Applied Materials Earnings May 15 2026: The AI Chip Equipment Bellwether Reports Tonight — What Wall Street Expects

# Applied Materials Earnings May 15 2026: The AI Chip Equipment Bellwether Reports Tonight — What Wall Street Expects

> **Quick answer:** Applied Materials (AMAT) reports Q2 FY2026 earnings tonight, May 15, 2026 at 4:30 PM ET. Wall Street expects EPS of $2.68 (+12% YoY) and revenue of $7.69 billion (+8% YoY). The headline numbers are almost certainly going to beat — AMAT has exceeded estimates for 15 straight quarters. The real question is guidance: will management address the Trump-Xi summit's Nvidia H200 China clearance as a potential relief valve on the $600–710 million China export headwind?

Applied Materials earnings on May 15, 2026 mark one of the most closely watched semiconductor reports of the quarter. As the largest provider of wafer fabrication equipment (WFE) in the world, AMAT is the first company that chipmakers call when they need to build new capacity — making tonight's report a direct read on the entire AI chip manufacturing capex cycle.

## What Wall Street Expects: The Consensus Numbers

The Street has AMAT dialed in tightly ahead of tonight's report. Here are the consensus expectations heading into the Q2 FY2026 print:

- **Adjusted EPS:** $2.68, up approximately 12% year-over-year from $2.39 in Q2 FY2025 - **Revenue:** $7.69 billion, up approximately 8% year-over-year - **Company guidance range:** Revenue of $7.15–$8.15 billion, EPS of $2.44–$2.84 (non-GAAP) - **Full-year FY2026 consensus EPS:** $11.10, up 17.8% from $9.42 in FY2025