lrcx-20260128
false000070754900007075492026-01-282026-01-28
Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
 Current Report
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): January 28, 2026
  LAM RESEARCH CORPORATION
(Exact name of registrant as specified in its charter)
 
Delaware 0-12933 94-2634797
(State or Other Jurisdiction
of Incorporation)		 (Commission
File Number)		 (IRS Employer
Identification Number)
4650 Cushing Parkway
Fremont, California 94538
(Address of principal executive offices including zip code)
(510) 572-0200
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, Par Value $0.001 Per ShareLRCXThe Nasdaq Stock Market
(Nasdaq Global Select Market)
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company      ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.                      ☐

Table of Contents
Table of Contents
 
Item 2.02.  Results of Operations and Financial Condition 
Item 9.01.  Financial Statements and Exhibits 
SIGNATURES 
EX-99.1

Table of Contents
 Item 2.02.Results of Operations and Financial Condition
On January 28, 2026, Lam Research Corporation (the “Company”) issued a press release announcing its financial results for the fiscal quarter ended December 28, 2025, the text of which is attached hereto as Exhibit 99.1.
The information in this item of this Current Report on Form 8-K, including Exhibit 99.1, is furnished pursuant to Item 2.02 and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that Section. Furthermore, the information in this item of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933, as amended, or the Exchange Act.
 Item 9.01.Financial Statements and Exhibits
(d) Exhibits
99.1
104Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document

Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date:January 28, 2026
LAM RESEARCH CORPORATION
(Registrant)
 /s/ Douglas R. Bettinger
 Douglas R. Bettinger
 Executive Vice President and Chief Financial Officer
 (Principal Financial Officer)
 



Exhibit 99.1
FOR IMMEDIATE RELEASE        
Lam Research Corporation Reports Financial Results for the Quarter Ended December 28, 2025
FREMONT, Calif., January 28, 2026 - Lam Research Corporation (the "Company," "Lam," "Lam Research") today announced financial results for the quarter ended December 28, 2025 (the “December 2025 quarter”).
Highlights for the December 2025 quarter were as follows:
•Revenue of $5.34 billion.
•U.S. GAAP gross margin of 49.6%, U.S. GAAP operating income as a percentage of revenue of 33.9%, and U.S. GAAP diluted EPS of $1.26.
•Non-GAAP gross margin of 49.7%, non-GAAP operating income as a percentage of revenue of 34.3%, and non-GAAP diluted EPS of $1.27.
Key Financial Data for the Quarters Ended
December 28, 2025 and September 28, 2025
(in thousands, except per-share data, percentages, and basis points) 
U.S. GAAP
 December 2025September 2025Change Q/Q
Revenue$5,344,791 $5,324,173 — 
Gross margin as percentage of revenue49.6 %50.4 %- 80 bps
Operating income as percentage of revenue33.9 %34.4 %- 50 bps
Diluted EPS$1.26 $1.24 + 2%
Non-GAAP
 December 2025September 2025Change Q/Q
Revenue$5,344,791 $5,324,173 — 
Gross margin as percentage of revenue49.7 % 50.6 %- 90 bps
Operating income as percentage of revenue34.3 % 35.0 %- 70 bps
Diluted EPS$1.27  $1.26 + 1%

U.S. GAAP Financial Results
For the December 2025 quarter, revenue was $5,345 million, gross margin was $2,651 million, or 49.6% of revenue, operating expenses were $841 million, operating income was 33.9% of revenue, and net income was $1,594 million, or $1.26 per diluted share on a U.S. GAAP basis. This compares to revenue of $5,324 million, gross margin of $2,685 million, or 50.4% of revenue, operating expenses of $856 million, operating income of 34.4% of revenue, and net income of $1,569 million, or $1.24 per diluted share, for the quarter ended September 28, 2025 (the “September 2025 quarter”).
Non-GAAP Financial Results
For the December 2025 quarter, non-GAAP gross margin was $2,658 million, or 49.7% of revenue, non-GAAP operating expenses were $827 million, non-GAAP operating income was 34.3% of revenue, and non-GAAP net income was $1,598 million, or $1.27 per diluted share. This compares to non-GAAP gross margin of $2,694 million, or 50.6% of revenue, non-GAAP operating expenses of $832 million, non-GAAP operating income of 35.0% of revenue, and non-GAAP net income of $1,605 million, or $1.26 per diluted share, for the September 2025 quarter.

