Lam Research Corp. (LRCX) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q4 26	$1.68	$1.82	+8.3%	—	$6.7B	—
Q3 26	$1.36	$1.47	+8.1%	—	$5.8B	—
Q1 26	$1.22	$1.26	+3.3%	—	$5.3B	—
Q4 25	$1.21	$1.33	+9.9%	—	$5.2B	—
Q3 25	$1	$1.04	+4.0%	—	$4.7B	—
Q2 25	$0.88	$0.91	+3.4%	—	$4.4B	—
Q1 25	$0.81	$0.86	+6.2%	—	$4.2B	—
Q4 24	$0.76	$0.81	+6.6%	—	$3.9B	—
Q3 24	$0.73	$0.78	+6.8%	—	$3.8B	—
Q2 24	$0.71	$0.75	+5.6%	—	$3.8B	—
Q1 24	$6.12	$6.85	+11.9%	—	$3.5B	—
Q4 23	$5.07	$5.98	+17.9%	—	$3.2B	—
Q3 23	$6.54	$6.99	+6.9%	—	$3.9B	—
Q2 23	$9.96	$10.7	+7.5%	—	$5.3B	—
Q1 23	$9.54	$10.4	+9.2%	—	$5.1B	—
Q4 22	$7.32	$8.83	+20.6%	—	$4.6B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY26	—	$5.79	—	—	$23.2B	—
FY25	—	$4.17	—	—	$18.4B	—
FY24	—	$2.91	—	—	$14.9B	—
FY23	—	$3.33	—	—	$17.4B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	$8B	$11.1B	$9.7B	$10B	$14.6B	$17.2B	$17.4B	$14.9B	$18.4B	$23.2B
YoY change	+36.1%	+38.2%	-12.9%	+4.05%	+45.6%	+17.8%	+1.17%	-14.5%	+23.7%	+26%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	8B	11.1B	9.7B	10B	14.6B	17.2B	17.4B	14.9B	18.4B	23.2B
Cost of revenue	4.4B	5.9B	5.3B	5.4B	7.8B	9.4B	9.7B	7.9B	9.5B	11.5B
Gross profit	3.6B	5.2B	4.4B	4.6B	6.8B	7.9B	7.8B	7.1B	9B	11.7B
Gross margin	45%	46.6%	45.1%	45.9%	46.5%	45.7%	44.6%	47.3%	48.7%	50.5%
Research & development	1B	1.2B	1.2B	1.3B	1.5B	1.6B	1.7B	1.9B	2.1B	2.4B
Selling, general & administrative	667.5M	762.2M	702.4M	682.5M	829.9M	885.7M	832.8M	868.2M	981.7M	1.1B
Operating expenses	1.7B	2B	1.9B	1.9B	2.3B	2.5B	2.6B	2.8B	3.1B	3.5B
Operating income	1.9B	3.2B	2.5B	2.7B	4.5B	5.4B	5.2B	4.3B	5.9B	8.2B
Operating margin	23.7%	29%	25.5%	26.6%	30.6%	31.2%	29.9%	28.7%	32%	35.3%
Non-operating income, net	-30.6M	-49.9M	331K	-6.8M	77.7M	-19.2M	-60.3M	11.4M	4M	23.4M
Pretax income	1.8B	3.2B	2.4B	2.6B	4.4B	5.2B	5.1B	4.4B	6B	8.3B
Income tax	113.9M	771.1M	255.1M	323.2M	462.3M	587.8M	598.3M	532.5M	599.9M	997.1M
Net income	1.7B	2.4B	2.2B	2.3B	3.9B	4.6B	4.5B	3.8B	5.4B	7.3B
Net margin	21.2%	21.5%	22.7%	22.4%	26.7%	26.7%	25.9%	25.7%	29.1%	31.3%
EBITDA	2.3B	3.6B	2.9B	3B	4.8B	5.8B	5.7B	4.9B	6.5B	8.9B
EPS	1.05	1.47	1.44	1.55	2.72	3.29	3.33	2.91	4.17	5.79
Diluted EPS	0.92	1.32	1.37	1.51	2.69	3.27	3.32	2.9	4.15	5.76

