← Lam Research Corporation (LRCX)

Lam Research Corporation (LRCX) Q3 FY2026 Financials: Revenue $5.84B, Net income $1.83B

Q3 FY2026, built from SEC filings. Accession numbers are cited throughout so every figure can be checked against sec.gov. The same data is published as JSON at financials.json for agents that prefer to fetch it directly.

Lam Research reported $5.84 billion in revenue for Q3 FY2026, the quarter ended March 29, 2026, up 23.8% from a year earlier. Net income was $1.83 billion, up 37.2%, and diluted earnings per share were $1.45 against $1.03 in the same quarter last year. Every figure is taken as reported from Lam Research's Form 10-Q for the period, with nothing estimated.

Metric	Amount	vs. year ago
Revenue	$5,841,488,000	up 23.8%
Net income	$1,825,460,000	up 37.2%
Diluted EPS	$1.45	up 40.8%

Download financials.json

About this file

Ticker	LRCX
CIK	0000707549
Company	Lam Research Corporation
Business type	industrial
Schema note	Standard industrial/tech template (revenue, cost of goods sold, gross margin, operating income, net income, diluted EPS and share count; cash, debt, assets, equity; operating cash flow, capital expenditures, free cash flow, dividends and buybacks). Lam is a semiconductor wafer-fabrication equipment maker operating in a single reportable business segment, so no segment profit-and-loss exists to report. Three disclosures specific to this business are carried alongside the standard lines: the split of revenue between systems and customer support-related revenue, revenue by geographic region, and customer concentration.
Reporting currency	USD
Converted to USD	no
Units	actual dollars (not millions); per-share amounts and share counts in actual shares
Fiscal calendar note	Lam uses a 52/53-week fiscal year ending on the last Sunday in June. Fiscal 2025 ended June 29, 2025 (52 weeks), fiscal 2024 ended June 30, 2024 (53 weeks), and fiscal 2023 ended June 25, 2023 (52 weeks). Fiscal 2026 ends June 28, 2026; its third quarter ended March 29, 2026.