“Lam delivered another strong quarter to cap a record year,” said Tim Archer, Lam Research's President and Chief Executive Officer. “Entering 2026, our expanding product and services portfolio is enabling the market's transition to smaller, more complex three-dimensional devices and packages. With AI accelerating, we are ramping execution velocity across the company to support our customers' growth and realize our vision for multi-year outperformance”



Balance Sheet and Cash Flow Results
Cash, cash equivalents, and restricted cash balances decreased to $6.2 billion at the end of the December 2025 quarter compared to $6.7 billion at the end of the September 2025 quarter. The decrease was primarily the result of cash deployed for capital return activities and capital expenditures, partially offset by cash generated from operating activities during the quarter.
Deferred revenue at the end of the December 2025 quarter decreased to $2.25 billion compared to $2.77 billion as of the end of the September 2025 quarter. Lam's deferred revenue balance does not include shipments to customers in Japan, to whom control does not transfer until customer acceptance. Shipments to customers in Japan are classified as inventory at cost until the time of acceptance. The estimated future revenue from shipments to customers in Japan was approximately $226 million as of December 28, 2025 and $131 million as of September 28, 2025.
Revenue
The geographic distribution of revenue during the December 2025 quarter is shown in the following table:
RegionRevenue
China35%
Taiwan20%
Korea20%
Japan10%
Southeast Asia8%
United States5%
Europe2%
The following table presents revenue disaggregated between systems and customer support-related revenue:
Three Months Ended
December 28,
2025		September 28,
2025		December 29,
2024
(In thousands)
Systems revenue$3,357,493 $3,547,565 $2,625,649 
Customer support-related revenue and other1,987,298 1,776,608 1,750,398 
$5,344,791 $5,324,173 $4,376,047 
Systems revenue includes sales of new leading-edge equipment in deposition, etch, and other wafer fabrication markets.
Customer support-related revenue includes sales of customer service, spares, upgrades, and non-leading-edge equipment from our Reliant® product line.
Outlook
For the quarter ending March 29, 2026, Lam is providing the following guidance:
U.S. GAAPReconciling ItemsNon-GAAP
Revenue$5.70 Billion+/-$300 Million—$5.70 Billion+/-$300 Million
Gross margin as a percentage of revenue49.0%+/-1%$2.7 Million49.0%+/-1%
Operating income as a percentage of revenue33.9%+/-1%$3.0 Million34.0%+/-1%
Net income per diluted share$1.35+/-$0.10$3.5 Million$1.35+/-$0.10
Diluted share count1.26 Billion—1.26 Billion
The information provided above is only an estimate of what the Company believes is realizable as of the date of this release and does not incorporate the potential impact of any business combinations, asset acquisitions, divestitures, restructuring, balance sheet valuation adjustments, financing arrangements, other investments, or other items that may be completed or realized after the date of this release, except as described below. U.S. GAAP to non-GAAP reconciling items provided include only those items that are known and can be estimated as of the date of this release. Actual results will vary from this model and the variations may be material. Reconciling items included above are as follows:

•Gross margin as a percentage of revenue - amortization related to intangible assets acquired through business combinations, $2.7 million.



•Operating income as a percentage of revenue - amortization related to intangible assets acquired through business combinations, $3.0 million.

