 22, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed May 21, 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 0001628280-26-037227, filed 21 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/6951/000162828026037227/amat-20260426.htm

Comparison: https://yearover.com/reports/amat/0001628280-26-037227?ref=quote

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

Summary · quote-checked

Added disclosure of a new FASB practical expedient for measuring expected credit losses and its future adoption, with no expected material financial statement impact.

The paragraph introduces a newly issued accounting standard, a changed calculation requirement, an adoption timeframe, and an associated implementation obligation; this is substantive accounting-policy disclosure.

Filing text · FY2025 10-Q · filed May 22, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed May 21, 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

"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 0001628280-26-037227, filed 21 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/6951/000162828026037227/amat-20260426.htm

Comparison: https://yearover.com/reports/amat/0001628280-26-037227?ref=quote

05AddedPart I, Item 2 › Financial Condition, Liquidity and Capital Resources

Summary · quote-checked

Added disclosure of the OBBBA’s tax provisions, effective periods, investment tax credit increase, and potential effects on tax-credit utilization.

The new paragraph identifies enacted legislation, specific tax changes, effective periods, and a potential adverse effect on using certain tax credits, introducing substantive tax obligations and dependencies.

Filing text · FY2025 10-Q · filed May 22, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed May 21, 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 0001628280-26-037227, filed 21 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/6951/000162828026037227/amat-20260426.htm

Comparison: https://yearover.com/reports/amat/0001628280-26-037227?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.

8 material removals

Part I, Item 2 · MD&A

5 of 8 shown · Ordered by the model, quote-checked

01RemovedPart I, Item 2 › Financial Condition, Liquidity and Capital Resources

Summary · quote-checked

The current filing omits disclosure of receivables sales, promissory-note discounts, and customer letter-of-credit discounting arrangements.

Removing this paragraph eliminates disclosure of financing arrangements and related customer-credit dependencies, which changes the stated liquidity and capital-resources information.

Why the model ranked it here

The omission removes disclosure of receivables and promissory-note financing arrangements, changing the reader’s understanding of liquidity and customer-credit dependencies.

Filing text · FY2025 10-Q · filed May 22, 2025

[removed] We have agreements with various financial institutions to sell accounts receivable and discount promissory notes from selected customers. We sell our accounts receivable generally without recourse. From time to time, we also discount letters of credit issued by customers through various financial institutions. The discounting of letters of credit depends on many factors, including the willingness of financial institutions to discount the letters of credit and the cost of such arrangements. We sold $109 million and $264 million of account receivables during the six months ended April 27, 2025 and April 28, 2024, respectively. We did not discount letters of credit issued by customers or discount promissory notes during the six months ended April 27, 2025 and April 28, 2024, respectively.

Filing text · FY2026 10-Q · filed May 21, 2026

No corresponding language in the FY2026 10-Q.

Cite this change

"We have agreements with various financial institutions to sell accounts receivable and discount promissory notes from selected customers."

Applied Materials Inc /De, Form 10-Q for FY2025, Part I, Item 2, accession 0000006951-25-000024, filed 22 May 2025.

Filing: https://www.sec.gov/Archives/edgar/data/6951/000000695125000024/amat-20250427.htm

Comparison: https://yearover.com/reports/amat/0001628280-26-037227?ref=quote

02RemovedPart I, Item 2 › Overview

Summary · quote-checked

Removed the Display segment overview, including its products, growth strategy, demand dependencies and customer investment timing.

The dropped paragraph discloses substantive segment scope, growth dependencies and factors affecting equipment investment; removing it changes the disclosed MD&A substance.

Why the model ranked it here

The removal eliminates the Display segment’s disclosed products, growth strategy, demand dependencies and customer investment timing.

Filing text · FY2025 10-Q · filed May 22, 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 May 21, 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."

Applied Materials Inc /De, Form 10-Q for FY2025, Part I, Item 2, accession 0000006951-25-000024, filed 22 May 2025.

Filing: https://www.sec.gov/Archives/edgar/data/6951/000000695125000024/amat-20250427.htm

Comparison: https://yearover.com/reports/amat/0001628280-26-037227?ref=quote

03RemovedPart I, Item 2 › Results of Operations

Summary · quote-checked

Removed the explanation that net revenue from customers in China decreased because of lower semiconductor equipment investment, partly offset by higher spending in other areas.