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26
Revenue	3.5B	3.8B	3.8B	3.9B	4.2B	4.4B	4.7B	5.2B	5.3B	5.3B	5.8B	6.7B
Cost of revenue	1.8B	2B	2B	2B	2.2B	2.3B	2.4B	2.6B	2.6B	2.7B	2.9B	3.2B
Gross profit	1.7B	1.8B	1.8B	1.8B	2B	2.1B	2.3B	2.6B	2.7B	2.7B	2.9B	3.5B
Gross margin	47.5%	46.8%	47.5%	47.5%	48%	47.4%	49%	50.1%	50.4%	49.6%	49.8%	51.7%
Research & development	422.6M	469.7M	512.3M	497.8M	495.4M	494.9M	525.9M	580.2M	576.4M	573.3M	583.2M	642.9M
Selling, general & administrative	207M	228.8M	215.9M	216.5M	243.1M	244.2M	226M	268.4M	279.3M	267.7M	280.3M	322.3M
Operating expenses	629.7M	698.6M	728.2M	714.3M	738.5M	739.1M	751.9M	848.6M	855.8M	841M	863.5M	965.3M
Operating income	1B	1.1B	1.1B	1.1B	1.3B	1.3B	1.6B	1.7B	1.8B	1.8B	2B	2.5B
Operating margin	29.4%	28.2%	28.3%	29.1%	30.3%	30.5%	33.1%	33.7%	34.4%	33.9%	35%	37.4%
Non-operating income, net	-10.7M	16.9M	-3.8M	9M	6.6M	1.9M	-30.5M	26M	8.6M	14.1M	-38.8M	39.4M
Pretax income	1B	1.1B	1.1B	1.2B	1.3B	1.3B	1.5B	1.8B	1.9B	1.8B	2B	2.6B
Income tax	138.2M	132.8M	127.4M	134.1M	177.8M	157.1M	206.1M	58.9M	290.5M	242.6M	186.1M	277.9M
Net income	887.4M	954.3M	965.8M	1B	1.1B	1.2B	1.3B	1.7B	1.6B	1.6B	1.8B	2.3B
Net margin	25.5%	25.4%	25.5%	26.4%	26.8%	27.2%	28.2%	33.3%	29.5%	29.8%	31.2%	33.9%
EBITDA	1.2B	1.2B	1.2B	1.3B	1.4B	1.5B	1.7B	1.9B	2B	2B	2.2B	2.7B
EPS	0.67	0.72	0.74	0.78	0.86	0.93	1.04	1.35	1.24	1.27	1.46	1.82
Diluted EPS	0.67	0.72	0.73	0.78	0.86	0.92	1.03	1.35	1.24	1.26	1.45	1.81

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Market cap	22.9B	27.9B	28.6B	46.8B	93.4B	59.6B	87.1B	139.9B	125.2B	543.9B	393.5B
Enterprise value	19.6B	25.4B	27.7B	45.9B	92.7B	61B	86.7B	139.1B	123.3B	542B	392B
Shares outstanding	1.6B	1.6B	1.5B	1.4B	1.4B	1.4B	1.4B	1.3B	1.3B	1.3B	1.3B

Valuation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
P/E	13.5	11.7	13.1	20.8	23.9	12.9	19.3	36.6	23.4	74.9	54.7
P/S	2.86	2.52	2.97	4.66	6.39	3.46	5	9.39	6.79	23.4	16.9
P/B	3.28	4.25	6.06	9.04	15.5	9.5	10.6	16.4	12.7	43.6	31.6
EV/EBITDA	8.62	7.02	9.68	15.2	19.2	10.6	15.3	28.2	18.8	61	45.4
EV/Sales	2.45	2.29	2.87	4.57	6.34	3.54	4.98	9.33	6.69	23.3	16.9
Earnings yield	7.4%	8.52%	7.65%	4.81%	4.18%	7.72%	5.18%	2.74%	4.28%	1.34%	1.83%
FCF yield	8.16%	8.53%	10%	4.11%	3.47%	4.28%	5.37%	3.04%	4.32%	0.9%	0.79%
PEG	—	—	—	—	—	—	—	—	—	—	1.57

