OpenNashEarnings

Semiconductors · Nasdaq: LRCX

Lam Research earnings: results, call transcripts & KPI history

2 quarters · fiscal year ends June · next results expected around 27 Jan 2027

Investor relations ↗SEC filings ↗KPIs as CSV

Latest: Q1 FY2027

Lam Research reported record September 2026 quarter revenue of $8.22 billion, U.S. GAAP diluted EPS of $2.19, non-GAAP diluted EPS of $2.20 and U.S. GAAP operating margin of 40.0%.

Lam Research posted record results for the September 2026 quarter. Revenue was $8.22 billion, up 22% from the June quarter and 54% from a year earlier. U.S. GAAP operating margin reached 40.0%, and diluted EPS was $2.19 ($2.20 non-GAAP). Systems revenue grew fastest, led by memory, foundry and advanced packaging. China made up 35% of revenue, and operating cash flow was strong.

Read the Q1 FY2027 summary →

Quarters

KPI history

Revenue$8.2B+54.4% y/yQ1 FY27
Q2 FY25: $4.4BQ2 25$4.4BQ3 FY25: $4.7BQ3 25$4.7BQ4 FY25: $5.2B (worked out from the annual figure)Q4 25$5.2BQ1 FY26: $5.3BQ1 26$5.3BQ2 FY26: $5.3BQ2 26$5.3BQ3 FY26: $5.8BQ3 26$5.8BQ4 FY26: $6.7B (worked out from the annual figure)Q4 26$6.7BQ1 FY27: $8.2BQ1 27$8.2B

Fourth quarter worked out from the annual figure.

Data
Q2 FY25$4.4B
Q3 FY25$4.7B
Q4 FY25$5.2B *
Q1 FY26$5.3B
Q2 FY26$5.3B
Q3 FY26$5.8B
Q4 FY26$6.7B *
Q1 FY27$8.2B
Diluted EPS (GAAP)$2.19+76.6% y/yQ1 FY27
Q2 FY25: $0.92Q2 25$0.92Q3 FY25: $1.03Q3 25$1.03Q1 FY26: $1.24Q1 26$1.24Q2 FY26: $1.26Q2 26$1.26Q3 FY26: $1.45Q3 26$1.45Q1 FY27: $2.19Q1 27$2.19
Data
Q2 FY25$0.92
Q3 FY25$1.03
Q1 FY26$1.24
Q2 FY26$1.26
Q3 FY26$1.45
Q1 FY27$2.19

Fourth-quarter EPS appears once the press release is read; filings report it only for the full year.

Operating margin40.0%+5.6 pts y/yQ1 FY27
Q2 FY25: 30.5%Q2 2530.5%Q3 FY25: 33.1%Q3 2533.1%Q4 FY25: 33.7%Q4 2533.7%Q1 FY26: 34.4%Q1 2634.4%Q2 FY26: 33.9%Q2 2633.9%Q3 FY26: 35.0%Q3 2635.0%Q4 FY26: 37.4%Q4 2637.4%Q1 FY27: 40.0%Q1 2740.0%
Data
Q2 FY2530.5%
Q3 FY2533.1%
Q4 FY2533.7%
Q1 FY2634.4%
Q2 FY2633.9%
Q3 FY2635.0%
Q4 FY2637.4%
Q1 FY2740.0%
Free cash flow$3.2B+103.3% y/yQ1 FY27
Q2 FY25: $553.6MQ2 25$553.6MQ3 FY25: $1.0BQ3 25$1.0BQ4 FY25: $2.4BQ4 25$2.4BQ1 FY26: $1.6BQ1 26$1.6BQ2 FY26: $1.2BQ2 26$1.2BQ3 FY26: $809.8MQ3 26$809.8MQ4 FY26: $1.3BQ4 26$1.3BQ1 FY27: $3.2BQ1 27$3.2B
Data
Q2 FY25$553.6M
Q3 FY25$1.0B
Q4 FY25$2.4B
Q1 FY26$1.6B
Q2 FY26$1.2B
Q3 FY26$809.8M
Q4 FY26$1.3B
Q1 FY27$3.2B

Operating cash flow minus capital expenditure, from cash flow statements.

Q2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue$4.4B$4.7B$5.2Bd$5.3B$5.3B$5.8B$6.7Bd$8.2B
Gross margin47.4%49.0%50.1%50.4%49.6%49.8%51.7%52.3%
Operating income$1.3B$1.6B$1.7Bd$1.8B$1.8B$2.0B$2.5Bd$3.3B
Operating margin30.5%33.1%33.7%34.4%33.9%35.0%37.4%40.0%
Net income$1.2B$1.3B$1.7Bd$1.6B$1.6B$1.8B$2.3Bd$2.8B
Diluted EPS$0.92$1.03—$1.24$1.26$1.45—$2.19
Operating cash flow$741.9Md$1.3Bd$2.6Bd$1.8B$1.5Bd$1.1Bd$1.5Bd$3.5B
Capital expenditure$188.3Md$288.1Md$172.2Md$185.1M$260.9Md$331.6Md$188.8Md$257.7M
Free cash flow$553.6M$1.0B$2.4B$1.6B$1.2B$809.8M$1.3B$3.2B
R&D expense$494.9M$525.9M$580.2Md$576.4M$573.3M$583.2M$642.9Md$666.4M

From XBRL data in 10-Q and 10-K filings. d derived: a fourth quarter is the full year minus the first nine months, and cash flows are year-to-date figures differenced.

10-Q and 10-K filings