# LAM RESEARCH CORP (LRCX)

Informational only - not investment advice.

CIK: 0000707549
SIC: 3559 Special Industry Machinery, NEC
SIC breadcrumb: [Manufacturing](/division/D/) > [Industrial And Commercial Machinery And Computer Equipment](/major-group/35/) > [SIC 3559 Special Industry Machinery, NEC](/industry/3559/)
Latest 10-K filed: 2026-08-07
SEC page: https://www.sec.gov/edgar/browse/?CIK=707549
Filing source: https://www.sec.gov/Archives/edgar/data/707549/000070754926000037/lrcx-20260628.htm

## At a glance

FY2026 · period end 2026-06-28 · filed 2026-08-07 · accession 0000707549-26-000037 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000707549.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 23,232,690,000 USD | 2026 | verified |
| Net income | 7,265,396,000 USD | 2026 | verified |
| Assets | 23,529,743,000 USD | 2026 | verified |
| Free cash flow | 4,891,252,000 USD | 2026 | computed |
| Net margin | 31.27% | 2026 | computed |
| Operating margin | 35.29% | 2026 | computed |
| Revenue YoY | +26.02% | 2026 | computed |
| ROE | 58.26% | 2026 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2026 revenue ÷ FY2025 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | LRCX | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 31.3% | 7.7% | 98 | 110 |
| Operating margin | 35.3% | 13.1% | 99 | 104 |
| Revenue growth | 26.0% | 5.8% | 85 | 111 |
| FCF margin | 21.1% | 9.6% | 85 | 103 |
| ROE | 58.3% | 11.7% | 93 | 108 |
| ROA | 30.9% | 5.6% | 97 | 111 |
| Liabilities / equity | 0.89 | 1.10 | 37 | 108 |
| Current ratio | 2.63 | 2.02 | 72 | 110 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 35 Industrial And Commercial Machinery And Computer Equipment, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 23232690000 | USD | 2026 | 2026-08-07 |
| Net income | 7265396000 | USD | 2026 | 2026-08-07 |
| Assets | 23529743000 | USD | 2026 | 2026-08-07 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-07. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000707549.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 8,013,620,000 | 11,076,998,000 | 9,653,559,000 | 10,044,736,000 | 14,626,150,000 | 17,227,039,000 | 17,428,516,000 | 14,905,386,000 | 18,435,591,000 | 23,232,690,000 |
| Net income | 1,697,763,000 | 2,380,681,000 | 2,191,430,000 | 2,251,753,000 | 3,908,458,000 | 4,605,286,000 | 4,510,931,000 | 3,827,772,000 | 5,358,217,000 | 7,265,396,000 |
| Operating income | 1,902,132,000 | 3,213,299,000 | 2,464,732,000 | 2,673,802,000 | 4,482,023,000 | 5,381,822,000 | 5,174,860,000 | 4,263,913,000 | 5,900,968,000 | 8,199,795,000 |
| Gross profit | 3,603,359,000 | 5,165,032,000 | 4,358,459,000 | 4,608,693,000 | 6,805,306,000 | 7,871,807,000 | 7,776,925,000 | 7,052,791,000 | 8,979,059,000 | 11,725,308,000 |
| Diluted EPS | 9.24 | 13.17 | 13.70 | 15.10 | 26.90 | 32.75 | 3.32 | 2.90 | 4.15 | 5.76 |
| Operating cash flow | 2,029,282,000 | 2,655,747,000 | 3,176,013,000 | 2,126,451,000 | 3,588,163,000 | 3,099,674,000 | 5,178,938,000 | 4,652,269,000 | 6,173,264,000 | 5,857,657,000 |
| Capital expenditures | 157,419,000 | 273,469,000 | 303,491,000 | 203,239,000 | 349,096,000 | 546,034,000 | 501,568,000 | 396,670,000 | 759,186,000 | 966,405,000 |
| Dividends paid | 243,495,000 | 307,609,000 | 678,348,000 | 656,838,000 | 726,992,000 | 815,290,000 | 907,907,000 | 1,018,915,000 | 1,149,542,000 | 1,270,635,000 |
| Share buybacks | 811,672,000 | 2,653,249,000 | 3,780,611,000 | 1,369,649,000 | 2,697,704,000 | 3,865,663,000 | 2,017,012,000 | 2,842,807,000 | 3,422,321,000 | 3,851,343,000 |
| Assets | 12,122,765,000 | 12,492,433,000 | 12,001,333,000 | 14,559,047,000 | 15,892,152,000 | 17,195,632,000 | 18,781,643,000 | 18,744,728,000 | 21,345,260,000 | 23,529,743,000 |
| Liabilities | 5,135,453,000 | 5,773,035,000 | 7,278,029,000 | 9,375,558,000 | 9,864,964,000 | 10,917,266,000 | 10,571,471,000 | 10,205,274,000 | 11,483,641,000 | 11,058,822,000 |
| Stockholders' equity | 6,817,451,000 | 6,501,851,000 | 4,673,865,000 | 5,172,494,000 | 6,027,188,000 | 6,278,366,000 | 8,210,172,000 | 8,539,454,000 | 9,861,619,000 | 12,470,921,000 |
| Cash and cash equivalents | 2,377,534,000 | 4,512,257,000 | 3,658,219,000 | 4,915,172,000 | 4,418,263,000 | 3,522,001,000 | 5,337,056,000 | 5,847,856,000 | 6,390,659,000 | 5,579,171,000 |
| Free cash flow | 1,871,863,000 | 2,382,278,000 | 2,872,522,000 | 1,923,212,000 | 3,239,067,000 | 2,553,640,000 | 4,677,370,000 | 4,255,599,000 | 5,414,078,000 | 4,891,252,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | 21.19% | 21.49% | 22.70% | 22.42% | 26.72% | 26.73% | 25.88% | 25.68% | 29.06% | 31.27% |
| Operating margin | 23.74% | 29.01% | 25.53% | 26.62% | 30.64% | 31.24% | 29.69% | 28.61% | 32.01% | 35.29% |
| Return on equity | 24.90% | 36.62% | 46.89% | 43.53% | 64.85% | 73.35% | 54.94% | 44.82% | 54.33% | 58.26% |
| Return on assets | 14.00% | 19.06% | 18.26% | 15.47% | 24.59% | 26.78% | 24.02% | 20.42% | 25.10% | 30.88% |
| Liabilities / equity | 0.75 | 0.89 | 1.56 | 1.81 | 1.64 | 1.74 | 1.29 | 1.20 | 1.16 | 0.89 |
| Current ratio | 3.10 | 2.90 | 3.61 | 3.43 | 3.30 | 2.69 | 3.16 | 2.97 | 2.21 | 2.63 |

