# Lam Research (LRCX) Q4 FY2026 earnings

Results filed 2026-07-29 for the quarter ended 2026-06-28. Source page: https://earnings.opennash.com/companies/lrcx/2026-q4/
Press release and exhibits: https://www.sec.gov/Archives/edgar/data/707549/000070754926000033/0000707549-26-000033-index.htm
> 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

| Metric | Value | Change | Basis |
| --- | --- | --- | --- |
| Revenue | $6.72 billion | up 15.1% from the March 2026 quarter |  |
| Net income | $2.28 billion |  | GAAP |
| Diluted EPS | $1.81 | up 24.8% from the March 2026 quarter | GAAP |
| Diluted EPS | $1.82 | up 23.8% from the March 2026 quarter | non-GAAP |
| Gross margin | 51.7% | up 190 bps from the March 2026 quarter | GAAP |
| Operating margin | 37.4% | up 240 bps from the March 2026 quarter | GAAP |
| Operating income | 2,513,488 |  | GAAP |
| Net cash provided by operating activities | 1,457,228 |  | GAAP |

## Segments and operating metrics

| Name | Value | Change |
| --- | --- | --- |
| Systems revenue | $4,249,848 |  |
| Customer support-related revenue and other | 2,472,390 |  |
| Taiwan share of revenue | 27% |  |
| China share of revenue | 26% |  |
| Korea share of revenue | 20% |  |
| Deferred revenue | $2.43 billion | up from $2.22 billion at the end of the March 2026 quarter |

## Outlook

| Metric | Period | Outlook |
| --- | --- | --- |
| Revenue | quarter ended September 27, 2026 | $8.10 Billion +/- $400 Million |
| Gross margin | quarter ended September 27, 2026 | 52.0% +/- 1% |
| Operating margin | quarter ended September 27, 2026 | 39.5% +/- 1% |
| Net income per diluted share | quarter ended September 27, 2026 | $2.15 +/- $0.15 |
| Diluted share count | quarter ended September 27, 2026 | 1.255 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.

## 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.