Lam Research Corporation (LRCX)

Business

Source: Form 10-K for fiscal 2026, accession 0000707549-26-000037.

Lam Research sells the machines semiconductor manufacturers use to build chips on silicon wafers, and services that fleet once it is installed. Its systems deposit thin films onto wafers, etch circuit features into them, and clean them between process steps. The buyers are the world's largest memory makers, foundries, and integrated device manufacturers, which produce NAND flash, DRAM, and logic chips. Revenue comes from two sources. Systems revenue ($14.89 billion, 64% of fiscal 2026 revenue of $23.23 billion) is the sale of new leading-edge equipment. Customer support-related revenue and other ($8.35 billion, 36%) covers services, spare parts, upgrades, and non-leading-edge equipment from the Reliant product line, all run through the Customer Support Business Group. Lam reports a single segment: manufacturing and servicing wafer processing equipment.

The product portfolio is organised by process step:

• Deposition: SABRE copper electroplating, including SABRE 3D for advanced packaging and high-bandwidth memory (HBM); ALTUS tungsten and molybdenum CVD/ALD metallization; Striker single-wafer ALD dielectrics; VECTOR PECVD dielectric films.
• Etch: Kiyo, Versys Metal, and Akara conductor etch; Flex and Vantex dielectric etch, with Vantex aimed at high-aspect-ratio 3D NAND holes and trenches; Syndion deep silicon etch for through-silicon vias, image sensors, and power devices; Argos, Prevos, and Selis selective etch for gate-all-around and 3D memory structures.
• Clean: Coronus plasma bevel clean; EOS, DV-Prime, Da Vinci, and SP Series single-wafer wet clean.
• Dry resist: Aether dry EUV photoresist deposition and development, which replaces wet spin-on resist in EUV patterning.

Lam argues that the industry's shift from two-dimensional shrinking to vertical scaling (3D NAND, gate-all-around transistors, advanced packaging, HBM stacking, and more complex patterning) increases the number of deposition and etch steps per wafer, and therefore the market it can serve. AI-driven demand for high-performance, energy-efficient chips is the main force behind that shift today. Lam's tools also serve back-end wafer-level packaging, including fan-out panel-level packaging, and related markets such as CMOS image sensors and MEMS.

Customers and geography. Lam's customer base is concentrated. Its most significant customers in fiscal years 2024 through 2026 included Micron Technology, Samsung Electronics, SK hynix, and Taiwan Semiconductor Manufacturing Company. In fiscal 2026 four customers each accounted for 10% or more of revenue: about 16%, 15%, 12%, and 12%. Non-U.S. customers accounted for about 93% of revenue in each of fiscal 2024, 2025, and 2026. By customer location, fiscal 2026 revenue split China 34%, Taiwan 22%, Korea 19%, Japan 9%, United States 7%, Southeast Asia 6%, and Europe 3%. By market, leading- and non-leading-edge equipment and upgrade revenue was 54% foundry, 39% memory, and 7% logic/integrated device manufacturing.

Operations. Lam assembles and tests components, sub-assemblies, and modules into finished systems, mostly in cleanrooms, and outsources parts of manufacturing, warehousing, and logistics. Some components come from a single supplier. Principal operating and R&D sites are in Fremont and Livermore, California; Tualatin, Oregon; Yongin, Korea; Bengaluru, India; and Salzburg and Villach, Austria. Manufacturing and warehouse facilities are in California, Ohio, Oregon, Austria, Korea, Malaysia, and Taiwan. At August 4, 2026 Lam had about 23,300 regular full-time employees: more than 26% in R&D, 38% in the United States, 56% in Asia, and 6% in Europe. By September 27, 2026 headcount was about 24,300.

Competition. Lam's main competitor in dielectric and metals deposition is Applied Materials, with ASM International and Wonik IPS in ALD and PECVD. In etch it competes chiefly with Applied Materials, Hitachi, and Tokyo Electron, and in wet clean with Screen Holdings, Semes, and Tokyo Electron. Once a chipmaker qualifies a supplier's tool for a production application, it tends to stay with that tool. That makes incumbency valuable, and a lost design-in hard to win back. Lam says government initiatives to build local semiconductor supply chains, including in China, could increase competition from domestic equipment and spare-parts makers, and that U.S. export controls advantage non-U.S. rivals not subject to them.

