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De a r Fe l l ow Sh are hol de rs,
Applied Materials delivered record revenue and earnings
per share in scal 2025, marking our sixth consecutive
year of growth. Over this period, we have grown
revenue and earnings per share at annualized rates of
approximately 12 percent and 20 percent, respectively.
We are in the early stages of a new computing era,
and the opportunities for the semiconductor industry
and Applied Materials have never been greater.
Semiconductors provide the foundation for advances
in technology that are reshaping the global economy,
including arti cial intelligence (AI), the internet of things,
robotics, electric and autonomous vehicles, and clean
energy. To prepare for the exciting opportunities ahead,
Applied has built new capabilities, strengthened our
product portfolio and streamlined our organization. Now
more than ever the work we do together advances the
world s technology.
INFLECTION-FOCUSED INNOVATION
In addition to fueling industry growth, AI computing is
reshaping the semiconductor roadmap and changing
the way chips are designed and manufactured. The
foundational semiconductor technology developed and
delivered to customers by Applied Materials plays a
critical role in improving the energy efficiency of AI in
the datacenter and at the edge. At Applied, our core
strategy is in ection-focused innovation. We partner
with our customers to recognize technology in ections
early, and we focus our research and development on the
highest value technology in ections in the fastest growing
areas of the market. We then create highly differentiated
solutions by connecting our broad portfolio of capabilities
and technologies.
For example, in scal 2025, we launched several
innovative products that extend our leadership in the
major technology in ections essential to energy-efficient
AI computing: leading-edge logic, high-performance
DRAM, high-bandwidth memory, and advanced
packaging. These products enable higher performance,
lower power advanced logic and memory chips, and
improve factory yields. As deployment of AI accelerates
globally, Applied is well positioned at the most valuable
technology in ections in the fastest growing areas
of the market.
HIGH-VELOCITY CO-INNOVATION
A key theme we consistently hear from our customers
and ecosystem partners is that co-optimization of
the technology stack is more critical than ever. Over
the past year, we strengthened and expanded our
collaborations with technology leaders, universities
and research institutes. In addition, Applied s highvelocity, co-innovation model is designed to accelerate
new chip and system architectures by providing chip
makers and chip designers much earlier access to
next-generation process technology. This is a core value
proposition of our Equipment and Process Innovation
and Commercialization (EPIC) platform. Construction
of the platform s agship facility the EPIC Center
in Silicon Valley is on track, and we are excited to
begin operations in 2026. The EPIC Center will be the
largest and most advanced facility of its type globally.
By co-locating chip makers, chip designers, university
researchers and other ecosystem partners under one
roof, we believe we can reduce the time it takes the
industry to bring a new technology from concept to
commercialization by as much as 30 percent.
As our customers race to bring complex new device
architecture in ections to market, we are also providing
advanced service solutions that help them quickly
transfer new technology from R&D labs into pilot lines
and then rapidly optimize device performance, yield
a p p l i e d m at e r i a l s 2 0 2 5
annual report

and cost in high-volume production. In scal 2025, the
recurring services and parts portion of Applied Global
Services delivered another year of double-digit growth
with more than two-thirds of this core service revenue
generated from subscriptions.
As a leader in the technology ecosystem, we are
committed to working closely with our customers,
suppliers and partners to reduce the environmental
impact of chipmaking and support the responsible growth
of the semiconductor industry. Applied is advancing
energy-efficient computing through materials engineering
innovations that underpin AI and other data-heavy
applications as well as driving progress towards our 2030
goals for our own carbon emissions.
WELL POSITIONED FOR FUTURE GROWTH
Looking ahead to 2026 and beyond, we expect largescale AI adoption will drive substantial investment
in AI-computing infrastructure including advanced
semiconductors and wafer fab equipment. Our customers
are engaging with us early to ensure we are ready
to support signi cant production ramps in the coming
years. Inside the company, we are adopting AI and digital
tools to drive higher velocity and productivity, innovate
the way we work, and streamline our organization to
meet the tremendous opportunities ahead. At Applied
Materials, we deliver material innovation that changes
the world. Our in ection-focused innovation strategy
puts us in a great position to extend our leadership
in the semiconductor technologies essential to highperformance, energy-efficient computing.
Sincerely,
Thomas J. Iannotti
Gary E. Dickerson
Chairman of the Board
President and
Chief Executive Officer
December 31, 2025
a p p l i e d m at e r i a l s 2 0 2 5
annual report

