Report published August 13, 2026
Applied Materials (AMAT) Goldman Sachs Research: Solid Quarter & Strong Guidance
Source and citation context
- Issuer
- Goldman Sachs
- Report date
- August 13, 2026
- Analysis as of
- August 12, 2026
Authors / editors: James Schneider, Anmol Makkar, Luya You, Khalil Fenina
Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Applied Materials reported solid 2Q results and issued strong 3Q guidance above consensus, driven by strength in advanced packaging and WFE commentary. However, Goldman Sachs expects stock performance to remain range-bound given elevated investor expectations.
Key Takeaways
- 1.Stock expected to be range-bound due to high investor expectations despite solid 2Q results and above-consensus guidance.
- 2.Quarterly revenue reached $9.12bn with gross margin of 50.4% and Non-GAAP EPS of $3.50, outperforming Street estimates.
- 3.3Q guidance is well above Street expectations, with midpoint revenue at $10.25bn and Non-GAAP EPS midpoint at $4.02.
Table of Contents
- Key stock takeaways:
- Quarterly results above the Street:
- 3Q guidance is well above the Street.
- Read-through to our coverage:
- Price target and risks:
- Exhibit 1: Applied Materials - Variance summary
- Exhibit 2: Applied Materials - Guidance
- Disclosure Appendix
Report data
Exhibit 2: Applied Materials - Guidance — as of August 12, 2026.
| Metric | Estimate | Context |
|---|---|---|
| Total Revenue | 9115 USD Millions | Reported 2Q26 revenue compared to GS estimate of $9,139M and Street of $9,037M. |
| Gross Margin | 50.4 Percent | Reported 2Q26 gross margin beat GS estimate of 50.3% and Street of 50.1%. |
| Non-GAAP EPS | 3.50 USD | Reported 2Q26 Non-GAAP EPS versus GS estimate of $3.56 and Street of $3.42. |
| Total Revenue Guidance Midpoint | 10250 USD Millions | 3Q26 guidance midpoint of $10,250M compared to Street of $9,664M. |
| 12m Price Target | 645.00 USD | Target price for AMAT relative to price of $548.15. |
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Authors / Editors
Reported Data Context
- Total Revenue: 9115 USD Millions (2Q26) · Source: Company data
- Gross Margin: 50.4 Percent (2Q26) · Source: Company data
- Non-GAAP EPS: 3.50 USD (2Q26) · Source: Company data
- Total Revenue Guidance Midpoint: 10250 USD Millions (3Q26E) · Source: Company data
- 12m Price Target: 645.00 USD (12-month) · Source: Goldman Sachs Global Investment Research
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