Annual

	FY2025	FY2024	FY2023
Fiscal year	2025	2024	2023
Period end	2025-06-29	2024-06-30	2023-06-25
Period start	2024-07-01	2023-06-26	2022-06-27
Weeks in year	52	53	52
Source accession	0000707549-25-000075	0000707549-25-000075	0000707549-25-000075
Source description	FY2025 Form 10-K, filed 2025-08-11	FY2025 Form 10-K comparative columns, filed 2025-08-11	FY2025 Form 10-K comparative columns, filed 2025-08-11. The 10-K's income statement, cash flow statement and revenue notes present fiscal 2023, but its balance sheet presents only fiscal 2025 and fiscal 2024, so the fiscal 2023 balance sheet below is limited to the items that do appear elsewhere in this filing.
Income statement
Revenue	18,435,591,000	14,905,386,000	17,428,516,000
Systems revenue	11,491,280,000	8,921,643,000	10,695,897,000
Customer support related revenue and other	6,944,311,000	5,983,743,000	6,732,619,000
Cost of revenue	9,456,532,000	7,809,220,000	9,573,425,000
Restructuring charges in cost of revenue	0	43,375,000	78,166,000
Total cost of revenue	9,456,532,000	7,852,595,000	9,651,591,000
Gross profit	8,979,059,000	7,052,791,000	7,776,925,000
Research and development	2,096,387,000	1,902,444,000	1,727,162,000
Selling general and administrative	981,704,000	868,247,000	832,753,000
Restructuring charges in operating expenses	0	18,187,000	42,150,000
Total operating expenses	3,078,091,000	2,788,878,000	2,602,065,000
Operating income	5,900,968,000	4,263,913,000	5,174,860,000
Other income expense net	57,161,000	96,309,000	-65,650,000
Income before income taxes	5,958,129,000	4,360,222,000	5,109,210,000
Income tax expense	599,912,000	532,450,000	598,279,000
Net income	5,358,217,000	3,827,772,000	4,510,931,000
Basic EPS	4.17	2.91	3.33
Diluted EPS	4.15	2.9	3.32
Basic shares	1,286,101,000	1,314,102,000	1,354,715,000
Diluted shares	1,290,142,000	1,319,949,000	1,358,336,000
Gross margin %	48.7%	47.3%	44.6%
Operating margin %	32.0%	28.6%	29.7%
Net margin %	29.1%	25.7%	25.9%
Effective tax rate %	10.1%	12.2%	11.7%
Balance sheet
Cash and equivalents	6,390,659,000	5,847,856,000	5,337,056,000
Accounts receivable net	3,378,071,000	2,519,250,000
Inventories	4,307,991,000	4,217,924,000
Prepaid and other current assets	440,274,000	298,190,000
Total current assets	14,516,995,000	12,883,220,000
Property and equipment net	2,428,744,000	2,154,518,000
Goodwill and intangible assets net	1,808,685,000	1,765,073,000
Other assets	2,590,836,000	1,941,917,000
Total assets	21,345,260,000	18,744,728,000	n/a
Trade accounts payable	854,208,000	613,966,000
Accrued expenses and other current liabilities	2,394,366,000	1,801,877,000
Deferred profit	2,565,540,000	1,417,781,000
Current portion of long term debt and finance leases	754,311,000	504,814,000
Total current liabilities	6,568,425,000	4,338,438,000
Long term debt and finance lease obligations	3,730,194,000	4,478,520,000
Total debt	4,484,505,000	4,983,334,000	n/a
Senior notes outstanding at par	4,500,000,000	5,000,000,000
Income taxes payable noncurrent	603,412,000	813,304,000
Other long term liabilities	581,610,000	575,012,000
Total liabilities	11,483,641,000	10,205,274,000
Total equity	9,861,619,000	8,539,454,000	8,210,172,000
Shares issued and outstanding	1,268,740,000	1,303,769,000	1,332,966,000
Net cash position	1,906,154,000	864,522,000
Note			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 25, 2023 are not presented in the FY2025 10-K and are therefore left blank rather than estimated.
Cash flow
Operating cash flow	6,173,264,000	4,652,269,000	5,178,938,000
Capex	759,186,000	396,670,000	501,568,000
Free cash flow	5,414,078,000	4,255,599,000	4,677,370,000
Depreciation and amortization	386,277,000	359,699,000	342,432,000
Equity based compensation	343,371,000	293,058,000	286,600,000
Dividends paid	1,149,542,000	1,018,915,000	907,907,000
Dividends declared per share	0.92	0.8	0.69
Treasury stock purchases	3,422,321,000	2,842,807,000	2,017,012,000
Principal payments on debt and finance leases	507,488,000	256,104,000	23,206,000
Cash paid for interest	172,355,000	173,094,000	174,745,000
Cash paid for income taxes net	972,513,000	991,821,000	809,748,000
Revenue by geography
China	6,205,062,000	6,293,990,000	4,462,663,000
Korea	4,127,766,000	2,874,015,000	3,551,742,000
Taiwan	3,445,220,000	1,671,815,000	3,477,862,000
Japan	1,880,882,000	1,460,429,000	1,758,364,000
United States	1,376,857,000	1,104,087,000	1,665,136,000
Southeast Asia	837,242,000	794,054,000	1,354,471,000
Europe	562,562,000	706,996,000	1,158,278,000
Customer concentration	Two customers accounted for approximately 17% and 15% of total revenues; no other customer accounted for 10% or more.	One customer accounted for approximately 17% of total revenues; no other customer accounted for 10% or more.	Two customers accounted for approximately 22% and 16% of total revenues; no other customer accounted for 10% or more.

