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LAM RESEARCH CORPLRCX

Sector
Industrial
Industry
Special Industry Machinery, NEC
Exchange
Nasdaq

Stock Price $LRCX

Latest filings

You are here#13 of 67 in Technology by market cap

Filing record · 2016–202610-K1110-Q328-K128

LRCX filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 128 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Oct ’16Oct ’16
  2. FY2019 annual report10-K · Aug ’19Aug ’19
  3. Leadership change8-K · Nov ’21Nov ’21
  4. Leadership change8-K · Nov ’25Nov ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  17. $18.44B
YoY changeLargest recent move+45.6%in FY21Latest +23.7%

2 older moves run past ±50% (largest +91.2%); point at, tap or drag across the bars to read one.

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All LRCX Financial Metrics60 metrics

Income Statement16

Balance Sheet27

Cash Flow12

Per Share5

02—Overview

LAM RESEARCH CORP Financial Overview 2021–2025

Updated Jul 10, 2026

Lam Research posted a staggering 40.0% increase in net income to $5.4 billiona in FY2025, aggressively rebounding from a severe cyclical trough the prior year. This sharp recovery solidifies the core investment thesis: the company has successfully mastered semiconductor equipment cyclicality and shifting global trade dynamics by capitalizing on high-margin foundry and advanced memory demand. Even as the company absorbed export controls that reshaped its geographic sales mix, it expanded its gross margin to 48.7% in FY2025, up from 47.3% in FY2024, driven by factory efficiencies and a highly favorable product mix.

Zooming out, the operational trajectory remains decisively upward, with revenue growing from $14.63 billion in FY2021 to $18.4 billionb in FY2025. To defend its technological edge in 3D device scaling and advanced packaging, Lam Research increased R&D expenses by 10.2% to $2.1 billion in its latest fiscal year. While China remains its largest market—generating 34% of revenue in FY2025—the company maintained immense liquidity, holding $6.4 billion in cash and cash equivalents. The market rewarded this structural resilience; at the close of FY2025, the stock traded at a 23.4x P/E ratio with a price of $97.20, valuing the enterprise at a $123.3 billion market cap.

Recent Developments (Q2 and Q3 2026)

Lam Research expanded its top-line performance across Q2 2026 and Q3 2026, generating $5.84 billionc in Q3 2026 revenue, representing a 23.7% year-over-year increase. Net income grew 37.2% to $1.83 billion for the third quarter, driven by foundry and memory equipment demand. The gross margin reached 49.8% in Q3 2026, supported by operational efficiency and $2.22 billion in deferred revenue.

Operationally, the company appointed Seshasayee Varadarajan as COO in Q3 2026 and added computational software expertise to its board of directors. Bulls argue these transitions and direct capital returns—including $3.60 billiond in nine-month share repurchases—signal operational stability. Conversely, bears note the stock trades at a 62.3x P/E ratio as of the April 23, 2026 report date, leaving minimal margin for error if equipment cycles contract.

What to watch: execution under the newly appointed COO; conversion rates of the deferred revenue backlog.

