OpenNashEarnings

Lam Research (LRCX) · Semiconductors

Lam Research Q4 FY2026 earnings: summary, key numbers & outlook

Results filed 29 Jul 2026 · Quarter ended 28 Jun 2026

Press release ↗Investor relations ↗

Summaries and transcripts are machine-generated and can contain errors.

In brief

Lam Research reported June 2026 quarter revenue of $6.72 billion, U.S. GAAP gross margin of 51.7%, U.S. GAAP operating margin of 37.4% and U.S. GAAP diluted EPS of $1.81.

Lam Research, which makes chipmaking equipment, had a record June 2026 quarter. Revenue was $6.72 billion, up 15.1% from the March 2026 quarter. GAAP gross margin rose to 51.7% from 49.8%, and GAAP operating margin rose to 37.4% from 35.0%. GAAP net income was $2.28 billion, or $1.81 per diluted share. CEO Tim Archer tied the results to AI-driven demand.

For the September 2026 quarter, Lam expects revenue of $8.10 billion, plus or minus $400 million. It also expects a 52.0% gross margin and 39.5% operating margin, each plus or minus 1%, and earnings of $2.15 per share, plus or minus $0.15. The main tension is the risk factors Lam lists. These include export controls, tariffs, trade disputes and supply chain constraints. China was 26% of revenue, and Lam says actual results may vary materially from its guidance.

Key numbers

Revenue
$6.72 billion

up 15.1% from the March 2026 quarter

Net income · GAAP
$2.28 billion

Diluted EPS · GAAP
$1.81

up 24.8% from the March 2026 quarter

Diluted EPS · non-GAAP
$1.82

up 23.8% from the March 2026 quarter

Gross margin · GAAP
51.7%

up 190 bps from the March 2026 quarter

Operating margin · GAAP
37.4%

up 240 bps from the March 2026 quarter

Operating income · GAAP
$2.5B

Net cash provided by operating activities · GAAP
$1.5B

Segment or metricValueChange
Systems revenue$4.2B
Customer support-related revenue and other$2.5B
Taiwan share of revenue27%
China share of revenue26%
Korea share of revenue20%
Deferred revenue$2.43 billionup from $2.22 billion at the end of the March 2026 quarter
Where each number comes from
  • Revenue: “For the June 2026 quarter, revenue was $6.72 billion, gross margin was $3.48 billion, or 51.7% of revenue, operating expenses were $965.3 million”
  • Net income: “operating margin was 37.4% of revenue, and net income was $2.28 billion, or $1.81 per diluted share on a U.S. GAAP basis.”
  • Diluted EPS: “operating margin was 37.4% of revenue, and net income was $2.28 billion, or $1.81 per diluted share on a U.S. GAAP basis.”
  • Diluted EPS: “non-GAAP operating margin was 38.4% of revenue, and non-GAAP net income was $2.28 billion, or $1.82 per diluted share.”
  • Gross margin: “U.S. GAAP gross margin as a percent of revenue of 51.7%, U.S. GAAP operating margin as a percent of revenue of 37.4%, and U.S. GAAP diluted EPS of $1.81.”
  • Operating margin: “U.S. GAAP gross margin as a percent of revenue of 51.7%, U.S. GAAP operating margin as a percent of revenue of 37.4%, and U.S. GAAP diluted EPS of $1.81.”
  • Operating income: “Total operating expenses | 965,252 | 863,511 | 848,581 | 3,525,513 | 3,078,091 Operating income | 2,513,488 | 2,047,016 | 1,741,128 | 8,199,795 | 5,900,968”
  • Net cash provided by operating activities: “Net cash provided by operating activities | 1,457,228 | 1,141,420 | 2,554,188 | 5,857,657 | 6,173,264”
  • Systems revenue: “Systems revenue | $4,249,848 | $3,730,582 | $3,437,625 Customer support-related revenue and other | 2,472,390 | 2,110,906 | 1,733,768”
  • Customer support-related revenue and other: “Systems revenue | $4,249,848 | $3,730,582 | $3,437,625 Customer support-related revenue and other | 2,472,390 | 2,110,906 | 1,733,768”
  • Taiwan share of revenue: “Region | Revenue Taiwan | 27% China | 26% Korea | 20% Japan | 9% United States | 9% Southeast Asia | 5% Europe | 4%”
  • China share of revenue: “Region | Revenue Taiwan | 27% China | 26% Korea | 20% Japan | 9% United States | 9% Southeast Asia | 5% Europe | 4%”
  • Korea share of revenue: “Region | Revenue Taiwan | 27% China | 26% Korea | 20% Japan | 9% United States | 9% Southeast Asia | 5% Europe | 4%”
  • Deferred revenue: “Deferred revenue at the end of the June 2026 quarter increased to $2.43 billion compared to $2.22 billion as of the end of the March 2026 quarter.”