Quarterly

	FY2026 Q3 (three months ended March 29, 2026)	FY2026 first nine months (ended March 29, 2026)	FY2025 Q3 (three months ended March 30, 2025) - prior-year comparative	FY2025 first nine months (ended March 30, 2025) - prior-year comparative
Label	FY2026 Q3 (three months ended March 29, 2026)	FY2026 first nine months (ended March 29, 2026)	FY2025 Q3 (three months ended March 30, 2025) - prior-year comparative	FY2025 first nine months (ended March 30, 2025) - prior-year comparative
Fiscal year	2026	2026	2025	2025
Fiscal quarter	3		3
Period start	2025-12-29	2025-06-30	2024-12-30	2024-07-01
Period end	2026-03-29	2026-03-29	2025-03-30	2025-03-30
Period type	three months	nine months	three months	nine months
Source accession	0000707549-26-000022	0000707549-26-000022	0000707549-26-000022	0000707549-26-000022
Source description	FY2026 Q3 Form 10-Q, filed 2026-04-23	FY2026 Q3 Form 10-Q, filed 2026-04-23	FY2026 Q3 Form 10-Q comparative columns, filed 2026-04-23	FY2026 Q3 Form 10-Q comparative columns, filed 2026-04-23
Income statement
Revenue	5,841,488,000	16,510,452,000	4,720,175,000	13,264,198,000
Systems revenue	3,730,582,000	10,635,640,000	3,035,276,000	8,053,655,000
Customer support related revenue and other	2,110,906,000	5,874,812,000	1,684,899,000	5,210,543,000
Cost of revenue	2,930,961,000	8,263,884,000	2,406,489,000	6,874,848,000
Gross profit	2,910,527,000	8,246,568,000	2,313,686,000	6,389,350,000
Research and development	583,200,000	1,732,951,000	525,904,000	1,516,209,000
Selling general and administrative	280,311,000	827,310,000	226,023,000	713,301,000
Total operating expenses	863,511,000	2,560,261,000	751,927,000	2,229,510,000
Operating income	2,047,016,000	5,686,307,000	1,561,759,000	4,159,840,000
Other income expense net	-35,460,000	21,024,000	-25,035,000	19,308,000
Income before income taxes	2,011,556,000	5,707,331,000	1,536,724,000	4,179,148,000
Income tax expense	186,096,000	719,217,000	206,057,000	541,019,000
Net income	1,825,460,000	4,988,114,000	1,330,667,000	3,638,129,000
Basic EPS	1.46	3.97	1.04	2.82
Diluted EPS	1.45	3.95	1.03	2.81
Basic shares	1,249,728,000	1,256,343,000	1,283,779,000	1,290,041,000
Diluted shares	1,257,325,000	1,262,792,000	1,288,100,000	1,294,545,000
Gross margin %	49.8%	49.9%	49.0%	48.2%
Operating margin %	35.0%	34.4%	33.1%	31.4%
Net margin %	31.3%	30.2%	28.2%	27.4%
Effective tax rate %	9.3%	12.6%	13.4%	12.9%
Balance sheet
As of	2026-03-29
Cash and equivalents	4,750,936,000
Accounts receivable net	4,132,890,000
Inventories	3,999,992,000
Prepaid and other current assets	413,099,000
Total current assets	13,296,917,000
Property and equipment net	2,853,614,000
Goodwill and intangible assets net	1,882,017,000
Other assets	2,759,362,000
Total assets	20,791,910,000
Trade accounts payable	1,071,605,000
Accrued expenses and other current liabilities	2,075,421,000
Deferred profit	2,091,277,000
Current portion of long term debt and finance leases	4,095,000
Total current liabilities	5,242,398,000
Long term debt and finance lease obligations	3,730,384,000
Total debt	3,734,479,000
Senior notes outstanding at par	3,750,000,000
Income taxes payable noncurrent	621,572,000
Other long term liabilities	612,777,000
Total liabilities	10,207,131,000
Total equity	10,584,779,000
Shares issued and outstanding	1,250,539,000
Net cash position	1,016,457,000
Deferred revenue backlog total	2,221,048,000
Cash flow
Source accession	0000707549-26-000020
Source description	Exhibit 99.1 to the Form 8-K results release dated April 22, 2026, which presents a three-month cash flow column for the quarter ended March 29, 2026
Note	The 10-Q presents cash flows only on a year-to-date basis, so the three-month figures below come from the quarterly results release furnished on Form 8-K, whose nine-month column agrees with the 10-Q line for line.
Operating cash flow	1,141,420,000	4,400,429,000		3,619,076,000
Capex	331,604,000	777,604,000		586,995,000
Free cash flow	809,816,000	3,622,825,000		3,032,081,000
Depreciation and amortization	116,322,000	321,891,000		287,838,000
Equity based compensation	96,616,000	282,396,000		249,085,000
Dividends paid	325,829,000	945,317,000		854,335,000
Treasury stock purchases including excise tax	1,162,837,000	3,604,783,000		2,130,044,000
Principal payments on debt and finance leases	751,194,000	754,073,000		506,003,000
Dividends declared per share	0.26	0.78	0.23	0.69
Revenue by geography
China	1,996,926,000	6,138,046,000	1,467,299,000	4,368,501,000
Korea	1,352,538,000	3,189,325,000	1,150,480,000	3,002,825,000
Taiwan	1,317,304,000	3,413,611,000	1,125,955,000	2,478,997,000
Japan	470,727,000	1,548,335,000	474,935,000	1,139,597,000
United States	355,295,000	914,630,000	189,512,000	1,091,174,000
Southeast Asia	207,834,000	923,993,000	178,287,000	710,394,000
Europe	140,864,000	382,512,000	133,707,000	472,710,000
End market mix %
Foundry	54	58	48	42
Memory	39	36	43	43
Logic/integrated device manufacturing	7	6	9	15