The removed paragraph disclosed a geographic revenue decline and its stated drivers; dropping that substantive MD&A explanation changes what the filing says about revenue performance.

Why the model ranked it here

The omission removes the explanation for declining China revenue and its connection to lower semiconductor-equipment investment.

Filing text · FY2025 10-Q · filed May 22, 2025

[removed] Net revenue decreased from customers in China in the three and six months ended April 27, 2025 compared to the same periods in the prior year primarily due to lower investments in semiconductor equipment, partially offset by higher customer spending on spares and services and display fabrication equipment.

Filing text · FY2026 10-Q · filed May 21, 2026

No corresponding language in the FY2026 10-Q.

Cite this change

"Net revenue decreased from customers in China in the three and six months ended April 27, 2025 compared to the same periods in the prior year primarily due to lower investments in semiconductor equipment, partially offset by higher customer spending on spares and services and display fabrication equipment."

Applied Materials Inc /De, Form 10-Q for FY2025, Part I, Item 2, accession 0000006951-25-000024, filed 22 May 2025.

Filing: https://www.sec.gov/Archives/edgar/data/6951/000000695125000024/amat-20250427.htm

Comparison: https://yearover.com/reports/amat/0001628280-26-037227?ref=quote

04RemovedPart I, Item 2 › Results of Operations

Summary · quote-checked

The filing removed the discussion of U.S. net revenue changes and the related 200mm and semiconductor equipment investment drivers.

This is a substantive MD&A results narrative describing revenue direction and its drivers, not merely a period roll-forward or presentation change.

Why the model ranked it here

The removal obscures contrasting United States revenue movements and the equipment-investment factors driving them.

Filing text · FY2025 10-Q · filed May 22, 2025

[removed] Net revenue decreased from customers in the United States in the three months ended April 27, 2025 compared to the same period in the prior year primarily due to a decrease in investments in 200mm equipment, partially offset by increased investments in semiconductor equipment. Net revenue increased from customers in the United States in the six months ended April 27, 2025 compared to the same period in the prior year primarily due to increased investments in semiconductor equipment, partially offset by a decrease in investments in 200mm equipment.

Filing text · FY2026 10-Q · filed May 21, 2026

No corresponding language in the FY2026 10-Q.

Cite this change

"Net revenue decreased from customers in the United States in the three months ended April 27, 2025 compared to the same period in the prior year primarily due to a decrease in investments in 200mm equipment, partially offset by increased investments in semiconductor equipment. Net revenue increased from customers in the United States in the six months ended April 27, 2025 compared to the same period in the prior year primarily due to increased 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 0000006951-25-000024, filed 22 May 2025.

Filing: https://www.sec.gov/Archives/edgar/data/6951/000000695125000024/amat-20250427.htm

Comparison: https://yearover.com/reports/amat/0001628280-26-037227?ref=quote

05RemovedPart I, Item 2 › Results of Operations

Summary · quote-checked

The current report removes the explanation that Display net revenue increased due to higher IT-related investments, partly offset by lower mobile-device investments.

The removed MD&A paragraph stated both the revenue direction and its customer-investment drivers; removing that substantive results explanation is material under the rubric.

Why the model ranked it here

The omission removes the explanation for Display revenue growth and the shift between IT-related and mobile-device customer investment.

Filing text · FY2025 10-Q · filed May 22, 2025

[removed] Our Display net revenue increased in the three and six months ended April 27, 2025 compared to the same periods in the prior year primarily due to higher customer investments in display fabrication equipment for IT products including laptops, monitors and tablets, partially offset by lower customer investments in display fabrication equipment for mobile devices.

Filing text · FY2026 10-Q · filed May 21, 2026

No corresponding language in the FY2026 10-Q.

Cite this change

"Our Display net revenue increased in the three and six months ended April 27, 2025 compared to the same periods in the prior year primarily due to higher customer investments in display fabrication equipment for IT products including laptops, monitors and tablets, partially offset by lower customer investments in display fabrication equipment for mobile devices."

