Lam Research Corporation Earnings Recaps
Q4 2026
Jul 31, 2026
Shares rallied 10.4% after Lam Research reported revenue and earnings driven by robust NAND growth and a sharply raised market outlook, signaling investor approval of its accelerating AI-driven demand and expanding addressable market.
Key takeaways
- June quarter revenue, operating margin, and EPS all hit new records, led by a doubling of NAND revenue sequentially.
- Customer support segment grew strongly, boosted by upgrades and intelligent services demand.
- Raised wafer fab equipment (WFE) outlook for calendar 2026 to low $150 billion from $140 billion previously, with upside bias.
- September quarter revenue guidance of $8.1 billion implies more than 20% sequential growth.
- Strong AI-driven structural tailwinds across NAND, foundry logic, DRAM, and advanced packaging are expanding Lam’s served available market faster than previously anticipated.
Q2 2026
Jan 29, 2026
Lam Research Corporation reported strong financial results for Q4 2025, surpassing revenue and margin expectations amidst heightened semiconductor demand driven by AI advancements.
Key takeaways
- Q4 2025 revenues exceeded guidance, with gross margins and EPS reaching record highs.
- Achieved over $20 billion in total revenue for 2025, with substantial market share gains in wafer fabrication equipment (WFE).
- Advanced packaging segment expected to grow over 40% in 2026, significantly outpacing overall WFE growth.
- Customer demand for NAND is accelerating, presenting opportunities for increased revenues driven by AI applications.
- Lam's innovation pipeline, including the Aqara etch system, positions the company to capitalize on complex device architectures and shrinking critical dimensions in semiconductor manufacturing.
Q4 2025
Aug 1, 2025
Lam Research reported robust financial results for Q2 2025, achieving record revenues and EPS, driven by strong demand in foundry and NAND sectors, alongside advancements in autonomous fab technology.
Key takeaways
- Revenues and EPS reached new highs, with gross margins exceeding 50% for the first time post-merger.
- Record foundry revenues were bolstered by strong performance in gate-all-around and mature node markets.
- Lam's upgrades business grew mid-teens percent quarter-over-quarter, fueled by NAND customers' transition to higher performance devices.
- Increased WFE spending anticipated in 2025 due to China-related expenditures; Lam's served market share projected to expand into the mid-30% range.
- Advancements in ALD Moly tools and advanced packaging solutions confirmed Lam’s leadership in critical technology transitions related to AI and next-gen devices.