Management. Timothy M. Archer has been president and chief executive officer since December 2018. Douglas R. Bettinger is executive vice president and chief financial officer. Seshasayee (Sesha) Varadarajan has been chief operating officer since March 2026.

Capital return. The board has declared quarterly dividends since April 2014. The quarterly dividend was $0.26 per share throughout fiscal 2026. Repurchases run under a May 2024 authorization of an additional $10.00 billion, which has no termination date. At June 28, 2026, $4.04 billion of it remained available.

Risk factors

Source: Form 10-K for fiscal 2026, accession 0000707549-26-000037, Item 1A; updates from the Form 10-Q for the quarter ended September 27, 2026, accession 0000707549-26-000054, Part II, Item 1A.

The material risks fall into five groups. Lam's exposure to China and to trade policy comes first, followed by the cyclical and concentrated customer base, then supply-chain and input-cost exposure, competitive and technology risk, and finally financial and structural matters.

• China and U.S. export controls. China, counting both global and domestic Chinese customers with fabs there, was about 34% of revenue in fiscal 2026 and 2025 and 42% in fiscal 2024. In the September 2026 quarter it was about 35%. U.S. rules restrict shipments and services to Chinese fabs engaged in certain advanced-technology end uses. They also extend license requirements to military end-users and to entities on the Entity List and Unverified List. An expanded foreign direct product rule can reach wafers and chips made with Lam tools when Huawei or its affiliates are party to a transaction. Lam warns that these controls have already limited its market and its revenue, that licenses may not be granted, and that further controls are under assessment. China could also retaliate, push customers toward local suppliers, or force technology transfer.
• Rare earths and critical inputs. China is the primary source of certain rare earth elements Lam needs. Its export controls and licensing requirements on those elements, and on foreign-made products containing them, are suspended in part only until November 2026 unless extended. The September 2026 10-Q adds that these measures have already reduced availability, lengthened licensing timelines, and raised the likelihood of supply disruption. It also adds that export-license requirements can limit Lam's ability to carry out R&D globally, not only its sales.
• Tariffs and the Middle East conflict. U.S. tariffs on steel and aluminum imports raised Lam's manufacturing costs in fiscal 2026 and hurt margins. The conflict that began in February 2026 between the United States, Israel, several Persian Gulf states, and Iran has disrupted the Strait of Hormuz and Red Sea shipping. It has driven up the prices of oil, natural gas, aluminum, helium, bromine, and sulfur, some of which the semiconductor industry depends on. Lam states this has already adversely affected its business.
• Cyclicality and AI-driven demand. Wafer fabrication equipment spending swings sharply with chip pricing, capacity utilization, and customer capital budgets. AI infrastructure is currently a major driver of spending in both memory and non-memory markets. Lam flags that this demand could change quickly, through slower AI adoption, gains in compute efficiency, oversupply of AI infrastructure, or tighter capital markets. It also flags the opposite risk: being unable to scale manufacturing and hire field and factory staff fast enough to meet the demand.
• Customer concentration and consolidation. A handful of customers generate most revenue and cash flow. The actions of one customer can move results, large buyers can press for lower prices, and credit risk is concentrated. Customer alliances and standardization on a competitor's tool set can lock Lam out of whole applications.
• Product concentration and lumpy revenue. A limited number of products, priced up to tens of millions of dollars per system, account for much of Lam's revenue. A delay in recognizing revenue on a few systems can therefore move a quarter's results.
• Supply chain. Some parts are single-sourced or have long lead times. Shortages, transport disruption, export approvals, and restrictions on PFAS chemicals used in parts and materials could delay shipments, installations, and revenue recognition, and raise costs.
• Competition and technology change. Rivals include larger, government-backed, or customer-affiliated equipment makers, and some sell into Chinese applications that Lam is barred from serving. If lithography-driven scaling slows or architectures shift toward process steps where Lam is weaker, its served market could shrink. AI-based process development tools could also reduce customers' reliance on Lam.
• Cybersecurity, AI use, and intellectual property. Lam faces state-sponsored and criminal intrusions. Agentic and generative AI tools add new data-leakage and attack risks, both in Lam's own systems and at third-party providers. Intellectual property protection is uneven across jurisdictions. Lam also faces third-party infringement claims and possible law-enforcement scrutiny over alleged misuse of designated technology or confidential information.
• Financial and structural matters. Other risks include tax-rate changes as the global minimum tax and U.S. tax law shift, and covenant limits in Lam's debt agreements. Dividends and buybacks are discretionary. Most cash is generated outside the United States, while buybacks, dividends, and debt repayment usually need onshore cash. The bylaws make the Delaware Court of Chancery the exclusive forum for certain stockholder claims.