## As-reported value updates

No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks.


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-07. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000707549.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-03-27 |  |  | 7.30 | reported discrete quarter |
| 2023-Q1 | 2022-09-25 |  |  | 10.39 | reported discrete quarter |
| 2023-Q2 | 2022-12-25 |  |  | 10.77 | reported discrete quarter |
| 2023-Q3 | 2023-03-26 |  |  | 6.01 | reported discrete quarter |
| 2023-Q4 | 2023-06-25 | 3,207,257,000 | 802,537,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2023-09-24 | 3,482,062,000 | 887,398,000 | 6.66 | reported discrete quarter |
| 2024-Q2 | 2023-12-24 | 3,758,259,000 | 954,266,000 | 7.22 | reported discrete quarter |
| 2024-Q4 | 2024-06-30 | 3,871,507,000 | 1,020,282,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2024-09-29 | 4,167,976,000 | 1,116,444,000 | 0.86 | reported discrete quarter |
| 2025-Q2 | 2024-12-29 | 4,376,047,000 | 1,191,018,000 | 0.92 | reported discrete quarter |
| 2025-Q3 | 2025-03-30 | 4,720,175,000 | 1,330,667,000 | 1.03 | reported discrete quarter |
| 2025-Q4 | 2025-06-29 | 5,171,393,000 | 1,720,088,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2025-09-28 | 5,324,173,000 | 1,568,660,000 | 1.24 | reported discrete quarter |
| 2026-Q2 | 2025-12-28 | 5,344,791,000 | 1,593,994,000 | 1.26 | reported discrete quarter |
| 2026-Q3 | 2026-03-29 | 5,841,488,000 | 1,825,460,000 | 1.45 | reported discrete quarter |
| 2026-Q4 | 2026-06-28 | 6,722,238,000 | 2,277,282,000 |  | derived Q4 = FY annual - nine-month YTD |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from LRCX's latest 10-K: [/company/LRCX/business/](/company/LRCX/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from LRCX's latest 10-K: [/company/LRCX/risk-factors/](/company/LRCX/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/707549/000070754926000022/lrcx-20260329.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-04-23
Report date: 2026-03-29

