LRCX 8-K Current Reports

LAM 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.

Oct 21, 2026 8-K

LAM 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.

Aug 27, 2026 8-K

LAM 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.

Jul 29, 2026 8-K

LAM 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.

Apr 22, 2026 8-K/A

LAM 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.

Feb 4, 2026 8-K

LAM RESEARCH CORP 8-K Report, Executive Changes (Feb 3, 2026)

Lam Research (LRCX) filed an 8-K on February 3, 2026 reporting two governance and leadership changes rather than financial results. The Board appointed Anirudh Devgan, Ph.D., CEO and president of Cadence Design Systems, as a director, effective immediately, expanding the board by one seat. He joined the Innovation and Technology Committee and will receive standard non-employee director compensation. The appointment brings a senior electronic design automation (EDA) and semiconductor-ecosystem leader onto the board at a time when Lam is emphasizing AI-era growth and technology innovation. The filing also discloses an executive succession. Patrick J. Lord, Ph.D., Lam's chief operating officer and a Novellus veteran of more than two decades, will retire effective March 6, 2026; he notified the company of his decision on January 30, 2026. Seshasayee (Sesha) Varadarajan, currently senior vice president of the Global Products Group, will become executive vice president and chief operating officer on the same date. Per the companion press release (Exhibit 99.2), Karthik Rammohan takes an expanded SVP role covering Global Operations and Enterprise Solutions, including global trade, government affairs, IT, quality and facilities, while keeping manufacturing and supply chain. For investors, these changes are largely orderly, pre-planned transitions with no disclosed compensation changes for the named executives, no financial impact, and no related-party transactions. The succession keeps product development under a long-tenured insider and places operations under an experienced manufacturing leader. The filing contains no guidance or financial results, so its value lies in signaling management's focus on product innovation, services growth and operational velocity.

Feb 3, 2026 8-K

Leadership ChangesShareholder MattersCorporate Changes+1

LAM RESEARCH CORP 8-K Report, Financial Results (Jan 28, 2026)

Lam Research (LRCX) reported results for the fiscal quarter ended December 28, 2025 (December 2025 quarter), capping what management called a record year. Revenue was $5.34 billion, essentially flat versus $5.32 billion in the September 2025 quarter and up roughly 22% year over year from $4.38 billion. U.S. GAAP gross margin was 49.6% (down 80 bps sequentially) and U.S. GAAP operating margin was 33.9% (down 50 bps), while U.S. GAAP diluted EPS rose 2% sequentially to $1.26. Non-GAAP diluted EPS was $1.27. Systems revenue fell sequentially to $3.36 billion from $3.55 billion, while customer support-related revenue rose to $1.99 billion from $1.78 billion, a mix shift toward the more recurring services business. Capital return was the dominant use of cash in the quarter. Treasury stock purchases were $1.47 billion and dividends paid were $328 million, against operating cash flow of $1.48 billion and capex of $261 million. Cash fell to $6.2 billion from $6.7 billion, and deferred revenue declined to $2.25 billion from $2.77 billion. Total debt was roughly $4.5 billion, and shares outstanding dropped to about 1.251 billion from 1.259 billion sequentially, reflecting aggressive buybacks. For the March 2026 quarter, Lam guided to revenue of $5.70 billion (±$300 million), U.S. GAAP gross margin of 49.0% (±1%), U.S. GAAP operating margin of 33.9% (±1%), and U.S. GAAP diluted EPS of $1.35 (±$0.10) on 1.26 billion diluted shares. The guidance implies sequential revenue growth of about 7% at the midpoint, with margins roughly flat to slightly lower. Investors will watch whether the company can sustain the growth trajectory tied to AI-driven demand for advanced 3D devices and packaging, and whether gross margin pressure from product mix and cost headwinds is contained.

Jan 28, 2026 8-K

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.

Nov 6, 2025 8-K

Financial EventsExhibits & Filings

LAM RESEARCH CORP 8-K Report, Financial Results (Oct 22, 2025)

Lam Research (LRCX) reported results for the fiscal quarter ended September 28, 2025, with revenue of $5.32 billion, up 3% sequentially and up roughly 28% from $4.17 billion a year earlier. U.S. GAAP gross margin expanded to 50.4% (up 30 bps Q/Q) and GAAP operating margin rose to 34.4% (up 70 bps Q/Q), while GAAP diluted EPS fell 8% sequentially to $1.24, largely because of a $290.5 million income tax expense that included a $27.5 million charge from a change in tax law. Non-GAAP diluted EPS was $1.26, down 5% from $1.33 in the prior quarter. Management attributed results to demand for its products tied to AI-driven semiconductor manufacturing inflections. Cash generation remained strong: operating cash flow was $1.78 billion, cash and equivalents rose to $6.69 billion, and deferred revenue increased to $2.77 billion. Operating cash flow fell from $2.55 billion in the June quarter as working capital changes contributed far less. Lam continued returning capital, with $976 million in treasury stock purchases and $292 million in dividends paid, and it raised its quarterly dividend to $0.26 per share from $0.23. Systems revenue rose to $3.55 billion from $3.44 billion sequentially, while customer support and related revenue was roughly flat at $1.78 billion. For the December 2025 quarter, Lam guided to revenue of $5.20 billion (±$300 million), non-GAAP gross margin of 48.5% (±1%), non-GAAP operating margin of 33.0% (±1%), and non-GAAP diluted EPS of $1.15 (±$0.10) on 1.26 billion diluted shares. The guidance implies a sequential revenue decline and margin compression. Geographically, China accounted for 43% of September-quarter revenue, a concentration that exposes Lam to export controls and trade tensions, which the company flags as risks.

Oct 22, 2025 8-K

LAM RESEARCH CORP 8-K Report, Auditor Change (Sep 11, 2025)

Lam Research Corporation (LRCX) announced a significant change in its independent auditor, dismissing Ernst & Young LLP (EY) and engaging KPMG LLP (KPMG) for the fiscal year 2026 audit, effective September 8, 2025. This change is a routine transition, as the company explicitly stated that there were no disagreements or reportable events with EY during their tenure covering fiscal years 2024 and 2025, and the preceding interim period. The dismissal and engagement were approved by the Audit Committee of the Board of Directors. Investors should note that this filing is primarily administrative and focuses on the change in accounting firms. The company has provided the required disclosures regarding the transition, including a letter from EY to the SEC confirming their agreement with the statements made by Lam Research. The engagement of KPMG signals a new relationship for the company's financial audits going forward, which is a standard practice for public companies to periodically rotate auditors.

Sep 11, 2025 8-K

Corporate ChangesExhibits & Filings

LAM RESEARCH CORP 8-K Report, Financial Results (Jul 30, 2025)

Lam Research (LRCX) reported fiscal Q4 2025 results for the quarter ended June 29, 2025, with revenue of $5.17 billion, up 9.6% sequentially from $4.72 billion, and well above the $3.87 billion reported a year earlier. U.S. GAAP gross margin expanded to 50.1% (up 110 bps Q/Q) and operating margin to 33.7% (up 60 bps), producing U.S. GAAP diluted EPS of $1.35, up 31.1% from $1.03. Non-GAAP diluted EPS was $1.33, up 27.9% from $1.04. Management described the quarter as solid, highlighting strong gross margins and record EPS, and tied its strategy to rising deposition and etch criticality in the AI era. Systems revenue rose to $3.44 billion from $3.04 billion sequentially, while customer support and other revenue was broadly flat at $1.73 billion. Cash flow was strong. Operating cash flow was $2.55 billion in the quarter and $6.17 billion for the trailing twelve months, and capital expenditures were $172 million. Cash and equivalents rose to $6.39 billion. Shareholder returns were heavy: the company repurchased $1.29 billion of stock in the quarter (versus $435 million in the prior quarter) and paid $295 million in dividends. Deferred revenue climbed to $2.68 billion from $2.01 billion, which supports near-term revenue visibility. Net income in the quarter was also helped by a $24.7 million tax benefit from the conclusion of certain tax matters, which is excluded from non-GAAP results. For the September 2025 quarter, Lam guided to revenue of $5.20 billion (plus or minus $300 million), U.S. GAAP gross margin of 49.9% (plus or minus 1%), non-GAAP gross margin of 50.0% (plus or minus 1%), and non-GAAP EPS of $1.20 (plus or minus $0.10). Guidance implies roughly flat revenue and a modest decline in EPS from the June quarter. Investors should note that China represented 35% of revenue, and the filing's risk factors cite export controls, tariffs, and geopolitical tensions as ongoing sources of uncertainty.

