LRCX

MKT CAP:$337B

Lam Research Corporation

Market Cap

$337B

Technology·Semiconductors·🇺🇸 United States·NASDAQ

Technology·Semiconductors·🇺🇸·NASDAQ

Stock Price

$270.28+$85.22 (+46.05%)

Apr 24, 2026

Company Details

Lam Research Corporation designs, manufactures, markets, refurbishes, and services semiconductor processing equipment used in the fabrication of integrated circuits. The company offers ALTUS systems to deposit conformal films for tungsten m...

CEO

Timothy Archer

IPO Date

May 4, 1984

Website

www.lamresearch.com

Key Metrics TTM

Revenue

$21.7B

+26.5% YoY

Net Income

$6.7B

EPS (Diluted)

$5.30

Free Cash Flow

$6.5B

Revenue / Share

$17.24

Gross Margin

50.0%

Operating Margin

34.3%

Net Margin

30.9%

FCF Margin

29.8%

P/S

15.5x

P/E

50.2x

Earnings Reports

Q3 2026

Apr 22, 2026

NEW

$5.8B+23.8%EPS $1.45

Q2 2026

Jan 29, 2026

$5.3B+22.1%EPS $1.26

Q1 2026

Oct 24, 2025

$5.3B+27.7%EPS $1.24

FY 2025

Aug 11, 2025

$18.4B+23.7%EPS $4.15

Q4 2025

Aug 11, 2025

$5.2B+33.6%EPS $1.35

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 22	$4.6B	$2.1B	$1.5B
Q1 23	$5.1B	$2.3B	$1.7B
Q2 23	$5.3B	$2.4B	$1.7B
Q3 23	$3.9B	$1.6B	$942M
Q4 23	$3.2B	$1.5B	$855M
Q1 24	$3.5B	$1.7B	$1.0B
Q2 24	$3.8B	$1.8B	$1.1B
Q3 24	$3.8B	$1.8B	$1.1B
Q4 24	$3.9B	$1.8B	$1.1B
Q1 25	$4.2B	$2.0B	$1.3B
Q2 25	$4.4B	$2.1B	$1.3B
Q3 25	$4.7B	$2.3B	$1.6B
Q4 25	$5.2B	$2.6B	$1.7B
Q1 26	$5.3B	$2.7B	$1.8B
Q2 26	$5.3B	$2.7B	$1.8B
Q3 26	$5.8B	$2.9B	$2.0B

Valuation

Quarter	P/S	P/E
Q4 22	3.6x	13.5x
Q1 23	2.8x	10.4x
Q2 23	3.1x	11.6x
Q3 23	3.5x	13.5x
Q4 23	5.0x	19.1x
Q1 24	5.2x	20.6x
Q2 24	7.1x	29.3x
Q3 24	9.1x	35.7x
Q4 24	9.2x	36.0x
Q1 25	6.7x	25.9x
Q2 25	5.7x	21.6x
Q3 25	5.4x	19.9x
Q4 25	6.7x	23.0x
Q1 26	8.5x	28.5x
Q2 26	10.8x	35.8x
Q3 26	11.6x	37.5x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 22	$444M	$318M
Q1 23	$1.2B	$1.0B
Q2 23	$1.1B	$977M
Q3 23	$1.7B	$1.6B
Q4 23	$1.1B	$1.0B
Q1 24	$951M	$874M
Q2 24	$1.5B	$1.3B
Q3 24	$1.4B	$1.3B
Q4 24	$862M	$762M
Q1 25	$1.6B	$1.5B
Q2 25	$742M	$853M
Q3 25	$1.3B	$1.0B
Q4 25	$2.6B	$2.4B
Q1 26	$1.8B	$1.6B
Q2 26	$1.5B	$1.7B
Q3 26	$1.1B	$810M

Capital Expenditures

Quarter	CapEx
Q4 22	$126M
Q1 23	$140M
Q2 23	$163M
Q3 23	$119M
Q4 23	$79M
Q1 24	$77M
Q2 24	$115M
Q3 24	$104M
Q4 24	$101M
Q1 25	$111M
Q2 25	$111M
Q3 25	$288M
Q4 25	$172M
Q1 26	$185M
Q2 26	$185M
Q3 26	$332M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 22	+11.8%	+11.6%
Q1 23	+17.9%	+15.1%
Q2 23	+24.9%	+24.5%
Q3 23	-4.7%	+2.1%
Q4 23	-30.8%	-25.5%
Q1 24	-31.4%	-27.2%
Q2 24	-28.8%	-24.9%
Q3 24	-2.0%	-6.5%
Q4 24	+20.7%	+16.7%
Q1 25	+19.7%	+18.1%
Q2 25	+16.4%	+12.6%
Q3 25	+24.4%	+15.4%
Q4 25	+33.6%	+25.0%
Q1 26	+27.7%	+20.4%
Q2 26	+22.1%	+16.2%
Q3 26	+23.8%	+20.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 22	$70M	1.5%
Q1 23	$71M	1.4%
Q2 23	$73M	1.4%
Q3 23	$74M	1.9%
Q4 23	$68M	2.1%
Q1 24	$67M	1.9%
Q2 24	$70M	1.9%
Q3 24	$77M	2.0%
Q4 24	$79M	2.0%
Q1 25	$80M	1.9%
Q2 25	$82M	1.9%
Q3 25	$87M	1.8%
Q4 25	$94M	1.8%
Q1 26	$97M	1.8%
Q2 26	$89M	1.7%
Q3 26	$97M	1.7%

