Lam Research Corporation (LRCX) Events

Filings that contain financial statements

The following 8-K filings furnish Exhibit 99.1 press releases with full condensed consolidated financial statements (income statement, balance sheet, and statement of cash flows) for the indicated quarter. These are primary sources for interim results that are not otherwise available until the corresponding 10-Q is filed.

Earnings and guidance

Lam Research's quarterly results have trended steadily higher over the period covered by these filings, with management attributing recent strength to AI-driven demand:

• September 2024 quarter (fiscal Q1 2025): Revenue of $4.17 billion; GAAP diluted EPS of $0.86; non-GAAP diluted EPS of $0.86. Reported October 23, 2024 (accession 0000707549-24-000125).
• December 2024 quarter (fiscal Q2 2025): Revenue of $4.38 billion; GAAP diluted EPS of $0.92; non-GAAP diluted EPS of $0.91. Reported January 29, 2025 (accession 0000707549-25-000009).
• March 2025 quarter (fiscal Q3 2025): Revenue of $4.72 billion; GAAP gross margin 49.0%, operating margin 33.1%, diluted EPS $1.03; non-GAAP diluted EPS $1.04. Reported April 23, 2025 (accession 0000707549-25-000051).
• June 2025 quarter (fiscal Q4/full-year 2025): Revenue of $5.17 billion; GAAP gross margin 50.1%, operating margin 33.7%, diluted EPS $1.35; non-GAAP diluted EPS $1.33. Reported July 30, 2025 (accession 0000707549-25-000068).
• September 2025 quarter (fiscal Q1 2026): Revenue of $5.32 billion, up 3% sequentially; GAAP gross margin 50.4%, operating margin 34.4%, diluted EPS $1.24; non-GAAP diluted EPS $1.26. Reported October 22, 2025 (accession 0000707549-25-000082).
• December 2025 quarter (fiscal Q2 2026): Revenue of $5.34 billion, roughly flat sequentially; GAAP gross margin 49.6%, operating margin 33.9%, diluted EPS $1.26; non-GAAP diluted EPS $1.27. Reported January 28, 2026 (accession 0000707549-26-000006).
• March 2026 quarter (fiscal Q3 2026): Revenue of $5.84 billion, up 9% sequentially and a company record; GAAP gross margin 49.8%, operating margin 35.0%, diluted EPS $1.45; non-GAAP diluted EPS $1.47. Net income was $1.83 billion. Systems revenue was $3.73 billion and customer support-related revenue was $2.11 billion. Revenue by region: China 34%, Korea 23%, Taiwan 23%, Japan 8%, United States 6%, Southeast Asia 4%, Europe 2%. Cash and equivalents fell to $4.75 billion from $6.18 billion, driven by $1.16 billion of treasury stock purchases, $325.8 million of dividends paid, and a $751.2 million debt principal payment during the quarter. For the nine months ended March 29, 2026, treasury stock purchases totaled $3.60 billion. The cash dividend declared per share was $0.26. Management said the company "delivered record revenue and EPS in the March quarter as AI-driven demand reshapes the semiconductor industry." Reported April 22, 2026 (accession 0000707549-26-000020).
• Guidance for the quarter ending June 28, 2026: Revenue of $6.60 billion +/- $400 million; non-GAAP gross margin of 50.5% +/- 1%; non-GAAP operating margin of 36.5% +/- 1%; non-GAAP diluted EPS of $1.65 +/- $0.15, on a diluted share count of approximately 1.255 billion.

Capital structure

• October 2, 2024, Ten-for-one stock split. Lam Research filed an amendment to its Restated Certificate of Incorporation effecting a ten-for-one forward split of its common stock, effective 5:00 p.m. Eastern on October 2, 2024, with split-adjusted trading beginning October 3, 2024. Authorized common stock was proportionately increased from 400,000,000 to 4,000,000,000 shares; the new CUSIP is 512807306. All subsequent per-share figures in the company's filings are stated on a post-split basis. (Accession 0000707549-24-000123.)
• January 27, 2025, Credit facility upsized and extended. Lam Research entered into a Third Amended and Restated Credit Agreement with JPMorgan Chase Bank, N.A. as administrative agent, increasing its unsecured revolving credit facility from $1.5 billion to $2.0 billion, with an option to expand by up to an additional $750 million (potential total commitment of $2.75 billion). The facility matures January 25, 2030. No amount was outstanding under the facility as of the agreement date. It carries a financial covenant requiring consolidated funded debt to adjusted EBITDA of no more than 3.50 to 1.00. (Accession 0000707549-25-000011.)

Governance and management

• September 8, 2025, Auditor change. The Audit Committee dismissed Ernst & Young LLP as the company's independent registered public accounting firm and engaged KPMG LLP as auditor for fiscal year 2026. EY's reports on the fiscal 2025 and fiscal 2024 financial statements contained no adverse opinion, disclaimer, qualification, or modification, and the company reported no disagreements or reportable events with EY during those periods or the interim period through the dismissal date. (Accession 0000707549-25-000078.)
• May 20, 2025, Bylaws amended on special-meeting rights. The Board amended and restated the company's bylaws to permit stockholders holding at least 20% of outstanding shares continuously for at least one year to call a special meeting of stockholders, subject to specified disclosure, timing, and procedural requirements. (Accession 0000707549-25-000060.)
• November 4, 2025, Annual meeting actions. At the annual meeting, stockholders approved the new 2025 Stock Incentive Plan and an amendment to the Restated Certificate of Incorporation limiting the liability of certain company officers to the fullest extent permitted under Delaware law; a corresponding Restated Certificate of Incorporation was filed with the Delaware Secretary of State the same day. All director nominees were re-elected and the say-on-pay proposal was approved. (Accession 0000707549-25-000094.)
• February 3, 2026, Board addition and executive leadership transition. The Board appointed Anirudh Devgan, Ph.D., chief executive officer of Cadence Design Systems, Inc., as a director, expanding the board by one seat; he joined the Innovation and Technology Committee. Separately, the company announced that Sesha Varadarajan will become Chief Operating Officer effective March 6, 2026, succeeding Pat Lord, who is retiring after more than two decades with Lam and Novellus, and that Karthik Rammohan will take on an expanded Senior Vice President role covering global operations and enterprise solutions (manufacturing, supply chain, global trade, government affairs, IT systems, quality, and facilities). CEO Tim Archer said the changes are intended to "increase velocity across our operations... to drive Lam's outperformance in the AI era." (Accession 0000707549-26-000012; a February 4, 2026 amendment, accession 0000707549-26-000014, republished a corrected copy of the leadership-transition press release with no change in substance.)
• November 5, 2024, Prior annual meeting. All director nominees were re-elected, the say-on-pay proposal was approved, and Ernst & Young LLP's appointment as auditor for fiscal year 2025 was ratified (subsequently superseded by the September 2025 auditor change described above). (Accession 0000707549-24-000138.)