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Lam Research

LRCX · Information Technology

Last earnings Oct 21, 2026

Key results

Revenuequarter

$5.32 billion

Highlights for the September 2025 quarter were as follows Revenue of $5.32 billion.

SEC original ↗Lam Research — Earnings release (8-K exhibit)EX-99Oct 22, 2025

GAAP gross marginquarter

50.4%

GAAP gross margin of 50.4%, U.

SEC original ↗Lam Research — Earnings release (8-K exhibit)EX-99Oct 22, 2025

GAAP operating income as a percentage of revenue of 34.4%, and U.

SEC original ↗Lam Research — Earnings release (8-K exhibit)EX-99Oct 22, 2025

GAAP EPSquarter

$1.24

GAAP diluted EPS of $1.24.

SEC original ↗Lam Research — Earnings release (8-K exhibit)EX-99Oct 22, 2025

Non-GAAP gross marginquarter

50.6%

Non-GAAP gross margin of 50.6%, non-GAAP operating income as a percentage of revenue of 35.0%, and non-GAAP diluted EPS of $1.26.

SEC original ↗Lam Research — Earnings release (8-K exhibit)EX-99Oct 22, 2025

EPSquarter

$1.26

Non-GAAP gross margin of 50.6%, non-GAAP operating income as a percentage of revenue of 35.0%, and non-GAAP diluted EPS of $1.26.

SEC original ↗Lam Research — Earnings release (8-K exhibit)EX-99Oct 22, 2025

Change Q Q revenuequarter

$ 5,324,173

GAAP September 2025 June 2025 Change Q Q Revenue $ 5,324,173 $ 5,171,393 + 3% Gross margin as percentage of revenue 50.4 % 50.1 % + 30 bps Operating income as percentage of revenue 34.4 % 33.7 % + 70 bps Diluted EPS $ 1.24 $ 1.35 - 8% Non-GAAP September 2025 June 2025 Change Q Q Revenue $ 5,324,173 $ 5,171,393 + 3% Gross margin as percentage of revenue 50.6 % 50.3 % + 30 bps Operating income as percentage of revenue 35.0 % 34.4 % + 60 bps Diluted EPS $ 1.26 $ 1.33 - 5% U.

SEC original ↗Lam Research — Earnings release (8-K exhibit)EX-99Oct 22, 2025

Gross marginquarter

$2,685 million

GAAP Financial Results For the September 2025 quarter, revenue was $5,324 million, gross margin was $2,685 million, or 50.4% of revenue, operating expenses were $856 million, operating income was 34.4% of revenue, and net income was $1,569 million, or $1.24 per diluted share on a U.

SEC original ↗Lam Research — Earnings release (8-K exhibit)EX-99Oct 22, 2025

Net incomequarter

$1,569 million

GAAP Financial Results For the September 2025 quarter, revenue was $5,324 million, gross margin was $2,685 million, or 50.4% of revenue, operating expenses were $856 million, operating income was 34.4% of revenue, and net income was $1,569 million, or $1.24 per diluted share on a U.

SEC original ↗Lam Research — Earnings release (8-K exhibit)EX-99Oct 22, 2025

net income was $1,569 million, or $1.24 per diluted share on a U.S. GAAP basis.