ITEM 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

With the exception of historical facts, the statements contained in this discussion are forward-looking statements, which are subject to the safe harbor provisions created by the Private Securities Litigation Reform Act of 1995. Certain, but not all, of the forward-looking statements in this report are specifically identified as forward-looking, by use of phrases and words such as “believe,” “estimated,” “anticipate,” “expect,” “probable,” “intend,” “plan,” “aim,” “may,” “should,” “could,” “would,” “will,” “continue,” and other future-oriented terms. The identification of certain statements as “forward-looking” does not mean that other statements not specifically identified are not forward-looking. Forward-looking statements include, but are not limited to, statements that relate to: trends and opportunities in the global economic environment; trends and opportunities in the semiconductor industry, including in the end markets and applications for semiconductors, in device complexity, and in the complexity of device manufacturing; growth or decline in the industry and the market for, and spending on, wafer fabrication equipment; the anticipated levels of, and rates of change in, margins, market share, served available market, capital expenditures, research and development expenditures, international sales, revenue (actual and/or deferred), operating expenses and earnings generally; management’s plans and objectives for our current and future operations and business focus; restructuring activities; business process improvements and initiatives; volatility in our quarterly results; the makeup of our customer base; customer and end user requirements and our ability to satisfy those requirements; the performance and benefits of our products and services; customer spending and demand for our products and services, and the reliability of indicators of change in customer spending and demand; the effect of variability in our customers’ business plans or demand for our products and services; our competition, and our ability to defend our market share and to gain new market share; the success of joint development and collaboration relationships with customers, suppliers, or others; outsourced activities; our supply chain and the role of suppliers in our business, including the impacts of supply chain constraints and material costs; our leadership and competency, and our ability to facilitate innovation; our research and development programs; the opportunities in our industry for, and our ability to create sustainable differentiation; technology inflections in the industry and our ability to identify those inflections and to invest in research and development programs to meet them; our ability to deliver multi-product solutions; the resources invested to comply with evolving standards and the impact of such efforts; changes in state, federal and international tax laws, our estimated annual tax rate and the factors that affect our tax rates; legal and regulatory compliance; the estimates we make, and the accruals we record, in order to implement our critical accounting policies (including, but not limited to, the adequacy of prior tax payments, future tax benefits or liabilities, and the adequacy of our accruals relating to them); hedging transactions; debt or financing arrangements; our investment portfolio; our access to capital markets; uses of, payments of, and impact of interest rate fluctuations on, our debt; our intention to pay quarterly dividends and the amounts thereof, if any; our ability and intention to repurchase our shares; credit risks; controls and procedures; recognition or amortization of expenses; our ability to manage and grow our cash position; our ability to scale our operations to respond to changes in our business; our goals and initiatives with respect to environmental, social and governance matters, including emissions, and human capital, the value of our patents; the materiality of potential losses arising from legal proceedings; the probability of making payments under our guarantees; and the sufficiency of our financial resources or liquidity to support future business activities (including, but not limited to, operations, investments, debt service requirements, dividends, and capital expenditures). Such statements are based on current expectations and are subject to risks, uncertainties, and changes in condition, significance, value, and effect, including without limitation those discussed below under the heading “Risk Factors” within Part II Item 1A and elsewhere in this report and other documents we file from time to time with the Securities and Exchange Commission (“SEC”), such as our current reports on Form 8-K. Such risks, uncertainties, and changes in condition, significance, value, and effect could cause our actual results to differ materially from those expressed in this report and in ways not readily foreseeable. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof and are based on information currently and reasonably known to us. We do not undertake any obligation to release the results of any revisions to these forward-looking statements, which may be made to reflect events or circumstances that occur after the date of this report or to reflect the occurrence or effect of anticipated or unanticipated events.

