Lam Research supplies semiconductor manufacturers with deposition, etch and cleaning equipment, together with spare parts, upgrades, services and non-leading-edge equipment. It reports one consolidated business segment and trades on Nasdaq as LRCX.
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A snapshot of what LAM RESEARCH CORP owns and owes at a point in time.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Jun 30, 20240000707549-24-000106 | Aug 29, 2024 | 10-K | Open 10-Ksec.gov |
| Jun 29, 20250000707549-25-000075 | Aug 11, 2025 | 10-K | Open 10-Ksec.gov |
| Jun 28, 20260000707549-26-000037 | Aug 7, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
As of October 24, 2026, Lam's results show a strong equipment-spending recovery, but earnings and cash generation have not moved together consistently. Fiscal 2026 revenue reached $23.233 billion and GAAP net income $7.265 billion, supported by foundry investment and favorable customer mix. Operating cash flow nevertheless declined as receivables absorbed cash. The subsequently reported September quarter brought further systems-led growth and stronger cash generation, although accumulating liabilities helped that cash result. Lam continues to invest in research and manufacturing while returning substantial cash to shareholders. Its installed base supports aftermarket demand, but support revenue also includes equipment and is not wholly recurring. Customer concentration, China restrictions, tax benefits and the durability of AI-related investment remain important dependencies. December-quarter guidance is conditional, and the September accelerated repurchase remains unsettled.
Sources: 10-K · 2026-06-28 · 10-Q · 2026-09-27 · EX-99.1 · 2026-10-21
Lam's equipment adds thin films, selectively removes material and cleans semiconductor wafers. Customers buy systems to expand capacity or implement more demanding manufacturing processes; existing equipment also generates demand for parts, services and upgrades. Fiscal 2026 systems revenue was $14.885 billion, while customer support-related revenue and other was $8.347 billion. The latter includes Reliant non-leading-edge equipment, so it is not a pure recurring-service stream. These are revenue categories within one reportable segment, not businesses with separately disclosed profits. Management sees AI, three-dimensional devices and advanced packaging increasing process complexity, but does not quantify their separate revenue contributions.
Sources: 10-K · 2026-06-28
Revenue recovered from $14.905 billion in fiscal 2024 to $18.436 billion in 2025 and $23.233 billion in 2026. Management attributes the initial downturn mainly to non-volatile-memory weakness, the 2025 recovery to memory and foundry spending, and 2026 systems growth principally to foundry investment. GAAP gross margin reached 50.5% in 2026: favorable customer mix outweighed aluminum and steel tariff costs. Operating expenses increased, but more slowly than revenue, supporting $8.200 billion of operating income. Net income reached $7.265 billion despite a higher effective tax rate. Diluted EPS of $5.76 also benefited from fewer weighted-average shares. Fiscal 2024 had 53 weeks versus 52 in both subsequent years; its extra week's contribution is unquantified.
Sources: 10-K · 2024-06-30 · 10-K · 2025-06-29 · 10-K · 2026-06-28
Fiscal 2026 operating cash flow declined to $5.858 billion from $6.173 billion despite higher earnings. Receivables absorbed $1.962 billion, while deferred profit changed from a major cash source in 2025 to a cash use. Capital expenditures and intangible purchases increased to $966.4 million for laboratories and manufacturing growth. Under Lam's operating-cash-flow-less-investment definition, the supplied record calculates free cash flow of $4.891 billion. Treasury purchases and dividends used $5.122 billion before the $750 million senior-note repayment. Cash and equivalents consequently ended the year at $5.579 billion. Neither operating cash flow nor this free-cash-flow measure is profit.
Sources: 10-K · 2026-06-28
At September 27, 2026, cash and equivalents were $7.437 billion and senior-note principal remained $3.750 billion. The annual maturity schedule places the next senior-note principal repayment in fiscal 2029. The $2 billion revolver matures January 25, 2030 and backstops commercial paper; the two ceilings are not additive cash reserves. Both were undrawn at June 28, but the September filing does not establish exact current unused availability. The agreement imposes a standard 3.50-times contractual leverage ceiling, with conditional acquisition relief. Reported annual compliance does not establish numerical headroom. Most cash generation occurs overseas, whereas distributions and note repayments generally require onshore funds.