Applied Materials Inc /De, Form 10-Q for FY2025, Part I, Item 2, accession 0000006951-25-000024, filed 22 May 2025.

Filing: https://www.sec.gov/Archives/edgar/data/6951/000000695125000024/amat-20250427.htm

Comparison: https://yearover.com/reports/amat/0001628280-26-037227?ref=quote

Show all 8 in Part I, Item 2 (3 more, in filing order)

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 › Financial Condition, Liquidity and Capital Resources

Summary · quote-checked

Credit facilities expanded from $2.1 billion to an aggregate $4.1 billion, adding a 364-day agreement, Japanese facilities, and new maturity terms.

The disclosure adds financing arrangements, borrowing capacity, a new maturity and conversion feature, and related covenant statements, changing the company’s liquidity and credit-facility profile.

Why the model ranked it here

The company’s borrowing capacity and facility structure expanded materially, changing its liquidity resources, maturities, and covenant profile.

Filing text · FY2025 10-Q · filed May 22, 2025

We have credit facilities for unsecured borrowings in various currencies of up to ~~[removed] $2.1 billion, of which $2.0 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 2030, unless extended as permitted under the ~~[removed] Revolving Credit Agreement. The Revolving~~ Credit Agreement ~~[removed] includes financial and other covenants with which we were in compliance as of April 27, 2025. No amounts were outstanding under the Revolving~~ Credit Agreement as of April ~~[removed] 27, 2025 or under the prior revolving credit agreement~~ as of ~~[removed] 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 May 21, 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 $50 million in aggregate at any time. The Five-Year Credit Agreement is scheduled to expire in February 2030, unless extended as permitted under the [added] terms of the agreement. The 364-Day Credit Agreement [added] 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 and the 364-Day Credit Agreement [added] each include financial and other covenants with which we were in compliance as of April [added] 26, 2026. No amounts were outstanding under any of these credit facilities as of [added] April 26, 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

"We have credit facilities for unsecured borrowings in various currencies of up to an aggregate amount of $4.1 billion. 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 $50 million in aggregate at any time."

Applied Materials Inc /De, Form 10-Q for FY2026, Part I, Item 2, accession 0001628280-26-037227, filed 21 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/6951/000162828026037227/amat-20260426.htm

Comparison: https://yearover.com/reports/amat/0001628280-26-037227?ref=quote

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

Summary · quote-checked

The disclosure changes from no expected material impact to a forecast of materially higher foreign taxes beginning in fiscal 2026, primarily due to Singapore.

The tax outlook, timing, magnitude, and jurisdiction changed substantively, and the paragraph adds ongoing guidance and implementation uncertainty.

Why the model ranked it here

The tax outlook changed from no expected material effect to materially higher foreign taxes, with Singapore identified as the principal source.

Filing text · FY2025 10-Q · filed May 22, 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 May 21, 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 0001628280-26-037227, filed 21 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/6951/000162828026037227/amat-20260426.htm

Comparison: https://yearover.com/reports/amat/0001628280-26-037227?ref=quote

03ChangedPart I, Item 2 › Segment Operating Income (Loss)

Summary · quote-checked

The six-month operating margin shifted from an increase to a decrease, with a legal settlement charge related to export-controls compliance added as a driver.

The disclosure changes direction and adds a specific legal settlement charge, indicating a substantively different result and newly stated legal-related driver beyond period and naming updates.

Why the model ranked it here

Operating-margin performance reversed and now includes a legal settlement tied to an export-controls compliance matter.

Filing text · FY2025 10-Q · filed May 22, 2025

Semiconductor ~~[removed] System's~~ operating margin for the three ~~[removed] and six~~ months ended April ~~[removed] 27, 2025~~ increased compared to the same ~~[removed] periods~~ in the prior year primarily driven by ~~[removed] favorable changes in customer and product mix, lower material and manufacturing costs, and an increase in average selling prices, partially offset by~~ increased RD&E ~~[removed] expenses.~~

Filing text · FY2026 10-Q · filed May 21, 2026

Semiconductor [added] Systems' operating margin for the three months ended April [added] 26, 2026 increased compared to the same [added] period in the prior year primarily driven by [added] higher revenue and increases in average selling prices, partially offset by increased RD&E expenses. Semiconductor Systems' operating margin for the six months ended April 26, 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, increased RD&E [added] expenses, partially offset by higher revenue and increases in average selling prices.