Profitability

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Gross margin	45%	46.6%	45.1%	45.9%	46.5%	45.7%	44.6%	47.3%	48.7%	50.5%	51.7%
Operating margin	23.7%	29%	25.5%	26.6%	30.6%	31.2%	29.9%	28.7%	32%	35.3%	37.4%
Net margin	21.2%	21.5%	22.7%	22.4%	26.7%	26.7%	25.9%	25.7%	29.1%	31.3%	31.3%
ROE	24.3%	36.2%	46.4%	43.4%	64.8%	73.4%	54.9%	44.8%	54.3%	58.3%	65.1%
ROA	14%	19.1%	18.3%	15.5%	24.6%	26.8%	24%	20.4%	25.1%	30.9%	22.8%
ROIC	49%	60%	58.4%	54.6%	75.7%	62.6%	58.7%	49%	66.7%	67.9%	67.9%
Return on tangible assets	19.9%	26.8%	25.5%	20%	30.9%	33%	29.7%	25.2%	30.2%	33.6%	33.6%

Financial health

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Current ratio	3.1	2.9	3.61	3.43	3.3	2.69	3.16	2.97	2.21	2.63	2.63
Quick ratio	2.68	2.31	2.96	2.83	2.54	1.82	2.01	2	1.55	1.91	1.91
Debt / equity	0.39	0.37	0.95	1.12	0.83	0.8	0.61	0.58	0.45	0.3	0.33
Debt / assets	0.22	0.19	0.37	0.4	0.31	0.29	0.27	0.27	0.21	0.16	0.16
Net debt / EBITDA	-1.47	-0.7	-0.33	-0.3	-0.15	0.23	-0.06	-0.18	-0.29	-0.21	-0.21
Interest coverage	16.4	33.4	21.9	15.5	22	29.1	28.4	24.5	34.4	53.7	53.7
Effective tax rate	6.29%	24.5%	10.4%	12.6%	10.6%	11.3%	11.7%	12.2%	10.1%	12.1%	12.1%

Per share

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Revenue per share	4.94	6.85	6.33	6.94	10.2	12.3	12.9	11.3	14.3	18.5	18.5
EPS (basic)	1.05	1.47	1.44	1.55	2.72	3.29	3.33	2.91	4.17	5.79	5.79
EPS (diluted)	0.92	1.32	1.37	1.51	2.69	3.27	3.32	2.9	4.15	5.76	5.75
Book value per share	4.31	4.07	3.1	3.58	4.2	4.49	6.06	6.5	7.67	9.94	9.97
FCF per share	1.15	1.47	1.88	1.33	2.26	1.83	3.45	3.24	4.21	3.9	3.89
Cash per share	3.72	3.06	3.56	4.63	3.99	2.61	3.97	4.45	4.97	4.45	4.46
Capex per share	—	—	—	—	—	—	—	—	—	0.77	0.77

Capital allocation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Capex / revenue	—	—	—	—	—	—	—	—	—	4.16%	4.16%
Capex / operating cash flow	—	—	—	—	—	—	—	—	—	16.5%	16.5%
Payout ratio	14.3%	12.9%	31%	29.2%	18.6%	17.7%	20.1%	26.6%	21.5%	17.5%	18.1%
Dividend yield	1.06%	1.1%	2.37%	1.4%	0.78%	1.37%	1.04%	0.73%	0.92%	0.23%	0.42%

Yield

0.42%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.33

ex-dividend Sep 23, 2026

Payout ratio

18%

of earnings

Dividend growth

11 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 23, 2026	$0.33
Jun 17, 2026	$0.26
Mar 4, 2026	$0.26
Dec 3, 2025	$0.26
Sep 24, 2025	$0.26

