# Lam Research (LRCX) – Recent Events, Fiscal Year 2026

Fiscal year 2026 ran from June 30, 2025 to June 28, 2026. Items run oldest to newest within each theme.

## Filings that contain financial statements

Each earnings release below is furnished as Exhibit 99.1 to a Form 8-K (Item 2.02). Each holds a condensed consolidated statement of operations, balance sheet and statement of cash flows, plus a GAAP to non-GAAP reconciliation. All are unaudited, except the June year-end balance sheet column, which the releases mark as derived from audited statements.

- 8-K filed July 29, 2026, accession 0000707549-26-000033: quarter and twelve months ended June 28, 2026.
- 8-K filed April 22, 2026, accession 0000707549-26-000020: quarter ended March 29, 2026, with the nine-month cumulative figures.
- 8-K filed January 28, 2026, accession 0000707549-26-000006: quarter ended December 28, 2025, with the six-month cumulative figures.
- 8-K filed October 22, 2025, accession 0000707549-25-000082: quarter ended September 28, 2025.
- 8-K filed July 30, 2025, accession 0000707549-25-000068: quarter and twelve months ended June 29, 2025.

## Earnings and guidance

Lam beat its own revenue guidance midpoint in every fiscal 2026 quarter. Guidance was +/- $300 to $400 million around each midpoint. Non-GAAP figures are as the company reports them.

- **July 30, 2025 (0000707549-25-000068), June 2025 quarter.** Revenue was $5.17 billion. GAAP gross margin was 50.1%, GAAP operating margin 33.7% and GAAP diluted EPS $1.35. Non-GAAP diluted EPS was $1.33. Twelve-month fiscal 2025 revenue was $18,435.6 million. Guidance for the September 2025 quarter was revenue of $5.20 billion +/- $300 million.
- **October 22, 2025 (0000707549-25-000082), September 2025 quarter.** Revenue was $5.32 billion, up 3% from the June 2025 quarter. GAAP gross margin was 50.4%, GAAP operating margin 34.4% and GAAP diluted EPS $1.24, down 8% from $1.35 in the June 2025 quarter. Non-GAAP diluted EPS was $1.26. Guidance for the December 2025 quarter was revenue of $5.20 billion +/- $300 million and GAAP diluted EPS of $1.15 +/- $0.10.
- **January 28, 2026 (0000707549-26-000006), December 2025 quarter.** Revenue was $5.34 billion against the $5.20 billion guidance midpoint. GAAP gross margin was 49.6%, GAAP operating margin 33.9% and GAAP diluted EPS $1.26. Non-GAAP diluted EPS was $1.27. Guidance for the March 2026 quarter was revenue of $5.70 billion +/- $300 million and GAAP diluted EPS of $1.35 +/- $0.10.
- **April 22, 2026 (0000707549-26-000020), March 2026 quarter.** Revenue was $5.84 billion, up 9% from the prior quarter, against the $5.70 billion guidance midpoint. GAAP gross margin was 49.8%, GAAP operating margin 35.0% and GAAP diluted EPS $1.45. Non-GAAP diluted EPS was $1.47. Guidance for the June 2026 quarter was revenue of $6.60 billion +/- $400 million, GAAP operating margin of 36.5% +/- 1% and GAAP diluted EPS of $1.65 +/- $0.15.
- **July 29, 2026 (0000707549-26-000033), June 2026 quarter and fiscal 2026.**
  - Quarter results: revenue was $6.72 billion (GAAP $6,722.2 million), up 15.1% from the March quarter and against the $6.60 billion guidance midpoint. GAAP gross margin was 51.7%, GAAP operating margin 37.4% and GAAP diluted EPS $1.81. Non-GAAP diluted EPS was $1.82. The company described these as record revenue, operating margin and EPS.
  - Fiscal 2026 results: revenue was $23,232.7 million against $18,435.6 million in fiscal 2025. GAAP net income was $7,265.4 million and GAAP diluted EPS $5.76, against $4.15.
  - Cash flow: operating cash flow was $5,857.7 million for the year. Treasury stock purchases were $3,851.3 million and dividends paid $1,270.6 million.
  - Outlook for the quarter ending September 27, 2026: revenue of $8.10 billion +/- $400 million, GAAP gross margin of 52.0% +/- 1%, GAAP operating margin of 39.5% +/- 1% and GAAP diluted EPS of $2.15 +/- $0.15. The company guided to a diluted share count of 1.255 billion. The $8.10 billion revenue midpoint is about 20% above the $6.72 billion just reported.

