Reports › AMAT › 10-Q FY2026

SEC filings, compared

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

Compared with the 10-Q for the quarter ended July 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: 0001628280-26-058235 ↗ · filed Aug 20, 2026
Compared with: 0000006951-25-000037 ↗ · filed Aug 21, 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

50 material changes among 78 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	9,115,000,000USD · Apr 27, 2026 to Jul 26, 2026	7,302,000,000USD · Apr 28, 2025 to Jul 27, 2025	+1,813,000,000+24.8%
Net income or lossus-gaap:NetIncomeLoss	2,538,000,000USD · Apr 27, 2026 to Jul 26, 2026	1,779,000,000USD · Apr 28, 2025 to Jul 27, 2025	+759,000,000+42.7%
Cash and cash equivalentsus-gaap:CashAndCashEquivalentsAtCarryingValue	7,037,000,000USD · at Jul 26, 2026	5,384,000,000USD · at Jul 27, 2025	+1,653,000,000+30.7%
Net cash from operating activitiesus-gaap:NetCashProvidedByUsedInOperatingActivities	5,568,000,000USD · Oct 27, 2025 to Jul 26, 2026	5,130,000,000USD · Oct 28, 2024 to Jul 27, 2025	+438,000,000+8.5%

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: 0001628280-26-058235 · FY2025: 0000006951-25-000037

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 › Overview

Summary · quote-checked

Added disclosure that the 200mm equipment business moved between segments and corporate support costs are now fully allocated to reportable segments.

The paragraph introduces a substantive change in segment reporting and cost allocation, with prior-period balances recast to reflect the new presentation.

Filing text · FY2025 10-Q · filed Aug 21, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed Aug 20, 2026

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

Applied Materials Inc /De, Form 10-Q for FY2026, Part I, Item 2, accession 0001628280-26-058235, filed 20 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/6951/000162828026058235/amat-20260726.htm

Comparison: https://yearover.com/reports/amat/0001628280-26-058235?ref=quote

02AddedPart 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 settlement agreement and a significant compliance-related charge, changing disclosed obligations and expenses rather than merely updating wording or dates.

Filing text · FY2025 10-Q · filed Aug 21, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed Aug 20, 2026

[added] In the first nine 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 nine 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."

Applied Materials Inc /De, Form 10-Q for FY2026, Part I, Item 2, accession 0001628280-26-058235, filed 20 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/6951/000162828026058235/amat-20260726.htm

Comparison: https://yearover.com/reports/amat/0001628280-26-058235?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 an approved restructuring plan.

The paragraph introduces a restructuring event, its charges, and associated termination benefits, changing disclosed obligations and expenses.

Filing text · FY2025 10-Q · filed Aug 21, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed Aug 20, 2026

[added] In the first nine 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 nine 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 0001628280-26-058235, filed 20 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/6951/000162828026058235/amat-20260726.htm

Comparison: https://yearover.com/reports/amat/0001628280-26-058235?ref=quote

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

Summary · quote-checked

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

The new paragraph identifies an accounting standard governing government grants and describes a future reporting obligation and the company’s evaluation, changing the disclosed accounting requirements.

Filing text · FY2025 10-Q · filed Aug 21, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed Aug 20, 2026

[added] Accounting for Government Grants Received by Business Entities. In December 2025, the 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 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 0001628280-26-058235, filed 20 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/6951/000162828026058235/amat-20260726.htm

Comparison: https://yearover.com/reports/amat/0001628280-26-058235?ref=quote

05AddedPart I, Item 2 › Critical Accounting Estimates

Summary · quote-checked

Added disclosure identifying Income Taxes as a critical accounting estimate.

The new paragraph introduces a substantive accounting-estimate disclosure, rather than merely updating a date, cross-reference, or formatting.

Filing text · FY2025 10-Q · filed Aug 21, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed Aug 20, 2026

[added] Consistent with what we disclosed in Item 7 of our fiscal 2025 Form 10-K that was filed on December 12, 2025, management believes that Income Taxes are a critical accounting estimate.

Cite this change

"management believes that Income Taxes are a critical accounting estimate."

Applied Materials Inc /De, Form 10-Q for FY2026, Part I, Item 2, accession 0001628280-26-058235, filed 20 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/6951/000162828026058235/amat-20260726.htm

Comparison: https://yearover.com/reports/amat/0001628280-26-058235?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.

11 material removals

Part I, Item 2 · MD&A

5 of 11 shown · Ordered by the model, quote-checked

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

Summary · quote-checked

Removed disclosure of accounts-receivable sales, letter-of-credit discounting, promissory-note discounting, and related financial-institution dependencies.

The removed paragraph disclosed financing arrangements, customer receivables sold, and conditions affecting letter-of-credit discounting, changing the stated liquidity and financing dependencies.