03—Filings

Recent SEC Filings

  1. 8-KLAM RESEARCH CORP 8-K Report, Financial Results (Oct 21, 2026)Lam Research Corporation reported robust financial results for the fiscal quarter ended September 27, 2026, showcasing significant year-over-year and quarter-over-quarter growth. The company achieved record revenue of $8.22 billion, a substantial increase driven by strong demand for its semiconductor manufacturing equipment, particularly influenced by the AI sector. This top-line growth translated into impressive profitability, with both U.S. GAAP and non-GAAP diluted Earnings Per Share (EPS) showing a 21% increase compared to the previous quarter. Key operational improvements and strategic investments in technology and manufacturing capacity were highlighted as contributing factors to this performance. The company also demonstrated strong cash generation, with cash, cash equivalents, and restricted cash increasing significantly. Lam Research provided an optimistic outlook for the next quarter, projecting continued revenue growth and stable to improved margins, underscoring the company's favorable position in the expanding semiconductor equipment market, fueled by AI advancements.
  2. 8-KLAM RESEARCH CORP 8-K Report, Executive Changes (Aug 27, 2026)Lam Research Corporation (LRCX) announced on August 27, 2026, that two long-serving board members, Sohail U. Ahmed and Michael R. Cannon, have decided to retire. Their retirements will be effective on November 2, 2026. This departure will result in a reduction of the Board of Directors' size from 12 to 10 members. Both Mr. Ahmed and Mr. Cannon have made significant contributions during their tenures. Mr. Ahmed served for approximately seven years, participating in key committees like Audit, Compensation & Human Resources, and Innovation & Technology. Mr. Cannon, with a tenure of approximately 16 years, has a substantial record, including extensive service on the Audit, Compensation & Human Resources, and Nominating & Governance committees, where he also served as Chair for seven years. The company expressed its gratitude for their dedicated service and guidance.
  3. 8-KLAM RESEARCH CORP 8-K Report, Financial Results (Jul 29, 2026)Lam Research (LRCX) reported fiscal June 2026 quarter results on July 29, 2026 that were record-setting on revenue, operating margin, and EPS, driven by AI-related demand for leading-edge wafer fabrication equipment. Revenue rose 15.1% sequentially to $6.72 billion (up about 30% from $5.17 billion a year earlier), with U.S. GAAP gross margin of 51.7%, operating margin of 37.4%, and diluted EPS of $1.81. Non-GAAP diluted EPS was $1.82, reflecting modest adjustments for intangible amortization, elective deferred compensation valuation changes, and workforce optimization charges. Net income was $2.28 billion, and margins expanded roughly 190 to 240 basis points sequentially on both a GAAP and non-GAAP basis. Balance sheet and cash flow strengthened. Cash and equivalents rose to $5.58 billion from $4.75 billion, and operating cash flow was $1.46 billion for the quarter, though this was well below the prior-year quarter's $2.55 billion because of a large working capital build. Accounts receivable jumped to $5.34 billion from $4.13 billion, and inventories rose to $4.28 billion. Deferred revenue increased to $2.43 billion. Shareholder returns continued, with $247 million in buybacks and $325 million in dividends during the quarter, and the company declared a $0.26 per-share quarterly dividend. Management guided September 2026 quarter revenue to $8.10 billion (plus or minus $400 million), non-GAAP gross margin to 52.0% (plus or minus 1%), non-GAAP operating margin to 39.5% (plus or minus 1%), and non-GAAP diluted EPS to $2.15 (plus or minus $0.15) on 1.255 billion diluted shares. Investors should weigh the strong growth and margin trajectory against the rising receivables and working capital intensity, as well as exposure to concentrated customer geographies (Taiwan 27%, China 26%, Korea 20%) and ongoing export control and geopolitical risks.
  4. 8-KLAM RESEARCH CORP 8-K Report, Financial Results (Apr 22, 2026)Lam Research (LRCX) reported fiscal Q3 2026 results (quarter ended March 29, 2026) that set company records for revenue and EPS. Revenue rose 9% sequentially to $5.84 billion (up roughly 24% from $4.72 billion a year earlier), with U.S. GAAP operating margin expanding 110 basis points to 35.0% and U.S. GAAP diluted EPS climbing 15% to $1.45 (non-GAAP $1.47). Management attributed the strength to AI-driven demand for leading-edge wafer fabrication equipment, with systems revenue up about 11% sequentially and customer support revenue up about 6%. Cash-flow and balance-sheet items warrant attention. Cash, equivalents and restricted cash fell to $4.77 billion from $6.20 billion, driven by $1.16 billion of share repurchases, $751 million of debt principal payments (including the repayment of a current debt maturity), $325 million of dividends and $332 million of capex. Operating cash flow was still a solid $1.14 billion, though working capital absorbed $875 million, largely from a $636 million increase in receivables. Japan-related shipments awaiting customer acceptance rose to about $434 million of future revenue, up from $226 million. Guidance for the June 2026 quarter calls for revenue of $6.60 billion (plus or minus $400 million), U.S. GAAP gross margin of 50.5% and operating margin of 36.5% (each plus or minus 1 point), and diluted EPS of $1.65 (plus or minus $0.15) on 1.255 billion diluted shares. If delivered, this would imply further sequential revenue growth of roughly 13%. Investors should weigh the strength of the guidance against the sharp rise in receivables and the continued reliance on China (34% of revenue) and Korea and Taiwan (23% each) amid export-control and geopolitical risk.
  5. 8-KLAM RESEARCH CORP 8-K/A Report, Executive Changes (Feb 4, 2026)On February 3, 2026, Lam Research (LRCX) filed an 8-K disclosing two board and leadership changes, with no financial results, guidance, or transaction disclosures. The Board appointed Anirudh Devgan, Ph.D., CEO and President of Cadence Design Systems, as an independent director effective immediately, increasing the board size by one. He joined the Innovation and Technology Committee. Dr. Devgan will receive standard non-employee director compensation and the customary indemnification agreement. The filing reports no related-party transactions or family relationships. Operationally, COO Patrick J. Lord, Ph.D., who has more than two decades with the company including his time at Novellus, will retire effective March 6, 2026. He notified the company of his decision on January 30, 2026. Sesha Varadarajan, currently SVP of the Global Products Group, will succeed him as Executive Vice President and COO on the same date. Per the companion press release, Varadarajan's remit expands to include oversight of the global product portfolio, customer support business group, corporate strategy, and government affairs. Karthik Rammohan's role is also expanded to SVP, Global Operations and Enterprise Solutions, adding IT systems, quality, and facilities to his existing manufacturing and supply chain responsibilities. For investors, the filing signals a planned, orderly succession rather than a disruptive departure, and the management reshuffle is framed around accelerating operational velocity and services growth in the AI era. The board addition of a leading EDA executive may bring deeper semiconductor ecosystem and technology perspective. The filing contains no quantitative financial data, so its near-term valuation impact is likely limited. Investors should watch for execution under the new operating structure and any commentary on services growth in upcoming earnings calls.
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04—See also

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