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

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed July 30, 2025
Period End
July 30, 2025
Security
LRCX
In the 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 · Nov ’17Nov ’17
  2. Leadership change8-K · Dec ’20Dec ’20
  3. Restructuring8-K · Jan ’23Jan ’23
  4. Leadership change8-K · Aug ’26Aug ’26

01—Abstract

Summary

Summary of the 8-K filed July 30, 2025. Cited figures are marked; the original filing is the authoritative source.

Lam Research (LRCX) reported fiscal Q4 2025 results for the quarter ended June 29, 2025, with revenue of $5.17 billiona, 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 $1.35b, 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 billionc 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 billiond. 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.

02—Key points

Key Highlights

  1. Revenue of $5.17B, up 9.6% Q/Q and 33.6% Y/Y from $3.87B in the June 2024 quarter
  2. U.S. GAAP gross margin of 50.1% (+110 bps Q/Q); non-GAAP gross margin of 50.3%
  3. U.S. GAAP diluted EPS of $1.35 (+31.1% Q/Q); non-GAAP diluted EPS of $1.33 (+27.9% Q/Q)
  4. Systems revenue rose to $3.44B from $3.04B Q/Q, while customer support and other revenue was roughly flat at $1.73B
  5. Operating cash flow of $2.55B in the quarter; $1.29B spent on share repurchases and $295M on dividends
  6. Deferred revenue increased to $2.68B from $2.01B, excluding $342M of Japan shipments pending customer acceptance
  7. Q1 FY26 (Sept. 2025 quarter) guidance: revenue $5.20B ±$300M, non-GAAP EPS $1.20 ±$0.10, non-GAAP gross margin 50.0% ±1%

03—Questions

Frequently Asked Questions

  1. How did Lam Research perform in the June 2025 quarter?

    Lam reported revenue of $5.17 billion, up 9.6% from the prior quarter. U.S. GAAP gross margin was 50.1% and operating margin was 33.7%, with U.S. GAAP diluted EPS of $1.35 and non-GAAP diluted EPS of $1.33.

  2. What is Lam guiding for the September 2025 quarter?

    Lam guided to revenue of $5.20 billion (±$300 million), U.S. GAAP gross margin of 49.9% (±1%), U.S. GAAP operating margin of 33.9% (±1%), and non-GAAP EPS of $1.20 (±$0.10) on a diluted share count of about 1.27 billion.

  3. What drove the increase in cash and deferred revenue?

    Cash and equivalents rose to $6.39 billion, driven by operating cash flow of $2.55 billion in the quarter, partly offset by $1.29 billion of buybacks and $295 million of dividends. Deferred revenue rose to $2.68 billion from $2.01 billion, which points to a larger backlog of shipments not yet recognized as revenue.

  4. Were there any one-time items affecting the quarter's earnings?

    Yes. U.S. GAAP net income included a $24.7 million income tax benefit from the conclusion of certain tax matters related to a prior business combination. Lam excluded this benefit from non-GAAP results. A $34.1 million gain on elective deferred compensation assets was also excluded from non-GAAP results.

  5. What risks does the filing highlight for investors?

    The filing cites export controls, tariffs, trade disputes, and geopolitical tensions as risks to sales. It also flags supply chain cost inflation, supply disruptions or capacity constraints, and natural or human-caused disasters. China accounted for 35% of June-quarter revenue, which makes China-related trade policy a key sensitivity.

04—Continue

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