Why the model ranked it here

This removes disclosure of receivables financing and financial-institution dependence that informs the company’s liquidity and funding arrangements.

Filing text · FY2025 10-Q · filed Aug 21, 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 $324 million and $395 million of account receivables during the nine months ended July 27, 2025 and July 28, 2024, respectively. We did not discount letters of credit issued by customers or discount promissory notes during the nine months ended July 27, 2025 and July 28, 2024, respectively.

Filing text · FY2026 10-Q · filed Aug 20, 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. 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 $324 million and $395 million of account receivables during the nine months ended July 27, 2025 and July 28, 2024, respectively. We did not discount letters of credit issued by customers or discount promissory notes during the nine months ended July 27, 2025 and July 28, 2024, respectively."

Applied Materials Inc /De, Form 10-Q for FY2025, Part I, Item 2, accession 0000006951-25-000037, filed 21 August 2025.

Filing: https://www.sec.gov/Archives/edgar/data/6951/000000695125000037/amat-20250727.htm

Comparison: https://yearover.com/reports/amat/0001628280-26-058235?ref=quote

02RemovedPart I, Item 2 › Income Taxes

Summary · quote-checked

Removed disclosure of tax-law effects, a full valuation allowance, and ongoing evaluation of tax-planning strategies.

The deleted paragraph disclosed a tax-related limitation, a recorded valuation allowance, and continuing strategy evaluation, all substantive tax and deferred-tax-asset information.

Why the model ranked it here

This removes disclosure that a tax-related deferred asset is fully offset by a valuation allowance and that feasible tax-planning strategies were unavailable.

Filing text · FY2025 10-Q · filed Aug 21, 2025

[removed] The acceleration of tax deductions for U.S. tax purposes, under the One Big Beautiful Bill Act, limits our ability to use our corporate minimum tax credits. As a result, we have recorded a full valuation allowance against this deferred tax asset. We reviewed potential tax-planning strategies to accelerate income recognition within a reasonable time, but none were prudent and feasible. We will continue to evaluate new strategies as additional One Big Beautiful Bill Act guidance is issued.

Filing text · FY2026 10-Q · filed Aug 20, 2026

No corresponding language in the FY2026 10-Q.

Cite this change

"The acceleration of tax deductions for U.S. tax purposes, under the One Big Beautiful Bill Act, limits our ability to use our corporate minimum tax credits. As a result, we have recorded a full valuation allowance against this deferred tax asset. We reviewed potential tax-planning strategies to accelerate income recognition within a reasonable time, but none were prudent and feasible. We will continue to evaluate new strategies as additional One Big Beautiful Bill Act guidance is issued."

Applied Materials Inc /De, Form 10-Q for FY2025, Part I, Item 2, accession 0000006951-25-000037, filed 21 August 2025.

Filing: https://www.sec.gov/Archives/edgar/data/6951/000000695125000037/amat-20250727.htm

Comparison: https://yearover.com/reports/amat/0001628280-26-058235?ref=quote

03RemovedPart I, Item 2 › Overview

Summary · quote-checked

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

The removed paragraph disclosed the segment’s products, expansion strategy, demand dependencies and equipment-investment timing; removing those disclosures changes the substance of the MD&A.

Why the model ranked it here

This removes the segment’s description of its products, growth strategy, demand dependencies, and customer investment timing.

Filing text · FY2025 10-Q · filed Aug 21, 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 Aug 20, 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 0000006951-25-000037, filed 21 August 2025.

Filing: https://www.sec.gov/Archives/edgar/data/6951/000000695125000037/amat-20250727.htm

Comparison: https://yearover.com/reports/amat/0001628280-26-058235?ref=quote

04RemovedPart I, Item 2 › Income Taxes

Summary · quote-checked

Removed the paragraph describing income-tax uncertainties, tax accounting, deferred tax assets and valuation allowances.

The removed disclosure addressed tax-law uncertainty and recognition of tax assets and liabilities, changing the substance of the company’s tax-related risk and accounting disclosure.

Why the model ranked it here

This removes disclosure of tax-law uncertainty, deferred tax accounting, and the judgments supporting valuation allowances.

Filing text · FY2025 10-Q · filed Aug 21, 2025

[removed] We are subject to income taxes in the U.S. and numerous foreign jurisdictions. The calculation of our provision for income taxes and effective tax rate involves significant judgment in estimating the impact of uncertainties in the application of complex and evolving tax laws. Resolution of these uncertainties in a manner inconsistent with our expectations could have a material impact on our results of operations and financial condition. We recognize a current tax liability for the estimated amount of income taxes payable on tax returns for the current fiscal year. Deferred tax assets and liabilities are recognized for the estimated future tax effects of temporary differences between the book and tax bases of assets and liabilities. Deferred tax assets are also recognized for net operating loss and tax credit carryovers. Deferred tax assets and liabilities are adjusted to reflect the effects of enacted changes in tax rates, laws and status, including changes in tax incentives. We record a valuation allowance against deferred tax assets when it is more likely than not that some portion, or all, of the assets will not be realized. In making this assessment, we weigh all available positive and negative evidence, including expected future taxable income, existing taxable temporary differences, carryback potential and prudent and feasible tax-planning strategies.

