Lam Research
What matters nowUpdated 7 h ago
- Lam Research set its September-quarter call, its first fiscal 2027 quarter report, for Wednesday, October 21, 2026 at 2:00 p.m. Pacific, as announced on September 30 1.
- The stock traded at a pooled 24/7 venue price of $297.06 on October 13, down 3.3% from the $307.25 previous close. Recent large moves were a 4.28% fall on October 12, a 5.90% fall on September 10, a 7.07% rise on September 18 and a 5.03% rise on September 21.
- Fiscal 2026 (ended June 28) revenue was $23.23 billion, up 26.0%, with a 50.5% gross margin, a 35.3% operating margin and trailing EPS of $5.76, up 38.8%. The June quarter brought record revenue of $6.72 billion, up 15.1% on the March quarter 2.
- Fundamentals as of June 28 put the market capitalisation at $371.7 billion, a P/E of 51.6 and an EV/EBITDA of 42.8. Over the last 180 days insiders sold 323,428 shares worth $106.0 million in 12 sales, 10 of them planned, and bought none.
- September-quarter guidance is revenue of $8.10 billion plus or minus $400 million, non-GAAP EPS of $2.15 plus or minus $0.15 and a 52.0% non-GAAP gross margin 2. Polymarket odds put an 81.5% chance on no change in Fed rates after the October 2026 meeting and 17.5% on a 25 basis point increase.
Lam Research makes the wafer fabrication equipment that chipmakers use to etch and deposit the layers of memory and logic chips, and it services that equipment after it is installed. Its systems cover plasma etch, deposition and cleaning for foundry, DRAM and NAND production. For fiscal 2026 (ended June 28, 2026) revenue was $23.23 billion, up 26% from $18.44 billion, and GAAP net income was $7.27 billion. Demand is driven by AI-related memory and advanced-logic capacity, and the company's own outlook for the September 2026 quarter is revenue of $8.10 billion plus or minus $400 million.
How it makes money
Lam sells wafer fabrication systems (etch, deposition, clean) to foundries, memory makers and integrated device manufacturers, with each system often priced in the tens of millions of dollars and recognized on shipment. It also earns recurring revenue from spare parts, upgrades and maintenance under its Customer Support Business Group, which was $8.35 billion of fiscal 2026 revenue, about 36% of the total. Quarterly results are driven mainly by systems shipments and the timing of memory and foundry capacity spending.
Last 12 monthsChart & venues →
Valuation & fundamentalsFull financials →
TTM through 2026-06-28 from SEC filings (some quarters derived from annual and year-to-date figures). Ratios use our pooled 24/7 price. Quarterly statements →
Biggest businessesAll products & projects →
Etch systems (Akara, Kiyo)
Akara conductor etch, launched in February 2025, is shipping for gate-all-around logic, 6F2 DRAM and 3D NAND.
Deposition systems (ALTUS, SABRE)
Deposition tools, including the ALTUS Halo molybdenum ALD tool, are in production and in customer qualification.
Customer Support Business Group
Customer support revenue grew 42.8% in the June 2026 quarter, the fastest of Lam's two revenue lines.
Advanced packaging (VECTOR TEOS 3D, panel-level)
VECTOR TEOS 3D is installed at leading logic and memory fabs, and a panel-level packaging centre opened in Salzburg in May 2026.
Latest newsAll news →
Lam Research sets September-quarter earnings call for October 21, 2026
Lam Research announced on September 30, 2026 that it will hold its September-quarter financial conference call and webcast on Wednesday, October 21, 2026, at 2:00 p.m.
CEO Tim Archer sold 30,000 shares at $319.26 under a 10b5-1 plan
A Form 4 signed September 10, 2026 shows CEO Timothy Archer exercised 30,000 options with a $30.033 strike and sold 30,000 shares at $319.26 on September 9.
Director Bethany Mayer sold 9,557 Lam shares at about $314.74 in open-market trades
A Form 4 shows director Bethany Mayer sold 9,557 shares on September 9, 2026 in open-market trades, at prices from $314.08 to $314.99 and a weighted average of $314.74.
COO Sesha Varadarajan sold 59,750 shares at $291.32 after exercising options
A Form 4 signed September 3, 2026 shows Executive Vice President and COO Seshasayee Varadarajan exercised 39,750 options and sold 59,750 shares at $291.32 on September 2, 2026.
Chief Legal Officer Ava Harter sold 5,000 Lam shares at $302.46 under a 10b5-1 plan
A Form 4 signed September 1, 2026 shows Chief Legal Officer Ava Harter sold 5,000 shares at $302.46 on August 31, 2026.
Lam Research raises quarterly dividend 27% to $0.33 per share
On August 27, 2026 Lam Research announced a 27% increase in its quarterly dividend, from $0.26 to $0.33 per share.
Products & businesses
Etch systems (Akara, Kiyo)
Akara conductor etch, launched in February 2025, is shipping for gate-all-around logic, 6F2 DRAM and 3D NAND.
Deposition systems (ALTUS, SABRE)
Deposition tools, including the ALTUS Halo molybdenum ALD tool, are in production and in customer qualification.
Customer Support Business Group
Customer support revenue grew 42.8% in the June 2026 quarter, the fastest of Lam's two revenue lines.