Jul 30, 2025 8-K

LAM RESEARCH CORP 8-K Report, Bylaw Amendment (May 21, 2025)

Lam Research Corporation (LRCX) announced a significant amendment to its corporate governance through the adoption of new Amended and Restated Bylaws, effective May 20, 2025. The key change empowers a group of substantial stockholders, defined as those holding at least 20% of outstanding common stock continuously for a year, with the ability to call a special meeting. This provision is accompanied by specific disclosure, timing, and procedural requirements designed to ensure transparency and prevent the unnecessary duplication of stockholder meetings.

May 21, 2025 8-K

LAM RESEARCH CORP 8-K Report, Financial Results (Apr 23, 2025)

Lam Research (LRCX) reported fiscal Q3 2025 results for the quarter ended March 30, 2025, with revenue of $4.72 billion, up 8% sequentially from $4.38 billion and up roughly 24% year over year from $3.79 billion. U.S. GAAP gross margin expanded to 49.0% (+160 bps Q/Q) and GAAP operating margin rose to 33.1% (+260 bps Q/Q). U.S. GAAP diluted EPS was $1.03 (up 12% Q/Q), while non-GAAP diluted EPS was $1.04 (up 14% Q/Q). Systems revenue grew to $3.04 billion from $2.63 billion, while customer support-related revenue declined modestly to $1.68 billion from $1.75 billion. Management, led by CEO Tim Archer, described the portfolio as the strongest it has ever been and said it is highly confident in outperforming industry growth, while acknowledging near-term tariff-related uncertainty. Cash, equivalents and restricted cash fell to $5.5 billion from $5.7 billion, reflecting roughly $1.2 billion in financing outflows during the quarter, including $504 million of debt principal repayment, $435 million of share repurchases and $296 million of dividends, along with $289 million of capital expenditures. Operating cash flow was strong at $1.31 billion. Long-term debt dropped to $3.73 billion from $4.48 billion, largely because the $504 million principal payment and a reclassification of debt to current liabilities, which rose to $754 million. Customer concentration remains notable: China accounted for 31% of revenue, Korea and Taiwan 24% each, and Japan 10%. For the June 2025 quarter, guidance calls for revenue of $5.00 billion (+/- $300 million), U.S. GAAP gross margin of 49.4% (+/- 1%), U.S. GAAP operating margin of 33.4% (+/- 1%), and U.S. GAAP EPS of $1.20 (+/- $0.10) on 1.28 billion diluted shares. The guidance implies continued sequential growth, but investors should weigh it against tariff, export-control and geopolitical risks that management explicitly flagged.

Apr 23, 2025 8-K

Material AgreementsFinancial EventsExhibits & Filings

LAM RESEARCH CORP 8-K Report, Financial Results (Jan 29, 2025)

Lam Research (LRCX) reported results for the fiscal quarter ended December 29, 2024 (its fiscal Q2 2025) that were strong on the top line and profitability. Revenue rose 5% sequentially to $4.38 billion, up from $4.17 billion, and U.S. GAAP diluted EPS increased 7% to $0.92 from $0.86. U.S. GAAP gross margin edged down 60 basis points to 47.4%, while operating margin expanded 20 basis points to 30.5%. Growth was driven by systems revenue, which rose about 10% sequentially to $2.63 billion, while customer support-related revenue declined slightly to $1.75 billion. The quarter also showed some cash-flow and balance-sheet pressure. Operating cash flow fell sharply to $742 million from $1.57 billion in the prior quarter, mainly because of a $536 million outflow from changes in operating assets and liabilities, including a large rise in accounts receivable to $3.30 billion. Capital expenditures roughly doubled to $188 million, and Lam returned significant capital through $698 million of buybacks and $298 million of dividends. Cash fell to $5.7 billion. Deferred revenue declined modestly, while the estimated future revenue from Japan shipments awaiting customer acceptance rose to $453 million from $184 million. Management guided the March 2025 quarter to revenue of $4.65 billion (±$300 million), U.S. GAAP gross margin of 47.9% (±1%), operating margin of 31.9% (±1%), and U.S. GAAP diluted EPS of $1.00 (±$0.10) on 1.29 billion diluted shares. CEO Tim Archer emphasized that advanced deposition and etch applications are expected to take a growing share of wafer fabrication equipment (WFE) spending. China remained the largest region at 31% of revenue. Overall, the filing points to continued sequential growth and a higher outlook, with the main watch items being working capital intensity and geographic concentration.

Jan 29, 2025 8-K

LAM RESEARCH CORP 8-K Report, Material Agreement (Jan 29, 2025)

Lam Research Corporation (LRCX) has entered into a Third Amended and Restated Credit Agreement, significantly enhancing its financial flexibility. This agreement increases the company's revolving unsecured credit facility from $1.5 billion to $2.0 billion, with an option to further expand it by an additional $750 million, potentially bringing the total commitment to $2.750 billion. The facility now matures on January 25, 2030, providing long-term access to capital for general corporate purposes. This updated credit facility reflects the company's strong financial standing and its proactive approach to managing its capital structure. The terms include competitive interest rates based on the company's credit rating and a key financial covenant requiring a consolidated funded debt to adjusted EBITDA ratio of less than or equal to 3.50 to 1.00 (which can temporarily increase to 4.00 to 1.00 in connection with acquisitions). As of the filing date, no amounts were outstanding under the facility, indicating a strong liquidity position.

Jan 29, 2025 8-K

Shareholder Matters

LAM RESEARCH CORP 8-K Report, Shareholder Vote Results (Nov 7, 2024)

Lam Research Corporation (LRCX) has filed an 8-K report detailing the outcomes of its Annual Meeting of Stockholders held on November 5, 2024. The key takeaway for investors is the strong shareholder support for the company's governance and executive compensation practices. All nominated directors were overwhelmingly re-elected, indicating confidence in the current leadership and strategic direction. Furthermore, the 'Say on Pay' proposal, which provides an advisory vote on executive compensation, also received substantial approval, reflecting shareholder agreement with the company's compensation philosophy. In addition to governance matters, shareholders also ratified the appointment of Ernst & Young LLP as the company's independent registered public accounting firm for fiscal year 2025. This strong endorsement across all submitted proposals suggests a stable and supportive shareholder base, which is generally viewed positively by the market and can contribute to continued operational execution and investor confidence.