Period	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26
Revenue	$3.5B	$3.8B	$3.8B	$3.9B	$4.2B	$4.4B	$4.7B	$5.2B	$5.3B	$5.3B	$5.8B	$6.7B
YoY change	-31.4%	-28.8%	-1.96%	+20.7%	+19.7%	+16.4%	+24.4%	+33.6%	+27.7%	+22.1%	+23.8%	+30%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Cash & short-term investments	6B	4.9B	5.4B	6.7B	5.7B	3.7B	5.4B	5.8B	6.4B	5.6B
Receivables	1.7B	2.2B	1.5B	2.1B	3B	4.3B	2.8B	2.5B	3.4B	5.3B
Inventory	1.2B	1.9B	1.5B	1.9B	2.7B	4B	4.8B	4.2B	4.3B	4.3B
Total current assets	9.1B	9.1B	8.6B	10.9B	11.7B	12.3B	13.2B	12.9B	14.5B	15.6B
Property, plant & equipment	437.4M	372.5M	395M	410.6M	462.8M	523.2M	569.8M	548.7M	514.2M	667.3M
Goodwill & intangibles	3.6B	3.6B	3.4B	3.3B	3.2B	3.2B	3.6B	3.5B	3.6B	1.9B
Total assets	12.1B	12.5B	12B	14.6B	15.9B	17.2B	18.8B	18.7B	21.3B	23.5B
Accounts payable	464.6M	511M	376.6M	592.4M	829.7M	1B	470.7M	614M	854.2M	1.3B
Short-term debt	908.4M	610M	667.1M	839.9M	11.3M	7.4M	8.4M	504.8M	754.3M	4.1M
Total current liabilities	3B	3.2B	2.4B	3.2B	3.5B	4.6B	4.2B	4.3B	6.6B	5.9B
Long-term debt	1.8B	1.8B	3.8B	5B	5B	5B	5B	4.5B	3.7B	3.7B
Total liabilities	5.1B	5.9B	7.3B	9.4B	9.9B	10.9B	10.6B	10.2B	11.5B	11.1B
Shareholders' equity	7B	6.6B	4.7B	5.2B	6B	6.3B	8.2B	8.5B	9.9B	12.5B
Total debt	2.7B	2.4B	4.5B	5.8B	5B	5B	5B	5B	4.5B	3.7B
Net debt	315.9M	-2.1B	831.7M	895.6M	576.8M	1.5B	-325.5M	-864.5M	-1.9B	-1.8B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26
Cash & short-term investments	5.2B	5.6B	5.7B	5.8B	6.1B	5.7B	5.5B	6.4B	6.7B	6.2B	4.8B	5.6B
Receivables	2.8B	2.7B	2.2B	2.5B	2.9B	3.3B	3.2B	3.4B	3.6B	3.5B	4.1B	5.3B
Inventory	4.7B	4.4B	4.3B	4.2B	4.2B	4.4B	4.5B	4.3B	4.1B	4B	4B	4.3B
Total current assets	13B	13.1B	12.5B	12.9B	13.5B	13.6B	13.5B	14.5B	14.8B	14B	13.3B	15.6B
Property, plant & equipment	—	—	—	548.7M	—	—	—	514.2M	—	—	644.7M	667.3M
Goodwill & intangibles	3.6B	3.6B	3.5B	3.5B	3.5B	1.8B	1.8B	3.6B	1.8B	1.9B	1.9B	1.9B
Total assets	18.5B	18.8B	18.3B	18.7B	19.5B	19.8B	20B	21.3B	21.9B	21.4B	20.8B	23.5B
Accounts payable	528.2M	499.7M	531.6M	614M	704.2M	822.3M	853.3M	854.2M	863.2M	1B	1.1B	1.3B
Short-term debt	3.9M	3.8M	505.1M	504.8M	504.7M	504.1M	754.3M	754.3M	754.4M	754M	4.1M	4.1M
Total current liabilities	4.2B	4.3B	4.4B	4.3B	5.3B	5.4B	5.5B	6.6B	6.7B	6.2B	5.2B	5.9B
Long-term debt	5B	5B	4.5B	4.5B	4.5B	4.5B	3.7B	3.7B	3.7B	3.7B	3.7B	3.7B
Total liabilities	10.5B	10.6B	10.3B	10.2B	11.1B	11B	10.5B	11.5B	11.7B	11.2B	10.2B	11.1B