OpEx Breakdown

Quarter	R&D	SG&A
Q4 22	$411M	$209M
Q1 23	$433M	$206M
Q2 23	$462M	$234M
Q3 23	$429M	$194M
Q4 23	$402M	$200M
Q1 24	$423M	$207M
Q2 24	$470M	$229M
Q3 24	$512M	$215M
Q4 24	$498M	$217M
Q1 25	$495M	$243M
Q2 25	$495M	$244M
Q3 25	$526M	$226M
Q4 25	$580M	$268M
Q1 26	$576M	$279M
Q2 26	$573M	$268M
Q3 26	$583M	$280M

Revenue Segments

Quarter	Customer Support and Other	System
Q1 23	$1.9B	$3.2B
Q2 23	$1.7B	$3.5B
Q3 23	$1.6B	$2.3B
Q1 24	$1.4B	$2.1B
Q2 24	$1.5B	$2.3B
Q3 24	$1.4B	$2.4B
Q4 24	$1.7B	$2.2B
Q1 25	$1.8B	$2.4B
Q2 25	$1.8B	$2.6B
Q3 25	$1.7B	$3.0B
Q4 25	$1.7B	$3.4B
Q1 26	$1.8B	$3.5B
Q2 26	$2.0B	$3.4B

Revenue by Geography

Quarter	China	Europe	Japan	Korea, Republic Of	South East Asia	Taiwan, Province Of China	United States
Q1 23	$1.5B	$263M	$459M	$855M	$541M	$1.1B	$305M
Q2 23	$1.3B	$338M	$576M	$1.1B	$529M	$991M	$503M
Q3 23	$840M	$312M	$406M	$848M	$156M	$714M	$594M
Q1 24	$1.7B	$238M	$325M	$548M	$159M	$242M	$282M
Q2 24	$1.5B	$176M	$513M	$712M	$146M	$500M	$219M
Q4 24	$1.5B	$115M	$283M	$697M	$489M	$594M	$376M
Q3 25	$1.5B	$134M	$475M	$1.2B	—	$1.1B	$190M
Q4 25	$1.8B	$90M	$741M	$1.1B	—	$966M	$286M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 22	$3.5B	$136M	$3.7B
Q1 23	$4.3B	$121M	$4.4B
Q2 23	$4.5B	$103M	$4.6B
Q3 23	$5.3B	$64M	$5.4B
Q4 23	$5.3B	$38M	$5.4B
Q1 24	$5.1B	$31M	$5.2B
Q2 24	$5.6B	$15M	$5.6B
Q3 24	$5.7B	$0	$5.7B
Q4 24	$5.8B	$0	$5.8B
Q1 25	$6.1B	$0	$6.1B
Q2 25	$5.7B	$0	$5.7B
Q3 25	$5.5B	$0	$5.5B
Q4 25	$6.4B	$0	$6.4B
Q1 26	$6.7B	$0	$6.7B
Q2 26	$6.2B	$0	$6.2B
Q3 26	$4.8B	$0	$4.8B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 22	1.38B	-1.2%	-3.6%
Q1 23	1.37B	-0.8%	-3.8%
Q2 23	1.36B	-0.6%	-3.7%
Q3 23	1.35B	-0.7%	-3.3%
Q4 23	1.34B	-0.7%	-2.8%
Q1 24	1.33B	-0.9%	-2.9%
Q2 24	1.32B	-0.7%	-3.0%
Q3 24	1.32B	-0.5%	-2.9%
Q4 24	1.32B	+0.4%	-1.8%
Q1 25	1.30B	-1.2%	-2.1%
Q2 25	1.29B	-1.0%	-2.3%
Q3 25	1.29B	-0.3%	-2.1%
Q4 25	1.28B	-0.9%	-3.3%
Q1 26	1.27B	-0.6%	-2.7%
Q2 26	1.27B	-0.3%	-2.0%
Q3 26	1.26B	-0.6%	-2.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 22	$261.9K	18K
Q1 23	$286.7K	18K
Q2 23	$298.2K	18K
Q3 23	$218.6K	18K
Q4 23	$186.5K	17K
Q1 24	$202.4K	17K
Q2 24	$218.5K	17K
Q3 24	$220.6K	17K
Q4 24	$221.9K	17K
Q1 25	$238.9K	17K
Q2 25	$250.8K	17K
Q3 25	$270.5K	17K
Q4 25	$272.2K	19K
Q1 26	$280.2K	19K
Q2 26	$281.3K	19K
Q3 26	$307.4K	19K

Revenue / Employee