Applied Materials
26 named things its latest annual report says its results depend on, each in the company's own words. 20 of them are also named by other companies we've read.
Customers
Two largest customers
earns from · approximately 19% and 15%, respectively, of our net revenuenamed as a riskDuring fiscal 2025, two customers accounted for approximately 19% and 15%, respectively, of our net revenue.Business (Item 1)
Display industry
earns fromnamed as a riskWe are a supplier to the global display industry, which has experienced considerable volatility in capital equipment investment levels, due in part to the limited number of display manufacturers, the concentrated nature of end-use applications, production capacity relative to end-use demand, the speed of adopting new technologies and panel manufacturer profitability.Risk factors (Item 1A)
Suppliers
Competitors
Domestic Chinese equipment manufacturers
competes withnamed as a riskWe could see increased competition from domestic equipment manufacturers in China resulting from local government incentives and funding as well as export controls established by the United States government to restrict the sale of certain technologies to customers in China.Business (Item 1)
Places
Non-U.S. customers
earns from · approximately 89% of our net revenuenamed as a riskIn fiscal 2025, approximately 89% of our net revenue was to customers in regions outside the United States.Risk factors (Item 1A)
Also named by BA
China
earns fromnamed as a riskOur customer base is geographically concentrated, particularly in China, Taiwan and Korea, and export regulations that apply to customers in certain countries, such as those in China, have exposed and can further expose our business and operating results to greater volatility.Risk factors (Item 1A)
Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more
Taiwan
concentrated innamed as a riskOur customer base is geographically concentrated, particularly in China, Taiwan and Korea, and export regulations that apply to customers in certain countries, such as those in China, have exposed and can further expose our business and operating results to greater volatility.Risk factors (Item 1A)
Also named by AAOI, AAPL, AB, ADI, AEHR, ALAB, AMD, ANET and 50 more
Singapore
operates innamed as a riskWe have been granted additional conditional reduced tax rates in Singapore that expire beginning in fiscal 2030.Risk factors (Item 1A)
Also named by A, AAPL, ALAB, ANET, APP, AVGO, DLR, EW and 12 more
South Korea
earns fromnamed as a riskMany of these challenges are present in China and Korea, markets that represent a significant portion of our business.Risk factors (Item 1A)
Also named by AAPL, ALAB, BE, BWA, CPNG, CROX, ENTG, FAST and 11 more
China supply chain
depends onnamed as a risk•global trade issues and changes in and uncertainties with respect to trade and export regulations, trade policies and sanctions, tariffs, international trade disputes, particularly those relating to exports of certain technologies to China, where a significant portion of our supply chain is located, and any retaliatory measures, that adversely impact us or our direct or sub-tier suppliers;Risk factors (Item 1A)
Commodities and inputs
Japanese yen
exposed to its price · $177 millionnamed as a riskCertain of our operations are conducted in foreign currencies, such as Japanese yen, Israeli shekel, euro and Taiwanese dollar.Market risk (Item 7A)
Also named by ABBV, ABT, ACN, ADBE, ALK, AMKR, BMY, COO and 24 more
Rare earth minerals
depends onnamed as a riskFor example, in 2025 the Chinese government implemented export controls on the export of rare earth minerals that are used in certain of our products and may implement additional controls in the future.Risk factors (Item 1A)
Also named by ALAB, COHR, DE, EXTR, GE, GEHC, GWW, JCI and 10 more
Israeli shekel
exposed to its pricenamed as a riskCertain of our operations are conducted in foreign currencies, such as Japanese yen, Israeli shekel, euro and Taiwanese dollar.Market risk (Item 7A)
Per- and polyfluoroalkyl substances (PFAS)
depends onnamed as a risk•limited availability of critical materials and minerals, including due to Chinese government restrictions on the export of certain rare earth minerals implemented in 2025, which could be expanded in the future, and limited feasible alternatives to materials subject to existing or proposed regulations to limit their use (such as hydrofluorocarbons and per- and polyfluoroalkyl substances), which are found in parts, components, process chemicals and other materials supplied to us or used in the manufacturing or operations of our products; andRisk factors (Item 1A)
Regulators
U.S. Department of Justice
subject tonamed as a riskFor example, since 2022, we have received multiple subpoenas from government authorities requesting information relating to certain China customer shipments and export controls compliance, including from the U.S. Department of Justice, the U.S. Commerce Department Bureau of Industry and Security and the U.S. Securities and Exchange Commission.Risk factors (Item 1A)
Also named by AAPL, ACN, ASO, BEN, BSX, CAH, CDNA, CDW and 21 more
U.S. Department of Commerce Bureau of Industry and Security (BIS)
subject tonamed as a riskFor example, since 2022, we have received multiple subpoenas from government authorities requesting information relating to certain China customer shipments and export controls compliance, including from the U.S. Department of Justice, the U.S. Commerce Department Bureau of Industry and Security and the U.S. Securities and Exchange Commission.Risk factors (Item 1A)
Laws and programs
One Big Beautiful Bill Act (OBBBA)
subject tonamed as a riskWe have recorded a full valuation allowance against the CAMT credit deferred tax asset, which increased our effective tax rate and provision for income taxes in fiscal 2025.Risk factors (Item 1A)
Also named by AA, ABR, ADI, ADM, ALB, AMGN, AMKR, AMRC and 121 more
OECD Pillar Two global minimum tax
subject tonamed as a riskFurthermore, the proposed plans to implement global minimum tax regimes could reduce or eliminate the benefits of our tax incentives.Risk factors (Item 1A)
Also named by ABNB, ACN, ADI, ADM, ADSK, AKAM, ALB, APH and 70 more
EU Corporate Sustainability Reporting Directive
subject tonamed as a riskWe also are or may become subject to new climate and sustainability laws and regulations, such as the State of California’s climate change disclosure rules, the European Union’s Corporate Sustainability Reporting Directive and International Sustainability Standards Board standards.Risk factors (Item 1A)
Also named by AVY, CBRE, FFIV, GNRC, HLT, IEX, INGR, IP and 19 more
U.S. tariffs and retaliatory tariffs
subject tonamed as a riskThese actions have caused substantial uncertainty and have resulted in retaliatory measures, including new tariffs on U.S. goods imposed by China and other countries.Risk factors (Item 1A)
U.S. Department of Commerce Entity List
subject tonamed as a riskThe U.S. government may also continue to add customers to its “Entity List,” promulgate additional restrictions, or take measures that could disrupt our product shipments or the provision of services to certain customers.Risk factors (Item 1A)
Also named by ON
U.S. export controls on semiconductor technology to China
subject tonamed as a riskOver the past several years, the U.S. government announced additional export regulations for U.S. semiconductor technology sold in China, including wafer fabrication equipment and related parts and services, with disparate impact on companies in different jurisdictions, which have limited the market for certain of our products and services, adversely impacted our revenues and increased our exposure to foreign and Chinese domestic competition.Risk factors (Item 1A)
Chinese rare earth export controls
subject tonamed as a risk•limited availability of critical materials and minerals, including due to Chinese government restrictions on the export of certain rare earth minerals implemented in 2025, which could be expanded in the future, and limited feasible alternatives to materials subject to existing or proposed regulations to limit their use (such as hydrofluorocarbons and per- and polyfluoroalkyl substances), which are found in parts, components, process chemicals and other materials supplied to us or used in the manufacturing or operations of our products; andRisk factors (Item 1A)
Government grants and incentives
subject tonamed as a riskThese agreements may also require us to achieve or maintain certain levels of investment, capital spending and performance milestones.Risk factors (Item 1A)