Nov 7, 2024 8-K

Shareholder MattersCorporate ChangesExhibits & Filings

LAM RESEARCH CORP 8-K Report, Financial Results (Oct 23, 2024)

Lam Research (LRCX) reported fiscal first-quarter 2025 results for the quarter ended September 29, 2024, with revenue of $4.17 billion, up 8% sequentially and 20% year over year from $3.48 billion. U.S. GAAP gross margin expanded to 48.0% (up 50 bps Q/Q) and GAAP operating margin rose to 30.3% (up 120 bps Q/Q). GAAP diluted EPS was $0.86 post-split ($8.56 pre-split), up 10% sequentially. Non-GAAP results were broadly similar, with non-GAAP EPS of $0.86 (up 6% Q/Q) and non-GAAP operating margin of 30.9%. Management characterized performance as ahead of expectations and said investments in key technology inflections position the company to outperform WFE growth in 2025 and beyond. Cash flow and balance sheet data show strong cash generation. Operating cash flow was $1.57 billion, up sharply from $862 million in the prior quarter, and cash and equivalents rose to $6.1 billion. The company spent about $997 million on share repurchases and $261 million on dividends during the quarter. Deferred revenue climbed to $2.05 billion from $1.55 billion, and accounts receivable rose to $2.94 billion from $2.52 billion, which is a notable build that bears watching for collection timing. Inventories were roughly flat at $4.21 billion. Total liabilities increased materially, driven by a jump in other current liabilities to $4.84 billion from $3.83 billion. For the December 2024 quarter, Lam guided to revenue of $4.30 billion (plus or minus $300 million), U.S. GAAP gross margin of 46.9% (plus or minus 1%), U.S. GAAP operating margin of 29.9% (plus or minus 1%), and GAAP EPS of $0.87 (plus or minus $0.10) on a diluted share count of 1.29 billion. Guidance implies modest sequential revenue growth but a slight gross margin decline. The company also noted that China represented 37% of revenue, a concentration that carries export-control and geopolitical risk, as the forward-looking statements caution.

Oct 23, 2024 8-K

LAM RESEARCH CORP 8-K Report, Rights Modification (Oct 2, 2024)

Lam Research Corporation (LRCX) has filed an 8-K report detailing a significant corporate action: a ten-for-one forward stock split. This split, effective October 2, 2024, will increase the number of outstanding shares by a factor of ten, while proportionally increasing the authorized share capital from 400 million to 4 billion shares. Importantly, this action does not alter the par value of the common stock or the fundamental rights and preferences of shareholders. This strategic move aims to make the company's stock more accessible to a broader range of investors by reducing the per-share trading price. The stock split is expected to take effect for trading purposes on October 3, 2024, under the same ticker symbol 'LRCX'. Investors holding LRCX will see their share count multiplied by ten, with corresponding adjustments to equity awards and options.

Oct 2, 2024 8-K

Other Events

LAM RESEARCH CORP 8-K Report, Corporate Update (Sep 25, 2024)

Lam Research Corporation (LRCX) has filed an 8-K to provide investors with an update on its previously announced ten-for-one forward stock split. The primary purpose of this filing is to announce the new CUSIP number for the company's common stock, which will be 512807306, effective after the stock split. This stock split is scheduled to become effective at 5:00 p.m. Eastern Time on October 2, 2024, with trading expected to commence on a split-adjusted basis on October 3, 2024. Investors holding shares through a broker or electronically in book-entry form will have their shares automatically adjusted and will not need to take any action. Registered stockholders with physical certificates will need to surrender them to the transfer agent, Computershare, via a letter of transmittal to receive their post-split shares.

Sep 25, 2024 8-K

LAM RESEARCH CORP 8-K Report, Executive Changes (Sep 18, 2024)

Lam Research Corporation (LRCX) announced in an 8-K filing dated September 17, 2024, that two long-serving members of its Board of Directors, Lih Shyng (Rick L.) Tsai, Ph.D. and Leslie F. Varon, will be concluding their service. Their departure is scheduled for November 4, 2024, just before the Company's 2024 annual meeting of stockholders. Consequently, neither Dr. Tsai nor Ms. Varon will be standing for re-election at the upcoming annual meeting on November 5, 2024. The company expressed its gratitude for their substantial contributions during their tenures. While the filing does not provide specific reasons for their departures, the conclusion of service for two directors typically signals a transition period for the board. Investors should monitor future filings for any information regarding the replacement of these directors and any strategic implications that might arise from these changes. The company's management has acknowledged their dedicated service, highlighting their significant contributions.

Sep 18, 2024 8-K

LAM RESEARCH CORP 8-K Report, Executive Changes (Aug 30, 2024)

Lam Research (LRCX) filed an 8-K on August 30, 2024 to disclose that its Board of Directors appointed two new independent directors, Ita M. Brennan and Mark Fields, effective August 30, 2024, with the Board size increased by two seats. The filing is a governance update rather than a financial disclosure: no financial results, guidance, or material transactions are reported. Brennan, a former CFO of Arista Networks, brings significant technology-sector finance expertise and will join the Audit Committee on November 5, 2024. Fields, a former President and CEO of Ford Motor Company and a current director of QUALCOMM, brings broad operational and executive leadership experience and will join the Compensation and Human Resources Committee on the same date. For investors, the appointments strengthen the board's financial oversight and operational depth at a time when the semiconductor equipment industry faces export controls, geopolitical tensions, and supply chain pressures, as the press release's forward-looking statements note. Both directors receive standard non-employee director compensation and enter into the Company's standard indemnification agreement. The filing states that neither director has a material interest in any related-party transaction, and no arrangements exist between either director and other persons for their nomination. Overall, the 8-K is low in immediate financial impact. Its significance lies in board refreshment and in the added audit committee expertise, which may matter to investors focused on governance quality and oversight of a large, globally exposed semiconductor equipment supplier.

Aug 30, 2024 8-K

Regulation FDOther EventsExhibits & Filings

LAM RESEARCH CORP 8-K Report, Financial Results (Jul 31, 2024)

Lam Research (LRCX) reported fiscal June 2024 quarter results (13 weeks) that came in above the midpoint of its guidance. Revenue was $3.87 billion, up 2.1% quarter-over-quarter but down from $3.21 billion a year earlier. U.S. GAAP operating margin expanded 120 bps sequentially to 29.1%, and U.S. GAAP diluted EPS was $7.78 (up 6.0% Q/Q). Non-GAAP diluted EPS was $8.14. Growth was driven by the customer support business group, with systems revenue falling sequentially to $2.17 billion from $2.40 billion while customer support and other revenue rose to $1.70 billion from $1.40 billion. Management said it is investing in R&D and operations to position the company for what it believes will be a multi-year period of strong wafer fab equipment spending. Cash generation was solid, with $862 million of operating cash flow in the quarter. Lam returned capital through $374 million of share repurchases and $262 million of dividends. Cash and restricted cash rose to $5.9 billion, and total debt was roughly $5.0 billion. Deferred revenue declined to $1.55 billion from $1.75 billion, a sequential decrease that merits monitoring as a leading indicator of future system shipments. For the September 2024 quarter, Lam guided to revenue of $4.05 billion (±$300 million), U.S. GAAP gross margin of 46.9% (±1%), and non-GAAP gross margin of 47.0% (±1%). Guidance implies non-GAAP EPS of $8.00 (±$0.75) on 131 million diluted shares. China represented 39% of June-quarter revenue, which is a key exposure to export controls and geopolitical risk.

Jul 31, 2024 8-K

LAM RESEARCH CORP 8-K Report, Regulation FD Disclosure (May 21, 2024)

On May 21, 2024, Lam Research (Nasdaq: LRCX) furnished an 8-K announcing two capital allocation actions: a $10 billion share repurchase authorization and a 10-for-1 forward stock split of its common stock. The buyback has no termination date and supplements any remaining balances from prior authorizations. Repurchases may be made in the open market, through private transactions, or via derivatives and structured repurchase agreements, and the program may be suspended or discontinued at any time. CFO Doug Bettinger tied the authorization to the company's plan to return 75% to 100% of free cash flow to stockholders through dividends and buybacks. The stock split is a mechanical action that does not change any stockholder's proportional economic interest. Per the filing, it will be effected by a Delaware charter amendment that also proportionately increases authorized common shares. The split is expected to be effective after market close on October 2, 2024, for holders of record, with split-adjusted trading beginning October 3, 2024. Management said the split is intended to broaden employee participation in equity plans, and equity awards, exercise prices, and conversion terms will be proportionately adjusted. For investors, the buyback is the more substantive item because it signals confidence in cash generation and offers a potential source of per-share value support, though the filing gives no timing or pace for execution. The split primarily affects share count and per-share price presentation rather than fundamentals. The forward-looking statement section flags risks including export controls and trade restrictions, geopolitical tensions, customer and competitor behavior, supply chain constraints, and the company's ability to generate the revenue needed to fund repurchases and dividends.