Management's discussion, fiscal 2026

Source: Form 10-K for fiscal 2026, accession 0000707549-26-000037, Item 7.

Fiscal 2026 was a year of strong growth driven by foundry spending. Revenue rose 26.0% to $23.23 billion from $18.44 billion. Net income rose 35.6% to $7.27 billion, and diluted EPS rose to $5.76 from $4.15. Management attributes the revenue growth to strong demand for equipment systems, particularly from foundry customers, together with higher customer-support revenue.

• Mix. Systems revenue grew $3.39 billion, or 29.5%, mainly on foundry equipment spending. Customer support-related revenue grew $1.40 billion, or 20.2%, led by spares and non-leading-edge equipment. Foundry's share of equipment revenue rose 900 basis points to 54%, reflecting mature-node spending as well as leading-edge investment. Memory's share fell 300 basis points to 39% on the timing of customer investments. By geography, Taiwan rose to 22% of revenue from 19% and Korea fell to 19% from 22%, while China held at 34%.
• Margins. Gross margin rose to 50.5% of revenue from 48.7% on favorable customer mix. Aluminum and steel tariff costs partly offset the gain. Operating expenses rose 14.5% to $3.53 billion, mainly on headcount-driven employee costs and R&D supplies. R&D was $2.38 billion (10.2% of revenue) and SG&A was $1.15 billion (4.9%). Both fell as a share of revenue.
• Tax. The effective tax rate rose to 12.1% from 10.1%. Fiscal 2025 had benefited from released tax reserves as statutes of limitation lapsed, and the global minimum tax was fully in effect in fiscal 2026. A shift in the mix of income across jurisdictions and larger stock-compensation tax benefits partly offset the increase. Lam judged the effects of the July 2025 One Big Beautiful Bill Act on fiscal 2026 not material.
• Cash flow. Operating cash flow fell to $5.86 billion from $6.17 billion even though net income was higher. Accounts receivable rose $1.96 billion, and deferred gross profit fell $286.4 million as customer down payments declined. Deferred revenue ended the year at $2.43 billion, down from $2.68 billion. Capital expenditures rose to $966.4 million, funding U.S. lab investments and manufacturing expansion.
• Capital return and balance sheet. Lam spent $3.85 billion on share repurchases, which includes net share settlement of employee equity awards, and paid $1.27 billion in dividends. It also repaid the $750.0 million of 3.75% senior notes that matured in March 2026. Cash, cash equivalents, and restricted cash fell to $5.60 billion from $6.41 billion. At year-end Lam had $3.75 billion of fixed-rate senior notes outstanding, maturing between 2029 and 2060. It had no borrowings under its $2.00 billion revolving credit facility, which matures January 25, 2030, or under its commercial paper program, whose capacity was raised to $2.00 billion from $1.50 billion in March 2026.

Current quarter, September 2026 quarter (Q1 fiscal 2027)

Source: Form 10-Q for the quarter ended September 27, 2026, accession 0000707549-26-000054; earnings release furnished as Exhibit 99.1 to the Form 8-K of October 21, 2026, accession 0000707549-26-000052.

Revenue, profit, and EPS all set records in the quarter. Revenue rose 22% sequentially to $8.22 billion and 54% from $5.32 billion a year earlier. Gross margin was 52.3% of revenue, compared with 51.7% in the June 2026 quarter and 50.4% a year earlier. Operating margin was 40.0%, against 37.4% in the June quarter. Net income was $2.75 billion and diluted EPS $2.19, compared with $1.81 in the June quarter and $1.24 a year earlier.

