Export limits may cut Applied Materials (NASDAQ: AMAT) revenue by $600M

Rhea-AI Filing Summary

Applied Materials, Inc. reports that a new U.S. Department of Commerce Bureau of Industry and Security rule, referred to as the BIS Affiliates Rule, will further limit its ability to export certain products and provide parts and services to specific China-based customers without a license. Applied currently estimates that this rule will reduce its net revenue for the fourth quarter of fiscal 2025 by approximately $110 million. The company also currently expects that its net revenue for fiscal 2026 will be reduced by approximately $600 million as a result of these expanded export restrictions.

Positive

• None.

Negative

• New export restrictions expected to reduce revenue: Applied estimates the BIS Affiliates Rule will cut net revenue by approximately $110 million in Q4 fiscal 2025 and approximately $600 million in fiscal 2026.

Insights

Semiconductor policy and revenue impact analyst

New U.S. export rule is expected to cut Applied’s China-related revenue in late 2025 and 2026 by hundreds of millions of dollars.

The disclosure explains that the BIS Affiliates Rule expands the list of entities subject to U.S. export restrictions, limiting Applied Materials from exporting certain products and providing parts and services to specific China-based customers without a license. Applied ties this directly to its sales outlook, indicating a tangible business effect from tightened trade controls.

Applied currently estimates a reduction in net revenue of about $110 million for the fourth quarter of fiscal 2025 and about $600 million for fiscal 2026 due to the rule. The language is framed as forward-looking and subject to risks and uncertainties, including how regulations and license requirements are implemented and interpreted, and how that affects its ability to serve customers and its results of operations.

The company highlights that these are management estimates as of the report date and references risk factors in its most recent Form 10-Q and other SEC filings. The actual impact will depend on regulatory implementation, license outcomes and customer demand patterns under the new export environment.

0000006951FALSEAPPLIED MATERIALS INC /DE00000069512025-09-292025-09-29

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

____________________________________________________________________

FORM 8-K

 ____________________________________________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): September 29, 2025

____________________________________________________________________

 Applied Materials, Inc.

(Exact name of registrant as specified in its charter)

____________________________________________________________________

Delaware

000-06920

94-1655526

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

3050 Bowers Avenue

P.O. Box 58039

Santa Clara, CA 95052-8039

(Address of principal executive offices)

Registrant’s telephone number, including area code: (408) 727-5555

N/A

(Former name or former address, if changed since last report.)

 Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐						Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐						Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐						Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐						Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class			Trading Symbol			Name of Each Exchange on Which Registered
Common Stock, par value $.01 per share			AMAT			The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act).   ☐

Item 7.01 Regulation FD Disclosure.

On September 29, 2025, the U.S. Department of Commerce’s Bureau of Industry and Security issued a new rule that expands the list of companies subject to U.S. export restrictions (the “BIS Affiliates Rule”). Applied Materials, Inc. (“Applied”) expects that the BIS Affiliates Rule will further restrict its ability to export certain products and provide certain parts and services to specific China-based customers without a license.

Applied currently estimates that the impact of the BIS Affiliates Rule will reduce its net revenue for the fourth quarter of fiscal 2025 by approximately $110 million. In addition, Applied currently expects that the impact of the BIS Affiliates Rule will reduce its net revenue for fiscal 2026 by approximately $600 million.

The information in this Form 8-K is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to liability under that section, and shall not be deemed to be incorporated by reference in any filing of Applied under the Securities Act of 1933, as amended, or the Exchange Act, unless expressly incorporated by specific reference in such filing.

Forward-Looking Statements.

This report contains forward-looking statements, including those regarding the impact of new export regulations on our ability to export products and provide services to customers, and the impact on our business and results of operations for the fourth quarter of fiscal 2025 and for fiscal 2026. 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 the implementation of export regulations and license requirements and their interpretation, and their impact on our ability to export products and provide services to customers and on our results of operations, and other risks and uncertainties described in Applied’s most recent Form 10-Q and other Securities and Exchange Commission filings. All forward-looking statements are based on management’s estimates, projections and assumptions as of the date hereof, and Applied assumes no obligation to update them.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

						Applied Materials, Inc.  (Registrant)
Dated:			October 2, 2025			By:			/s/ Teri A. Little
									Teri A. Little
									Senior Vice President, Chief Legal Officer and Corporate Secretary

FAQ

What did Applied Materials (AMAT) disclose about new U.S. export rules?

Applied Materials disclosed that the U.S. Department of Commerce’s Bureau of Industry and Security issued the BIS Affiliates Rule, which expands the list of companies subject to U.S. export restrictions and is expected to further limit its ability to export certain products and provide parts and services to specific China-based customers without a license.

How much revenue does Applied Materials expect to lose in Q4 fiscal 2025 due to the BIS Affiliates Rule?

Applied Materials currently estimates that the BIS Affiliates Rule will reduce its net revenue for the fourth quarter of fiscal 2025 by approximately $110 million.

What is the expected impact of the BIS Affiliates Rule on Applied Materials’ fiscal 2026 revenue?

Applied Materials currently expects that the impact of the BIS Affiliates Rule will reduce its net revenue for fiscal 2026 by approximately $600 million.

Which customers are most affected by the new export restrictions for Applied Materials?

The company states that the BIS Affiliates Rule will further restrict its ability to export certain products and provide certain parts and services to specific China-based customers without a license.

Are Applied Materials’ estimates about the BIS Affiliates Rule’s impact final or could they change?

Applied describes these figures as forward-looking statements based on management’s estimates, projections and assumptions as of the report date, and notes they are subject to risks and uncertainties, including how export regulations and license requirements are implemented and interpreted.

Does this 8-K state that Applied Materials will update its estimates on the BIS Affiliates Rule impact?

The company states that all forward-looking statements are based on management’s estimates, projections and assumptions as of the date of the report and that Applied assumes no obligation to update them.