What were Lam Research's key financial performance indicators for fiscal year 2025?

In fiscal year 2025, Lam Research reported a significant increase in revenue, up 23.7% to $18.4 billion, and net income grew by 40.0% to $5.4 billion. The gross margin also improved to 48.7%, reflecting operational efficiencies and a favorable product mix.

How is Lam Research investing in future growth?

The company demonstrates a strong commitment to future growth through substantial investments in research and development, which increased by 10.2% to $2.1 billion in FY25. These investments are focused on leading-edge deposition, etch, and clean technologies to address evolving semiconductor manufacturing challenges and opportunities like 3D device scaling and advanced packaging.

What is the company's financial health and capital allocation strategy?

Lam Research maintains a strong liquidity position with approximately $6.4 billion in cash and cash equivalents as of June 29, 2025. The company actively returns capital to shareholders through its share repurchase program, having bought back $3.4 billion of its stock in FY25, with $7.5 billion remaining authorized for future repurchases. The company also continues to pay quarterly dividends.

What are the key geographic markets for Lam Research?

Lam Research's global presence is significant, with China being the largest revenue-contributing region at 34% of total revenue in FY25. Korea and Taiwan follow as key markets, representing 22% and 19% of revenue, respectively. The company's international sales constitute a substantial majority of its total revenue.

LRCX 10-K FY2025 Annual Report — Revenue, Net Income, EPS

Summary

Lam Research Corporation (LRCX) reported robust revenue growth of 23.7% in fiscal year 2025, reaching $18.4 billion, driven by strong demand across both memory and non-memory semiconductor markets. This growth was complemented by an improvement in gross margin to 48.7%, up from 47.3% in the prior year, attributed to enhanced factory efficiencies and a favorable product mix. The company also saw a significant increase in net income by 40.0% to $5.4 billion. Operationally, Lam Research continues to invest heavily in research and development, which increased by 10.2% to $2.1 billion, underscoring its commitment to innovation in deposition, etch, and clean technologies. The company's strong financial position is further evidenced by its substantial cash and cash equivalents of $6.4 billion and an active share repurchase program, with $7.5 billion remaining under authorization. The company is well-positioned to capitalize on secular demand for semiconductors and technology inflections like 3D device scaling and advanced packaging.

Financial Highlights

56 data points

Beta

Revenue

$18.44B

0.5% Gross Margin

Net Income

$5.36B

0.3% Net Margin

EPS (Diluted)

$4.15

Total Assets

$21.35B

Cash & Equivalents

$6.39B

Free Cash Flow

$6.17B

Financial Statements

Beta

Revenue	$18.44B
Cost of Revenue	$9.46B
Gross Profit	$8.98B
R&D Expenses	$2.10B
SG&A Expenses	$981.70M
Operating Expenses	$3.08B
Operating Income	$5.90B
Interest Expense	$177.22M
Net Income	$5.36B
EPS (Basic)	$4.17
EPS (Diluted)	$4.15
Shares Outstanding (Basic)	1.29B
Shares Outstanding (Diluted)	1.29B

Key Highlights

1Revenue increased by 23.7% to $18.4 billion in FY25, reflecting strong demand in memory and non-memory markets.
2Gross margin improved to 48.7% in FY25, up from 47.3% in FY24, driven by factory efficiencies and product mix.
3Net income saw a substantial increase of 40.0% to $5.4 billion.
4R&D expenses rose by 10.2% to $2.1 billion, demonstrating continued investment in innovation.
5The company held approximately $6.4 billion in cash and cash equivalents as of June 29, 2025.
6Lam Research has an active share repurchase program with $7.5 billion remaining available, and repurchased $3.4 billion in FY25.
7The company's geographic revenue distribution shows China as the largest market at 34%, followed by Korea (22%) and Taiwan (19%).

LAM RESEARCH CORP Annual Report, Year Ended Jun 29, 2025

Summary

Financial Highlights

Key Highlights

Frequently Asked Questions