This Annual Report contains forward-looking statements, including those regarding anticipated growth and trends
in our businesses and markets, industry outlooks and demand drivers, technology transitions, our business and
nancial performance and market share positions, our capital allocation and cash deployment strategies, our
investment and growth strategies, our development of new products and technologies, our sustainability strategies
and targets, our business outlook, and other statements that are not historical facts. These statements and their
underlying assumptions are subject to risks and uncertainties and are not guarantees of future performance. Factors
that could cause actual results to differ materially from those expressed or implied by such statements include those
discussed in the Risk Factors section of, and elsewhere in, this report. Forward-looking statements are based on
management s estimates, projections and expectations as of the date hereof, and we undertake no obligation to
update any such statements.
S H A R E H O L D E R S I N F O R M AT I O N
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
INVESTOR CONTACT
KPMG LLP
Santa Clara, California
Investor Relations
Applied Materials, Inc.
3050 Bowers Avenue
P.O. Box 58039, M/S 5206
Santa Clara, California 95054-3299
Tel: (408) 748 5227
Email: investor_relations@amat.com
NUMBER OF REGISTERED SHAREHOLDERS
2,626 (as of December 5, 2025)
STOCK LISTING
Applied Materials, Inc. is traded on
The Nasdaq Global Select Market
Nasdaq Symbol: AMAT
TRANSFER AGENT
Mail correspondence to:
Computershare Trust Company, N.A.
Stockholder Services
P.O. Box 43078
Providence, RI 02940-3078
Send overnight correspondence to:
Computershare
150 Royall St., Suite 101
Canton, MA 02021
CORPORATE HEADQUARTERS
Applied Materials, Inc.
3050 Bowers Avenue
Santa Clara, California 95054 3299
MAILING ADDRESS AND TELEPHONE
Applied Materials, Inc.
3050 Bowers Avenue
P.O. Box 58039
Santa Clara, California 95054 3299
Tel: (408) 727 5555
CORPORATE WEB SITE
Additional information can be found at
www.appliedmaterials.com
Online inquiries:
www-us.computershare.com/investor/Contact
Tel: (312) 360 5186 or (877) 388 5186
Fax: (312) 601 4348
a p p l i e d m at e r i a l s 2 0 2 5
annual report

•

1/28/2026 Letter Continued (Full PDF)
•

1/25/2023 AMAT Stockholder Letter
•

1/24/2024 AMAT Stockholder Letter
•

1/22/2025 AMAT Stockholder Letter
•

More "Semiconductors" Category Stockholder Letters
•

AMAT Benford's Law Stock Score = 75

AMAT Shareholder/Stockholder Letter Transcript:

2025
annual report

De a r Fe l l ow Sh are hol de rs,
Applied Materials delivered record revenue and earnings
per share in scal 2025, marking our sixth consecutive
year of growth. Over this period, we have grown
revenue and earnings per share at annualized rates of
approximately 12 percent and 20 percent, respectively.
We are in the early stages of a new computing era,
and the opportunities for the semiconductor industry
and Applied Materials have never been greater.
Semiconductors provide the foundation for advances
in technology that are reshaping the global economy,
including arti cial intelligence (AI), the internet of things,
robotics, electric and autonomous vehicles, and clean
energy. To prepare for the exciting opportunities ahead,
Applied has built new capabilities, strengthened our
product portfolio and streamlined our organization. Now
more than ever the work we do together advances the
world s technology.
INFLECTION-FOCUSED INNOVATION
In addition to fueling industry growth, AI computing is
reshaping the semiconductor roadmap and changing
the way chips are designed and manufactured. The
foundational semiconductor technology developed and
delivered to customers by Applied Materials plays a
critical role in improving the energy efficiency of AI in
the datacenter and at the edge. At Applied, our core
strategy is in ection-focused innovation. We partner
with our customers to recognize technology in ections
early, and we focus our research and development on the
highest value technology in ections in the fastest growing
areas of the market. We then create highly differentiated
solutions by connecting our broad portfolio of capabilities
and technologies.
For example, in scal 2025, we launched several
innovative products that extend our leadership in the
major technology in ections essential to energy-efficient
AI computing: leading-edge logic, high-performance
DRAM, high-bandwidth memory, and advanced
packaging. These products enable higher performance,
lower power advanced logic and memory chips, and
improve factory yields. As deployment of AI accelerates
globally, Applied is well positioned at the most valuable
technology in ections in the fastest growing areas
of the market.
HIGH-VELOCITY CO-INNOVATION
A key theme we consistently hear from our customers
and ecosystem partners is that co-optimization of
the technology stack is more critical than ever. Over
the past year, we strengthened and expanded our
collaborations with technology leaders, universities
and research institutes. In addition, Applied s highvelocity, co-innovation model is designed to accelerate
new chip and system architectures by providing chip
makers and chip designers much earlier access to
next-generation process technology. This is a core value
proposition of our Equipment and Process Innovation
and Commercialization (EPIC) platform. Construction
of the platform s agship facility the EPIC Center
in Silicon Valley is on track, and we are excited to
begin operations in 2026. The EPIC Center will be the
largest and most advanced facility of its type globally.
By co-locating chip makers, chip designers, university
researchers and other ecosystem partners under one
roof, we believe we can reduce the time it takes the
industry to bring a new technology from concept to
commercialization by as much as 30 percent.
As our customers race to bring complex new device
architecture in ections to market, we are also providing
advanced service solutions that help them quickly
transfer new technology from R&D labs into pilot lines
and then rapidly optimize device performance, yield
a p p l i e d m at e r i a l s 2 0 2 5
annual report