•Net income per diluted share - amortization related to intangible assets acquired though business combinations, $3.0 million; amortization of debt discounts, $0.7 million; and associated tax benefit for non-GAAP items ($0.2 million); totaling $3.5 million.
Use of Non-GAAP Financial Results
In addition to U.S. GAAP results, this press release also contains non-GAAP financial results. The Company’s non-GAAP results for both the December 2025 and September 2025 quarters exclude amortization related to intangible assets acquired through business combinations, the effects of elective deferred compensation-related assets and liabilities, amortization of note discounts, and the net income tax effect of non-GAAP items. In addition, the September 2025 quarter excludes the impairment of long-lived assets and its associated income tax effect as well as income tax expense from a change in tax law.
Management uses non-GAAP gross margin, operating expense, operating income, operating income as a percentage of revenue, net income, and net income per diluted share to evaluate the Company’s operating and financial results. The Company believes the presentation of non-GAAP results is useful to investors for analyzing business trends and comparing performance to prior periods, along with enhancing investors’ ability to view the Company’s results from management’s perspective. Tables presenting reconciliations of non-GAAP results to U.S. GAAP results are included at the end of this press release and on the Company’s website at https://investor.lamresearch.com.
Caution Regarding Forward-Looking Statements
Statements made in this press release that are not of historical fact are forward-looking statements and are subject to the safe harbor provisions created by the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relate to, but are not limited to: our outlook and guidance for future financial results, including revenue, gross margin, operating income and net income; the size of our product and services portfolio; the extent to which our products and services are enabling our customers; customer and industry trends, including the role of AI as an industry driver; our rate of operational execution; and our long-term performance objectives. Some factors that may affect these forward-looking statements include: business, economic, political and/or regulatory conditions in the consumer electronics industry, the semiconductor industry and the overall economy may deteriorate or change; the actions of our customers and competitors may be inconsistent with our expectations; trade regulations, export controls, tariffs, trade disputes, and other geopolitical tensions may inhibit our ability to sell our products; supply chain cost increases, tariffs, export controls and other inflationary pressures have impacted and may continue to impact our profitability; supply chain disruptions, export controls or manufacturing capacity constraints may limit our ability to manufacture and sell our products; and natural and human-caused disasters, disease outbreaks, war, terrorism, political or governmental unrest or instability, or other events beyond our control may impact our operations and revenue in affected areas; as well as the other risks and uncertainties that are described in the documents filed or furnished by us with the Securities and Exchange Commission, including specifically the Risk Factors described in our annual report on Form 10-K for the fiscal year ended June 29, 2025 and our quarterly report on Form 10-Q for the fiscal quarter ended September 28, 2025. These uncertainties and changes could materially affect the forward-looking statements and cause actual results to vary from expectations in a material way. The Company undertakes no obligation to update the information or statements made in this release.
Lam Research Corporation is a global supplier of innovative wafer fabrication equipment and services to the semiconductor industry. Lam's equipment and services allow customers to build smaller and better performing devices. In fact, today, nearly every advanced chip is built with Lam technology. We combine superior systems engineering, technology leadership, and a strong values-based culture, with an unwavering commitment to our customers. Lam Research (Nasdaq: LRCX) is a FORTUNE 500® company headquartered in Fremont, Calif., with operations around the globe. Learn more at www.lamresearch.com. (LRCX)
Consolidated Financial Tables Follow.
 ###




 
LAM RESEARCH CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data and percentages)
(unaudited) 
 Three Months EndedSix Months Ended
 December 28,
2025		September 28,
2025		December 29,
2024		December 28,
2025		December 29,
2024
Revenue$5,344,791 $5,324,173 $4,376,047 $10,668,964 $8,544,023 
Cost of goods sold2,693,629 2,639,294 2,303,066 5,332,923 4,468,359 
Gross margin2,651,162 2,684,879 2,072,981 5,336,041 4,075,664 
Gross margin as a percent of revenue49.6 %50.4 %47.4 %50.0 %47.7 %
Research and development573,305 576,446 494,947 1,149,751 990,305 
Selling, general and administrative267,654 279,345 244,150 546,999 487,278 
Total operating expenses840,959 855,791 739,097 1,696,750 1,477,583 
Operating income1,810,203 1,829,088 1,333,884 3,639,291 2,598,081 
Operating income as a percent of revenue33.9 %34.4 %30.5 %34.1 %30.4 %
Other income (expense), net26,410 30,074 14,262 56,484 44,343 
Income before income taxes1,836,613 1,859,162 1,348,146 3,695,775 2,642,424 
Income tax expense(242,619)(290,502)(157,128)(533,121)(334,962)
Net income$1,593,994 $1,568,660 $1,191,018 $3,162,654 $2,307,462 
Net income per share:
Basic$1.27 $1.24 $0.93 $2.51 $1.78 
Diluted$1.26 $1.24 $0.92 $2.50 $1.78 
Number of shares used in per share calculations:
Basic1,254,856 1,264,446 1,287,109 1,259,651 1,293,173 
Diluted1,261,739 1,269,313 1,291,469 1,265,526 1,297,767 
Cash dividend declared per common share$0.26 $0.26 $0.23 $0.52 $0.46 
 