Filing text · FY2026 10-Q · filed Aug 20, 2026

No corresponding language in the FY2026 10-Q.

Cite this change

"We are subject to income taxes in the U.S. and numerous foreign jurisdictions. The calculation of our provision for income taxes and effective tax rate involves significant judgment in estimating the impact of uncertainties in the application of complex and evolving tax laws. Resolution of these uncertainties in a manner inconsistent with our expectations could have a material impact on our results of operations and financial condition. We recognize a current tax liability for the estimated amount of income taxes payable on tax returns for the current fiscal year. Deferred tax assets and liabilities are recognized for the estimated future tax effects of temporary differences between the book and tax bases of assets and liabilities. Deferred tax assets are also recognized for net operating loss and tax credit carryovers. Deferred tax assets and liabilities are adjusted to reflect the effects of enacted changes in tax rates, laws and status, including changes in tax incentives. We record a valuation allowance against deferred tax assets when it is more likely than not that some portion, or all, of the assets will not be realized. In making this assessment, we weigh all available positive and negative evidence, including expected future taxable income, existing taxable temporary differences, carryback potential and prudent and feasible tax-planning strategies."

Applied Materials Inc /De, Form 10-Q for FY2025, Part I, Item 2, accession 0000006951-25-000037, filed 21 August 2025.

Filing: https://www.sec.gov/Archives/edgar/data/6951/000000695125000037/amat-20250727.htm

Comparison: https://yearover.com/reports/amat/0001628280-26-058235?ref=quote

05RemovedPart I, Item 2 › Results of Operations

Summary · quote-checked

The filing removed the explanation for Display net revenue growth, including higher investments in TV and IT equipment and lower mobile-device investments.

A substantive MD&A driver explanation was removed; this is more than a date or comparison-period update.

Why the model ranked it here

This removes the explanation of Display revenue growth and the differing investment trends across end markets.

Filing text · FY2025 10-Q · filed Aug 21, 2025

[removed] Our Display net revenue increased in the three and nine months ended July 27, 2025 compared to the same periods in the prior year primarily due to higher customer investments in display fabrication equipment for TVs and 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 Aug 20, 2026

No corresponding language in the FY2026 10-Q.

Cite this change

"Our Display net revenue increased in the three and nine months ended July 27, 2025 compared to the same periods in the prior year primarily due to higher customer investments in display fabrication equipment for TVs and 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 0000006951-25-000037, filed 21 August 2025.

Filing: https://www.sec.gov/Archives/edgar/data/6951/000000695125000037/amat-20250727.htm

Comparison: https://yearover.com/reports/amat/0001628280-26-058235?ref=quote

Show all 11 in Part I, Item 2 (6 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 $4.0 billion, adding a 364-day agreement, Japanese bank facilities, and new maturity and conversion terms.

The disclosure changes the company’s borrowing capacity, counterparties, facility structure, covenant coverage, and maturity options, creating substantively different information about liquidity and financing commitments.

Why the model ranked it here

The expanded credit facilities and changed structures and maturities materially alter the company’s liquidity resources and financing commitments.

Filing text · FY2025 10-Q · filed Aug 21, 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 July 27, 2025. No amounts were outstanding under the Revolving~~ Credit Agreement as of July ~~[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 Aug 20, 2026

We have credit facilities for unsecured borrowings in various currencies of up to [added] an aggregate amount of $4.0 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 $49 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 July [added] 26, 2026. No amounts were outstanding under any of these credit facilities as of [added] July 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 $4.0 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 $49 million in aggregate at any time."

Applied Materials Inc /De, Form 10-Q for FY2026, Part I, Item 2, accession 0001628280-26-058235, filed 20 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/6951/000162828026058235/amat-20260726.htm

Comparison: https://yearover.com/reports/amat/0001628280-26-058235?ref=quote

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

Summary · quote-checked

The disclosure changes from no expected material fiscal 2025 impact to an expected material increase in foreign taxes beginning in the first quarter of fiscal 2026, primarily due to Singapore.

The stated tax outlook changes materially, identifying a future tax increase, timing, magnitude, and jurisdiction; added guidance and interpretation uncertainty further changes the disclosure.

Why the model ranked it here

The company now expects a material increase in foreign taxes, creating a significantly different tax outlook and identifying a specific jurisdictional driver.