• What drove revenue. Systems revenue rose $1.48 billion, or 35%, sequentially to $5.73 billion, on higher foundry and memory spending. It rose $2.19 billion, or 62%, from a year earlier, with gains in both memory and non-memory. Customer support-related revenue and other was $2.49 billion. It was little changed from the June quarter but up $709.9 million, or 40%, from a year earlier, on non-leading-edge equipment and spares.
• Market and regional mix. Foundry was 46% of equipment revenue, memory 46%, and logic/integrated device manufacturing 8%, compared with 44%, 46%, and 10% in the June quarter and 60%, 34%, and 6% a year earlier. The sequential gain in foundry came mainly from the timing of mature-node investment in China. China rose to 35% of revenue from 26% in the June quarter, while Taiwan fell to 18% from 27%. Korea held at 20%.
• Margins and costs. Management credits favorable customer and product mix for the sequential margin gain, and favorable product mix together with efficiencies from higher volumes for the gain over the prior year. Operating expenses rose to $1.02 billion from $965.3 million, mainly on higher incentive compensation and added headcount. R&D was $666.4 million and SG&A $348.7 million.
• Tax. The effective tax rate rose to 16.9% from 10.9% in the June quarter and 15.6% a year earlier. Management cites a higher tax rate on Net Controlled Foreign Corporation Tested Income (NCTI), a shift in the jurisdictional mix of income, and a charge from a change in U.S. tax law in the quarter. The June quarter had also benefited from released tax reserves.
• Backlog indicators. Deferred revenue rose to $2.66 billion from $2.43 billion. Higher sales volume drove the increase and was partly offset by lower customer down payments. Lam separately estimates about $468.3 million of future revenue from shipments to Japanese customers that await customer acceptance; these are carried as inventory and are not in deferred revenue.
• Cash and capital return. Operating cash flow was $3.50 billion, nearly double the $1.78 billion of a year earlier, helped by higher net income and increases in accrued liabilities and accounts payable. Capital expenditures were $257.7 million, for manufacturing capacity and lab infrastructure. Share repurchases of $1.02 billion, most of it through accelerated share repurchase agreements, and dividends paid of $325.4 million absorbed less than half of operating cash flow. As a result, cash, cash equivalents, and restricted cash rose to $7.45 billion from $5.60 billion. The quarterly dividend rose to $0.33 per share from $0.26. At September 27, 2026, $3.03 billion remained under the repurchase authorization, and debt was unchanged at $3.75 billion of senior notes.
• Outlook. Management guided to further sequential growth in the December 2026 quarter, with a revenue midpoint of $8.60 billion and slightly higher gross and operating margins. It said investment in wafer fabrication equipment kept growing through 2026 as AI raised spending across memory and non-memory, while trade restrictions and tariffs remain a source of volatility.

Lam reports that it is not a party to any legal proceeding it considers material.

Subsequent events

Source: Form 10-Q for the quarter ended September 27, 2026, accession 0000707549-26-000054.

The Form 10-Q contains no subsequent-events note, and its financial statement notes disclose no acquisitions, divestitures, new borrowings, or litigation outcomes after September 27, 2026. The Form 10-K for fiscal 2026 likewise discloses no events after June 28, 2026. The one open item is the $1.00 billion of September 2026 accelerated share repurchase agreements. Their final share count depends on the average share price over the repurchase period, and settlement is expected in the quarter ending December 27, 2026. As of October 20, 2026, Lam had 1,249,171 thousand shares of common stock outstanding.

Filings that contain financial statements

Each earnings release below (Exhibit 99.1) carries a condensed income statement, balance sheet, cash flow statement and a GAAP to non-GAAP reconciliation, in thousands of US dollars.

• 8-K filed October 21, 2026, accession 0000707549-26-000052: quarter ended September 27, 2026 (with June 28, 2026 and September 28, 2025 comparatives). Income statement, balance sheet, cash flow statement.
• 8-K filed July 29, 2026, accession 0000707549-26-000033: quarter and fiscal year ended June 28, 2026. Income statement, balance sheet, cash flow statement.
• 8-K filed April 22, 2026, accession 0000707549-26-000020: quarter ended March 29, 2026 (and nine months). Income statement, balance sheet, cash flow statement.
• 8-K filed January 28, 2026, accession 0000707549-26-000006: quarter ended December 28, 2025 (and six months). Income statement, balance sheet, cash flow statement.
• 8-K filed October 22, 2025, accession 0000707549-25-000082: quarter ended September 28, 2025. Income statement, balance sheet, cash flow statement.

