Revenue

Q1 2026

$5 billion "

$5.2 billion "

raised

Gross Margin

Q1 2026

49.5% "

50% "

raised

Operating Margin

Q1 2026

33.5% "

34% "

raised

EPS

Q1 2026

$1.20 "

$1.20 "

no change

Share Count

Q1 2026

Approximately 1.8 billion shares "

Approximately 1.27 billion shares "

lowered

Advanced Packaging

Highlighted in Q3 for its role in foundry logic with strong leadership in new product roadmaps " " and in Q2 for revenue growth driven by HBM and packaging transitions "

In Q4, extensively discussed as a critical growth driver with improvements in memory density, bandwidth, and market share gains " "

Consistent focus with expanding complexity and application breadth, maintaining a positive outlook

Memory Technologies Growth

Discussed in Q3 with evolving percentages in DRAM and nonvolatile segments " and in Q2 with emphasis on NAND upgrades and HBM momentum " "

In Q4, detailed emphasis on upgrades (e.g., HBM speed, cryo etching for QLC) reinforcing growth driven by AI demands " "

Steady, positive emphasis on technological upgrades reinforcing growth amid evolving AI needs

NAND Market Recovery and Upgrade Opportunities

Q3 earnings emphasized the upgrade cycle from 128-layer to 2xx+ layers with a long-term $40B upgrade opportunity " " " " and Q2 highlighted migration spending and cryo etching benefits " " "

Q4 featured strong recovery signals, leveraging AI-driven demands and detailed upgrade opportunities including investment figures " " "

Persistent and expanding, with consistent recognition of upgrade cycles as a key revenue driver

Molybdenum Technology Advancements

Q3 mentioned the ALTUS Halo system cutting resistance for 3D NAND " " and Q2 focused on the molybdenum transition in NAND upgrades " " "

Q4 emphasized ALD Moly leadership, unique multi-station solutions, and key customer wins supporting a growing SAM " " "

Consistent technological leadership with growing adoption and expanding impact on advanced nodes

Tool Technology Innovation

In Q3, new etch systems (Akara) and advances in dry resist were highlighted " " " and Q2 showcased Cryo 3.0 and Aether dry resist breakthroughs driving performance improvements " " "

Q4 spotlighted innovations with the Aqara conductor etch tool, HALO ALD Moly tool, and dry resist technologies addressing critical challenges " "

Continuous innovation with strong product wins, reinforcing market position through differentiated solutions

Agile Global Manufacturing and Supply Chain Flexibility

Q3 discussed a flexible global manufacturing footprint and supply chain agility across multiple regions to mitigate tariffs and disruptions " "

No mention in Q4

Topic no longer mentioned in the current period, indicating a possible de‐emphasis or shift in focus

Tariff, Export Controls, and Geopolitical Supply Chain Risks

Q3 covered flexible manufacturing to offset tariffs and also addressed export controls and geopolitical risks " " and Q2 detailed China export controls impacting revenue " " "

Q4 primarily focused on increased tariffs impacting margins, with export controls less explicitly mentioned " " "

Shift in emphasis toward tariffs as the dominant risk factor, with less discussion on export controls

Customer Demand Dynamics and Concentration Risks

Q3 highlighted customer planning, China revenue concentration, and lumpy demand dynamics " " " and Q2 discussed customer concentration headwinds and geographic mix concerns " " " "

Q4 continued to stress significant China demand growth, AI-driven demand, mixed customer segments, and concentration in key sectors " " " " "

Ongoing concern with evolving dynamics as AI and shifting regional mixes add both opportunity and risk

Margin Pressure and Gross Margin Vulnerabilities

Q3 noted variability from customer mix and tariff impacts with margins at around 49% and anticipated fluctuations " " " and Q2 pointed to headwinds from customer concentration affecting margins " " " "

Q4 reported record gross margins (50.3%) this quarter but warned of potential declines (to 48%) due to unfavorable mix and rising tariffs " " " " "

Consistent performance with current record margins tempered by caution over near-term vulnerabilities

Uncertainty in Future Growth & Dependence on Technology Upgrade Cycles

Q3 linked future growth to customer tech roadmaps and a robust NAND upgrade cycle, addressing macro uncertainties " " and Q2 emphasized reliance on tech migration and the $40B NAND upgrade opportunity amid uncertain upgrade rates " " " "

Q4 acknowledged near-term uncertainty in overall WFE spending but stressed confidence in outperforming through technology upgrades and a robust upgrade cycle " " " "

Remains a key driver with optimistic long-term prospects while acknowledging near-term unpredictability

Increasing Operating Expenses from R&D and Digital Transformation Investments

Q3 reported increased R&D spending (70% of operating expenses) driven by roadmap differentiation and digital initiatives " " and Q2 noted moderate operating cost increases tied to higher R&D investments and digital transformation efforts " "

Not specifically mentioned in Q4

Topic is no longer highlighted in the current period, possibly indicating stabilization or reduced focus in recent commentary