May 21, 2024 8-K

LAM RESEARCH CORP 8-K Report, Financial Results (Apr 24, 2024)

Lam Research (LRCX) reported fiscal Q3 2024 results (quarter ended March 31, 2024, a 14-week quarter) that came in ahead of the prior quarter on most measures. Revenue rose 0.9% sequentially to $3.79 billion, while U.S. GAAP gross margin expanded 70 basis points to 47.5% and non-GAAP gross margin rose 110 basis points to 48.7%. U.S. GAAP diluted EPS was $7.34 (up 1.7% Q/Q) and non-GAAP diluted EPS was $7.79 (up 3.6% Q/Q). Operating margin was broadly flat, with GAAP operating margin of 27.9% (down 20 bps) and non-GAAP operating margin of 30.3% (up 30 bps). Year-over-year, revenue was down from $3.87 billion in the March 2023 quarter, and GAAP gross margin improved sharply from 41.5%, reflecting a more favorable mix and cost profile. Cash generation remained strong, with $1.39 billion of operating cash flow in the quarter. Lam returned significant capital to shareholders, spending $981 million on share repurchases and $263 million on dividends. Cash, short-term investments and restricted cash rose slightly to $5.7 billion. Total debt fell in the quarter as the current portion of long-term debt rose to $505 million, with total long-term debt and finance lease obligations at about $4.98 billion, and deferred revenue declined to $1.75 billion from $1.93 billion. Inventory and receivables both decreased, with receivables down roughly 19% sequentially, which supported the operating cash flow figure. Management guided to June 2024 quarter revenue of $3.8 billion (±$300 million), U.S. GAAP diluted EPS of $7.20 (±$0.75) and non-GAAP diluted EPS of $7.50 (±$0.75), on 131 million diluted shares. CEO Tim Archer characterized the start to calendar 2024 as strong and tied the outlook to AI-driven demand for advanced semiconductor scaling. The guidance implies that revenue and earnings are expected to hold near current levels, so investors will likely focus on whether AI-related wafer fabrication demand can drive growth in subsequent quarters, as well as on China exposure, which accounted for 42% of revenue.

Apr 24, 2024 8-K

Shareholder MattersCorporate ChangesExhibits & Filings

LAM RESEARCH CORP 8-K Report, Financial Results (Jan 24, 2024)

Lam Research (LRCX) reported fiscal Q2 2024 results (quarter ended December 24, 2023) that beat its own trajectory on the top line and profitability. Revenue rose 7.9% sequentially to $3.76 billion, while U.S. GAAP diluted EPS climbed 8.4% to $7.22 and non-GAAP diluted EPS rose 9.8% to $7.52. Margins were mixed: U.S. GAAP gross margin fell 70 bps to 46.8% and operating margin fell 130 bps to 28.1%, though the company attributed part of the pressure to restructuring and transformational costs and a mix that leaned toward systems sales. Management credited AI-driven demand for supporting semiconductor industry growth over the coming years. Cash generation was strong. Operating cash flow was $1.45 billion for the quarter, and Lam returned capital through $645 million of share repurchases and $264 million of dividends. Cash and equivalents, short-term investments, and restricted cash rose to $5.6 billion. Deferred revenue increased to $1.93 billion from $1.69 billion, which points to a healthier order backlog. Systems revenue grew to $2.30 billion from $2.06 billion sequentially, while customer support-related revenue increased more modestly to $1.46 billion. Revenue is still well below the year-ago level of $5.28 billion, a decline of about 29% year over year, reflecting a cyclical downturn in wafer fab equipment spending. For the March 2024 quarter, Lam guided revenue to approximately $3.7 billion (±$300 million), non-GAAP gross margin to 48.0% (±1%), non-GAAP operating margin to 29.5% (±1%), and non-GAAP diluted EPS to $7.25 (±$0.75) on 132 million diluted shares. The guidance implies a roughly flat sequential top line with modestly higher margins. Geographic exposure remains concentrated, with China at 40% of revenue, which keeps export-control and geopolitical risk central to the investment thesis.

Jan 24, 2024 8-K

LAM RESEARCH CORP 8-K Report, Bylaw Amendment (Nov 9, 2023)

Lam Research Corporation (LRCX) filed an 8-K on November 8, 2023, detailing amendments to its Amended and Restated Bylaws, effective immediately. These changes are primarily administrative and designed to align with updated Delaware corporate law and SEC/Nasdaq regulations. Key amendments include modifications to procedures for adjourning stockholder meetings, proxy card color requirements, removal of the mandatory physical stockholder list at meetings, and ensuring the company is not obligated to indemnify officers for erroneously awarded compensation in compliance with SEC's clawback rules. The filing also reported the results of the company's Annual Meeting of Stockholders held on November 7, 2023. Investor-focused insights from the meeting results show overwhelming support for all director nominees, with vote percentages generally above 88% (with several above 99%). The "Say on Pay" advisory vote to approve executive compensation also passed with strong approval (95.21% for). Furthermore, the advisory vote on the frequency of "Say on Pay" votes overwhelmingly favored an annual vote (98.64% for one year), and the Board has committed to holding such advisory votes annually until at least 2029. The appointment of Ernst & Young LLP as the independent registered public accounting firm for fiscal year 2024 was also ratified with significant shareholder support.

Nov 9, 2023 8-K

LAM RESEARCH CORP 8-K Report, Financial Results (Oct 18, 2023)

Lam Research (LRCX) reported fiscal Q1 2024 results for the quarter ended September 24, 2023, with revenue of $3.48 billion, up 8.6% sequentially from $3.21 billion, though down roughly 31% from $5.07 billion a year earlier. U.S. GAAP gross margin expanded 200 basis points sequentially to 47.5%, operating margin rose 280 basis points to 29.4%, and diluted EPS was $6.66, up 11.6% quarter over quarter. On a non-GAAP basis, diluted EPS was $6.85. Management described the year as cyclically soft for wafer fabrication equipment spending while emphasizing continued strategic investment for long-term outperformance. Revenue mix shifted toward systems (about $2.06 billion, up from $1.71 billion sequentially), while customer support-related revenue declined to about $1.43 billion. Cash generation and capital returns were the other main story. Operating cash flow was $951 million, and the company spent $843 million on share repurchases and $230 million on dividends, while repaying $253 million of debt, largely tied to finance-lease property purchases. Cash, short-term investments and restricted cash fell to $5.2 billion from $5.6 billion. Shares outstanding declined to 132.1 million from 133.3 million in the prior quarter. Deferred revenue dropped to $1.69 billion from $1.84 billion, and inventories were roughly flat at $4.75 billion. Looking ahead, Lam guided the December 2023 quarter to revenue of $3.7 billion (plus or minus $300 million), a non-GAAP gross margin of 47.0% (plus or minus 1%), a non-GAAP operating margin of 29.5% (plus or minus 1%), and non-GAAP diluted EPS of $7.00 (plus or minus $0.75) on 132 million diluted shares. The guidance implies further sequential revenue growth. Because the release was furnished under Item 2.02, the information is not deemed filed for Exchange Act Section 18 purposes.

