LAM RESEARCH (LRCX) Company Report

1H 2026 wafer fab equipment spending expected to be flat to modestly up, with growth accelerating in 2H 2026 due to infrastructure lead times and rising AI-driven demand.
All three device segments—advanced foundry logic, DRAM, and NAND—offer significant growth from increased etch and deposition intensity, and Lam expects to capture over 50% of the resulting serviceable available market expansion.
Customers are accelerating a $40 billion upgrade cycle to 2xx-layer NAND, with successive upgrades to 3xx and 4xx layers needed to meet enterprise SSD performance requirements.
Advanced packaging revenue topped $1 billion in 2025; new product launches include the Aqara etch tool for precision conductor etch, molybdenum metallization transitions, and dry photoresist now in high-volume production.
Financial model targets 50%+ gross margin by 2028 and 1.5× growth in the CSPG service business by 2028, driven by new tools, Asia factory network proximity, and advanced services like cobots.

1 day ago

Transcript

Lam Research outlines growth drivers at UBS 2025 Global Technology and AI Conference

LRCX

Guidance Update

Product Launch

Lam forecasts the wafer fab equipment market to be flat to modestly up in H1 2026, accelerating in H2 2026, driven by AI-related demand across advanced foundry logic, DRAM (HBM), and NAND (enterprise SSD).
All three device segments will see tremendous growth, with etch and deposition intensity expanding Lam's SAM from low 30s to high 30s by 2030, and Lam targeting over 50% share of the newly created SAM.
The NAND upgrade cycle ($40 billion to reach 2xx layers) is expected to accelerate due to higher-than-anticipated bit demand, leading to continued upgrades to 300+ and 400+ layers.
Key product innovations include the Aqara etch tool for precision 4F² DRAM and GAA logic etch, leadership in Moly metallization for NAND, and high-volume dry resist production in DRAM via a JSR partnership.
The service business (CSPG) aims for 1.5× growth by 2028, leveraging spares, upgrades, Reliant equipment, and advanced services like cobots on the Sense.i platform for consistent tool maintenance.

1 day ago

Transcript

Lam Research outlines growth drivers and outlook at UBS 2025 conference

LRCX

Guidance Update

Lam expects semiconductor capital equipment spending to be flat to modestly up in H1 2026, with stronger growth in H2 driven by advanced foundry logic, DRAM, and NAND technologies that enable AI, supporting a secular SAM expansion through rising Etch & Dep intensity.
Management reaffirmed a $40 billion multi-year plan to upgrade the existing 3D NAND installed base to higher layer counts, noting that accelerating bit-demand growth will drive faster cycles of subsequent upgrades.
The company is capturing >50% share of newly created SAM from device verticalization and material transitions, and its advanced packaging business—integrated with Gate-All-Around—will exceed $3 billion in revenue this year.
Innovations in service and tool intelligence—cobots for repeatable maintenance coupled with the Sense.i platform—are key to CSPG growth, while Lam targets 50% gross margin by 2028 through enhanced tool performance, local manufacturing, and value-based pricing.

1 day ago

Transcript

Lam Research-backed Fabric8Labs secures $50M to expand U.S. manufacturing capacity

LRCX

New Projects/Investments

Fabric8Labs closed a $50 million funding round led by NEA and Intel Capital, with participation from Lam Capital (Lam Research’s corporate venture arm) and other investors.
Proceeds will boost U.S. production capacity from 5 million to 22 million components per year, targeting thermal management, RF/wireless, and power electronics markets.
The company’s patented Electrochemical Additive Manufacturing (ECAM) process delivers room-temperature, high-resolution 3D metal parts without extensive post-processing.
Fabric8Labs’ U.S. facilities are ISO 9001 certified and ITAR registered, enabling seamless scale-up from prototyping to high-volume production.

