Lam Research reports September-quarter revenue of $8.22 billion, up 22% from June quarter

Lam Research Corporation (LRCX) reported revenue of $8.22 billion for the quarter ended Sept. 27, 2026, the company said Wednesday in a press release furnished with a regulatory filing. That was up from $6.72 billion in the June 2026 quarter and $5.32 billion in the September 2025 quarter.

U.S. GAAP net income was $2.75 billion, or $2.19 per diluted share, according to the filing. Non-GAAP net income was $2.77 billion, or $2.20 per diluted share, the company said.

Here's how the company did:

• Revenue: $8.22 billion vs. $6.72 billion in the June quarter and $5.32 billion a year earlier
• U.S. GAAP diluted earnings per share: $2.19 vs. $1.81 in the June quarter and $1.24 a year earlier
• Non-GAAP diluted earnings per share: $2.20 vs. $1.82 in the June quarter
• U.S. GAAP operating margin: 40.0% vs. 37.4% in the June quarter and 34.4% a year earlier
• U.S. GAAP net income: $2.75 billion vs. $2.28 billion in the June quarter and $1.57 billion a year earlier

Revenue rose 22% from the June quarter, the filing shows.

U.S. GAAP gross margin, the share of revenue left after cost of goods sold, was 52.3%, up from 51.7% in the June quarter. Gross margin came to $4.30 billion.

U.S. GAAP operating expenses were $1.02 billion, up from $965.3 million in the June quarter. Non-GAAP operating expenses were $1.00 billion, and non-GAAP operating margin was 40.2%.

The non-GAAP figures exclude amortization of intangible assets acquired through certain business combinations, the effects of elective deferred compensation-related assets and liabilities, and amortization of note discounts. The September quarter also excludes $11.5 million of income tax expense from a change in tax law.

Lam Research’s President and Chief Executive Officer Tim Archer tied the results to demand. “With AI driving higher semiconductor demand and greater device complexity, our focus on operational execution helped Lam deliver record revenue, profit, and earnings per share in the September quarter,” said Archer.

Archer also said, “Our strategic investments in technology inflections and manufacturing capacity are paying off, strengthening our ability to outgrow the wafer fabrication equipment market as the industry expands.”

Systems revenue, which covers sales of new leading-edge equipment in deposition, etch, clean and other wafer fabrication markets, was $5.73 billion. That compares with $4.25 billion in the June quarter and $3.55 billion a year earlier.

Customer support-related revenue and other, which includes spares, upgrades and non-leading-edge equipment from the Reliant product line, was $2.49 billion. That compares with $2.47 billion in the June quarter and $1.78 billion a year earlier.

By region, China accounted for 35% of revenue, Korea 20%, Taiwan 18%, Japan 9%, the United States 8%, Southeast Asia 6% and Europe 4%.

Cash, cash equivalents and restricted cash rose to $7.45 billion at the end of the September quarter from $5.60 billion at the end of June. The company said the increase was mainly the result of operating cash generation, partly offset by capital return and capital expenditures.

Net cash provided by operating activities was $3.50 billion, compared with $1.46 billion in the June quarter and $1.78 billion a year earlier. Treasury stock purchases were $1.02 billion, and dividends paid were $325.4 million.

Deferred revenue was $2.66 billion, up from $2.43 billion at the end of June. Shipments to customers in Japan are not included in deferred revenue because control does not transfer until customer acceptance.

The estimated future revenue from those Japan shipments was $468.3 million as of Sept. 27, down from $490.2 million as of June 28.

The company declared a cash dividend of $0.33 per common share. That compares with $0.26 per share in the June quarter and in the September 2025 quarter.

Common shares issued and outstanding were 1,249,145 thousand as of Sept. 27, down from 1,251,278 thousand at the end of June.

For the December quarter, Lam expects U.S. GAAP gross margin of 52.5%, plus or minus 1%, and operating margin of 40.5%, plus or minus 1%. It expects U.S. GAAP net income per diluted share of $2.33, plus or minus $0.15.

The outlook gives revenue as plus or minus $400 million and does not state a midpoint. It assumes a diluted share count of 1.253 billion.

The company said its non-GAAP outlook includes reconciling items of $2.7 million at the gross margin line, $3.0 million at the operating margin line, and $3.3 million at the net income per share line. The filing says the outlook is an estimate and does not reflect business combinations, divestitures, restructuring or other items completed or realized after the release date, except as described.