LAM RESEARCH (LRCX) Company Report

Lam Research reported Q2 revenue of $5.34 billion and adjusted EPS of $1.27, with an adjusted gross margin near 49.7%, topping Wall Street estimates.
On a GAAP basis, net income was $1.59 billion or $1.26 per share, and adjusted operating margin reached 34.3%.
Systems revenue climbed to $3.36 billion and customer-support sales to $1.99 billion, with 35% of quarterly revenue derived from China.
Management guided Q3 revenue to $5.7 billion (±$300 million), adjusted EPS of $1.35 (±$0.10), and gross margins near 49%, driven by AI workloads and memory demand.

2 days ago

Morningstar

Lam Research reports Q4 2025 results and 2026 guidance

LRCX

Earnings

Guidance Update

Record 2025 revenue of $20.6 B (+27% YoY) and Q4 revenue of $5.34 B, marking ten consecutive quarters of growth.
Full-year gross margin of 49.9%, the highest since 2012, and diluted EPS of $4.89 (+49% YoY).
Q1 2026 guidance: revenue of $5.7 B ± $300 M; gross margin of 49% ± 1 pp; EPS of $1.35 ± $0.10. 2026 WFE expected at ~$135 B, second-half weighted.
Gained >1 pp share of WFE in 2025; served available market share in WFE expanded into the mid-30s%; advanced packaging business to grow >40% in 2026.
Industry growth constrained by clean-room capacity, but AI-driven investments across DRAM, foundry logic, and NAND are expected to sustain robust demand.

2 days ago

Transcript

Lam Research announces Q2 2026 results

LRCX

Earnings

Guidance Update

Revenue reached $4.0 billion in the December quarter, driven by $2.7 billion in product sales and $1.3 billion in services.
Overall gross margin was 45%, with product margin at 48% and services margin at 38%.
Operating income was $800 million (20% of revenue), with net income of $700 million and diluted EPS of $5.00.
Q3 guidance projects revenue of $3.8 billion to $4.3 billion, gross margin of 44%–47%, operating margin of 18%–21%, and diluted EPS of $4.50–$5.50.

2 days ago

Presentation

Lam Research reports Q2 FY2026 results

LRCX

Earnings

Guidance Update

Revenue was $5.34 billion, with GAAP gross margin of 49.6%, operating margin of 33.9%, and diluted EPS of $1.26 for the quarter ended December 28, 2025.
On a non-GAAP basis, gross margin was 49.7%, operating margin was 34.3%, and diluted EPS was $1.27.
Cash and equivalents totaled $6.18 billion at quarter end, and deferred revenue was $2.25 billion as of December 28, 2025.
Q3 FY2026 guidance: revenue of $5.70 billion ± $300 million; GAAP gross margin of 49.0% ± 1%; operating margin of 33.9% ± 1%; diluted EPS of $1.35 ± $0.10.

2 days ago

8-K

Lam Research reports Q4 2025 results

LRCX

Earnings

Guidance Update

Lam Research delivered $5.34 B in revenue, a 49.6% U.S. GAAP gross margin, 33.9% operating margin, and $1.26 GAAP diluted EPS for the quarter ended December 28, 2025.
On a non-GAAP basis, gross margin was 49.7% and diluted EPS was $1.27.
Cash, cash equivalents and restricted cash totaled $6.2 B at quarter-end, down from $6.7 B at the end of the prior quarter.
Deferred revenue declined to $2.25 B, excluding approximately $226 M of Japan shipments pending customer acceptance.
For Q1 FY2026, the company forecasts $5.70 B ± $300 M in revenue, a 49.0% ± 1% gross margin, and $1.35 ± $0.10 EPS.

2 days ago

Press Release

Lam Research outlines 2026 market outlook and growth strategy at UBS Tech & AI Conference

LRCX

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

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.

Dec 2, 2025, 5:55 PM

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.

Dec 2, 2025, 5:55 PM

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.

Dec 2, 2025, 5:55 PM

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

Earnings Transcripts

Quarterly earnings call transcripts for LAM RESEARCH.

Q2 2026

Jan 28, 2026

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Q1 2026

Oct 22, 2025

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Q4 2025

Jul 30, 2025

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View All Transcripts

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LAM RESEARCH (LRCX)

Analyst Earnings Quarterly Reports

Q1 2026

Q4 2025

Q3 2025

Q2 2025

Q2 2026

Executives

Timothy M. Archer

Ava A. Harter

Douglas R. Bettinger

Patrick J. Lord

Seshasayee (Sesha) Varadarajan

Board Members

Abhijit Y. Talwalkar

Bethany J. Mayer

Eric K. Brandt

Ho Kyu Kang

Ita M. Brennan

John M. Dineen

Jyoti K. Mehra

Mark Fields

Michael R. Cannon

Sohail U. Ahmed

Analyst Coverage

Blayne Curtis

Harlan Sur

Stacy Rasgon

Timothy Arcuri

Brian Chin

Vijay Rakesh

Atif Malik

CJ Muse

Krish Sankar

Vivek Arya

Mehdi Hosseini

Thomas O’Malley

Timm Schulze-Melander

Charles Shi

Christopher Muse

Edward Yang

James Schneider

Jim Schneider

Joseph Moore

Melissa Weathers

Sreekrishnan Sankarnarayanan

Srinivas Pajjuri

Toshiya Hari

Christopher Caso

Joseph Quatrochi

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