LAM RESEARCH CORP (LRCX) Earnings History

LAM RESEARCH CORP - Q1 FY2026 EarningsBeat

Filed at: Jan 28, 2026, 4:06 PM EST|Read from source

EXECUTIVE SUMMARY

Lam Research delivered a strong quarter, capping a record year with revenue and EPS growth driven by demand for advanced semiconductor devices. The company is focused on enabling the transition to smaller, more complex 3D devices and packages, with AI acceleration expected to drive multi-year outperformance.

POSITIVE HIGHLIGHTS

  • •

    U.S. GAAP diluted EPS increased 2% quarter-over-quarter to $1.26.

    positive
  • •

    Non-GAAP diluted EPS increased 1% quarter-over-quarter to $1.27.

    positive
  • •

    Revenue of $5.345 billion for the December 2025 quarter.

    neutral
  • •

    The company is enabling the market's transition to smaller, more complex three-dimensional devices and packages.

    positive

CONCERNS & RISKS

  • •

    U.S. GAAP gross margin decreased 80 bps quarter-over-quarter to 49.6%.

    attention
  • •

    U.S. GAAP operating income as a percentage of revenue decreased 50 bps quarter-over-quarter to 33.9%.

    attention
  • •

    Non-GAAP gross margin decreased 90 bps quarter-over-quarter to 49.7%.

    attention
  • •

    Non-GAAP operating income as a percentage of revenue decreased 70 bps quarter-over-quarter to 34.3%.

    attention
  • •

    Cash, cash equivalents, and restricted cash balances decreased to $6.2 billion from $6.7 billion in the prior quarter.

    attention
  • •

    Deferred revenue decreased to $2.25 billion from $2.77 billion in the prior quarter.

    attention

FINANCIAL METRICS

Revenue
Quarterly
$5.34B
+22.1%
Prior year: $4.38B
Net Income
Quarterly
$1.59B
+33.8%
Prior year: $1.19B
Annual (YTD)
$3.16B
N/A
Prior year: $2.31B
EPS (Diluted)
Quarterly
$1.26
+37.0%
Prior year: $0.92
Operating Income
Quarterly
$1810.20B
N/A
EPS (Basic)
Quarterly
$1.27
+36.6%
Prior year: $0.93

MARGIN ANALYSIS

Gross Margin
Current Quarter
49.6%
Prior Year
47.4%
YoY Change
+220 bps
Operating Margin
Current Quarter
33.9%
Prior Year
30.5%
YoY Change
+340 bps
Net Margin
Current Quarter
29.8%
Prior Year
27.2%
YoY Change
+260 bps

Margin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.

REVENUE BY SEGMENT — Q1 FY2026 2026

VISUAL OVERVIEW

|
Systems revenue
0.0%
N/A
Customer support-related revenue and other
0.0%
N/A

DETAILED BREAKDOWN

|
SegmentCurrentPrior YrYoY% Total
Systems revenue
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.

MANAGEMENT GUIDANCE

Q1 2026

revenue
$5400000.0B—$6000000.0B
Mid-point: $5700000.0B
gross_margin_pct
48.0%—50.0%
Mid-point: 49.0%
operating_income_pct
32.9—34.9
Mid-point: 33.9
eps_diluted
$1.25—$1.45
Mid-point: $1.35

Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.

MANAGEMENT COMMENTARY

Lam delivered another strong quarter to cap a record year.

— LAM RESEARCH CORP, Q1 FY2026 2026 Earnings Call

Our expanding product and services portfolio is enabling the market's transition to smaller, more complex three-dimensional devices and packages.

— LAM RESEARCH CORP, Q1 FY2026 2026 Earnings Call

With AI accelerating, we are ramping execution velocity across the company to support our customers' growth and realize our vision for multi-year outperformance.

— LAM RESEARCH CORP, Q1 FY2026 2026 Earnings Call

Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.

OPERATIONAL METRICS

Accounts receivable, net
3492.0M
+3.4% YoY
Prior year: 3378.1M
millions
Inventories
4037.7M
-6.3% YoY
Prior year: 4308.0M
millions

Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.