Trailing twelve months

	Trailing twelve months ended March 29, 2026
Label	Trailing twelve months ended March 29, 2026
Period end	2026-03-29
Derived	yes
Derivation	Fiscal 2025 full year plus the first nine months of fiscal 2026 minus the first nine months of fiscal 2025. Every input is a reported figure taken from the FY2025 10-K (accession 0000707549-25-000075) or the FY2026 Q3 10-Q (accession 0000707549-26-000022); no company-reported twelve-month statement exists for this window.
Source accessions	0000707549-25-000075; 0000707549-26-000022
Revenue	21,681,845,000
Systems revenue	14,073,265,000
Customer support related revenue and other	7,608,580,000
Cost of revenue	10,845,568,000
Gross profit	10,836,277,000
Research and development	2,313,129,000
Selling general and administrative	1,095,713,000
Operating income	7,427,435,000
Net income	6,708,202,000
Operating cash flow	6,954,617,000
Capex	949,795,000
Free cash flow	6,004,822,000
Dividends paid	1,240,524,000
Gross margin %	50.0%
Operating margin %	34.3%
Net margin %	30.9%
Diluted EPS approx	5.29
Diluted EPS note	Approximate. Built by adding the reported fiscal 2025 diluted EPS of $4.15 and the reported nine-month fiscal 2026 diluted EPS of $3.95 and subtracting the reported nine-month fiscal 2025 diluted EPS of $2.81. Because the weighted-average diluted share count differs across those periods, this is close to but not exactly the same as trailing net income divided by a trailing share count.

Units notes seen

	Value
FY2025 10-K consolidated statements of operations	(in thousands, except per share data)
FY2025 10-K consolidated statements of comprehensive income	(in thousands)
FY2025 10-K consolidated balance sheets	(in thousands, except per share data)
FY2025 10-K consolidated statements of cash flows	(in thousands)
FY2025 10-K consolidated statements of stockholders' equity	(in thousands, except per common share data)
FY2025 10-K Note 4 revenue disaggregation (systems vs. customer support)	(in thousands)
FY2025 10-K Note 14 long-term debt and other borrowings	Amount (in thousands)
FY2025 10-K Note 19 revenue and long-lived assets by geographic region	(in thousands)
FY2026 Q3 10-Q condensed consolidated statements of operations	(in thousands, except per share data)
FY2026 Q3 10-Q condensed consolidated balance sheets	(in thousands, except per share data)
FY2026 Q3 10-Q condensed consolidated statements of cash flows	(in thousands)
FY2026 Q3 10-Q Note 3 revenue disaggregation (systems and geographic)	(In thousands)
FY2026 Q3 10-Q condensed consolidated statements of stockholders' equity	per-common-share dividend amounts stated in the line captions; dollar columns in thousands
April 22, 2026 results release Exhibit 99.1 condensed consolidated statements of cash flows	(in thousands, unaudited)

