Applied Materials Called 2027 Another Record Year

A record $10.41 billion quarter, 2027 wafer-fab equipment growth guided above 30%, and internal token use up more than 50 times this year.

Applied Materials reported fiscal fourth-quarter revenue of $10.41 billion on 12 November 2026, up 53% year on year and a record, with semiconductor systems at $8.0 billion, up 64%, non-GAAP earnings per share of $4.16, up 92%, and gross margin of 50.6%. Full-year revenue reached $34.45 billion, up 21%, and the company guided fiscal first-quarter revenue to about $11.1 billion. Management told analysts no customer is deferring tool pickups, forecast wafer-fab equipment growth above 30% in 2027, and plans to double systems output from the fourth-quarter level by 2028. On the call, CEO Gary Dickerson said more than 80% of employees use Copilot and Claude, all software developers use AI with average productivity gains above 40%, and monthly token consumption grew more than 50 times this year. The commercial read runs two ways: the equipment cycle has not peaked, and the company is itself the most quotable internal case study of AI-driven operating leverage.