and cost in high-volume production. In scal 2025, the
recurring services and parts portion of Applied Global
Services delivered another year of double-digit growth
with more than two-thirds of this core service revenue
generated from subscriptions.
As a leader in the technology ecosystem, we are
committed to working closely with our customers,
suppliers and partners to reduce the environmental
impact of chipmaking and support the responsible growth
of the semiconductor industry. Applied is advancing
energy-efficient computing through materials engineering
innovations that underpin AI and other data-heavy
applications as well as driving progress towards our 2030
goals for our own carbon emissions.
WELL POSITIONED FOR FUTURE GROWTH
Looking ahead to 2026 and beyond, we expect largescale AI adoption will drive substantial investment
in AI-computing infrastructure including advanced
semiconductors and wafer fab equipment. Our customers
are engaging with us early to ensure we are ready
to support signi cant production ramps in the coming
years. Inside the company, we are adopting AI and digital
tools to drive higher velocity and productivity, innovate
the way we work, and streamline our organization to
meet the tremendous opportunities ahead. At Applied
Materials, we deliver material innovation that changes
the world. Our in ection-focused innovation strategy
puts us in a great position to extend our leadership
in the semiconductor technologies essential to highperformance, energy-efficient computing.
Sincerely,
Thomas J. Iannotti
Gary E. Dickerson
Chairman of the Board
President and
Chief Executive Officer
December 31, 2025
a p p l i e d m at e r i a l s 2 0 2 5
annual report

This Annual Report contains forward-looking statements, including those regarding anticipated growth and trends
in our businesses and markets, industry outlooks and demand drivers, technology transitions, our business and
nancial performance and market share positions, our capital allocation and cash deployment strategies, our
investment and growth strategies, our development of new products and technologies, our sustainability strategies
and targets, our business outlook, and other statements that are not historical facts. These statements and their
underlying assumptions are subject to risks and uncertainties and are not guarantees of future performance. Factors
that could cause actual results to differ materially from those expressed or implied by such statements include those
discussed in the Risk Factors section of, and elsewhere in, this report. Forward-looking statements are based on
management s estimates, projections and expectations as of the date hereof, and we undertake no obligation to
update any such statements.
S H A R E H O L D E R S I N F O R M AT I O N
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
INVESTOR CONTACT
KPMG LLP
Santa Clara, California
Investor Relations
Applied Materials, Inc.
3050 Bowers Avenue
P.O. Box 58039, M/S 5206
Santa Clara, California 95054-3299
Tel: (408) 748 5227
Email: investor_relations@amat.com
NUMBER OF REGISTERED SHAREHOLDERS
2,626 (as of December 5, 2025)
STOCK LISTING
Applied Materials, Inc. is traded on
The Nasdaq Global Select Market
Nasdaq Symbol: AMAT
TRANSFER AGENT
Mail correspondence to:
Computershare Trust Company, N.A.
Stockholder Services
P.O. Box 43078
Providence, RI 02940-3078
Send overnight correspondence to:
Computershare
150 Royall St., Suite 101
Canton, MA 02021
CORPORATE HEADQUARTERS
Applied Materials, Inc.
3050 Bowers Avenue
Santa Clara, California 95054 3299
MAILING ADDRESS AND TELEPHONE
Applied Materials, Inc.
3050 Bowers Avenue
P.O. Box 58039
Santa Clara, California 95054 3299
Tel: (408) 727 5555
CORPORATE WEB SITE
Additional information can be found at
www.appliedmaterials.com
Online inquiries:
www-us.computershare.com/investor/Contact
Tel: (312) 360 5186 or (877) 388 5186
Fax: (312) 601 4348
a p p l i e d m at e r i a l s 2 0 2 5
annual report

1/28/2026 Letter Continued (Full PDF)

AMAT Shareholder/Stockholder Letter Transcript:

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