Documents To Review In Connection With Management’s Discussion and Analysis Of Financial Condition and Results Of Operations

For a full understanding of our financial position and results of operations for the three and nine months ended March 29, 2026, and the related Management’s Discussion and Analysis of Financial Condition and Results of Operations below, you should also read the Condensed Consolidated Financial Statements and notes presented in this Form 10-Q and the financial statements and notes in our annual report on form 10-K for the year ended June 29, 2025 (our “2025 Form 10-K”).

Lam Research Corporation 2026 Q3 10-Q 17

Table of Contents

EXECUTIVE SUMMARY

Lam Research Corporation is a global supplier of innovative wafer fabrication equipment and services to the semiconductor industry. We have built a strong global presence with core competencies in areas like nanoscale manufacturing enablement, chemistry, plasma and fluidics, advanced systems engineering, and a broad range of operational disciplines. Our products and services are designed to help our customers build smaller and better performing devices that are used in a variety of electronic products, including mobile phones, personal computers, cloud and enterprise servers, wearables, automotive vehicles, and data storage devices.

Our customer base includes leading semiconductor memory, foundry, and integrated device manufacturers that make products such as non-volatile memory, dynamic random-access memory, and logic devices. Their continued success is part of our commitment to driving semiconductor breakthroughs that define the next generation. Our core technical competency is integrating hardware, process, materials, software, and process control, enabling results on the wafer.

Semiconductor manufacturing, our customers’ business, involves the fabrication of multiple dies or integrated circuits on a wafer. This involves the repetition of a set of core processes and can require hundreds of individual steps. Fabricating these devices requires a sequence of highly sophisticated process technologies to integrate an increasing array of new materials with precise control at the atomic scale. Along with meeting technical requirements, wafer processing equipment must deliver high productivity and be cost-effective.

Demand from cloud computing, artificial intelligence (“AI”), 5G, the Internet of Things, and other markets is driving the need for increasingly powerful and cost-efficient semiconductors. At the same time, there are growing technical challenges with traditional two-dimensional scaling. These trends are driving significant inflections in semiconductor manufacturing, such as the increasing importance of vertical scaling strategies like three-dimensional architecture as well as multiple patterning to enable shrinks.

We believe we are in a strong position with our leadership and expertise in deposition, etch, and clean markets to facilitate some of the most significant innovations in semiconductor device manufacturing. Our Customer Support Business Group provides products and services to maximize installed equipment performance, predictability, and operational efficiency. Several factors create opportunities for sustainable differentiation for us: (i) our focus on research and development, with several ongoing programs relating to sustaining engineering, product and process development, and concept and feasibility; (ii) our ability to effectively leverage cycles of learning from our broad installed base; (iii) our collaborative focus with semi-ecosystem partners, including our close-to-customer focus; (iv) our ability to identify and invest in the breadth of our product portfolio to meet technology inflections; and (v) our focus on delivering our multi-product solutions with a goal to enhance the value of Lam’s solutions to our customers.

Wafer fabrication equipment investments were strong in the 2025 calendar year, and we believe there will be continued growth in 2026 with the AI market driving higher semiconductor industry spending across both the memory and non-memory market segments. In the short term, volatility in the semiconductor industry environment from trade restrictions, tariffs, as well as other direct and indirect risks and uncertainties discussed in Part II, Item 1A, “Risk Factors,” have had, and in the future may have, a negative impact on our revenue and operating margin. Over the longer term, we believe that secular demand for semiconductors, combined with technology inflections in our industry, including 3D device scaling, multiple patterning, process flow, and advanced packaging chip integration, will drive sustainable growth and lead to an increase in the served available market for our products and services in the deposition, etch, and clean businesses.