## Capital structure and capital return

- **January 27, 2025 (8-K filed January 29, 2025, 0000707549-25-000011).** Lam entered a Third Amended and Restated Credit Agreement with JPMorgan Chase Bank, N.A. as administrative agent. It raises the unsecured revolving facility from $1.5 billion to $2.0 billion, with an option to expand by up to $750 million. The facility matures January 25, 2030. This predates fiscal 2026 and is included because it sets the liquidity backstop for the year.
- **March 2026, senior notes.** The cash flow statement in the April 22, 2026 release (0000707549-26-000020) and the June 2026 release (0000707549-26-000033) shows principal debt payments of $751.2 million in the March 2026 quarter. The company's 10-Q for that quarter (0000707549-26-000022) states that the $750.0 million of 3.75% Senior Notes due March 15, 2026 were settled at maturity with cash on hand. No replacement debt issuance appears in the filings.
- **Dividends.** The quarterly dividend declared per share was $0.23 in the June 2025 quarter and $0.26 in the March and June 2026 quarters (0000707549-26-000033). Fiscal 2026 declared dividends were $1.04 per share, against $0.92 in fiscal 2025.
- **Share repurchases.** Treasury stock purchases were $246.6 million in the June 2026 quarter and $1,162.8 million in the March 2026 quarter (0000707549-26-000033). The 10-K (0000707549-26-000037) reports a $200.0 million accelerated share repurchase agreement entered March 11, 2026.

## Management and board

- **February 3, 2026 (8-K 0000707549-26-000012; corrective 8-K/A filed February 4, 2026, 0000707549-26-000014).**
  - Board: the board appointed Anirudh Devgan, Ph.D., age 56 and president and CEO of Cadence Design Systems, as a director, effective immediately. He joined the Innovation and Technology Committee and the board was enlarged by one seat.
  - Operations leadership: Patrick J. Lord, Ph.D., chief operating officer, is retiring effective March 6, 2026. He notified the company of his decision on January 30, 2026. Seshasayee (Sesha) Varadarajan succeeds him as executive vice president and COO. Karthik Rammohan takes an expanded role as senior vice president, Global Operations and Enterprise Solutions.
  - The 8-K/A attaches the correct version of the management-transition press release. The first filing had attached the wrong one. The company states the release issued to the market was accurate.
- **August 24, 2026 (8-K filed August 27, 2026, 0000707549-26-000043).** Directors Sohail U. Ahmed and Michael R. Cannon notified the board that they will retire effective November 2, 2026. Mr. Cannon has served about 16 years, including as chair of the nominating and governance committee. The board will shrink from 12 to 10 directors.

## Governance and auditor

- **September 8, 2025 (8-K filed September 11, 2025, 0000707549-25-000078).** The audit committee dismissed Ernst & Young LLP and engaged KPMG LLP as independent registered public accounting firm for the fiscal 2026 audit. The filing states that EY's reports for fiscal 2025 and 2024 were unqualified. It also reports no disagreements and no reportable events.
- **November 4, 2025 (8-K filed November 6, 2025, 0000707549-25-000094).** At the annual meeting, stockholders approved the 2025 Stock Incentive Plan. They also approved a charter amendment limiting the liability of certain officers as permitted by Delaware law, and the company filed a Restated Certificate of Incorporation.
- **May 20, 2025 (8-K filed May 21, 2025, 0000707549-25-000060).** The board amended the bylaws, effective immediately. Stockholders who have continuously owned at least 20% of outstanding common stock for at least one year may now call a special meeting, subject to disclosure and procedural requirements.

## Not reported

The filings through August 27, 2026 contain no acquisition or divestiture, restructuring plan, impairment, going-concern or covenant matter, stock split, or new debt issuance. The June 2026 release lists small workforce optimization charges ($549 thousand in the quarter in cost of goods sold, $960 thousand in research and development and $1,388 thousand in selling, general and administrative), which it excludes from non-GAAP results.