SEC original ↗Lam Research — Earnings release (8-K exhibit)EX-99Oct 22, 2025

Gross margin %quarter

50.4 %

percent of revenue 50.4 % 50.1 % 48.0 %

SEC original ↗Lam Research — Earnings release (8-K exhibit)EX-99Oct 22, 2025

Research and developmentquarter

$576,446 thousand

Research and development 576,446 580,178 495,358

SEC original ↗Lam Research — Earnings release (8-K exhibit)EX-99Oct 22, 2025

Selling, general, and administrativequarter

$279,345 thousand

Selling, general and administrative 279,345 268,403 243,128

SEC original ↗Lam Research — Earnings release (8-K exhibit)EX-99Oct 22, 2025

Operating expensesquarter

$855,791 thousand

Total operating expenses 855,791 848,581 738,486

SEC original ↗Lam Research — Earnings release (8-K exhibit)EX-99Oct 22, 2025

Operating incomequarter

$1,829,088 thousand

Operating income 1,829,088 1,741,128 1,264,197

SEC original ↗Lam Research — Earnings release (8-K exhibit)EX-99Oct 22, 2025

Operating income %quarter

34.4 %

percent of revenue 34.4 % 33.7 % 30.3 %

SEC original ↗Lam Research — Earnings release (8-K exhibit)EX-99Oct 22, 2025

AI analysis

Q3 2025 · reported Oct 22, 2025

Based on: Earnings release + parent 8-K + 10-Q — transcript not held

Revenue · Q3 2025
$5.32B
EX-99 · Oct 22, 2025
GAAP EPS · Q3 2025
$1.24
EX-99 · Oct 22, 2025
GAAP gross margin · Q3 2025
50.4%
EX-99 · Oct 22, 2025
Net income · Q3 2025
$1,569M
EX-99 · Oct 22, 2025

Headline figures

MetricQ3 2025Prior qtrYear ago
Revenue$5.32 billion——
GAAP gross margin50.4%——
GAAP EPS$1.24——
Non-GAAP gross margin50.6%——
EPS$1.26——
Change Q Q revenue$ 5,324,173——
Gross margin$2,685 million——
Net income$1,569 million——

EX-99 · Oct 22, 2025

Guidance · company-stated

No guidance located in the held release

Next earningsNo verified date on fileNo date is estimated or imported

Margin

GAAP gross margin50.4%
Non-GAAP gross margin50.6%
Gross margin$2,685M
Gross margin %50.4 %

Capital allocation

The increase was primarily the result of cash generated from operating activities, partially offset by cash deployed for capital return activities,and capital expenditures during the quarter.

Net income per diluted share - amortization related to intangible assets acquired though business combinations, $3.0 million amortization of debt discounts, $0.7 million and associated tax benefit for non-GAAP items ($0.2 million) totaling $3.5 million.

General educational research only — not investment advice.Every figure is as stated in the held documents; values marked “computed from stated figures” are arithmetic on those stated figures. Guidance shown is the company’s own stated guidance. No price targets, no recommendations, no consensus estimates.

Event summary

Lam Research Q3 2025 — Highlights for the September 2025 quarter were as follows Revenue of $5.32 billion.

Based on: Earnings release + parent 8-K + 10-Q — transcript not held

Guidance & outlook

No guidance located in the held release

Capital allocation

The increase was primarily the result of cash generated from operating activities, partially offset by cash deployed for capital return activities,and capital expenditures during the quarter.

SEC original ↗Lam Research — Earnings release (8-K exhibit)EX-99Oct 22, 2025

Net income per diluted share - amortization related to intangible assets acquired though business combinations, $3.0 million amortization of debt discounts, $0.7 million and associated tax benefit for non-GAAP items ($0.2 million) totaling $3.5 million.

SEC original ↗Lam Research — Earnings release (8-K exhibit)EX-99Oct 22, 2025

The Company had no debt security investments as of September 27, 2026 and June 28, 2026.

SEC original ↗Lam Research — 10-Q Quarterly report10-QOct 22, 2026

The financial statement impacts to the Condensed Consolidated Statement of Operations from debt and equity investments were not material as of and for the three months ended September 27, 2026 and September 28, 2025.

SEC original ↗Lam Research — 10-Q Quarterly report10-QOct 22, 2026

NOTE 13 STOCK REPURCHASE PROGRAM In May 2024, the Board of Directors authorized the Company to repurchase up to an additional $ 10.00 billion of Common Stock; this authorization supplements the remaining balance from any prior authorizations.

SEC original ↗Lam Research — 10-Q Quarterly report10-QOct 22, 2026

These repurchases can be conducted on the open market or as private purchases and may include the use of derivative contracts with large financial institutions, in all cases subject to compliance with applicable law.

SEC original ↗Lam Research — 10-Q Quarterly report10-QOct 22, 2026

Strategy & priorities

In some cases, forward-looking statements can be identified by words such as anticipate, assume, become, believe, can, commit, continue, could, depend, drive, estimate, expect, focus, forecast, future, goal, grow, increase, intend, likely, maintain, may, objective, ongoing, opportunity, plan, possible, potential, predict, probable, project, remain, require, seek, should, strategy, sustain, target, transition, will, would, or variations of these words or other similar expressions.