Lam Research Corporation 2026 Q3 10-Q 18

Table of Contents

The following table summarizes certain key financial information for the periods indicated below:

[[GREPCENT_TABLE]]
[["","Three Months Ended"],["","March 29, 2026","","December 28, 2025"],["","(in thousands, except per share data and percentages)"],["Revenue","$","5,841,488","","","$","5,344,791"],["Gross margin","$","2,910,527","","","$","2,651,162"],["Gross margin as a percent of total revenue","49.8","%","","49.6","%"],["Total operating expenses","$","863,511","","","$","840,959"],["Net income","$","1,825,460","","","$","1,593,994"],["Diluted net income per share","$","1.45","","","$","1.26"]]
[[/GREPCENT_TABLE]]

In the March 2026 quarter, revenue increased 9% compared to the three months ended December 28, 2025 (the “December 2025 quarter”), driven by an increase in systems revenue primarily resulting from increased customer investments in the DRAM market segment as well as an increase in customer support-related revenue mainly tied to our expanding installed base and higher spares, upgrades and services revenue, partially offset by decreased customer spend on non-leading-edge equipment. The deferred revenue balance was $2.22 billion at the end of the March 2026 quarter, down slightly relative to the balance at the end of the December 2025 quarter of $2.25 billion. The decrease in the deferred revenue balance included approximately $300 million of decreases in customer down payments that were largely offset by increases across other components of deferred revenue balance associated with growing

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/707549/000070754926000037/lrcx-20260628.htm
Complete FY 2026 MD&A: /company/LRCX/mda/fy2026/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-08-07
Report date: 2026-06-28

Item 7.    Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) generally discusses fiscal year 2026 and 2025 items and year-to-year comparisons between fiscal year 2026 and 2025 and should be read in conjunction with our Consolidated Financial Statements and accompanying Notes to Consolidated Financial Statements included in Part II, Item 8 of this 2026 Form 10-K. A discussion of fiscal year 2024 items and year-to-year comparisons between fiscal year 2025 and 2024 that are not included in this 2026 Form 10-K can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended June 29, 2025.

Executive Summary

Lam Research Corporation is a global supplier of innovative wafer fabrication equipment and services to the semiconductor industry. We have built a strong global presence with core competencies in areas like nanoscale manufacturing enablement, chemistry, plasma and fluidics, advanced systems engineering and a broad range of operational disciplines. Our products and services are designed to help our customers build smaller and better performing devices that are used in a variety of electronic products, including mobile phones, personal computers, cloud and enterprise servers, wearables, automotive vehicles, and data storage devices.

Our customer base includes leading semiconductor memory, foundry, and integrated device manufacturers that make products such as NVM, DRAM, and logic devices. Their continued success is part of our commitment to driving semiconductor breakthroughs that define the next generation. Our core technical competency is integrating hardware, process, materials, software, and process control, enabling results on the wafer.

Semiconductor manufacturing, our customers’ business, involves the fabrication of multiple dies or integrated circuits on a wafer. This involves the repetition of a set of core processes and can require hundreds of individual steps. Fabricating these devices requires a sequence of highly sophisticated process technologies to integrate an increasing array of new materials with precise control at the atomic scale. Along with meeting technical requirements, wafer processing equipment must deliver high productivity and be cost-effective.

Demand for electronic systems supporting artificial intelligence, cloud infrastructure, communications, automotive, industrial and other intelligent systems is driving the need for high performance, energy efficient and highly integrated semiconductor devices. To meet these requirements, semiconductor manufacturers are adopting vertical scaling approaches, including three-dimensional (“3D”) architecture, more sophisticated patterning schemes, new materials, and advanced integration approaches, as traditional two-dimensional scaling is becoming more challenging. These technology inflections are increasing manufacturing complexity and precision requirements in the production of semiconductors driving demand for our advanced semiconductor fabrication technologies and services.

We believe we are in a strong position with our leadership and expertise in deposition, etch, and clean markets to facilitate some of the most significant innovations in semiconductor device manufacturing. Our Customer Support Business Group provides products and services to maximize installed equipment performance, predictability, and operational efficiency. Several factors create opportunities for sustainable differentiation for us: (i) our focus on research and development, with several ongoing programs relating to sustaining engineering, product and process development, and concept and feasibility; (ii) our ability to effectively leverage cycles of learning from our broad installed base; (iii) our collaborative focus with semi-ecosystem partners, including our close-to-customer focus; (iv) our ability to identify and invest in the breadth of our product portfolio to meet technology inflections; and (v) our focus on delivering our multi-product solutions with a goal to enhance the value of Lam’s solutions to our customers.