Sources: 10-K · 2026-06-28 · 10-Q · 2026-09-27 · EX-10.1 · 2025-01-27
Four customers represented approximately 55% of fiscal 2026 revenue, and China facilities generated approximately 34%. Geography describes customer-facility location, not nationality. Separately, at June 28, 2026, five customers accounted for approximately 20%, 16%, 15%, 11%, and 10% of accounts receivable, respectively. Their combined approximately 72% share is derived by summing those five disclosed percentages; its denominator is accounts receivable, not revenue. This concentration makes collections and liquidity sensitive to those customers' payment performance, but does not establish actual delinquencies or credit losses. Export controls have already limited Lam's market and revenue despite reported China growth. Large customers also influence pricing and purchasing schedules. Continued expansion depends on customer capital spending, successful product qualification and sufficient manufacturing capacity. Slower AI adoption, more efficient computing or excess infrastructure could reduce spending. Single-source components, tariffs, rare-earth restrictions and possible PFAS substitution requirements add execution and cost risks.
Sources: 10-K · 2026-06-28 · 10-Q · 2026-09-27
Results announced October 21 and detailed in the October 22 Form 10-Q cover fiscal 2027's 13-week first quarter, June 29–September 27, 2026. Revenue reached $8.219 billion, GAAP net income $2.753 billion and diluted EPS $2.19. Systems drove the sequential acceleration; support-related revenue was nearly unchanged from the June quarter. Gross margin reached 52.3%. Operating cash flow of $3.498 billion benefited materially from liability accumulation, not simply stronger collections. Management's October 21 December-quarter outlook calls for revenue of $8.60 billion plus or minus $400 million and diluted EPS of $2.33 plus or minus $0.15; neither is a realized result.
The September $1 billion accelerated repurchase was still expected to settle in the quarter ending December 27. Separately, Ahmed and Cannon notified the board on August 24 of retirements effective November 2; the August 27 filing schedules a reduction from 12 to 10 directors. These departures were not completed as of this package's October 24 cutoff.
Sources: 8-K · 2026-10-21 · 10-Q · 2026-09-27 · EX-99.1 · 2026-10-21 · 8-K · 2026-08-24
USD 23.23269 bn
FY2026 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2026 | USD 23.23269 bn | 26.0% |
| 2025 | USD 18.435591 bn | — |
Consolidated revenue from equipment, support-related products and services.
Sources: 10-K · 2026-06-28
USD 14.905386 bn
FY2024 · GAAP · consolidated · Attribution: consolidated · Reported currency · fiscal weeks: 53
| Fiscal year | Value | YoY |
|---|---|---|
| 2024 | USD 14.905386 bn | — |
Consolidated revenue from equipment, support-related products and services.
Sources: 10-K · 2026-06-28
USD 7.265396 bn
FY2026 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2026 | USD 7.265396 bn | 35.6% |
| 2025 | USD 5.358217 bn | — |
Consolidated net income after income tax expense.
Sources: 10-K · 2026-06-28
USD 3.827772 bn
FY2024 · GAAP · consolidated · Attribution: consolidated · Reported currency · fiscal weeks: 53
| Fiscal year | Value | YoY |
|---|---|---|
| 2024 | USD 3.827772 bn | — |
Consolidated net income after income tax expense.
Sources: 10-K · 2026-06-28
USD 5.857657 bn
FY2026 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2026 | USD 5.857657 bn | -5.1% |
| 2025 | USD 6.173264 bn | — |
Net cash provided by operating activities; not net income or free cash flow.
Sources: 10-K · 2026-06-28
USD 4.652269 bn
FY2024 · GAAP · consolidated · Attribution: consolidated · Reported currency · fiscal weeks: 53
| Fiscal year | Value | YoY |
|---|---|---|
| 2024 | USD 4.652269 bn | — |
Net cash provided by operating activities; not net income or free cash flow.
Sources: 10-K · 2026-06-28
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