Filing text · FY2025 10-Q · filed Aug 21, 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 Aug 20, 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 0001628280-26-058235, filed 20 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/6951/000162828026058235/amat-20260726.htm

Comparison: https://yearover.com/reports/amat/0001628280-26-058235?ref=quote

03ChangedPart I, Item 2 › Overview

Summary · quote-checked

The company reported two segments instead of three, removing the Display segment from its reportable-segment description.

Removing a reportable segment changes the disclosed structure of the company’s operations; the Note 13-to-Note 14 reference is only a cross-reference update.

Why the model ranked it here

Removing a reportable segment changes the disclosed structure of the business and narrows the operations represented in segment reporting.

Filing text · FY2025 10-Q · filed Aug 21, 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 Aug 20, 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 0001628280-26-058235, filed 20 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/6951/000162828026058235/amat-20260726.htm

Comparison: https://yearover.com/reports/amat/0001628280-26-058235?ref=quote

04ChangedPart I, Item 2 › Segment Operating Income (Loss)

Summary · quote-checked

The disclosure adds a legal settlement charge related to an export-controls compliance matter and changes the stated operating-margin drivers.

The new settlement charge introduces a legal and compliance event, while the changed drivers substantively alter the explanation of operating-margin performance; date and naming updates are secondary.

Why the model ranked it here

The newly recognized legal settlement charge makes a previously disclosed export-controls matter a realized financial and compliance event.

Filing text · FY2025 10-Q · filed Aug 21, 2025

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

Filing text · FY2026 10-Q · filed Aug 20, 2026

Semiconductor [added] Systems' operating margin for the three months ended July [added] 26, 2026 increased compared to the same period in the prior year primarily driven by higher revenue, favorable changes in product mix, [added] increases in average selling [added] prices and lower material and manufacturing costs, partially offset by increased RD&E expenses. Semiconductor [added] Systems' operating margin for the nine months ended July [added] 26, 2026 increased compared to the same period in the prior year primarily driven by higher [added] revenue, increases in average selling prices and lower material and manufacturing costs, [added] partially offset by increased RD&E expenses and a legal settlement charge related to a previously disclosed export controls compliance matter.

Cite this change

"Semiconductor Systems' operating margin for the nine months ended July 26, 2026 increased compared to the same period in the prior year primarily driven by higher revenue, increases in average selling prices and lower material and manufacturing costs, partially offset by increased RD&E expenses and a legal settlement charge related to a previously disclosed export controls compliance matter."

Applied Materials Inc /De, Form 10-Q for FY2026, Part I, Item 2, accession 0001628280-26-058235, filed 20 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/6951/000162828026058235/amat-20260726.htm

Comparison: https://yearover.com/reports/amat/0001628280-26-058235?ref=quote

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

Summary · quote-checked

Operating cash flow changed from decreasing to increasing, with revised amounts, non-cash charges, and stated drivers.

The narrative reverses direction and replaces the explanations for the change, adding restructuring charges and different working-capital and income-tax drivers; this is substantively different.

Why the model ranked it here

Operating cash flow changed from declining to increasing, with materially different working-capital, tax, and earnings drivers.

Filing text · FY2025 10-Q · filed Aug 21, 2025

Cash from operating activities for the nine months ended July ~~[removed] 27, 2025 was $5.1~~ billion, which reflects net income adjusted for the effect of non-cash charges and changes in working capital components. Significant non-cash charges included depreciation, amortization, gain or loss on investments or asset ~~[removed] sale, share-based compensation and~~ deferred income ~~[removed] taxes.~~ Cash provided by operating activities ~~[removed] decreased~~ in the first nine months of fiscal ~~[removed] 2025~~ compared to the same period in the prior year primarily due to ~~[removed] lower collections of customer receivable balances, higher~~ payments for income ~~[removed] taxes~~ and higher vendor payments.

Filing text · FY2026 10-Q · filed Aug 20, 2026

Cash from operating activities for the nine months ended July [added] 26, 2026 was $5.6 billion, which reflects net income adjusted for the effect of non-cash charges and changes in working capital components. Significant non-cash charges included depreciation, amortization, gain or loss on investments or asset [added] sales, share-based compensation, deferred income [added] taxes and restructuring charges. Cash provided by operating activities [added] increased in the first nine months of fiscal [added] 2026 compared to the same period in the prior [added] fiscal year primarily due to [added] higher net income and lower payments for income [added] taxes, partially offset by a higher accounts receivable balance and higher vendor payments.

Cite this change

"Cash provided by operating activities increased in the first nine months of fiscal 2026 compared to the same period in the prior fiscal year primarily due to higher net income and lower payments for income taxes, partially offset by a higher accounts receivable balance and higher vendor payments."

Applied Materials Inc /De, Form 10-Q for FY2026, Part I, Item 2, accession 0001628280-26-058235, filed 20 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/6951/000162828026058235/amat-20260726.htm

Comparison: https://yearover.com/reports/amat/0001628280-26-058235?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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