Wafer fabrication equipment investments were strong in the 2025 calendar year, and have continued to grow in 2026 with the AI market driving higher semiconductor industry spending across both the memory and non-memory market segments. In the short term, volatility in the semiconductor industry environment from trade restrictions, tariffs, as well as other direct and indirect risks and uncertainties discussed in Part I, Item 1A, “Risk Factors,” have had, and in the future may have, a negative impact on our revenue and operating margin. Over the longer term, we believe that secular demand for semiconductors, combined with technology inflections in our industry, including 3D device scaling, multiple patterning, process flow, and advanced packaging chip integration, will drive sustainable growth and lead to an increase in the served available market for our products and services in the deposition, etch, and clean businesses.

Lam Research Corporation 2026 10-K 32

Table of Contents

The following table summarizes certain key financial information for the periods indicated below:

[[GREPCENT_TABLE]]
[["","Year Ended","","Change"],["June 28, 2026","","June 29, 2025","","","","FY26 vs. FY25"],["","(in thousands, except per share data, percentages and basis points)"],["Revenue","$","23,232,690","","","$","18,435,591","","","","","$","4,797,099","","","26.0","%"],["Gross margin","$","11,725,308","","","$","8,979,059","","","","","$","2,746,249","","","30.6","%"],["Gross margin as a percent of total revenue","50.5","%","","48.7","%","","","","+ 180 bps"],["Total operating expenses","$","3,525,513","","","$","3,078,091","","","","","$","447,422","","","14.5","%"],["Net income","$","7,265,396","","","$","5,358,217","","","","","$","1,907,179","","","35.6","%"],["Net income per diluted share","$","5.76","","","$","4.15","","","","","$","1.61","","","38.8","%"]]
[[/GREPCENT_TABLE]]

Fiscal year 2026 revenue increased 26.0% compared to fiscal year 2025, driven by strong customer demand for semiconductor equipment systems, particularly from customers within the foundry market segment, as well as customer support-related revenues. Gross margin as a percentage of revenue increased in fiscal year 2026 compared to fiscal year 2025 largely due to favorable customer mix, partially offset by aluminum and steel tariff-related spend. The increase in operating expenses in fiscal year 2026 compared to fiscal year 2025 was primarily due to employee-related costs from increased headcount and higher supplies spending for research and development.

Our cash and cash equivalents and restricted cash balances totaled approximately $5.60 billion as of June 28, 2026, compared to $6.41 billion as of June 29, 2025. Cash flows provided from operating activities were $5.86 billion for fiscal year 2026 compared to $6.17 billion for fiscal year 2025. Cash flows provided from operating activities in fiscal year 2026 were primarily used for $3.85 billion in treasury stock purchases, including net share settlement of employee stock-based compensation; $1.27 billion in dividends paid to our stockholders; $966.4 million of capital expenditures; and $755.4 million of principal payment on debt instruments and debt issuance costs.

Results of Operations

Revenue

We generate revenue primarily through the sale and service of semiconductor manufacturing equipment. Demand for our products and services is driven by customers’ investments in wafer fabrication capacity, technology advancement and installed base support. We present revenue on a disaggregated basis to differentiate between systems revenue and customer support-related revenue. Systems revenue includes sales of new leading-edge equipment in deposition, etch, clean and other wafer fabrication markets. Customer support-related revenue includes sales of customer services, spares, upgrades, and non-leading-edge equipment from the Company’s Reliant® product line.

Timing of revenue recognition depends on a number of factors, including customer requirements, resource availability, supply-chain conditions, manufacturing capacity, delivery schedules, and other operational considerations.

We present our revenues disaggregated by geographic region based on the location of customers’ facilities to which products were shipped and services were rendered. A significant portion of our revenue is generated outside of the United States.