Oct 18, 2023 8-K

LAM RESEARCH CORP 8-K Report, Executive Changes (Aug 24, 2023)

Lam Research Corporation (LRCX) filed an 8-K on August 24, 2023 to disclose a board change: John M. Dineen was appointed as an independent director effective August 24, 2023, expanding the Board to eleven members. Dineen will join the Audit Committee effective November 7, 2023. The filing is a governance announcement rather than a financial disclosure; it contains no earnings, guidance, or financial statements. Dineen brings a long operating background, including three decades at General Electric (1986-2014), where he led GE Healthcare and GE Transportation as CEO, and an operating advisor role at Clayton, Dubilier & Rice (2015-2022). He currently sits on several public and private company boards, including Cognizant Technology Solutions and Syneos Health, where he chairs the board. Lam states his compensation will follow its standard non-employee director policy, and he is entering the company's standard indemnification agreement. The filing reports no related-party transactions and no family relationships with other directors or officers. For investors, the appointment is a modest, routine governance event. It adds industrial and operational experience and strengthens audit oversight with a new Audit Committee member. It does not change Lam's near-term fundamentals, though it may be read as a signal about board priorities in areas such as operations and supply chain management.

Aug 24, 2023 8-K

LAM RESEARCH CORP 8-K Report, Financial Results (Jul 26, 2023)

Lam Research (LRCX) reported fiscal Q4 2023 results for the quarter ended June 25, 2023, with revenue of $3.21 billion, down 17% sequentially from $3.87 billion, but still well within the company's guided range. U.S. GAAP gross margin expanded to 45.5% from 41.5% in the prior quarter, and U.S. GAAP operating margin rose to 26.6% from 24.4%, while diluted EPS was $5.97 versus $6.01. Management said profitability exceeded its guided ranges. Non-GAAP diluted EPS was $5.98, down from $6.99 in the March quarter, largely reflecting the lower revenue base and the absence of certain prior-quarter items. Full-year fiscal 2023 revenue was $17.43 billion, up slightly from $17.23 billion, and GAAP diluted EPS was $33.21. Cash flow and capital return remained strong. Operating cash flow was $1.12 billion in the quarter and $5.18 billion for the full year. The company repurchased $869 million of stock and paid $232 million in dividends during the quarter, and it ended the quarter with roughly $5.6 billion in cash and investments, flat sequentially. Deferred revenue declined to $1.84 billion from $2.00 billion. Systems revenue fell sharply to $1.71 billion from $2.26 billion, while customer support and other revenue was $1.50 billion, reflecting a shift in mix. For the September 2023 quarter, Lam guided to revenue of about $3.4 billion (±$300 million), U.S. GAAP gross margin of 45.9% (±1%), and non-GAAP gross margin of 46.5% (±1%), with non-GAAP operating margin guided at 28.0% (±1%) and non-GAAP EPS at $6.05 (±$0.75). Investors should note the heavy geographic concentration, with China at 26% and Korea at 24% of revenue, and the forward-looking risks tied to export controls and trade tensions described in the release.

Jul 26, 2023 8-K

LAM RESEARCH CORP 8-K Report, Financial Results (Apr 19, 2023)

Lam Research (LRCX) reported results for the fiscal quarter ended March 26, 2023 (March 2023 quarter), showing a sharp sequential decline from the record December quarter. Revenue fell 26.7% quarter-over-quarter to $3.87 billion from $5.28 billion, while U.S. GAAP diluted EPS dropped 44.2% to $6.01 from $10.77. Non-GAAP diluted EPS was $6.99, down 34.7% from $10.71. U.S. GAAP gross margin compressed 350 basis points to 41.5%, and operating margin fell 740 basis points to 24.4%. Management attributed the weakness to lower wafer fabrication equipment (WFE) spending expected in 2023, while highlighting record foundry-related revenue and the strength of its installed base business. Balance sheet and cash flow were a relative bright spot. Operating cash flow was $1.73 billion, enough to fund $582 million of share repurchases, $234 million of dividends, and $119 million of capex, leaving cash, short-term investments and restricted cash at $5.6 billion, up from $4.8 billion. Deferred revenue rose modestly to $2.0 billion. Revenue mix shifted toward Korea and China (22% each), with Taiwan at 18% and the United States at 16%. Guidance for the June 2023 quarter calls for revenue of about $3.1 billion (±$300 million), non-GAAP gross margin of 44.0% (±1%), non-GAAP operating margin of 25.5% (±1%), and non-GAAP diluted EPS of $5.00 (±$0.75) on 134 million diluted shares. The guidance implies further sequential revenue decline, signaling that the cyclical downturn in semiconductor equipment spending was expected to persist near term.

Apr 19, 2023 8-K

LAM RESEARCH CORP 8-K Report, Executive Changes (Feb 21, 2023)

Lam Research (LRCX) filed an 8-K on February 21, 2023 announcing a series of executive leadership changes effective March 1, 2023, rather than any financial results, guidance, or material transaction. The headline change is the appointment of Patrick (Pat) Lord, Ph.D., currently executive vice president of the Customer Support Business Group and Global Operations, as the newly created executive vice president and chief operating officer. In that role his remit expands to include Global Information Systems and Global Resilience, Security, and Transformation, which the company says will tighten integration between global operations and business transformation initiatives. The filing also reports that Christina (Tina) Correia, currently corporate vice president of Corporate Finance and Investor Relations, was named chief accounting officer. Correia's background includes prior roles as chief of staff to the CEO and vice president of Business Finance at Lam, and she previously served as corporate controller at BroadVision. The filing also reorganizes several other senior roles: Vahid Vahedi becomes CTO succeeding Rick Gottscho, who moves to a new innovation ecosystem role; Sesha Varadarajan will lead the newly combined etch and deposition Global Products Group; and Neil Fernandes becomes SVP of global customer operations as Scott Meikle retires. All of these executives report directly to CEO Tim Archer. For investors, this is a routine-to-moderate governance and succession update. It signals management consolidation and a push toward operational efficiency and innovation in the 3D era of chipmaking, but the filing contains no quantitative disclosures, so its direct financial impact cannot be measured from this document alone.

Feb 21, 2023 8-K

Earnings & ResultsFinancial EventsExhibits & Filings

LAM RESEARCH CORP 8-K Report, Executive Changes (Feb 9, 2023)

Lam Research Corporation (NASDAQ: LRCX) filed a Form 8-K on February 9, 2023 reporting two governance-related events. First, the Board appointed Dr. Ho Kyu Kang, a former Samsung Electronics executive vice president and head of its Semiconductor R&D Center, as an independent director effective February 7, 2023. His appointment increases the Board to ten members. Dr. Kang currently serves as Chair Professor at Yonsei University and brings roughly four decades of semiconductor engineering experience, including work on logic, flash, and DRAM process development. The filing states he has no material interest in any related-party transaction and will receive standard non-employee director compensation. Second, the Compensation and Human Resources Committee amended and restated the 2004 Executive Incentive Plan, effective February 7, 2023. The Plan governs performance-based cash and stock incentives for executive officers and senior management. The changes clarify that awards are subject to the Company's clawback policy, remove provisions tied to the Section 162(m) performance-based compensation exception (which was repealed under the Tax Cuts and Jobs Act of 2017), and make other administrative updates. These are largely housekeeping and governance-enhancing changes rather than changes to payout economics. For investors, the filing contains no financial results, guidance, or material financial impact. The director addition broadens the Board's semiconductor process-technology expertise at a time when Lam is focused on customer roadmaps in the 3D era, while the incentive plan update strengthens clawback alignment. The most relevant items are governance signals rather than earnings-moving events.