Earnings and guidance

• October 21, 2026 (0000707549-26-000052): September 2026 quarter. Revenue of $8.22 billion, up 22% from $6.72 billion in the June 2026 quarter and up from $5.32 billion a year earlier. GAAP gross margin 52.3%, operating margin 40.0%, diluted EPS $2.19 (non-GAAP $2.20). The company called it record revenue, profit and EPS. Systems revenue was $5.73 billion and customer support-related revenue $2.49 billion. China was 35% of revenue, Korea 20%, Taiwan 18%. Cash, cash equivalents and restricted cash rose to $7.45 billion; operating cash flow was $3.50 billion. GAAP tax expense of $559.1 million included a $11.5 million charge from a change in tax law, excluded from non-GAAP results.
• Guidance for the December 2026 quarter: revenue $8.60 billion plus or minus $400 million; gross margin 52.5% plus or minus 1%; operating margin 40.5% plus or minus 1%; diluted EPS $2.33 plus or minus $0.15; diluted share count 1.253 billion. The September 2026 quarter came in above the midpoint of the guidance given on July 29, 2026 (revenue $8.10 billion plus or minus $400 million, EPS $2.15 plus or minus $0.15), and the new revenue midpoint is higher.
• July 29, 2026 (0000707549-26-000033): June 2026 quarter. Revenue $6.72 billion (up 15.1% from $5.84 billion in the March quarter), GAAP gross margin 51.7%, operating margin 37.4%, diluted EPS $1.81 (non-GAAP $1.82). This was above the April guidance midpoint (revenue $6.60 billion plus or minus $400 million, EPS $1.65 plus or minus $0.15). Fiscal 2026 dividends declared were $1.04 per share.
• April 22, 2026 (0000707549-26-000020): March 2026 quarter. Revenue $5.84 billion (up 9% from $5.34 billion), GAAP gross margin 49.8%, operating margin 35.0%, diluted EPS $1.45 (non-GAAP $1.47).
• January 28, 2026 (0000707549-26-000006): December 2025 quarter. Revenue $5.34 billion, GAAP gross margin 49.6%, operating margin 33.9%, diluted EPS $1.26 (non-GAAP $1.27).
• October 22, 2025 (0000707549-25-000082): September 2025 quarter. Revenue $5.32 billion (up 3% from $5.17 billion), GAAP gross margin 50.4%, operating margin 34.4%, diluted EPS $1.24 (non-GAAP $1.26).

Capital actions

• Dividend increase. The October 21, 2026 release shows cash dividends declared of $0.33 per share for the September 2026 quarter, against $0.26 in each of the prior three quarters (0000707549-26-000052). The 8-K filings do not contain a separate dividend announcement; the Form 10-Q for the quarter (accession 0000707549-26-000054) shows $412.2 million declared at $0.33 per share.
• Share repurchases. Treasury stock purchases, including excise tax, were $1.02 billion in the September 2026 quarter, compared with $246.6 million in the June 2026 quarter and $975.8 million in the September 2025 quarter (0000707549-26-000052). The Form 10-Q for the September 2026 quarter (0000707549-26-000054) states the company entered into accelerated share repurchase agreements for $1.00 billion with two financial institutions, with an initial delivery of about 2.3 million shares and full settlement expected in the quarter ending December 27, 2026. No 8-K reports the repurchase activity or the accelerated repurchase agreements.
• Debt. Principal payments on debt were $751.2 million in the March 2026 quarter, which includes the repayment at maturity of the $750.0 million 3.75% Senior Notes due March 15, 2026 (0000707549-26-000037, 0000707549-26-000054), and the current portion of long-term debt fell from $754.0 million at December 28, 2025 to $4.1 million at March 29, 2026 (0000707549-26-000020). Long-term debt was $3.73 billion at September 27, 2026 (0000707549-26-000052). The Form 10-Q states $3.75 billion of senior notes outstanding.
• Credit facility (January 2025). An 8-K filed January 29, 2025 (0000707549-25-000011) reports a Third Amended and Restated Credit Agreement dated January 27, 2025, raising the unsecured revolving facility from $1.5 billion to $2.0 billion. It predates the fiscal 2026 window and is listed for context.

Management and board

• August 27, 2026 (0000707549-26-000043): Directors Sohail U. Ahmed and Michael R. Cannon notified the board on August 24, 2026 that they will retire from the board effective November 2, 2026. The board will shrink from 12 to 10 directors. Mr. Cannon had served about 16 years, most recently as chair of the nominating and governance committee.
• February 3, 2026 (0000707549-26-000012; amended by 8-K/A 0000707549-26-000014): Anirudh Devgan, Ph.D., chief executive officer of Cadence Design Systems, was appointed a director and joined the Innovation and Technology Committee, increasing the board size by one. The company also announced that Chief Operating Officer Patrick J. Lord is retiring effective March 6, 2026, and that Seshasayee (Sesha) Varadarajan, previously senior vice president of the Global Products Group, becomes executive vice president and chief operating officer on that date. Karthik Rammohan takes an expanded role as senior vice president, Global Operations and Enterprise Solutions. The 8-K/A only replaced Exhibit 99.2 with the correct version of the same press release; the company said the version issued to the market was accurate.