Adjustments

	Value
Splits applied
1.
Split	10-for-1 forward stock split of common stock
Effective	2024-10-02
Treatment	No adjustment was applied by this report. Lam effected a ten-for-one stock split of its common stock on October 2, 2024, and the FY2025 10-K states that all share and per-share amounts in the financial statements have been retroactively adjusted to reflect the split. Every fiscal year presented here (2023, 2024, 2025) and every fiscal 2026 period is therefore already on the same post-split basis and is directly comparable.
ADR ratio	n/a
FX	None. Lam reports in U.S. dollars, so no currency conversion was required.

Capital structure

	Value
As of	2026-03-29
Source accession	0000707549-26-000022
Senior unsecured notes at par	3,750,000,000
Senior notes detail as of 2025 06 29
1.
Note	3.75% Senior Notes due March 15, 2026
Principal	750,000,000
Effective rate %	3.86%
Status	Repaid at maturity during the quarter ended March 29, 2026
2.
Note	4.00% Senior Notes due March 15, 2029
Principal	1,000,000,000
Effective rate %	4.09%
Status	Outstanding
3.
Note	1.90% Senior Notes due June 15, 2030
Principal	750,000,000
Effective rate %	2.01%
Status	Outstanding
4.
Note	4.875% Senior Notes due March 15, 2049
Principal	750,000,000
Effective rate %	4.93%
Status	Outstanding
5.
Note	2.875% Senior Notes due June 15, 2050
Principal	750,000,000
Effective rate %	2.93%
Status	Outstanding
6.
Note	3.125% Senior Notes due June 15, 2060
Principal	500,000,000
Effective rate %	3.18%
Status	Outstanding
Senior notes detail source accession	0000707549-25-000075
Commercial paper program capacity	2,000,000,000
Commercial paper outstanding	0
Revolving credit facility capacity	2,000,000,000
Revolving credit facility note	Backstops the commercial paper program and includes an option to increase the commitment by up to an additional $750.0 million.
Total interest cost recognized fy2025	177,219,000
Total interest cost recognized fy2024	183,035,000
Total interest cost recognized fy2023	181,911,000

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 2025 Form 10-K (accession 0000707549-25-000075, year ended June 29, 2025, filed August 11, 2025) supplies the three annual years; the fiscal 2026 third-quarter Form 10-Q (accession 0000707549-26-000022, quarter ended March 29, 2026, filed April 23, 2026) supplies all fiscal 2026 periods and the prior-year quarterly comparatives.
Lam announced its March 2026 quarter results in an earnings release dated April 22, 2026 (accession 0000707549-26-000020), one day before the 10-Q covering the same quarter. Because the 10-Q is the full periodic filing for that period, with complete statements and notes, the March 2026 quarter's income statement and balance sheet figures here are taken from the 10-Q rather than the press release; the quarter's cash flow figures come from the release, which is the only filing presenting a three-month cash flow statement for that period (see the cash flow sourcing note below). No results release exists for any quarter after March 29, 2026.
Lam effected a ten-for-one stock split of its common stock on October 2, 2024. The FY2025 10-K states that all share and per-share amounts have been retroactively adjusted for the split, so the fiscal 2023 and fiscal 2024 earnings per share and share counts shown here are already on the current post-split basis and no further adjustment was made.
Cost of revenue: fiscal 2024 and fiscal 2023 each carried a separate restructuring line inside cost of goods sold ($43.4 million and $78.2 million respectively) and inside operating expenses ($18.2 million and $42.2 million). Both components are shown separately and are included in the total cost of revenue and total operating expenses used to compute gross profit and operating income, matching the filing's own subtotals. No restructuring charges were recorded in fiscal 2025.
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. As of March 29, 2026 that total was $3.734 billion against $3.750 billion of senior notes at par; the difference between par and carrying value reflects unamortized discount and issuance costs netted against finance leases and other financing arrangements.
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.
Dividends per share are the amounts declared, read from the captions on the statement of stockholders' equity: $0.69 for fiscal 2023, $0.80 for fiscal 2024, $0.92 for fiscal 2025, $0.26 for the March 2026 quarter and $0.78 for the first nine months of fiscal 2026. Dividends paid in the cash flow statement differ slightly from dividends declared because of timing.
Fiscal 2023 balance sheet coverage is partial by design. The FY2025 10-K's balance sheet presents only fiscal 2025 and fiscal 2024, so for fiscal 2023 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 a filing. Total assets and total debt for that year are left blank rather than estimated.
Fiscal 2024 was a 53-week year while fiscal 2023 and fiscal 2025 were 52-week years, which flatters fiscal 2024 growth marginally relative to its neighbours.
Cash flow sourcing for the March 2026 quarter: Lam files cash flows only on a year-to-date basis in its 10-Qs, so the 10-Q supplies the nine-month figures. The quarterly results release furnished on Form 8-K (accession 0000707549-26-000020) does present a three-month cash flow statement for the quarter ended March 29, 2026, and that is the source of the quarter's cash flow figures shown here. Its nine-month column agrees with the 10-Q line for line.
Lam operates in a single reportable business segment (manufacturing and servicing of wafer processing semiconductor manufacturing equipment), so no segment profit-and-loss breakdown is available. The systems versus customer support-related revenue split and the geographic split are disaggregation disclosures, not segments.
Margins, effective tax rates, free cash flow and net cash position are computed from the reported figures shown alongside them; every input is a filed number.
One presentational difference between the filing and the SEC's XBRL company facts is worth naming: the structured data tags long-term debt at $3,719,694 thousand as of June 29, 2025 (the senior notes alone, per the debt note), whereas the balance sheet caption 'Long-term debt and finance lease obligations' reads $3,730,194 thousand. This report follows the balance sheet caption.