Feb 9, 2023 8-K

LAM RESEARCH CORP 8-K Report, Financial Results (Jan 25, 2023)

Lam Research (LRCX) reported fiscal Q2 2023 results (quarter ended December 25, 2022) with record revenue of $5.28 billion, up 4% sequentially and 25% year over year from $4.23 billion. U.S. GAAP gross margin was 45.0% (down 110 bps Q/Q) and operating margin was 31.8% (down 170 bps Q/Q), while U.S. GAAP diluted EPS rose 3.7% to $10.77. Non-GAAP diluted EPS was $10.71. Cash and equivalents, short-term investments, and restricted cash rose to $4.8 billion, supported by $1.14 billion of operating cash flow, which more than covered $456 million of buybacks, $236 million of dividends, and $163 million of capex. Deferred revenue fell sharply to $1.98 billion from $2.76 billion. The more consequential news is the restructuring. Lam commenced a workforce reduction on January 23, 2023 affecting roughly 1,300 positions (about 7% of employees), with charges of approximately $80 million expected in the March 2023 quarter, mostly one-time termination benefits. Management attributed the move to an expected decline in wafer fabrication equipment spending in calendar 2023, and said it will preserve critical R&D. The company also flagged further cost reduction actions over the next twelve months beyond this plan. Guidance for the March 2023 quarter calls for revenue of $3.8 billion (±$300 million), U.S. GAAP gross margin of 42.8% and operating margin of 25.3%, and U.S. GAAP EPS of $5.95 (±$0.75). Non-GAAP EPS guidance is $6.50 (±$0.75), reflecting the restructuring charge. The guidance implies a significant sequential revenue decline of roughly 28% and a sharp drop in profitability, signaling that management expects a meaningful cyclical downturn in the near term.

Jan 25, 2023 8-K

Shareholder Matters

LAM RESEARCH CORP 8-K Report, Shareholder Vote Results (Nov 10, 2022)

Lam Research Corporation (LRCX) held its Annual Meeting of Stockholders on November 8, 2022, where several key proposals were voted upon. The results indicate strong shareholder support for the company's governance and executive compensation practices. All nominated directors were overwhelmingly elected, reflecting confidence in the leadership team's ability to guide the company forward. Furthermore, shareholders approved the executive compensation program on an advisory basis ('Say on Pay') with a significant majority, signaling alignment between the company's pay practices and shareholder interests. The company also secured broad ratification for its choice of independent registered public accounting firm, Ernst & Young LLP, for the upcoming fiscal year 2023, underscoring confidence in the integrity and accuracy of its financial reporting.

Nov 10, 2022 8-K

LAM RESEARCH CORP 8-K Report, Financial Results (Oct 19, 2022)

Lam Research (LRCX) reported record quarterly revenue of $5.07 billion for the fiscal quarter ended September 25, 2022, up 9.5% sequentially and a company high. U.S. GAAP gross margin was 46.1% and operating margin 33.5%, with U.S. GAAP diluted EPS of $10.39 (up 18.9% quarter over quarter). Non-GAAP diluted EPS was $10.42. Operating cash flow of $1.19 billion was strong, and deferred revenue rose to $2.76 billion from $2.20 billion, supporting visibility into future revenue. Customer support-related revenue grew to $1.89 billion, reflecting the installed base and services business. Management's outlook is more cautious. CEO Tim Archer said the company expects weaker wafer fabrication equipment (WFE) spending in 2023. Guidance for the December 2022 quarter calls for revenue of about $5.1 billion (+/- $300 million), a U.S. GAAP gross margin of 44.5% (+/- 1 point), and U.S. GAAP diluted EPS of $9.98 (+/- $0.75). Gross margin guidance implies sequential compression from 46.1%, so investors should watch whether the 2023 downturn in WFE spending materially pressures revenue and margins. Capital returns remained significant: the company paid $206 million in dividends, declared $1.725 per share, and repurchased $110 million of stock. Cash, short-term investments and restricted cash rose to $4.6 billion. Total debt remained about $5.0 billion, and the company remains heavily exposed to China (30% of revenue) amid export controls and geopolitical tensions.

Oct 19, 2022 8-K

LAM RESEARCH CORP 8-K Report, Executive Changes (Sep 19, 2022)

Lam Research Corporation (LRCX) announced on September 18, 2022, that Director Catherine P. Lego will be retiring from the Board of Directors. Her retirement is effective November 7, 2022, which is prior to the company's 2022 annual meeting of stockholders. This change in board composition, while not indicating any adverse events, is a notable event for the company's governance structure. Investors should monitor the company's upcoming filings for information regarding the replacement of Ms. Lego on the Board. The departure of a director can sometimes signal shifts in strategic focus or governance approach, although in this instance, it is presented as a retirement. The effective date allows for a smooth transition period before the annual meeting.

Sep 19, 2022 8-K

Leadership ChangesCorporate ChangesOther Events+1

LAM RESEARCH CORP 8-K Report, Financial Results (Jul 27, 2022)

Lam Research reported record quarterly revenue of $4.64 billion for the June 2022 quarter, up 14% from the March quarter and roughly 12% above the prior-year quarter's $4.15 billion. U.S. GAAP gross margin rose 60 basis points to 45.3%, operating margin expanded 250 basis points to 31.9%, and GAAP diluted EPS increased 20% to $8.74 (non-GAAP $8.83). Management attributed the results to solid execution and technology leadership while operating in a supply-constrained environment, and cited the strength of its installed base business. Cash flow was weaker than the earnings suggest. Operating cash flow fell to $444 million from $758 million in the prior quarter, as changes in operating assets and liabilities consumed $782 million, driven by a $612 million increase in accounts receivable and a $487 million increase in inventories. Lam returned $876 million through share repurchases and $208 million through dividends, and total cash, short-term investments and restricted cash declined to $3.9 billion. Deferred revenue rose to $2.20 billion, and Japanese shipments held at inventory cost pending customer acceptance grew to an estimated $367 million, which is a useful indicator of future revenue recognition. For the September 2022 quarter, Lam guided to revenue of $4.9 billion (plus or minus $300 million), U.S. GAAP EPS of $9.48 (plus or minus $0.75) and non-GAAP EPS of $9.50 (plus or minus $0.75) on 137 million diluted shares. Guidance implies continued sequential growth and stable margins. Revenue concentration is high, with China at 31% and Korea and Taiwan together at 43%, so export controls and geopolitical developments remain key risks the filing highlights.

Jul 27, 2022 8-K

LAM RESEARCH CORP 8-K Report, Executive Changes (May 11, 2022)

Lam Research (LRCX) filed an 8-K on May 11, 2022 covering three main items: governance changes, a new senior executive transition policy, and a $5 billion share repurchase authorization announced alongside a quarterly dividend. The most investor-relevant item is the capital return program. The Board authorized up to $5 billion in common stock repurchases, which supplements any remaining balances under prior authorizations. Repurchases may occur through open-market, private, derivative, or structured share repurchase transactions, and the program has no termination date and may be suspended at any time. The Board also declared a quarterly dividend of $1.50 per share, payable July 6, 2022 to holders of record on June 15, 2022. On governance, the Board amended and restated the Bylaws effective immediately. The changes tighten advance notice requirements for director nominations and stockholder proposals. Nominating parties must now state their intent to solicit holders of at least 67% of the voting power and file a definitive proxy statement with the SEC. Nominees may also be required to submit to Board interviews, and information submitted must be accurate and complete. These provisions strengthen the company's position in a proxy contest and are typically viewed as shareholder-protective from management's perspective, though they may be viewed by activist investors as raising barriers to nomination. Separately, the Board approved a Senior Executive Transition Policy allowing eligible senior executives (age 55+, at least 5 years of service, and an age plus service total of at least 70) to move to a reduced schedule of at least 10 hours per week ahead of retirement. Executives must give 12 months' notice and sign a transition agreement, and they keep their annual incentive eligibility and equity vesting during the transition. The policy is designed to support succession planning and orderly leadership handover. From an investor standpoint, the filing signals continued confidence in the balance sheet and free cash flow generation, as the company is committing significant capital to buybacks and dividends. The filing contains no quantitative financial results. Its forward-looking statements cite supply chain disruptions, inflationary cost pressures, manufacturing capacity constraints, export controls and trade tensions, and the evolving COVID-19 pandemic as ongoing risks.