 LAM RESEARCH CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
 
December 28,
2025		September 28,
2025		June 29,
2025
(unaudited)(unaudited)(1)
ASSETS
Cash and cash equivalents$6,180,440 $6,693,046 $6,390,659 
Accounts receivable, net3,491,987 3,633,034 3,378,071 
Inventories4,037,682 4,095,054 4,307,991 
Prepaid expenses and other current assets307,914 385,580 440,274 
Total current assets14,018,023 14,806,714 14,516,995 
Property and equipment, net2,710,989 2,510,531 2,428,744 
Goodwill and intangible assets1,864,037 1,826,950 1,808,685 
Other assets2,798,122 2,756,016 2,590,836 
Total assets$21,391,171 $21,900,211 $21,345,260 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current portion of long-term debt and finance lease obligations$754,006 $754,363 $754,311 
Other current liabilities5,459,147 5,953,547 5,814,114 
Total current liabilities6,213,153 6,707,910 6,568,425 
Long-term debt and finance lease obligations3,729,742 3,729,580 3,730,194 
Income taxes payable667,639 646,044 603,412 
Other long-term liabilities635,211 623,925 581,610 
Total liabilities11,245,745 11,707,459 11,483,641 
Stockholders’ equity (2)10,145,426 10,192,752 9,861,619 
Total liabilities and stockholders’ equity$21,391,171 $21,900,211 $21,345,260 
 
(1)Derived from audited financial statements.
(2)
Common shares issued and outstanding were 1,251,180 as of December 28, 2025, 1,259,176 as of September 28, 2025, and 1,268,740 as of June 29, 2025.
 




 
LAM RESEARCH CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands, unaudited)
 Three Months EndedSix Months Ended
 December 28,
2025		September 28,
2025		December 29,
2024		December 28,
2025		December 29,
2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income$1,593,994 $1,568,660 $1,191,018 $3,162,654 $2,307,462 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization103,925 101,644 96,200 205,569 190,495 
Deferred income taxes(30,957)(62,875)(82,854)(93,832)(191,576)
Equity-based compensation expense88,539 97,241 81,959 185,780 161,970 
Other, net(19,961)(1,890)(8,592)(21,851)(9,049)
Changes in operating assets and liabilities(255,495)76,184 (535,789)(179,311)(148,889)
Net cash provided by operating activities1,480,045 1,778,964 741,942 3,259,009 2,310,413 
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures and intangible assets(260,879)(185,121)(188,349)(446,000)(298,937)
Other, net3,096 (927)12,974 2,169 13,011 
Net cash used for investing activities(257,783)(186,048)(175,375)(443,831)(285,926)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on debt, including finance lease obligations and payments for debt issuance costs(1,462)(1,417)(1,032)(2,879)(1,966)
Treasury stock purchases, including excise tax payments(1,466,155)(975,791)(697,688)(2,441,946)(1,694,723)
Dividends paid(327,507)(291,981)(297,634)(619,488)(558,619)
Reissuance of treasury stock related to employee stock purchase plan67,185 — 60,557 67,185 60,557 
Proceeds from issuance of common stock, net issuance costs3,854 — (194)3,854 (237)
Other, net(1,117)(12,449)761 (13,566)437 
Net cash used for financing activities(1,725,202)(1,281,638)(935,230)(3,006,840)(2,194,551)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash(13,337)(7,059)(26,022)(20,396)(3,340)
Net change in cash, cash equivalents, and restricted cash(516,277)304,219 (394,685)(212,058)(173,404)
Cash, cash equivalents, and restricted cash at beginning of period (1)
6,711,875 6,407,656 6,072,084 6,407,656 5,850,803 
Cash, cash equivalents, and restricted cash at end of period (1)
$6,195,598 $6,711,875 $5,677,399 $6,195,598 $5,677,399 