Nov 13, 2025, 2:00 PM

Press Release

Lam Research reports Q1 2026 results

LRCX

Earnings

Guidance Update

Share Buyback

Lam delivered record revenues of $5.3 billion, gross margin of 50.6%, and operating margin of 35%, with revenue up 3% sequentially.
Systems revenue mix: foundry 60%, memory 34% (non-volatile memory 18%, DRAM 16%), and logic & other 6%.
Regional breakdown: China 43%, Taiwan 19%, and Korea 15% of total revenue.
Q2 guidance: revenue of $5.2 billion ± $300 million, gross margin 48.5% ± 1%, operating margin 33% ± 1%, and EPS $1.15 ± $0.10.
Capital returns: $990 million in share buybacks, $292 million in dividends, with $6.5 billion remaining authorization.

Oct 22, 2025, 9:00 PM

Transcript

Lam Research reports Q1 fiscal 2026 results

LRCX

Earnings

Guidance Update

Revenue of $5.32 billion, up 3% sequentially.
U.S. GAAP gross margin of 50.4%, operating income margin of 34.4%, and diluted EPS of $1.24.
Non-GAAP gross margin of 50.6%, operating income margin of 35.0%, and diluted EPS of $1.26.
Cash, cash equivalents, and restricted cash of $6.7 billion; deferred revenue of $2.77 billion.
Q2 guidance: revenue $5.20 billion ± $0.30 billion, GAAP gross margin 48.4% ± 1%, GAAP operating margin 32.9% ± 1%, and EPS $1.15 ± $0.10.

Oct 22, 2025, 8:08 PM

8-K

Lam Research reports Q3 FY2026 results

LRCX

Earnings

Guidance Update

Revenue of $5.32 billion, up 3% sequentially; U.S. GAAP gross margin 50.4% and operating margin 34.4%.
U.S. GAAP diluted EPS of $1.24, down 8% Q/Q.
Cash, cash equivalents, and restricted cash totaled $6.7 billion, up from $6.4 billion at the end of the June quarter.
Q4 guidance: revenue of $5.20 billion ± $300 million; gross margin 48.4% ±1%; diluted EPS of $1.15 ± $0.10.

Oct 22, 2025, 8:05 PM

Press Release

Lam Research and JSR/Inpria forge collaboration on next-gen chip patterning

LRCX

New Projects/Investments

Lam Research and JSR/Inpria have entered a non-exclusive cross-licensing and collaboration agreement to advance leading-edge semiconductor patterning, notably dry resist EUV lithography and next-generation materials.
The partnership will integrate JSR/Inpria’s metal oxide photoresists with Lam’s etch, deposition, and Aether® dry resist technologies to support AI and high-performance computing chip production.
Joint R&D will target metal oxide resists, low- and high-NA EUV patterning, advanced films, and new precursor materials for atomic layer etch/deposition, leveraging JSR’s acquisition of Yamanaka Hutech.
Lam and Inpria have agreed to dismiss all claims in the Inpria v. Lam Research litigation and related IPR proceedings.

Sep 16, 2025, 12:00 AM

Press Release

Lam Research outlines growth drivers and financial targets at Citi TMT Conference

LRCX

Product Launch

Guidance Update

Share Buyback

Lam Research expects etch & deposition to grow from the low-30% toward the high-30% of total wafer fab equipment spend by 2028–2029, and plans to capture 50% of that incremental SAM with new tools Halo, Akara, and Vantex.
Memory conversion spending is projected at roughly $40 billion over the next several years—with Lam holding about two-thirds share of etch & deposition upgrades—and advanced packaging exceeded $1 billion in revenue last year, contributing to a combined gate-all-around and packaging market north of $3 billion.
For the September quarter, gross margins are guided at 50%, with December expected around 48% due to mix shifts and tariffs; Lam raised its quarterly dividend by 13% and will return at least 85% of free cash flow via dividends and ongoing accelerated share repurchases.
China spending is seen strengthening in Q3 before a modest Q4 pullback, and Lam will apply for U.S. export licenses for international customers following Commerce’s waiver revocation.

Sep 3, 2025, 1:56 PM

Lam Research announces 13% quarterly dividend increase

LRCX

Dividends

Lam Research’s Board approved a 13% increase in its quarterly dividend to $0.26 per share, up from $0.23.
The dividend will be paid on October 15, 2025 to shareholders of record as of September 24, 2025.
Future dividend payments remain subject to review and approval by the Board of Directors.

Aug 28, 2025, 8:05 PM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for LAM RESEARCH.