Shareholders' equity	8B	8.2B	8B	8.5B	8.5B	8.8B	9.5B	9.9B	10.2B	10.1B	10.6B	12.5B
Total debt	5B	5B	5B	5B	5B	5B	4.5B	4.5B	4.5B	4.5B	3.7B	3.7B
Net debt	-141.8M	-639.5M	-688.8M	-864.5M	-1.1B	-683.1M	-966.4M	-1.9B	-2.2B	-1.7B	-1B	-1.8B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Net income	1.7B	2.4B	2.2B	2.3B	3.9B	4.6B	4.5B	3.8B	5.4B	7.3B
Depreciation & amortization	306.9M	326.4M	309.3M	268.5M	307.2M	333.7M	342.4M	359.7M	386.3M	441.5M
Stock-based compensation	150M	172.2M	187.2M	189.2M	220.2M	259.1M	286.6M	293.1M	343.4M	386.4M
Change in working capital	-333.9M	-1.1B	703.9M	-768.8M	-1B	-1.9B	131.6M	680.7M	320.3M	-1.9B
Operating cash flow	2B	1.9B	3.4B	1.9B	3.2B	3B	5.2B	5B	6.1B	5.9B
Capital expenditure	—	—	—	—	—	—	—	—	—	-966.4M
Investing cash flow	-1.9B	3B	-1.3B	-40.8M	422.4M	1.2B	-33M	26.1M	51.1M	-922.2M
Dividends paid	-243.5M	-307.6M	-678.3M	-656.8M	-727M	-815.3M	-907.9M	-1B	-1.1B	-1.3B
Share repurchases	-811.7M	-2.7B	-3.8B	-1.4B	-2.7B	-3.9B	-2B	-2.8B	-3.4B	-3.9B
Financing cash flow	-2.7B	-3.3B	-2.8B	540.6M	-4.3B	-4.7B	-2.9B	-4.1B	-5.1B	-5.9B
Net change in cash	-2.6B	1.6B	-774.9M	2.4B	-604.4M	-499.5M	2.2B	882.7M	1B	-938.2M
Free cash flow	1.9B	2.4B	2.9B	1.9B	3.2B	2.6B	4.7B	4.3B	5.4B	4.9B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26
Net income	887.4M	954.3M	965.8M	1B	1.1B	1.2B	1.3B	1.7B	1.6B	1.6B	1.8B	2.3B
Depreciation & amortization	90.5M	90.9M	89.9M	88.4M	94.3M	96.2M	97.3M	98.4M	101.6M	103.9M	116.3M	119.6M
Stock-based compensation	67.2M	69.9M	76.9M	79.1M	80M	82M	87.1M	94.3M	97.2M	88.5M	96.6M	104M
Change in working capital	—	—	—	—	—	—	—	—	—	—	—	—
Operating cash flow	1B	1B	1.1B	1.1B	1.2B	1.3B	1.5B	1.8B	1.8B	1.5B	1.1B	1.5B
Capital expenditure	—	—	—	—	—	—	—	—	-185.1M	-260.9M	-331.6M	-188.8M
Investing cash flow	2.3M	13.3M	11.3M	-865K	37K	13M	-4.9M	42.9M	-186M	-257.8M	-334.6M	-143.7M
Dividends paid	-230.3M	-264.4M	-262.7M	-261.5M	-261M	-297.6M	-295.7M	-295.2M	-292M	-327.5M	-325.8M	-325.3M
Share repurchases	-843.2M	-645.5M	-980.6M	-373.6M	-997.1M	-697.9M	-435.1M	-1.3B	-975.8M	-1.5B	-1.2B	-246.6M
Financing cash flow	-1.3B	-913M	-1.2B	-641M	-1.3B	-995.8M	-1.2B	-1.6B	-1.3B	-1.8B	-2.2B	-569.1M
Net change in cash	-303M	130.9M	-106.3M	480.5M	-77.7M	294.9M	257.6M	229.2M	311.3M	-574M	-1.4B	744.4M
Free cash flow	874.2M	1.3B	1.3B	761.7M	1.5B	553.6M	1B	2.4B	1.6B	1.2B	809.8M	1.3B

Date	Ratio
Oct 3, 2024	10:1
Mar 17, 2000	3:1
Sep 16, 1993	3:2

Lam Research Corp. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history