Monday, 9 November 2026
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Supplier of wafer fabrication equipment and services

Lam Research

Latest quarter: Q1 FY2027 / September 2026 quarter, ended September 2026

LRCX · NasdaqEquipment

Compare in Financials

About the company

Lam Research supplies wafer fabrication equipment, specialising in etch and deposition — the steps that remove and add thin layers of material to build chip structures. Its tools are especially important for memory, including 3D NAND and DRAM, and for advanced logic, including gate-all-around transistors and advanced packaging. Lam also sells wafer-cleaning equipment, and its Customer Support Business Group provides spare parts, upgrades and services for its large installed base. Its customers are leading memory and logic chipmakers, mainly in Asia and the United States.

Silicon Analytica summary based on the company's latest annual report

Key figures

Q1 FY2027 / September 2026 quarter · 27 Sept 2026

Revenue
▲ +54.4% y/y
Operating income
▲ +79.5% y/y
Gross marginCalc.
+1.9 pp y/y
Operating marginCalc.
+5.6 pp y/y
Net income
▲ +75.5% y/y
Free cash flowCalc.
▲ +103.3% y/y

Figures from company filings. Calculated values marked Calc. · Methodology →

How the company earns its revenue

$64.1of every $100 · Systems$14.9B in FY2026

Total of categories: US$23.2B, reconciles to reported revenue. Different classifications are never added together.

View sources
  • Lam Research Form 10-K · Notes, revenue by systems and customer support (single reportable segment) · FY2026 · published 7 Aug 2026

Quarterly trend

12 available quarters · US GAAP

Revenue, USD (left) · gross margin, % (right) · US GAAPRevenueGross margin$0$2.5B$5B$7.5B$10BQ2 FY2024Q4 FY2024Q2 FY2025Q4 FY2025Q2 FY2026Q4 FY2026Revenue, Q2 FY2024: US$3.8B (Reported)$3.8BRevenue, Q3 FY2024: US$3.8B (Reported)$3.8BRevenue, Q4 FY2024: US$3.9B (Calculated)$3.9BRevenue, Q1 FY2025: US$4.2B (Reported)$4.2BRevenue, Q2 FY2025: US$4.4B (Reported)$4.4BRevenue, Q3 FY2025: US$4.7B (Reported)$4.7BRevenue, Q4 FY2025: US$5.2B (Calculated)$5.2BRevenue, Q1 FY2026: US$5.3B (Reported)$5.3BRevenue, Q2 FY2026: US$5.3B (Reported)$5.3BRevenue, Q3 FY2026: US$5.8B (Reported)$5.8BRevenue, Q4 FY2026: US$6.7B (Calculated)$6.7BRevenue, Q1 FY2027 / September 2026 quarter: US$8.2B (Reported)$8.2B40%60%Gross margin, Q2 FY2024: 46.8% (Calculated)Gross margin, Q3 FY2024: 47.5% (Calculated)Gross margin, Q4 FY2024: 47.5% (Calculated)Gross margin, Q1 FY2025: 48.0% (Calculated)Gross margin, Q2 FY2025: 47.4% (Calculated)Gross margin, Q3 FY2025: 49.0% (Calculated)Gross margin, Q4 FY2025: 50.1% (Calculated)Gross margin, Q1 FY2026: 50.4% (Calculated)Gross margin, Q2 FY2026: 49.6% (Calculated)Gross margin, Q3 FY2026: 49.8% (Calculated)Gross margin, Q4 FY2026: 51.7% (Calculated)Gross margin, Q1 FY2027 / September 2026 quarter: 52.3% (Calculated)52.3%Source: Lam Research quarterly filings and results releases · gross margin = gross profit ÷ revenue, calculated bySilicon AnalyticaSilicon Analyticasiliconanalytica.com/companies/lam-research
View sources
  • Lam Research Form 10-Q · XBRL us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; consolidated statements · Q2 FY2024 · published 31 Jan 2025 · covers
  • Lam Research Form 10-Q · XBRL us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; consolidated statements · Q3 FY2024 · published 25 Apr 2025 · covers
  • Lam Research Form 10-K · XBRL us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; consolidated statements · Q4 FY2024, Q4 FY2025, Q4 FY2026 · published 7 Aug 2026 · covers
  • Lam Research Form 10-Q · XBRL us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; consolidated statements · Q1 FY2025, Q1 FY2026 · published 24 Oct 2025 · covers
  • Lam Research Form 10-Q · XBRL us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; consolidated statements · Q2 FY2025, Q2 FY2026 · published 29 Jan 2026 · covers
  • Lam Research Form 10-Q · XBRL us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; consolidated statements · Q3 FY2025, Q3 FY2026 · published 23 Apr 2026 · covers
  • Lam Research Corporation Reports Financial Results for the Quarter Ended September 27, 2026 - Oct 21, 2026 · Condensed consolidated statements of operations; row 131; value column index 0; read 2026-11-05 · Q1 FY2027 / September 2026 quarter · published 21 Oct 2026 · covers