May 11, 2022 8-K

LAM RESEARCH CORP 8-K Report, Financial Results (Apr 20, 2022)

Lam Research (LRCX) reported fiscal Q3 2022 results (quarter ended March 27, 2022) that came in within its guided ranges despite what management described as an extraordinarily difficult supply environment. Revenue was $4.06 billion, down 4% sequentially from $4.23 billion, while U.S. GAAP diluted EPS was $7.30 (down 14% quarter over quarter) and non-GAAP diluted EPS was $7.40. Gross margin fell 210 basis points to 44.7% and operating margin declined to 29.4% from 31.7% on a GAAP basis, reflecting supply constraints and cost pressures. Year over year, revenue grew about 5.5% from $3.85 billion, though GAAP EPS was lower than the $7.41 diluted figure a year earlier, largely because of the share count reduction. Capital return remained a major theme. The company repurchased $1.3 billion of stock and paid $211 million in dividends during the quarter, while free cash flow was positive at roughly $613 million (operating cash flow of $758 million less $145 million of capex). Cash, short-term investments and restricted cash fell to $4.6 billion from $5.6 billion. Deferred revenue rose sharply to $2.07 billion from $1.46 billion, and inventories climbed to $3.48 billion, which together suggest demand is strong but that the company is struggling to convert orders into shipments. Management expects a return to solid growth as industry constraints ease. For the June 2022 quarter, Lam guided to revenue of about $4.20 billion (plus or minus $300 million), a non-GAAP gross margin of 44.5% (plus or minus 1%), a non-GAAP operating margin of 29.5% (plus or minus 1%), and non-GAAP diluted EPS of $7.25 (plus or minus $0.75) on 139 million diluted shares. The guidance implies a modest sequential revenue increase, with margins roughly flat, and it depends on the company's ability to resolve supply chain bottlenecks. Investors should watch whether supply improves enough to convert the elevated backlog into revenue.

Apr 20, 2022 8-K

LAM RESEARCH CORP 8-K Report, Financial Results (Jan 26, 2022)

Lam Research (LRCX) reported fiscal Q2 2022 results (quarter ended December 26, 2021) with revenue of $4.23 billion, essentially flat-to-down 2% sequentially from $4.30 billion, but up about 22% year over year from $3.46 billion. U.S. GAAP gross margin expanded 90 basis points sequentially to 46.8%, while operating margin slipped to 31.7% and diluted EPS rose 2% to $8.44 (non-GAAP $8.53). The company described the quarter as part of a record calendar 2021 within a robust wafer fabrication equipment spending environment, though management said worsening supply chain conditions in late December are causing near-term impacts to results. Cash generation was strong. Operating cash flow was $1.44 billion in the quarter, and cash, equivalents, short-term investments and restricted cash rose to $5.6 billion. Lam returned capital through $415 million of share repurchases and $211 million of dividends. Deferred revenue increased to $1.46 billion from $1.11 billion, and inventories rose to $3.07 billion, consistent with supply constraints and a backlog build. Forward guidance for the March 2022 quarter calls for revenue of $4.25 billion (+/- $300 million), U.S. GAAP gross margin of 45.0% (+/- 1%), and U.S. GAAP diluted EPS of $7.36 (+/- $0.75), implying sequential gross margin compression and flat revenue. Management expects wafer fab equipment investment to increase again in calendar 2022, pointing to another strong growth year, though investors should weigh near-term supply chain risk and geopolitical and export control exposure given China's 26% share of revenue.

Jan 26, 2022 8-K

LAM RESEARCH CORP 8-K Report, Executive Changes (Nov 16, 2021)

Lam Research Corporation (LRCX) announced a significant addition to its Board of Directors with the appointment of Jyoti K. Mehra, effective November 9, 2021. Ms. Mehra brings extensive experience in Human Resources, having served in executive roles at Gilead Sciences, Inc. and Novartis Pharmaceuticals Corporation. Her appointment is expected to strengthen the board's expertise in human capital management, a critical area for a global technology company like Lam Research. This appointment increases the size of the board to 10 members. Ms. Mehra will receive standard compensation for non-employee directors and will be subject to the company's standard indemnification agreement. Investors should note that this 8-K filing primarily concerns a board-level appointment and does not include financial performance updates or material changes in company operations.

Nov 16, 2021 8-K

Shareholder Matters

LAM RESEARCH CORP 8-K Report, Shareholder Vote Results (Nov 12, 2021)

LAM RESEARCH CORP (LRCX) filed an 8-K on November 11, 2021, reporting the results of its Annual Meeting of Stockholders held on November 8, 2021. The primary focus of the filing is the outcome of shareholder votes on key corporate governance matters. All nominated directors were overwhelmingly re-elected, indicating strong shareholder confidence in the current board's leadership and oversight. Additionally, shareholders approved the executive compensation plan on an advisory basis ('Say on Pay') and ratified the appointment of Ernst & Young LLP as the company's independent registered public accounting firm for fiscal year 2022. These results suggest a stable and well-supported governance structure at Lam Research. The high percentages of votes in favor for director nominees and the advisory compensation proposal reflect positive shareholder sentiment regarding the company's strategic direction and management of executive pay. The ratification of the independent auditor further solidifies confidence in the company's financial reporting and controls.

Nov 12, 2021 8-K

LAM RESEARCH CORP 8-K Report, Financial Results (Oct 20, 2021)

Lam Research (LRCX) reported results for the fiscal quarter ended September 26, 2021, with revenue of $4.30 billion, up 4% sequentially and roughly 35% year over year from $3.18 billion. U.S. GAAP gross margin was 45.9% (down 30 bps quarter over quarter), GAAP operating margin was 31.9% (up 20 bps), and GAAP diluted EPS was $8.27, up 4% sequentially. Non-GAAP diluted EPS was $8.36. Management described this as the sixth consecutive quarter of record revenue and EPS, citing strong demand in a robust wafer fabrication equipment environment. System revenue grew to $2.92 billion, while customer support-related revenue was roughly flat sequentially at $1.38 billion, a mix that leaves the company more exposed to new-tool cycles. Capital return was the largest cash event in the quarter. Lam repurchased $1.24 billion of stock and paid $185 million in dividends, while operating cash flow fell sharply to $458 million from $1.44 billion in the prior quarter, driven by a roughly $838 million working capital build. Accounts receivable rose to $3.40 billion and inventories to $2.87 billion. Cash, short-term investments, and restricted cash fell to $4.9 billion from $6.0 billion. Stockholders' equity declined to $5.82 billion as buybacks outpaced earnings, and shares outstanding dropped to 140.8 million. For the December 2021 quarter, management guided to revenue of $4.4 billion (plus or minus $250 million), U.S. GAAP gross margin of 46.0% (plus or minus 1%), operating margin of 31.7% (plus or minus 1%), and GAAP EPS of $8.37 (plus or minus $0.50) on 142 million diluted shares. The quarterly dividend was raised to $1.50 per share from $1.30. The release also lists geographic exposure, with China at 37% of revenue, a concentration that the risk factors tie to trade and export-control uncertainty.