Governance and auditor

• November 4, 2025 annual meeting (8-K filed November 6, 2025, 0000707549-25-000094): All eleven director nominees were elected, with Michael R. Cannon receiving the lowest support at 80.80% of votes cast. Say on pay was approved with 90.83% of votes cast. Stockholders approved the 2025 Stock Incentive Plan (93.79%), ratified KPMG LLP as auditor for fiscal 2026, and approved an amendment limiting the liability of certain officers as permitted by Delaware law (66.14% of shares entitled to vote). A stockholder proposal on the ability to call a special meeting was not approved (41.36% for).
• September 11, 2025 (0000707549-25-000078): On September 8, 2025 the audit committee dismissed Ernst & Young LLP and engaged KPMG LLP for the fiscal 2026 audit. The filing states EY's reports for fiscal years 2025 and 2024 had no adverse opinion or disclaimer, and that there were no disagreements or reportable events.
• May 21, 2025 (0000707549-25-000060): The board amended the bylaws on May 20, 2025 to let stockholders who have held at least 20% of the shares continuously for one year call a special meeting. It predates the fiscal 2026 window and is listed for context.

Not reflected in 8-K filings

No acquisition, divestiture, restructuring, impairment, new debt issuance or legal outcome was reported by 8-K in this period. The June 2026 quarter non-GAAP results exclude workforce optimization charges of about $2.9 million (0000707549-26-000052), which were not the subject of a separate 8-K.

About this file

LRCX annual income statement, balance sheet and cash flow

Taken from the SEC filings and normalized to actual dollars.

• Source description, FY2026. FY2026 Form 10-K, filed 2026-08-07
• Source description, FY2025. FY2026 Form 10-K comparative columns, filed 2026-08-07
• Source description, FY2024. FY2026 Form 10-K comparative columns, filed 2026-08-07. The 10-K's income statement, cash flow statement and revenue notes present fiscal 2024, but its balance sheet presents only fiscal 2026 and fiscal 2025, so the fiscal 2024 balance sheet below is limited to the items that appear elsewhere in this filing.
• Balance sheet: note, FY2024. Cash and cash equivalents come from the cash flow statement's restricted-cash reconciliation; total equity and shares outstanding come from the statement of stockholders' equity. Total assets and total debt as of June 30, 2024 are not presented in the FY2026 10-K and are therefore left blank rather than estimated.
• Customer concentration, FY2026. Four customers accounted for approximately 16%, 15%, 12% and 12% of total revenues; no other customer accounted for 10% or more.
• Customer concentration, FY2025. Two customers accounted for approximately 17% and 15% of total revenues; no other customer accounted for 10% or more.
• Customer concentration, FY2024. One customer accounted for approximately 17% of total revenues; no other customer accounted for 10% or more.

LRCX quarterly income statement, balance sheet and cash flow

Taken from the SEC filings and normalized to actual dollars.

