Total Revenue

+24% (from $3,793.6M in Q3 2024 to $4,720.2M in Q3 2025)

Increased overall revenue is driven by robust growth in core segments such as Systems and Customer Support-Related revenue, supported by strong equipment spending in memory markets and a marked regional boost in Taiwan which offset declines elsewhere. " " "

Systems Revenue

+26.6% (from $2,395.8M in Q3 2024 to $3,035.3M in Q3 2025)

The growth in Systems revenue reflects rising demand for advanced memory upgrades (e.g., DRAM and NAND) and increased capital expenditure by customers, building on previous period investments and portfolio enhancements. " " "

Customer Support-Related Revenue

+20.6% (from $1,397.7M in Q3 2024 to $1,684.9M in Q3 2025)

The increase in support-related revenue is attributed to higher customer spending on equipment upgrades, spares, and maintenance services, leveraging a strong installed base and proactive service strategies introduced in the prior period. " " "

Taiwan Revenue

+236.7% (from $335M in Q3 2024 to $1,126.0M in Q3 2025)

The drastic surge in Taiwan revenue is likely due to a rapid expansion of semiconductor manufacturing and memory production activities within the region, signaling a regional shift that builds on prior modest revenue levels. " " "

Japan Revenue

+39.6% (from $340M in Q3 2024 to $474.9M in Q3 2025)

Higher revenue in Japan can be linked to increased customer investments in equipment upgrades and technology transitions, reflecting a turnaround from previous weaker performance as customers step up spending. " " "

Korea Revenue

+25.5% (from $917M in Q3 2024 to $1,150.5M in Q3 2025)

Growth in Korea’s revenue is driven by a notable boost in DRAM spending and equipment upgrades, signaling increased capital investments in memory sectors relative to the prior quarter’s performance. " " "

Operating Income

+47.8% (from $1,057.1M in Q3 2024 to $1,561.8M in Q3 2025)

Operating income surged due to higher revenue growth combined with excellent cost control; operating expenses increased only marginally (1%), highlighting improved operating leverage and effective expense management compared to previous performances. " "

Net Income

+38% (from $965.8M in Q3 2024 to $1,330.7M in Q3 2025)

Net income improvement stems from strong revenue gains, operational efficiencies, and lower effective tax rates, further supported by strategic share repurchases that enhanced the earnings per share relative to Q3 2024. " "

Gross Margin

+28.6% (from $1,800.5M in Q3 2024 to $2,313.7M in Q3 2025)

The expansion in gross margin reflects enhancements in product mix, cost structure, and regional strategy—all yielding higher profitability even as operating expenses remained nearly flat, showcasing significant operating leverage improvements. " "

Revenue

Q2 2025

$4.65 billion, plus or minus $300 million "

$5 billion, plus or minus $300 million "

raised

Gross Margin

Q2 2025

48%, plus or minus 1 percentage point "

49.5%, plus or minus 1 percentage point "

raised

Operating Margin

Q2 2025

32%, plus or minus 1 percentage point "

33.5%, plus or minus 1 percentage point "

raised

EPS

Q2 2025

$1, plus or minus $0.10, based on a share count of 1.29 billion shares "

$1.20, plus or minus $0.10 "

raised

Tax Rate

Q2 2025

Expected to be in the low to mid-teens range "

Expected to be in the single-digit range "

lowered

Share Count

Q2 2025

no prior guidance

Approximately 1.8 billion shares "

no prior guidance

NAND Upgrade and Spending Opportunities

In Q2 2025, NAND spending was portrayed as a technology migration with a major focus on upgrading sub‑200 layer technologies to higher layers. " " " In Q4 2024, executives emphasized upgrade‐driven growth with an expectation of increased upgrades and consumption of inventory. " " "

In Q3 2025, the discussion underscored a $40 billion upgrade opportunity over 3–5 years with a balanced mix of upgrades and new equipment, driven by the shift from 128 layers to 200+ layers. " " " "

Consistent emphasis with an increased scale and focus on the upgrade opportunity.

Advanced Equipment Innovation

In Q2 2025, innovations such as Halo molybdenum, advanced etch tools (Cryo 3.0), and Pure Carbon gap fill were highlighted as drivers for technology shifts, with similar mentions of dry resist. " " " " In Q4 2024, the focus was on new tools like Direct Drive for conductor etch and early progress in dry EUV resist and Pure Carbon gap fill. " " "

In Q3 2025, the call detailed adoption of the Halo molybdenum process, the market expansion of the Akara etch system, Pure Carbon gap fill, and progress on dry resist technology—with impressive performance improvements (e.g. a 50% reduction in resistance). " " " " "

Recurring focus with accelerated adoption and deeper emphasis on performance benefits.