Financial statements

Full page →

As filed with the SEC (10-K/10-Q), from XBRL data. US$ millions, except per-share amounts; shares in millions.

Line itemQ1 FY2027To 27 Sept 202610-Q ↗Q4 FY2026To 28 Jun 202610-K ↗Q3 FY2026To 29 Mar 202610-Q ↗Q2 FY2026To 28 Dec 202510-Q ↗Q1 FY2026To 28 Sept 202510-Q ↗
Revenue8,2196,722c5,8415,3455,324
Cost of revenue3,921c3,243c2,931c2,694c2,639c
Gross profit4,2993,479c2,9112,6512,685
Gross margin52.3%51.7%49.8%49.6%50.4%
Research & development666643c583573576
Selling, general & administrative349322c280268279
Operating income3,2842,513c2,0471,8101,829
Operating margin40.0%37.4%35.0%33.9%34.4%
Interest & other, net28c42c−35c26c30c
Pre-tax income3,3122,555c2,0121,8371,859
Income tax559278c186243291
Net income2,7532,277c1,8251,5941,569
Net margin33.5%33.9%31.2%29.8%29.5%
Diluted EPS2.19—1.451.261.24
Diluted shares1,256—1,2571,2621,269

Columns link to the filing. c Calculated by Silicon Analytica from filed figures (hover for the formula); fourth-quarter flows are fiscal year minus nine months. Margins are calculated. Fourth-quarter per-share figures are not filed separately and are left blank.

View sources (5)
  1. Lam Research 10-Q filed 22 Oct 2026 · accession 0000707549-26-000054
  2. Lam Research 10-K filed 7 Aug 2026 · accession 0000707549-26-000037
  3. Lam Research 10-Q filed 23 Apr 2026 · accession 0000707549-26-000022
  4. Lam Research 10-Q filed 29 Jan 2026 · accession 0000707549-26-000009
  5. Lam Research 10-Q filed 24 Oct 2025 · accession 0000707549-25-000085

Values: SEC XBRL company facts (data.sec.gov), refreshed 8 Nov 2026. A period's original filing is used unless a later filing restated it.

Earnings history

Lam Research's results by period: revenue, margins and segments from stored filings.

Quarters

Fiscal years

Five-year financial history

US GAAP

Latest 5 completed fiscal years, US GAAP, USD, as reported in annual filings (restated comparatives used where later filings revised them). Ratios and growth are Silicon Analytica calculations from the same records.

Revenue

USD · fiscal years · US GAAP · reported

Revenue (USD)FY2022: US$17.2BUS$17.2BFY202226 Jun 2022FY2023: US$17.4BUS$17.4BFY202325 Jun 2023FY2024: US$14.9BUS$14.9BFY202430 Jun 2024FY2025: US$18.4BUS$18.4BFY202529 Jun 2025FY2026: US$23.2BUS$23.2BFY202628 Jun 2026Silicon AnalyticaLam Research Form 10-K filed 2026-08-07