• Source description, Q1 FY2027. FY2027 Q1 Form 10-Q, filed 2026-10-22
• Source description, Q4 FY2026. June 28, 2026 three-month column of the quarterly results release furnished on Form 8-K on October 21, 2026 (Exhibit 99.1); also compared against in the FY2027 Q1 Form 10-Q
• Source description, Q1 FY2026. FY2027 Q1 Form 10-Q comparative columns, filed 2026-10-22
• Balance sheet: note, Q1 FY2026. The FY2027 Q1 10-Q presents balance sheets only as of September 27, 2026 and June 28, 2026. The September 28, 2025 amounts come from the condensed balance sheet in the results release furnished on Form 8-K on October 21, 2026 (accession 0000707549-26-000052, Exhibit 99.1), which combines trade accounts payable, accrued expenses and deferred profit into a single 'other current liabilities' line. Cash and cash equivalents agree with the 10-Q's cash flow reconciliation, and total equity and shares outstanding agree with the 10-Q's statement of stockholders' equity, which is their cited source.
• Cash flow: note, Q1 FY2027. Lam's first fiscal quarter is also its year to date, so the 10-Q's three-month cash flow statement gives these quarterly figures directly.
• Cash flow: note, Q1 FY2026. From the three-month comparative column of the FY2027 Q1 10-Q's cash flow statement; as a first fiscal quarter it needs no differencing.
• Derivation, Q4 FY2026. Lam files no Form 10-Q for its fourth fiscal quarter. The income statement and cash flow figures for this quarter are those printed in the June 28, 2026 three-month column of the results release furnished on Form 8-K on October 21, 2026 (accession 0000707549-26-000052, Exhibit 99.1). The FY2027 Q1 Form 10-Q (accession 0000707549-26-000054) compares its quarter against this one in its discussion of results and prints the same revenue, systems and customer support-related revenue, gross margin, research and development, selling, general and administrative, total operating expenses, other income (expense) and its components, income tax expense, effective tax rate, net income and diluted earnings per share, together with this quarter's end-market mix. The same figures equal the fiscal 2026 full-year amounts in the FY2026 Form 10-K (accession 0000707549-26-000037) less the nine-month amounts in the FY2026 third-quarter Form 10-Q (accession 0000707549-26-000022). The balance sheet is the June 28, 2026 fiscal year-end balance sheet, presented in both the FY2027 Q1 10-Q and the FY2026 10-K.

LRCX trailing twelve month income statement and cash flow

Derived by AI from the figures the filings report. No filing prints these, so none of them is linked.

• Derivation. Fiscal 2026 full-year figures from the FY2026 Form 10-K (accession 0000707549-26-000037), plus the quarter ended September 27, 2026, less the quarter ended September 28, 2025, both from the FY2027 Q1 Form 10-Q (accession 0000707549-26-000054). Per-share amounts and share counts are not derived because they cannot be obtained by addition and subtraction.