Global Manufacturing Agility and Supply Chain Management

In Q2 2025, the focus was on the rapid ramp-up of the Malaysia facility highlighting cost and efficiency advantages. " In Q4 2024, expansion of the global footprint (e.g. the Malaysia factory milestone) and digital transformation for operational efficiency were emphasized. " " "

In Q3 2025, Lam Research reiterated its global manufacturing agility through a flexible, geographically diversified setup (US, Austria, Malaysia, Taiwan, Korea) and proactive tariff mitigation, bolstered by strategic capital investments. " " " " "

Continued strategic emphasis with an increased focus on flexibility and operational responsiveness.

Customer Concentration and Regulatory/Export Control Risks

In Q2 2025, management stressed that customer concentration (especially in China) and new export controls would offset gross margins and lower China’s share, noting a revenue impact of approximately $700 million. " " " " " In Q4 2024, concerns were raised about restrictions affecting a major NAND customer and ongoing export control anxieties, though customer behavior remained largely unchanged. " "

In Q3 2025, discussion focused on the continued risks tied to customer concentration—in particular, China contributing 31% of revenue and increased foundry exposure—while also noting cautious adjustments in response to regulatory changes. " " "

Recurrent risk factor with evolving regulatory pressures; cautious tone persists.

Advanced Packaging and High-Bandwidth Memory Growth Opportunities

In Q2 2025, advanced packaging and HBM were highlighted with revenue projections exceeding $1 billion and advancing technology transitions (e.g. from 8-high to 12-high HBM, 2.5D to 3D SOIC). " " In Q4 2024, rapid growth in advanced packaging and HBM was mentioned with improved revenue mix (e.g. strong position in TSV etch and electroplating). " " "

In Q3 2025, the narrative emphasized record foundry revenues—with foundry representing 48% of systems revenue—and leadership in advanced packaging and HBM as a key growth driver, including significant contributions from NAND and DRAM technology conversions. " " " "

Growing optimism and bullish sentiment with record achievements reinforcing the opportunity.

Operating Expense Growth, Digital Transformation Investments, and Gross Margin Pressures

In Q2 2025, the focus was on guiding operating expenses quarter‐by‐quarter with a slight headwind on gross margins due to customer concentration, alongside commitments to digital transformation similar to prior investments (e.g. in Malaysia). " " " In Q4 2024, operating expenses were stable (with over 70% in R&D), digital transformation was emphasized for global efficiency, and margins were pressured by unfavorable customer mix. " " " "

In Q3 2025, operating expenses increased slightly driven by expanding R&D investments (accounting for 70% of expenses), while digital transformation initiatives continued to underpin manufacturing improvements, and gross margins improved to 49% due to efficiencies from a close-to-customer strategy, albeit with acknowledged variability. " " " "

Sustained investment with a trend toward enhanced R&D and digital initiatives; marginal improvements in margins despite variability.

Revenue Mix Diversification in Key Segments

In Q2 2025, diversification was discussed in the context of advanced nodes (gate-all-around, advanced packaging) and memory upgrades, with foundry revenue (35%) and DRAM/NAND growth providing balance. " " " " In Q4 2024, there was detailed discussion on diversification across advanced nodes, foundry logic (43% of systems revenue), and memory upgrades (with strong CSBG performance). " " " "

In Q3 2025, the revenue mix further diversified with record foundry revenues (up to 48% of systems revenue), continued strength in advanced packaging/NAND upgrades, and balanced growth across regions (e.g. Taiwan at 24% and Korea at 24%). " " "

Positive and evolving trend with a broader, more balanced mix across key segments, reflecting strategic wins.

Lumpy Order Patterns and Demand Uncertainty

In Q4 2024, there was discussion of lumpy order patterns—with China spending described as variable and global mature node spending softened by inventory build-ups—and overall demand uncertainty across segments. " " " " In Q2 2025, these topics were not specifically mentioned.

In Q3 2025, executives again highlighted that certain projects are inherently lumpy—characterized by large periodic shipments and installation cycles—and reiterated that overall demand scheduling remains uncertain, although strategic customer investments continue despite these fluctuations. " " "

A recurring topic: absent in Q2, re‑emerging in Q3 with a cautious tone regarding demand variability.

Weakness in Mature Node Spending

In Q2 2025, weakness in mature node spending was acknowledged, particularly outside China, noting that spending remains subdued due to inventory issues and a limited number of customers. " In Q4 2024, there was emphasis on weak global mature node spending (softness outside China and inventory buildup in analog, industrial, and automotive segments). " "

In Q3 2025, there was no explicit discussion of mature node spending weakness, implying a shift in focus away from mature nodes toward upgrades and advanced technologies. "

Decreasing emphasis: previously noted weaknesses are less prominent in Q3, suggesting a shifting focus to higher-growth segments.