Lam Research Corporation Earnings Recaps
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.