Cite this change

"Semiconductor Systems' operating margin for the six months ended April 26, 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, increased RD&E expenses, partially offset by higher revenue and increases in average selling prices."

Applied Materials Inc /De, Form 10-Q for FY2026, Part I, Item 2, accession 0001628280-26-037227, filed 21 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/6951/000162828026037227/amat-20260426.htm

Comparison: https://yearover.com/reports/amat/0001628280-26-037227?ref=quote

04ChangedPart I, Item 2 › Financial Condition, Liquidity and Capital Resources

Summary · quote-checked

The disclosure changes from a $142 million reduction in income taxes payable to $1.1 billion of credits, including amounts offsetting liabilities and expected to be refunded.

The paragraph newly reports substantially different recorded credits, asset classifications, and refund expectations, changing the disclosure about tax-related balances and expected recovery.

Why the model ranked it here

The disclosure now reports substantial investment tax credits with portions offsetting liabilities and expected to be refunded, materially changing the tax-balance and recovery picture.

Filing text · FY2025 10-Q · filed May 22, 2025

On August 9, 2022, the U.S. government enacted the U.S. CHIPS and Science Act (CHIPS Act). The CHIPS Act creates a 25% investment tax credit for certain investments in domestic semiconductor manufacturing. The credit is provided for qualifying property, which is placed in service after December 31, 2022, for which construction begins before January 1, 2027, and is treated as a government grant recognized against property, plant and equipment and a reduction of income taxes ~~[removed] payable.~~ We recognize this investment tax credit when there is reasonable assurance that we will qualify for the credit and the benefit will be received. ~~[removed] Our income taxes payable balance as of April 27, 2025 was reduced by $142 million due to the investment tax credit.~~

Filing text · FY2026 10-Q · filed May 21, 2026

On August 9, 2022, the U.S. government enacted the U.S. CHIPS and Science Act (CHIPS Act). The CHIPS Act creates a 25% investment tax credit for certain investments in domestic semiconductor manufacturing. The credit is provided for qualifying property, which is placed in service after December 31, 2022, for which construction begins before January 1, 2027, and is treated as a government grant recognized against property, plant and equipment and a reduction of income taxes [added] payable or an increase to taxes receivable for any credit expected to be refunded. We recognize this investment tax credit when there is reasonable assurance that we will qualify for the credit and the benefit will be received. [added] As of April 26, 2026, we have recorded $1.1 billion of investment tax credits, of which $63 million was recorded in other current assets and will offset fiscal 2026 income tax liabilities, and $1.0 billion was recorded in deferred income taxes and other assets and is expected to be refunded.

Cite this change

"As of April 26, 2026, we have recorded $1.1 billion of investment tax credits, of which $63 million was recorded in other current assets and will offset fiscal 2026 income tax liabilities, and $1.0 billion was recorded in deferred income taxes and other assets and is expected to be refunded."

Applied Materials Inc /De, Form 10-Q for FY2026, Part I, Item 2, accession 0001628280-26-037227, filed 21 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/6951/000162828026037227/amat-20260426.htm

Comparison: https://yearover.com/reports/amat/0001628280-26-037227?ref=quote

05ChangedPart I, Item 2 › Overview

Summary · quote-checked

The company’s reportable segments changed from three, including Display, to two, excluding Display; the financial statement note reference also changed.

The removal of Display changes the disclosed operating-segment structure. The Note 13-to-Note 14 reference is a boilerplate cross-reference, but the segment change is material.

Why the model ranked it here

The company’s reportable-segment structure no longer includes Display, changing how its operations and performance are presented.

Filing text · FY2025 10-Q · filed May 22, 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 May 21, 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 0001628280-26-037227, filed 21 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/6951/000162828026037227/amat-20260426.htm

Comparison: https://yearover.com/reports/amat/0001628280-26-037227?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

Get this when AMAT files next

At most one email a day, and only when a company we cover files. Over the last twelve months that averaged about 5 days a month, unevenly: 12 in the busiest month and 1 in the quietest. You confirm by email first; nothing is sent until you do.