Net income attributable to shareholders

USD · fiscal years · US GAAP · reported

Net income attributable to shareholders (USD)FY2022: US$4.6BUS$4.6BFY202226 Jun 2022FY2023: US$4.5BUS$4.5BFY202325 Jun 2023FY2024: US$3.8BUS$3.8BFY202430 Jun 2024FY2025: US$5.4BUS$5.4BFY202529 Jun 2025FY2026: US$7.3BUS$7.3BFY202628 Jun 2026Silicon AnalyticaLam Research Form 10-K filed 2026-08-07
Lam Research annual results
USDFY2022ended 26 Jun 2022FY2023ended 25 Jun 2023FY2024ended 30 Jun 2024FY2025ended 29 Jun 2025FY2026ended 28 Jun 2026
Revenue
Gross profit
Gross margin
Operating income
Operating margin
Net income (attributable)
Diluted EPS
R&D expense
R&D as % of revenue

Business model and industry role

Deposition

These processes create layers of dielectric and metal materials used to build a semiconductor device [1].

Etch

These processes create chip features by selectively removing dielectric, metal, silicon and poly silicon materials [1].

Clean

These techniques clear away particles, contaminants, and residues between manufacturing steps [1].

Customer Support Business Group (CSBG)

This group provides products and services to maximize installed equipment performance, predictability, and operational efficiency [1].

Who buys it

The customer base includes leading semiconductor memory, foundry, and integrated device manufacturers that make products such as NVM, DRAM, and logic devices 1.

How it earns revenue

The company earns revenue from the sale of wafer fabrication equipment and by providing services including customer service, spares, upgrades, and refurbished products 1.

What it depends on

The business depends on the expenditures of semiconductor manufacturers and the company's ability to develop new products and enhancements in a timely manner 1.

What drives profitabilityIncludes Silicon Analytica view

Demand for high performance, energy efficient semiconductor devices for use in AI, cloud infrastructure, communications, and automotive systems drives demand for the company's fabrication technologies 1.

Competitive position, drivers and risks

Competitive position

Primary competitors include Applied Materials, Inc., ASM International, Hitachi, Ltd., Tokyo Electron, Ltd., Screen Holding Co., Ltd., and Semes Co., Ltd. 1

Evidence

The semiconductor capital equipment industry is highly competitive, and once a manufacturer selects a supplier's equipment, it generally maintains that selection for that production application 1.

Growth drivers and conditions

Company view: Success depends on the ability to meet customer timelines, maintain existing products, and introduce new products that meet customer requirements on a timely basis 1.

Cyclicality and downside risks

Reported: Competitors could improve products, enter strategic relationships, or gain advantages from government initiatives or differing U.S. export controls, which could adversely affect sales 1.

What to watch next

  1. Impact of export controls on international sales
  2. Management of supply chain and single-source components
  3. Continued investment in research and development
  4. Competition from government-backed local manufacturers
  5. Potential regulation of PFAS chemicals

Peer comparison

Compare with another company

Peers not yet selected by the editor. Financials compares latest reported periods and labels mismatched period ends.

Latest analysis on Lam Research

Markets

Where Every $100 of Chipmaking Equipment Spending Goes

A visual guide to lithography, etch, deposition and the companies supplying the machines behind semiconductor manufacturing.

13 Oct 2026●9 min read●Explainer
Markets

Beyond the Machine Sale: Who Captures the Next Wave of Equipment Spending?

How process complexity, service revenue and changing competition shape the economics of semiconductor equipment.

13 Oct 2026●8 min read●Analysis

Compare with

Lam Research vs KLALam Research vs Tokyo Electron

More data on Lam Research

Lam Research income statement and balance sheet

Sources & methodology
  1. Lam Research Form 10-K for latest fiscal year ↗ · 7 Aug 2026 · Item 1 Business / Item 4 Information on the Company; risk factors

Annual and quarterly figures come from the company's SEC filings (XBRL financial data and, where needed, the filed statements). Each value keeps its filing, period dates and accounting basis. Ratios, growth rates, free cash flow, split-adjusted EPS and derived quarters are Silicon Analytica calculations, shown with their inputs. Percentage growth is not shown when the prior value is zero or negative. Guidance is shown only as company guidance; no analyst consensus is used.

Data checks: ✓ 57 passed

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