The following table presents our total revenue and revenue disaggregated by geographic region:

[[GREPCENT_TABLE]]
[["","Year Ended"],["June 28, 2026","","June 29, 2025"],["Revenue (in millions)","$","23,233","","","$","18,436"],["China","34","%","","34","%"],["Taiwan","22","%","","19","%"],["Korea","19","%","","22","%"],["Japan","9","%","","10","%"],["United States","7","%","","7","%"],["Southeast Asia","6","%","","5","%"],["Europe","3","%","","3","%"]]
[[/GREPCENT_TABLE]]

Lam Research Corporation 2026 10-K 33

Table of Contents

The following table presents our revenue disaggregated between system and customer support-related revenue:

[[GREPCENT_TABLE]]
[["","Year Ended"],["","June 28, 2026","","June 29, 2025"],["","(in thousands)"],["Systems Revenue","$","14,885,488","","","$","11,491,280"],["Customer support-related revenue and other","8,347,202","","","6,944,311"],["","$","23,232,690","","","$","18,435,591"]]
[[/GREPCENT_TABLE]]

Systems revenue increased by $3.39 billion, or 29.5%, in fiscal year 2026 compared to fiscal year 2025 primarily due to foundry equipment customer spending. Customer support-related revenue increased by $1.40 billion, or 20.2%, in fiscal year 2026 compared to fiscal year 2025 mainly due to revenue from spares and non-leading-edge equipment.

The percentage of leading- and non-leading-edge equipment and upgrade revenue from each of the markets we serve was as follows: 

[[GREPCENT_TABLE]]
[["","Year Ended"],["June 28, 2026","","June 29, 2025"],["Foundry","54","%","","45","%"],["Memory","39","%","","42","%"],["Logic/integrated device manufacturing","7","%","","13","%"]]
[[/GREPCENT_TABLE]]

The percentage of revenue from the Foundry market segment increased by 900 basis points in fiscal year 2026 compared to fiscal year 2025 due to mature node spending as well as investments in leading-edge equipment. The percentage of revenue from the Memory market segment decreased by 300 basis points in fiscal year 2026 compared to fiscal year 2025 primarily due to timing of customer investments.

The deferred revenue balance decreased to $2.43 billion as of June 28, 2026 compared to $2.68 billion as of June 29, 2025 primarily due a decrease in customer down payments, partially offset by an increase in earned system credits.

Gross Margin

[[GREPCENT_TABLE]]
[["","Year Ended","","Change"],["June 28, 2026","","June 29, 2025","","","FY26 vs. FY25"],["","(in thousands, except percentages and basis points)"],["Gross margin","$","11,725,308","","","$","8,979,059","","","","","$","2,746,249","","","30.6","%"],["Percent of revenue","50.5","%","","48.7","%","","","","+ 180 bps"]]
[[/GREPCENT_TABLE]]

The increase in gross margin as a percentage of revenue for fiscal year 2026 compared to fiscal year 2025 was largely due to favorable customer mix, partially offset by aluminum and steel tariff-related spend.

Research and Development

[[GREPCENT_TABLE]]
[["","Year Ended","","Change"],["June 28, 2026","","June 29, 2025","","","FY26 vs. FY25"],["","(in thousands, except percentages and basis points)"],["Research & development","$","2,375,873","","","$","2,096,387","","","","","$","279,486","","","13.3","%"],["Percent of revenue","10.2","%","","11.4","%","","","","- 120 bps"]]
[[/GREPCENT_TABLE]]

We continued to make

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2026 MD&A: /company/LRCX/mda/fy2026/
All MD&A years: /company/LRCX/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2025 MD&A](/company/LRCX/mda/fy2025/): filed 2025-08-11; accession 0000707549-25-000075 (https://www.sec.gov/Archives/edgar/data/707549/000070754925000075/lrcx-20250629.htm)
- [FY 2024 MD&A](/company/LRCX/mda/fy2024/): filed 2024-08-29; accession 0000707549-24-000106 (https://www.sec.gov/Archives/edgar/data/707549/000070754924000106/lrcx-20240630.htm)
- [FY 2023 MD&A](/company/LRCX/mda/fy2023/): filed 2023-08-15; accession 0000707549-23-000102 (https://www.sec.gov/Archives/edgar/data/707549/000070754923000102/lrcx-20230625.htm)
- [FY 2022 MD&A](/company/LRCX/mda/fy2022/): filed 2022-08-24; accession 0000707549-22-000107 (https://www.sec.gov/Archives/edgar/data/707549/000070754922000107/lrcx-20220626.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 3559 Special Industry Machinery, NEC) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/LRCX.md · JSON record: /company/LRCX.json · verified financials: /company/LRCX/financials.json / /company/LRCX/financials.csv · machine TOC for the whole site: /llms.txt