Lam Research reported strong financial results for the March 2026 quarter, driven by record revenue and EPS, fueled by AI-driven demand in the semiconductor industry. The company demonstrated effective execution and strategic investments, leading to outperformance during a period of significant industry growth.
Record revenue of $5.84 billion, a 9% increase quarter-over-quarter.
positiveU.S. GAAP diluted EPS of $1.45, a 15% increase quarter-over-quarter.
positiveU.S. GAAP operating margin expanded 110 basis points quarter-over-quarter to 35.0%.
positiveNon-GAAP operating margin expanded 70 basis points quarter-over-quarter to 35.0%.
positiveSystems revenue increased to $3.73 billion, up from $3.36 billion in the prior quarter.
positiveCustomer support-related revenue and other increased to $2.11 billion, up from $1.99 billion in the prior quarter.
positiveCash, cash equivalents, and restricted cash decreased to $4.77 billion from $6.20 billion in the prior quarter, primarily due to cash deployed for capital return activities, debt payments, and capital expenditures.
attentionInventories increased to $3.999 billion from $4.037 billion in the prior quarter, though slightly down, still represent a significant balance.
attentionDeferred revenue decreased slightly to $2.22 billion from $2.25 billion in the prior quarter.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
Systems | N/A | — | — | — |
Customer support-related revenue and other | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
Lam delivered record revenue and EPS in the March quarter as AI-driven demand reshapes the semiconductor industry.
Our strategic investments and the velocity of our execution are generating strong momentum, enabling customers' AI roadmaps and driving Lam's outperformance during this critical phase of industry growth.
The company's outlook for the next quarter indicates continued strong performance with guidance for revenue between $6.2 billion and $7.0 billion.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.