Analyst Conference Call Summary

semiconductors

conference date: May 14, 2026 @ 1:30 PM Pacific Time
for quarter ending: April 30, 2026 (second quarter, Q2 fiscal 2026)

Forward-looking statements

Overview:

Basic data (GAAP):

Revenues were $ billion, up % sequentially from $7.01 billion and down % from $ billion in the year-earlier quarter.

Net income was $ billion, up % sequentially from $2.03 billion and up % from $ billion year-earlier.

EPS (diluted earnings per share) were $, up % sequentially from $2.54 and up % from $ year-earlier.

Guidance:

Conference Highlights:

Gary Dickerson, CEO, said ""

In February 2026 announced Samsung will join Applied's EPIC Center in Silicon Valley. Introduced deposition, etch, and modification systems Viva, Sym3 Z Magnum, and Spectral, for gate-all-around transistors at 2nm.

Non-GAAP numbers: net income $ billion, up % sequentially from $1.90 billion, and down % from $ billion year-earlier. EPS $, up % sequentially from $2.38, and up from $ year-earlier.

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

Semiconductor Systems sales were $ billion, up sequentially from $5.14 billion, but down from $ billion year-earlier. Revenue by type, as % of total: Foundry, logic and other %, DRAM %, Flash %. Segment operating income, GAAP, was $ billion; non-GAAP $ billion.

Applied Global Services (AGS) revenue was $ billion, down sequentially from $1.56 billion and up from $ billion year earlier. GAAP and Non-GAAP operating income was $ million.

Display segment revenue was $ million, down sequentially from $312 million and up from $ million year-earlier. Non-GAAP operating loss was $ million.

Cash and equivalents (including long-term investments) balance ended at $ billion, sequentially from $7.29 billion. Cash flow from operating activities was $ billion. Capital expenditures were $ million. Free cash flow $ billion. $ million was used for cash dividends. Used $ million to repurchase shares. Long-term debt was $ billion.

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; restructuring $ million; legal settlement $ million. Leaving income from operations of $ billion. Interest and other income net $ million. Income tax $ million.

Q&A selective summary:

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