(1)Restricted cash is reported within Other assets in the Condensed Consolidated Balance Sheets




 
Non-GAAP Financial Summary
(in thousands, except percentages and per share data)
(unaudited)
Three Months Ended
December 28,
2025		September 28,
2025
Revenue$5,344,791 $5,324,173 
Gross margin$2,658,256 $2,693,582 
Gross margin as percentage of revenue49.7 %50.6 %
Operating expenses$827,486 $831,916 
Operating income$1,830,770 $1,861,666 
Operating income as a percentage of revenue34.3 %35.0 %
Net income$1,597,626 $1,604,597 
Net income per diluted share$1.27 $1.26 
Shares used in per share calculation - diluted1,261,739 1,269,313 

Reconciliation of U.S. GAAP Net Income to Non-GAAP Net Income
(in thousands, except per share data)
(unaudited) 
Three Months Ended
December 28,
2025		September 28,
2025
U.S. GAAP net income$1,593,994 $1,568,660 
Pre-tax non-GAAP items:
Amortization related to intangible assets acquired through certain business combinations - cost of goods sold2,668 2,687 
Elective deferred compensation ("EDC") related liability valuation increase - cost of goods sold4,426 6,016 
EDC related liability valuation increase - research and development7,968 10,828 
Amortization related to intangible assets acquired through certain business combinations - selling, general and administrative193 538 
EDC related liability valuation increase - selling, general and administrative5,312 7,219 
Impairment of long-lived assets - selling, general and administrative— 5,290 
Amortization of note discounts - other income (expense), net701 695 
Gain on EDC related asset - other income (expense), net(16,628)(23,088)
Net income tax benefit on non-GAAP items(1,008)(1,698)
Income tax expense from a change in tax law— 27,450 
Non-GAAP net income$1,597,626 $1,604,597 
Non-GAAP net income per diluted share$1.27 $1.26 
U.S. GAAP net income per diluted share$1.26 $1.24 
U.S. GAAP and non-GAAP number of shares used for per diluted share calculation1,261,739 1,269,313 

 




Reconciliation of U.S. GAAP Gross Margin, Operating Expenses and Operating Income to Non-GAAP Gross Margin, Operating Expenses and Operating Income
(in thousands, except percentages)
(unaudited) 
Three Months Ended
December 28,
2025		September 28,
2025
U.S. GAAP gross margin$2,651,162 $2,684,879 
Pre-tax non-GAAP items:
Amortization related to intangible assets acquired through certain business combinations2,668 2,687 
EDC related liability valuation increase4,426 6,016 
Non-GAAP gross margin$2,658,256 $2,693,582 
U.S. GAAP gross margin as a percentage of revenue49.6 %50.4 %
Non-GAAP gross margin as a percentage of revenue49.7 %50.6 %
U.S. GAAP operating expenses$840,959 $855,791 
Pre-tax non-GAAP items:
Amortization related to intangible assets acquired through certain business combinations(193)(538)
EDC related liability valuation increase(13,280)(18,047)
Impairment of long-lived assets— (5,290)
Non-GAAP operating expenses$827,486 $831,916 
U.S. GAAP operating income$1,810,203 $1,829,088 
Non-GAAP operating income$1,830,770 $1,861,666 
U.S. GAAP operating income as percent of revenue 33.9 %34.4 %
Non-GAAP operating income as a percent of revenue34.3 %35.0 %
 
Lam Research Corporation Contacts:
Ram Ganesh, Investor Relations, phone: 510-572-1615, e-mail: [email protected]