Copied from the press release ↗ and other documents in the SEC filing ↗. A figure is published only if its sentence is in the filing.

From the filingQ4 FY2026vs year agovs last quarter
Revenue$6.7B+30.0%+15.1%
Operating income$2.5B+44.4%+22.8%
Net income$2.3B+32.4%+24.8%
Free cash flow$1.3B−46.7%+56.6%
Gross margin51.7%+1.6 pts+1.9 pts
Operating margin37.4%+3.7 pts+2.4 pts

Calculated by code from XBRL, not by the model.

Outlook

MetricPeriodOutlook
Revenuequarter ended September 27, 2026$8.10 Billion +/- $400 Million
Gross marginquarter ended September 27, 202652.0% +/- 1%
Operating marginquarter ended September 27, 202639.5% +/- 1%
Net income per diluted sharequarter ended September 27, 2026$2.15 +/- $0.15
Diluted share countquarter ended September 27, 20261.255 Billion

Key takeaways

  1. Record revenue, operating margin and EPS

    Revenue was $6.72 billion, up 15.1% from the March 2026 quarter. GAAP diluted EPS was $1.81, up 24.8%.

  2. Margins widened on higher volume

    GAAP gross margin rose to 51.7% from 49.8%, and GAAP operating margin rose to 37.4% from 35.0%. Non-GAAP operating margin was 38.4%.

  3. Next-quarter guidance points to a big step up

    Lam guided September quarter revenue to $8.10 Billion +/- $400 Million. It guided EPS to $2.15 +/- $0.15.

  4. Customer support revenue grew alongside systems

    Systems revenue was $4,249,848 thousand, and customer support-related revenue and other was $2,472,390 thousand. The prior-quarter figures were $3,730,582 thousand and $2,110,906 thousand.

  5. Cash rose despite lower buybacks

    Cash, cash equivalents and restricted cash rose to $5.60 billion from $4.77 billion. Treasury stock purchases were $246,560 thousand, versus $1,162,837 thousand in the March 2026 quarter.

Charts

Revenue$6.7B+30.0% y/yQ4 FY26
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 margin37.4%+3.7 pts y/yQ4 FY26
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$1.3B−46.7% y/yQ4 FY26
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.

Questions

What were Lam Research's June 2026 quarter results?

Revenue was $6.72 billion, up 15.1% from the March 2026 quarter. GAAP net income was $2.28 billion, or $1.81 per diluted share, and non-GAAP diluted EPS was $1.82.

What is Lam's guidance for the September 2026 quarter?

Lam guided revenue to $8.10 Billion +/- $400 Million. It guided gross margin to 52.0% +/- 1%, operating margin to 39.5% +/- 1% and EPS to $2.15 +/- $0.15.

How did margins change from the prior quarter?

GAAP gross margin rose 190 bps to 51.7%, and GAAP operating margin rose 240 bps to 37.4%. Non-GAAP gross margin was 52.0% and non-GAAP operating margin was 38.4%.

Where does Lam's revenue come from geographically?

Taiwan was 27% of June 2026 quarter revenue, China 26% and Korea 20%. Japan and the United States were each 9%, Southeast Asia 5% and Europe 4%.

What risks did Lam highlight?

Lam cited trade regulations, export controls, tariffs, trade disputes and geopolitical tensions. It also cited supply chain cost increases, disruptions and capacity constraints, and said actual results may vary materially from its guidance.

Documents

SEC filing