SEC original ↗Lam Research — 10-Q Quarterly report10-QOct 22, 2026

Lam Research Corporation 2027 Q1 10-Q 11 Table of Contents NOTE 8 FINANCIAL INSTRUMENTS There have been no material changes to the Company s investment strategies and investment and fair value policies to those disclosed in Note 9, Financial Instruments, to the Consolidated Financial Statements in Part II, Item 8 of its 2026 Form 10-K.

SEC original ↗Lam Research — 10-Q Quarterly report10-QOct 22, 2026

Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk and the Company s mitigation strategies are materially the same as those disclosed in Note 9, Financial Instruments, to the Consolidated Financial Statements in Part II, Item 8 of its 2026 Form 10-K.

SEC original ↗Lam Research — 10-Q Quarterly report10-QOct 22, 2026

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.

SEC original ↗Lam Research — 10-Q Quarterly report10-QOct 22, 2026

Risks & headwinds

These uncertainties and changes could materially affect the forward-looking statements and cause actual results to vary from expectations in a material way.

SEC original ↗Lam Research — Earnings release (8-K exhibit)EX-99Oct 22, 2025

Legal Proceedings 24 Item 1A.

SEC original ↗Lam Research — 10-Q Quarterly report10-QOct 22, 2026

These forward-looking statements are not a guarantee of future performance and involve a number of risks, uncertainties, and other factors that could cause our actual results or outcomes, or the timing of our results or outcomes, to differ materially from those expressed or implied in this Form 10-Q.

SEC original ↗Lam Research — 10-Q Quarterly report10-QOct 22, 2026

You should evaluate all forward-looking statements made in this Form 10-Q in the context of these risks, uncertainties, and other factors.

SEC original ↗Lam Research — 10-Q Quarterly report10-QOct 22, 2026

Based on current information, the Company does not believe that a material loss from known matters is probable and therefore has not recorded an accrual of any material amount for litigation or other contingencies related to existing legal proceedings.

SEC original ↗Lam Research — 10-Q Quarterly report10-QOct 22, 2026

However, these trends remain subject to volatility in the semiconductor industry environment from trade restrictions and tariffs, as well as the risks, uncertainties, and other factors discussed in Part II, Item 1A, Risk Factors, which have had, and in the future may have, a negative impact on our revenue and operating margin.

SEC original ↗Lam Research — 10-Q Quarterly report10-QOct 22, 2026

Documents

Earnings deck slides

7 decks with slide view

Slide history — recurring slides by stated title

Slides are matched across this company’s decks by their stated title only; a title listed here appeared in more than one held deck.

Lam Research Corporation — Oct 21, 2026 · slide 1 · Oct 21, 2026 · slide 6 · Oct 21, 2026 · slide 5 · Oct 21, 2026 · slide 4 · Oct 22, 2026 · slide 1 · Oct 22, 2026 · slide 5

Cautionary statement regarding forward — Oct 21, 2026 · slide 2 · Oct 21, 2026 · slide 2 · Oct 22, 2026 · slide 2

Balance Sheet and Cash Flow Results — Oct 21, 2026 · slide 2 · Oct 22, 2026 · slide 2

Exhibit — Oct 21, 2026 · slide 1 · Oct 22, 2026 · slide 1

industry outlok — Oct 21, 2026 · slide 4 · Oct 21, 2026 · slide 3

Competitors

Competitors & peers

Same GICS sector — classification peers, not declared competitors

Microsoft (MSFT) Information TechnologyTeradyne (TER) Information TechnologyASML Holding (ASML) Information TechnologyMicron Technology (MU) Information TechnologySeagate Technology (STX) Information TechnologyUnited Microelectronics (UMC) Information TechnologyMonolithic Power Systems (MPWR) Information TechnologyCoherent Corp. (COHR) Information Technology

Filings

65 documents

Earnings releases

25 documents

Presentations

7 documents

Transcripts

0 documents

No transcripts for Lam Research are held in this edition of the library.

Mentioned by

10 companies

Other tracked companies whose held documents mention Lam Research by name or ticker. A mention is counted once per document, from the document text the library holds.

See also the earnings calendar for every tracked company’s next earnings date.