Adjustments

Notes

• All figures are stated in actual U.S. dollars. The filings present their statements in thousands; every amount here has been multiplied by 1,000 accordingly. Share counts are in actual shares for the same reason, and per-share amounts are unchanged from the filings.
• Source filings: the fiscal 2026 Form 10-K (accession 0000707549-26-000037, year ended June 28, 2026, filed August 7, 2026) supplies the three annual years and the fiscal year-end balance sheets. The fiscal 2027 first-quarter Form 10-Q (accession 0000707549-26-000054, quarter ended September 27, 2026, filed October 22, 2026) supplies the September 2026 and September 2025 quarters and the September 27, 2026 balance sheet. The quarterly results release furnished on Form 8-K on October 21, 2026 (accession 0000707549-26-000052, Exhibit 99.1) supplies the full statements for the June 2026 quarter and the September 28, 2025 balance sheet.
• Quarterly coverage is three quarters: the September 2026 quarter (the first quarter of fiscal 2027), the June 2026 quarter immediately before it (the fourth quarter of fiscal 2026, which the 10-Q uses as its sequential comparison), and the September 2025 quarter a year earlier. The second and third quarters of fiscal 2026 are not included because neither the 10-K nor the 10-Q presents them.
• Fiscal calendar: Lam uses a 52/53-week fiscal year ending on the last Sunday of June. Fiscal 2027 will end June 27, 2027 and has 52 weeks; the quarters ended September 27, 2026 and September 28, 2025 each had 13 weeks. Fiscal 2024 was a 53-week year while fiscal 2025 and fiscal 2026 were 52-week years, which flatters fiscal 2024 relative to its neighbours and slightly understates fiscal 2025's growth over it.
• Because the September quarter is the first quarter of Lam's fiscal year, the year-to-date period is the quarter itself, so no separate year-to-date view is shown.
• Trailing twelve months to September 27, 2026: fiscal 2026 full-year figures from the 10-K, plus the September 2026 quarter, less the September 2025 quarter, both from the 10-Q. Margins and the tax rate shown for that period are computed from those derived totals. Per-share amounts and share counts are not derived for it.
• Total debt is the sum of the balance sheet's current portion of long-term debt and finance lease obligations plus its long-term debt and finance lease obligations, so it includes a small amount of finance lease liability alongside the senior notes. The 10-Q states that $3.75 billion in aggregate principal amount of senior unsecured notes was outstanding. The September 28, 2025 total of $4.484 billion still includes the $750 million of 3.75% senior notes due March 15, 2026, which the 10-K reports were repaid at maturity in March 2026.
• Capital expenditures are taken from the cash flow statement line 'Capital expenditures and intangible assets', which is how Lam presents the item; free cash flow is operating cash flow less that line, matching the definition of free cash flow in the 10-Q. Cash outflows (capital expenditures, dividends paid, treasury stock purchases, debt repayments), income tax expense and interest expense are shown as positive amounts.
• Treasury stock purchases: the FY2026 10-K captions the line 'Treasury stock purchases', while the 10-Q and the results release caption it 'Treasury stock purchases, including excise tax payments'. It is the same line, so one name is used for every period.
• Dividends per share are the amounts declared: $0.80 for fiscal 2024, $0.92 for fiscal 2025 and $1.04 for fiscal 2026 (from the captions of the 10-K's statement of stockholders' equity); $0.26 in each of the September 2025 and June 2026 quarters, and $0.33 in the September 2026 quarter (from the 10-Q's statement of stockholders' equity and the October 21, 2026 results release). Dividends paid in the cash flow statement differ from dividends declared because of timing.
• Cash paid for income taxes: the fiscal 2026 amount ($1,334.0 million) is from the table in the FY2026 10-K's income tax note. That note states the fiscal 2025 and fiscal 2024 amounts in its text as $972.5 million and $991.8 million, and they are recorded here at that precision. The 10-Q does not report cash paid for income taxes or interest for its quarters.
• Fiscal 2024 balance sheet coverage is partial by design. The FY2026 10-K's balance sheet presents only fiscal 2026 and fiscal 2025, so for fiscal 2024 only the cash balance (from the cash flow statement's restricted-cash reconciliation) and total equity and shares outstanding (from the statement of stockholders' equity) could be sourced from this filing. Total assets and total debt for that year are left blank rather than estimated.
• Interest income and interest expense are shown for the three quarters; they are components of 'Other income (expense), net', taken from the 10-Q's other income note and its discussion of results, and are not shown for the annual years.
• Income tax: the 10-Q reports an effective tax rate of 16.9% for the September 2026 quarter against 10.9% for the June 2026 quarter and 15.6% for the September 2025 quarter. Lam's results release identifies $11.5 million of income tax expense in the September 2026 quarter from a change in tax law.
• Lam operates in a single reportable business segment (manufacturing and servicing of wafer processing semiconductor manufacturing equipment). The systems versus customer support-related revenue split, the geographic split and the end-market mix are disaggregation disclosures, not segments.
• The end-market mix (foundry, memory, logic/integrated device manufacturing) is Lam's own percentage split of leading- and non-leading-edge equipment and upgrade revenue, not of total revenue, and is reported in whole percentages.
• The deferred revenue backlog figure is the transaction price of contracts not yet recognized as revenue, as tabulated in the revenue note of each filing ($2.434 billion as of June 28, 2026 and $2.661 billion as of September 27, 2026).
• Margins, effective tax rates (other than those the filings print), free cash flow, total debt and net cash position are computed from the reported figures shown alongside them; every input is a filed number.
• One presentational difference between the 10-K and the SEC's XBRL company facts is worth naming: the structured data tags noncurrent long-term debt at $3,721,914 thousand as of June 28, 2026 and $3,719,694 thousand as of June 29, 2025 (the senior notes, per the debt note), whereas the balance sheet caption 'Long-term debt and finance lease obligations' reads $3,730,490 thousand and $3,730,194 thousand. This report follows the balance sheet caption.

Uncertainties

• The second and third quarters of fiscal 2026 are not part of this record (see the quarterly coverage note), so the three quarters shown do not form a continuous run and do not sum to any fiscal year.
• Revenue by region for the June 2026 quarter is not shown: the 10-Q prints that quarter's regional mix only in whole percentages (China 26%, Korea 20%, Taiwan 27%, Japan 9%, United States 9%, Southeast Asia 5%, Europe 4%), not in dollars.
• The September 28, 2025 balance sheet is shown in the condensed form of the results release, so trade accounts payable, accrued expenses and deferred profit are not available separately for that date.
• The accelerated share repurchase agreements Lam entered into in the September 2026 quarter ($1.00 billion, with an initial delivery of about 2.3 million shares) are expected to settle fully in the quarter ending December 27, 2026; the final number of shares to be received is not yet known.
• Customer concentration is disclosed only annually in the 10-K. In fiscal 2026 four customers each accounted for 10% or more of revenue (approximately 16%, 15%, 12% and 12%); no quarterly concentration figure is available.

Company details

Fiscal period

Source filings