Lam Research reported strong financial performance and technological advancements, with significant growth in the China market and positive trends in advanced packaging and HBM. However, there are challenges related to DRAM revenue decline, potential tariff headwinds, and uncertainty in long-term WFE spending.

Company Guidance -

Q1 2026

In the June 2025 earnings call, Lam Research reported strong financial performance, with revenues and profitability at the upper end of their guided ranges. The company achieved a record gross margin of 50.3% and an all-time high EPS. Notably, foundry revenues reached record levels, with significant growth in the upgrades business, up by mid-teens percent over the previous quarter, driven by NAND customers' migration to higher performance devices. For the September quarter, Lam expects revenues of $5.2 billion, gross margins around 50%, and EPS of $1.20. The company highlighted its strategic positioning in key technology areas such as gate-all-around, advanced packaging, and high-bandwidth memory, forecasting wafer fabrication equipment (WFE) spending to reach $105 billion for 2025, with a potential for continued growth in 2026. Lam aims to expand its served available market (SAM) to the mid-30s percent of WFE, with plans to grow it further to the high 30% range by delivering critical solutions for atomic-level device scaling and advanced packaging integration.

Record Financial Performance

Lam Research reported record revenues of $18.4 billion for fiscal year 2025, with a gross margin of 48.8% and free cash flow generation of approximately $5.4 billion.

Strong Growth in China Market

China revenue increased to 35% of total revenue, driven by increased investment from global multinational customers in the region.

Technological Advancements and Product Wins

Lam's Halo ALD Moly tool is ramping at multiple NAND customers, and the company secured new application wins with its Akara etch tool in the DRAM market.

Advanced Packaging and HBM Growth

Advanced packaging is expected to grow significantly, with SABRE 3D market share anticipated to increase nearly 5 points year-on-year in calendar 2025.

Positive Outlook for WFE Spending

Lam expects wafer fabrication equipment (WFE) spending to be in the $105 billion range for 2025, up from a prior view of $100 billion.

Lam Research (LRCX) Earnings, Revenues Date & History

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LRCX Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 15, 2025	2026 (Q1)	1.20 / -	0.86	―	―	―
Jul 30, 2025	2025 (Q4)	1.21 / 1.33	0.814	63.39% (+0.52)
Apr 23, 2025	2025 (Q3)	1.00 / 1.04	0.779	33.50% (+0.26)
Jan 29, 2025	2025 (Q2)	0.88 / 0.91	0.752	21.01% (+0.16)
Oct 23, 2024	2025 (Q1)	0.81 / 0.86	0.685	25.55% (+0.17)
Jul 31, 2024	2024 (Q4)	0.76 / 0.81	0.598	36.12% (+0.22)
Apr 24, 2024	2024 (Q3)	0.73 / 0.78	0.699	11.44% (+0.08)
Jan 24, 2024	2024 (Q2)	0.71 / 0.75	1.071	-29.79% (-0.32)
Oct 18, 2023	2024 (Q1)	0.61 / 0.69	1.042	-34.26% (-0.36)
Jul 26, 2023	2023 (Q4)	0.51 / 0.60	0.883	-32.28% (-0.29)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

LRCX Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 30, 2025	$99.09	$94.84	-4.29%
Apr 23, 2025	$66.56	$70.72	+6.25%
Jan 29, 2025	$74.74	$80.29	+7.43%
Oct 23, 2024	$72.24	$75.92	+5.09%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.