Uncertainties

The trailing-twelve-month figures are arithmetic, not a company-reported statement. They are built by adding fiscal 2025 to the first nine months of fiscal 2026 and subtracting the first nine months of fiscal 2025. That construction is exact for revenue, income and cash flow items, but the trailing diluted earnings per share of about $5.29 is approximate because the weighted-average diluted share count differs across the three component periods.
Fiscal 2023 total assets and total debt are not reported here because the FY2025 10-K does not present a fiscal 2023 balance sheet. Anyone needing those figures would have to consult the fiscal 2023 or fiscal 2024 Form 10-K.
Customer concentration is disclosed only annually in the 10-K, so no fiscal 2026 customer concentration figure is available. The most recent disclosure is fiscal 2025, when two customers were approximately 17% and 15% of revenue.
Long-lived assets by geography are reported in the annual filing but are not repeated in the 10-Q, so no March 2026 geographic asset breakdown is shown.
The senior notes detail table (coupons, effective rates, maturities) is as of June 29, 2025 from the 10-K. The 10-Q confirms that the $750 million 3.75% notes due March 15, 2026 were settled at maturity in the March 2026 quarter and that the remaining notes are unchanged, but the 10-Q does not restate the full table, so the per-note effective rates carry the June 2025 measurement date.
Total interest cost recognized is disclosed annually in the 10-K; no equivalent fiscal 2026 interim figure is presented, so interest cost for fiscal 2026 periods is not shown. Interest expense sits inside the 'Other income (expense), net' line on the face of the income statement and is not separately broken out there.

Company details

	Value
Name	Lam Research Corp
Ticker	LRCX
CIK	0000707549
Exchange	Nasdaq
State	California
Incorporation	Delaware
SIC	3559
Office	Technology
Industry	Special Industry Machinery, NEC

Next filing

	Value
Predicted date	2026-08-18
Predicted type	10-K

Fiscal period

	FY2026
Fiscal year	2026
Fiscal period	Q3
Tag	FY26Q3
Period end	2026-03-29
Form	10-Q
Accession	0000707549-26-000022
Fiscal year end	0628
Source	facts

Built from Lam Research Corporation's SEC filings by Ticker Scout. Free to cite with attribution: Ticker Scout (tickerscout.ai). Not investment advice, see the Disclaimer. Also for this company: company index, financials.json, index.json.