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

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed January 28, 2026
Period End
January 28, 2026
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. Leadership change8-K · Feb ’23Feb ’23
  4. Material agreement8-K · Jan ’25Jan ’25

01—Abstract

Summary

Summary of the 8-K filed January 28, 2026. Cited figures are marked; the original filing is the authoritative source.

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 billiona, 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 billionb 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 billionc 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%d 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.

02—Key points

Key Highlights

  1. Revenue of $5.34B was flat sequentially and up about 22% year over year, with systems revenue down to $3.36B and customer support-related revenue up to $1.99B.
  2. U.S. GAAP gross margin of 49.6% fell 80 bps sequentially; U.S. GAAP operating margin of 33.9% fell 50 bps, and non-GAAP operating margin was 34.3%.
  3. U.S. GAAP diluted EPS was $1.26 (up 2% sequentially), with non-GAAP diluted EPS of $1.27; net income was $1.59B.
  4. Lam returned substantial capital in the quarter: $1.47B in share repurchases and $328M in dividends, exceeding the $1.48B of operating cash flow combined with capex of $261M.
  5. Cash, cash equivalents, and restricted cash declined to $6.2B from $6.7B, and deferred revenue fell to $2.25B from $2.77B.
  6. Q3 FY2026 guidance (March 2026 quarter): revenue $5.70B ±$300M, U.S. GAAP gross margin 49.0% ±1%, U.S. GAAP operating margin 33.9% ±1%, and diluted EPS $1.35 ±$0.10.
  7. Geographic mix was concentrated in China (35%), Taiwan (20%), and Korea (20%), with Japan at 10%; Japan shipments awaiting customer acceptance rose to about $226M of estimated future revenue.

03—Questions

Frequently Asked Questions

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

    Lam reported revenue of $5.34B, roughly flat sequentially and up about 22% year over year. U.S. GAAP diluted EPS was $1.26, up 2% from $1.24 in the prior quarter, while gross and operating margins were modestly lower sequentially at 49.6% and 33.9%.

  2. What is Lam's guidance for the March 2026 quarter?

    Management guided to revenue of $5.70B (±$300M), 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). This implies about 7% sequential revenue growth at the midpoint.

  3. Why did cash and deferred revenue decline?

    Cash fell to $6.2B mainly because of $1.47B in share buybacks and $328M in dividends, plus capex of $261M, partially offset by $1.48B of operating cash flow. Deferred revenue dropped to $2.25B from $2.77B, which the filing does not explicitly attribute to a single cause.

  4. Is the shift in revenue mix a positive sign?

    Customer support-related revenue rose to $1.99B from $1.78B, while systems revenue fell to $3.36B from $3.55B. This mix shift toward services tends to be more recurring and stable, though the systems decline is worth monitoring for leading-edge equipment demand.

  5. Are the non-GAAP results materially different from GAAP?

    The differences are small. Non-GAAP excludes intangible amortization, elective deferred compensation valuation changes, and in the prior quarter an impairment and a tax law charge. Non-GAAP EPS was $1.27 versus $1.26 GAAP for the December quarter.

04—Continue

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