Logotype for Lam Research Corporation

Lam Research (LRCX) investor relations material

Lam Research Q1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Logotype for Lam Research Corporation
Q1 2026 earnings summary22 Oct, 2025

Executive summary

  • Achieved record quarterly revenue of $5.32 billion for September 2025, up 3% sequentially and 28% year-over-year, with gross margin at 50.6% (non-GAAP) and operating margin at 35% (non-GAAP), driven by strong foundry, AI, and customer support demand.

  • Net income rose to $1.57 billion, a 40% increase year-over-year, with diluted EPS of $1.26 (non-GAAP) and $1.24 (GAAP).

  • Cash and equivalents increased to $6.7 billion, supported by strong operating cash flow.

  • AI-driven demand and high-bandwidth memory investments are fueling growth in wafer fabrication equipment (WFE) spending.

  • New China export restrictions are expected to impact revenue by $200 million in December quarter and $600 million in 2026.

Financial highlights

  • September 2025 revenue reached $5.32 billion, up from $5.17 billion in June and $4.17 billion year-over-year.

  • Gross margin was 50.6% (non-GAAP) and 50.4% (GAAP), both record levels, with operating margin at 35% (non-GAAP) and 34.4% (GAAP).

  • Net income was $1.57 billion (GAAP), with diluted EPS at $1.26 (non-GAAP) and $1.24 (GAAP).

  • Deferred revenue at quarter end was $2.77 billion, slightly up from June.

  • Cash flow from operations was $1.78 billion; capital expenditures were $185 million.

Outlook and guidance

  • December 2025 quarter revenue guidance is $5.2 billion ±$300 million, with gross margin expected at 48.5% (non-GAAP) and 48.4% (GAAP), and operating margin at 33% (non-GAAP) and 32.9% (GAAP).

  • Diluted EPS guidance for December is $1.15 ±$0.10.

  • 2026 is expected to be a growth year, with WFE spending second-half weighted and China mix normalizing.

  • Management expects continued volatility due to trade restrictions and tariffs but remains optimistic about long-term growth.

Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.

Next Lam Research earnings date

Logotype for Lam Research Corporation
AGM 20254 Nov, 2025
Your earnings 
season toolkit.
Download
Free on both iOS & Android.

Next Lam Research earnings date

Logotype for Lam Research Corporation
AGM 20254 Nov, 2025

The essential earnings season companion

The #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.

Live calls and transcripts

Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.

Find what you need faster

Search for any keyword across all transcripts simultaneously.

Easily store key findings

Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.

Your watchlist. Your dashboard.

Follow the companies that matter to you. Get a personalized feed with real-time updates.

Be the first to know

Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.

Consensus estimates

Access analyst consensus estimates, valuation multiples, and revenue segments splits.

All IR material in one place

The easiest way to stay updated during earnings season.

Global coverage

All events from public companies. Live and recorded.

Just click and listen

No webcast links. No manual registrations.

Research anytime, anywhere

Built for professionals. Loved by everyone. Try our free mobile app.

excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
App-store-avatar.png play-store-avatar.png
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
play-store-avatar
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
App-store-avatar.png play-store-avatar.png
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
App-store-avatar.png play-store-avatar.png
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
play-store-avatar
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
App-store-avatar.png play-store-avatar.png
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
x-avatar
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
App-store-avatar.png play-store-avatar.png
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
x-avatar
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
x-avatar
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
App-store-avatar.png play-store-avatar.png
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
x-avatar
@theshortbearx.com

Frequently asked questions

Wafer Fabrication

Lam Research Corporation is an American company supplying equipment to the semiconductor industry. The company produces wafer-fabrication equipment and services and its products are primarily utilized in the production of front-end wafer processing, crucial steps when creating components in semiconductors. The company supplies other manufacturers worldwide and is headquartered in Fremont, California. Lam Research’s shares are traded on the Nasdaq.

Founding

Lam Research Corporation, established in 1980 by David K. Lam initially made a name for itself in the semiconductor industry by developing innovative wafer fabrication equipment. Its inaugural product, the AutoEtch 480, revolutionized the etching process in semiconductor manufacturing and helped Lam Research to get out of the starting blocks quickly.

The company’s growth has been characterized by a strong emphasis on research and development, driving advancements in semiconductor fabrication. Lam Research has consistently expanded its portfolio of products and services, meeting the increasingly complex requirements of chip manufacturing. The evolution of its offerings has reflected the industry’s push towards miniaturization and enhanced performance, and like many other companies in the semiconductor industry, innovation and improvements are constantly happening.

What They Do

Lam Research's suite of products is integral to the semiconductor manufacturing process. Their etching equipment is designed for detailed patterning on silicon wafers, a critical step in defining the tiny structures of integrated circuits. The company also provides deposition tools, which layer materials onto wafers, an essential phase in building the complex architecture of semiconductors. Additionally, their cleaning systems remove impurities and residues, ensuring the wafers are ready for subsequent processing stages.

A Part of the Supply Chain

Just like companies such as Applied Materials and ASML, Lam Research operates as a key supplier in the semiconductor industry, providing critical manufacturing equipment to chipmakers worldwide. Their tools, specializing in etching, deposition, and cleaning, are essential for the fabrication of integrated circuits. As manufacturers strive to produce increasingly smaller and more complex semiconductors, Lam's equipment plays a vital role in enabling these advancements. The company's client base spans a range of semiconductor producers, from large multinational corporations to specialized players. By supplying these essential tools, Lam Research facilitates the production of advanced electronic components used in a wide array of products, from consumer electronics to industrial applications.

Further reading: Understanding the Semiconductor Value Chain: Key Players & Dynamics

Quartr provides global coverage of all investor relation material from public companies.

  • Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.

  • Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.

  • Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.

Yes, the Quartr mobile app is free on both iOS and Android.

Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.

Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.

Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.

Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.

Explore our global coverage