Analyst Conference Call Summary

semiconductors

conference date: August 14, 2025 @ 1:30 PM Pacific Time
for quarter ending: July 27, 2025 (third quarter, Q3 fiscal 2025)

Forward-looking statements

Overview:

Basic data (GAAP):

Revenues were $ billion, down % sequentially from $7.10 billion and up % from $ billion in the year-earlier quarter.

Net income was $ billion, up % sequentially from $2.14 billion and up % from $ billion year-earlier.

EPS (diluted earnings per share) were $, up % sequentially from $2.63 and up % from $ year-earlier.

Guidance:

Conference Highlights:

Gary Dickerson, CEO, said ""

Non-GAAP numbers: net income $ billion, down % sequentially from $1.94 billion, and up % from $ billion year-earlier. EPS $, up slightly sequentially from $2.39, and up % from $ year-earlier.

[note: ICAPS = IoT, Communications, Automotive, Power and Sensors]

Semiconductor Systems sales were $ billion, down sequentially from $5.26 billion, and up from $ billion year-earlier. Revenue by type, as % of total: Foundry, logic and other %, DRAM %, Flash %. Segment operating income was $ billion.

Applied Global Services (AGS) revenue was $ billion, down sequentially from $1.57 billion and up from $ billion year earlier. Non-GAAP operating income was $ million.

Display segment revenue was $ million, up sequentially from $259 million and up from $ million year-earlier. Non-GAAP operating income was $ million.

Cash and equivalents (including long-term investments) balance ended at $ billion, down sequentially from $10.4 billion. Cash flow from operating activities was $ billion. Capital expenditures were $ million. Free cash flow $ million. $ million was used for cash dividends. Used $ billion to repurchase shares. Long-term debt was $ billion. In Q2 2025 authorized another $10 billion for stock repurchases.

Cost of goods sold was $ billion, leaving gross profit of $ billion. Operating expenses of $ billion consisted of: research and development $ million; selling and marketing, $ million; general and administrative $ million. Leaving income from operations of $ billion. Interest and other income net $ million. Income tax $ million.

Q&A selective summary:

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