LAM RESEARCH CORPLRCX
LAM RESEARCH CORP Financial Overview 2021–2025
Updated Jul 10, 2026Lam Research posted a staggering 40.0% increase in net income to $5.4 billion 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 billion 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 billion 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 billion 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.
Rev
$18.44B
FY2025
NI
$5.36B
FY2025
EPS
$4.17
FY2025
OCF
$6.17B
FY2025
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
Recent SEC Filings
LAM RESEARCH CORP 8-K Report, Financial Results (Apr 22, 2026)
Lam Research Corporation (LRCX) has filed a Form 8-K on April 22, 2026, to announce its financial results for the fiscal quarter ended March 29, 2026. This filing primarily serves to furnish the press release detailing these results, which is attached as Exhibit 99.1. Investors should note that this information is furnished and not deemed "filed" for regulatory purposes, meaning it does not carry the same liability under Section 18 of the Exchange Act. The press release, found in Exhibit 99.1, contains the core financial and operational performance data for the quarter. While specific figures are not detailed in the 8-K body itself, the press release is the definitive source for key metrics such as revenue, profitability, and any forward-looking guidance provided by the company.
LAM RESEARCH CORP 8-K/A Report, Executive Changes (Feb 4, 2026)
Lam Research Corporation (LRCX) announced a significant board refreshment and a key executive transition. Anirudh Devgan, Ph.D., CEO of Cadence Design Systems, has been appointed to the Board of Directors, effective immediately. This appointment aims to strengthen the board's expertise, particularly within the Innovation and Technology Committee, leveraging Dr. Devgan's extensive experience in computational software and electronic design automation. His background at Cadence and prior roles at Magma Design Automation and IBM bring a wealth of industry knowledge. Concurrently, the company is undergoing a leadership change in its operations. Patrick J. Lord, Ph.D., is retiring as Chief Operating Officer after a long tenure, and Seshasayee (Sesha) Varadarajan will assume the COO role effective March 6, 2026. Mr. Varadarajan is a seasoned executive within Lam Research, having held various senior leadership positions in product groups and business units, including his most recent role as Senior Vice President of the Global Products Group. These changes reflect a strategic move to integrate new perspectives at the board level while promoting internal talent to key operational leadership positions.
LAM RESEARCH CORP 8-K Report, Executive Changes (Feb 3, 2026)
Lam Research Corporation (LRCX) has announced a significant board and executive leadership transition. Effective immediately, Anirudh Devgan, Ph.D., CEO of Cadence Design Systems, has been appointed as a new director to the Board, increasing its size by one. Dr. Devgan brings extensive experience in the semiconductor design software industry, including his current role and prior leadership positions at Cadence and Magma Design Automation. His appointment to the Innovation and Technology Committee is expected to bolster the company's strategic direction in technological advancements. Concurrently, the company is undergoing an executive transition in its operational leadership. Patrick J. Lord, Ph.D., current Chief Operating Officer, will retire effective March 6, 2026, after over two decades of service. Succeeding him in this role will be Seshasayee (Sesha) Varadarajan, currently Senior Vice President of the Global Products Group. Mr. Varadarajan has a long tenure with Lam Research and its predecessor Novellus Systems, with deep experience across product groups, particularly in deposition technologies. These changes, announced via press release on February 3, 2026, signal a blend of new strategic oversight and continuity in operational leadership for Lam Research.
LAM RESEARCH CORP 8-K Report, Financial Results (Jan 28, 2026)
Lam Research Corporation (LRCX) has filed an 8-K report on January 28, 2026, to announce its financial results for the fiscal quarter ended December 28, 2025. The key information is contained within the attached press release (Exhibit 99.1), which provides the company's performance metrics for the specified period. Investors should refer to this press release for detailed financial data, including revenue, profitability, and other key operational indicators. This filing serves as a standard update for investors, outlining the company's recent financial condition and operational outcomes. While the 8-K itself is procedural, the attached press release is the primary source of investor-relevant financial performance information for the quarter. The company emphasizes that the information furnished in this report is not deemed "filed" for certain regulatory purposes, which is a common disclaimer for such filings.
LAM RESEARCH CORP 8-K Report, Rights Modification (Nov 6, 2025)
Lam Research Corporation (LRCX) filed an 8-K report on November 5, 2025, detailing outcomes from its annual stockholders' meeting held on November 3, 2025. The key events include the approval of the new 2025 Stock Incentive Plan, which is designed to incentivize and retain key employees through equity awards. Additionally, stockholders approved an amendment to the company's Restated Certificate of Incorporation to limit the liability of certain officers, aligning with provisions allowed under Delaware law. Furthermore, the report confirms the election of all nominated directors, with overwhelming support for most nominees. The advisory vote on executive compensation ('Say on Pay') and the ratification of KPMG LLP as the independent registered public accounting firm for fiscal year 2026 also received strong approval from shareholders. A shareholder proposal seeking to enable a special shareholder meeting was not approved.
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