Oct 20, 2021 8-K

Material AgreementsFinancial EventsExhibits & Filings

LAM RESEARCH CORP 8-K Report, Financial Results (Jul 28, 2021)

Lam Research (LRCX) reported fiscal Q4 2021 results for the quarter ended June 27, 2021, with revenue of $4.15 billion, up 8% sequentially from $3.85 billion, and a record quarter by the company's account. U.S. GAAP gross margin was 46.2% (down 10 bps Q/Q), U.S. GAAP operating margin rose to 31.7% (up 60 bps), and U.S. GAAP diluted EPS was $7.98, up 8% from $7.41. Non-GAAP diluted EPS was $8.09. Management cited strong semiconductor demand and rising device complexity as drivers of higher wafer fab equipment investment, and reported full-year fiscal 2021 revenue growth of more than 45% and EPS growth of over 70%. Cash generation was solid: operating cash flow was $1.44 billion for the quarter, which funded $822 million of debt repayment, $431 million of share repurchases, and $185 million of dividends. Cash, short-term investments and restricted cash were flat at roughly $6.0 billion quarter over quarter. Stockholders' equity rose to $6.03 billion, and total debt-related obligations fell sharply after the early-repayment of borrowings. For the September 2021 quarter, Lam guided to revenue of $4.3 billion (±$250 million), U.S. GAAP gross margin of 46.0% (±1%), U.S. GAAP operating margin of 31.7% (±1%), and U.S. GAAP diluted EPS of $8.02 (±$0.50) on 143 million diluted shares. The guidance implies modest sequential revenue growth and stable margins. Geographic exposure remains concentrated, with China at 37% and Korea at 30% of June-quarter revenue, which leaves the company sensitive to export controls and geopolitical developments.

Jul 28, 2021 8-K

LAM RESEARCH CORP 8-K Report, Material Agreement (Jun 21, 2021)

Lam Research Corporation (LRCX) has filed an 8-K report on June 21, 2021, detailing the entry into a Second Amended and Restated Credit Agreement, effective June 17, 2021. This agreement primarily serves to increase the company's revolving unsecured credit facility from $1.250 billion to $1.500 billion, with an option to expand it further by up to $600 million, potentially reaching a total of $2.1 billion. This enhanced liquidity provides the company with greater financial flexibility for general corporate purposes. The new credit facility matures on June 17, 2026, and includes provisions for interest rates based on either a base rate or LIBOR, with spreads influenced by the company's debt rating and sustainability performance metrics. The agreement also incorporates standard covenants, including financial covenants such as maintaining a consolidated debt to adjusted EBITDA ratio of less than or equal to 3.50 to 1.00. The report also notes that some lenders are existing financial service providers to Lam Research.

Jun 21, 2021 8-K

Regulation FDExhibits & Filings

LAM RESEARCH CORP 8-K Report, Financial Results (Apr 21, 2021)

Lam Research (LRCX) reported fiscal Q3 2021 results (quarter ended March 28, 2021) that set company records for revenue and earnings per share. Revenue rose 11% sequentially to $3.85 billion, while U.S. GAAP operating margin expanded 190 basis points to 31.1% and U.S. GAAP diluted EPS climbed 24% to $7.41 from $5.96. Non-GAAP diluted EPS was $7.49. Management attributed the strength to a strong wafer fabrication spending environment and Lam's ability to address customers' scaling challenges. Cash generation was solid, with $1.2 billion from operations against $89.6 million of capex. The company returned capital aggressively, repurchasing $1.1 billion of shares and paying $186.6 million in dividends, which pulled cash, short-term investments and restricted cash down to $6.0 billion from $6.3 billion the prior quarter. Geographically, China (32%) and Korea (31%) together accounted for roughly 63% of revenue, a concentration investors should weigh against export-control and geopolitical risk. For the June 2021 quarter, Lam guided to revenue of about $4.0 billion (±$250 million), a non-GAAP gross margin of 46.5% (±1%), a non-GAAP operating margin of 32.0% (±1%) and non-GAAP EPS of $7.50 (±$0.50) on 144 million diluted shares. The guidance implies a flat-to-modest sequential revenue change and continued margin stability, though the company cautioned that results remain subject to COVID-19, supply chain and trade-related uncertainties.

Apr 21, 2021 8-K

LAM RESEARCH CORP 8-K Report, Regulation FD Disclosure (Mar 19, 2021)

On March 19, 2021, Lam Research (LRCX) disclosed under Item 7.01 (Regulation FD, furnished rather than filed) a notice that the conversion rate on the 2.625% Senior Convertible Notes due 2041, originally issued by its subsidiary Novellus Systems and guaranteed by Lam, was adjusted upward. The rate rose from 31.7239 to 31.8009 shares of common stock per $1,000 principal amount, an increase of about 0.24%. The adjustment is mechanical: it follows the Indenture's anti-dilution provision for cash dividends and was triggered by Lam's previously announced quarterly dividend of $1.30 per share, with an ex-dividend date of March 16, 2021 and payment scheduled for April 7, 2021. The implied conversion price falls from roughly $31.52 to roughly $31.45 per share. This is a small change that modestly increases the number of shares holders would receive on conversion, and it does not reflect a new issuance, a change in the notes' principal, or a change in Lam's operating outlook. The calculation uses a reference price of $536.75, the last reported sale price on the trading day before the ex-dividend date, and I verified it against the stated formula: CR1 = CR0 × (SP0 / (SP0 − C)), which yields 31.8009. The filing also states that if the dividend is not paid, the conversion rate will be reduced back to the level that would apply had the dividend not been declared, so holders are protected in both directions. For investors, the filing is primarily administrative. It is most relevant to holders of the 2041 notes and to analysts tracking potential dilution from convertible debt, given the notes' remaining principal is not disclosed in this filing. The dividend itself signals continued capital returns to common shareholders. The filing does not contain financial results, guidance, or changes to the company's capital structure.

Mar 19, 2021 8-K

LAM RESEARCH CORP 8-K Report, Financial Results (Jan 27, 2021)

Lam Research (LRCX) reported fiscal Q2 2021 results (quarter ended December 27, 2020) that set company records, with revenue of $3.46 billion, up 9% sequentially from $3.18 billion, and U.S. GAAP diluted EPS of $5.96, up 7% from $5.59. U.S. GAAP gross margin was 46.4% (down 100 bps Q/Q) and operating margin was 29.2% (down 100 bps Q/Q). Non-GAAP diluted EPS was $6.03. Management described calendar 2020 as the most successful year in the company's 40-year history, citing strong secular semiconductor demand that is driving higher wafer fabrication equipment spending. Revenue growth was led by system revenue, which rose to $2.31 billion from $2.15 billion, while customer support-related revenue reached $1.15 billion. The quarter's cash flow picture was weaker than the earnings. Operating cash flow was $345 million, sharply below the $643 million generated in the prior quarter, because of a $657 million outflow from changes in operating assets and liabilities, largely driven by a jump in accounts receivable to $2.90 billion from $2.32 billion and higher inventories. Lam returned significant capital to shareholders, repurchasing $723 million of stock and paying $188 million in dividends, which reduced combined cash, short-term investments and restricted cash to $6.3 billion from $6.9 billion. Looking ahead, Lam guided fiscal Q3 2021 (quarter ending March 28, 2021) to revenue of $3.7 billion (+/- $200 million), U.S. GAAP gross margin of 46.0% (+/- 1 point), operating margin of 30.1% (+/- 1 point), and U.S. GAAP diluted EPS of $6.47 (+/- $0.40) on 145 million diluted shares. The guidance implies continued sequential growth, but the company's forward-looking statements flag COVID-19, U.S.-China trade and export-control risks, and customer or competitor actions as ongoing uncertainties. China was the largest revenue region at 35% of the quarter's total.

Jan 27, 2021 8-K