Advanced packaging (VECTOR TEOS 3D, panel-level)
VECTOR TEOS 3D is installed at leading logic and memory fabs, and a panel-level packaging centre opened in Salzburg in May 2026.
Lam Cryo 3.0 cryogenic etch
Cryo 3.0 is the third generation of Lam's cryogenic dielectric etch for 3D NAND, aimed at stacks of 1,000 layers or more.
What it's building next
Segments
| Segment | Revenue | Share | |
|---|---|---|---|
| Systems Wafer fabrication equipment sold as new tools: plasma etch (for example Akara and Kiyo conductor etch), deposition (for example ALTUS and SABRE), and cleaning. Revenue is recognized when the systems ship and are installed, so it moves with fab capacity plans. | $14.89B | 64.1% | |
| Customer support-related revenue and other Spare parts, upgrades, refurbishment and service contracts for the installed base of Lam tools, sold through the Customer Support Business Group. It is less cyclical than new systems because it grows with the number of tools already in use. | $8.35B | 35.9% |
Fiscal FY2026 · from the annual report
Valuation & fundamentals
TTM through 2026-06-28 from SEC filings (some quarters derived from annual and year-to-date figures). Ratios use our pooled 24/7 price.
Financial statements
| Metric | TTM | Q4 FY2026 2026-06-28 | Q3 FY2026 2026-03-29 | Q2 FY2026 2025-12-28 | Q1 FY2026 2025-09-28 | Q4 FY2025 2025-06-29 | Q3 FY2025 2025-03-30 | Q2 FY2025 2024-12-29 | Q1 FY2025 2024-09-29 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $23.23B | $6.72Bd +30% | $5.84B +24% | $5.34B +22% | $5.32B +28% | $5.17Bd +34% | $4.72B +24% | $4.38B +16% | $4.17B +20% |
| Gross profit | $11.73B | $3.48Bd +34% | $2.91B +26% | $2.65B +28% | $2.68B +34% | $2.59Bd +41% | $2.31B +28% | $2.07B +18% | $2.00B +21% |
| Operating income | $8.20B | $2.51Bd +44% | $2.05B +31% | $1.81B +36% | $1.83B +45% | $1.74Bd +55% | $1.56B +48% | $1.33B +26% | $1.26B +24% |
| Net income | $7.27B | $2.28Bd +32% | $1.83B +37% | $1.59B +34% | $1.57B +41% | $1.72Bd +69% | $1.33B +38% | $1.19B +25% | $1.12B +26% |
| EPS (diluted) | $5.76 | $1.81d +35% | $1.45 +41% | $1.26 +37% | $1.24 +44% | $1.34d +72% | $1.03 +41% | $0.92 +28% | $0.86 +28% |
| Operating cash flow | $5.86B | $1.46Bd -43% | $1.14Bd -13% | $1.48Bd +99% | $1.78B +13% | $2.55Bd +196% | $1.31Bd -6% | $741.9Md -49% | $1.57B +65% |
| Capital expenditure | $966.4M | $188.8Md +10% | $331.6Md +15% | $260.9Md +39% | $185.1M +67% | $172.2Md +71% | $288.1Md +178% | $188.3Md +63% | $110.6M +44% |
| Share buybacks | $3.85B | $246.6Md -81% | $1.16Bd +167% | $1.47Bd +110% | $975.8M -2% | $1.29Bd +246% | $435.3Md -56% | $697.7Md +8% | $997.0M +18% |
| Cash & equivalents | $5.58B | $5.58B | $4.75B | $6.18B | $6.69B | $6.39B | $5.45B | $5.67B | $6.07B |
| Total debt | $3.72B | $3.72B | — | — | — | $4.47B | — | — | — |
| Shares outstanding | 1.25B | 1.25B | 1.25B | 1.25B | 1.26B | 1.27B | 1.28B | 1.28B | 1.29B |
| Metric | FY2026 2026-06-28 | FY2025 2025-06-29 | FY2024 2024-06-30 | FY2023 2023-06-25 | FY2022 2022-06-26 |
|---|---|---|---|---|---|
| Revenue | $23.23B +26% | $18.44B +24% | $14.91B -14% | $17.43B +1% | $17.23B |
| Cost of revenue | $11.51B +22% | $9.46B +20% | $7.85B -19% | $9.65B +3% | $9.36B |
| Gross profit | $11.73B +31% | $8.98B +27% | $7.05B -9% | $7.78B -1% | $7.87B |
| Research & development | $2.38B +13% | $2.10B +10% | $1.90B +10% | $1.73B +8% | $1.60B |
| Operating income | $8.20B +39% | $5.90B +38% | $4.26B -18% | $5.17B -4% | $5.38B |
| EBIT | $8.20B +39% | $5.90B +38% | $4.26B -18% | $5.17B -4% | $5.38B |
| Depreciation & amortization | $441.5M +14% | $386.3M +7% | $359.7M +5% | $342.4M +3% | $333.7M |
| Interest expense | $156.9M -12% | $178.2M -4% | $185.2M -1% | $186.5M +1% | $184.8M |
| Income tax | $997.1M +66% | $599.9M +13% | $532.5M -11% | $598.3M +2% | $587.8M |
| Net income | $7.27B +36% | $5.36B +40% | $3.83B -15% | $4.51B -2% | $4.61B |
| EPS (diluted) | $5.76 +39% | $4.15 +43% | $2.90 -13% | $3.32 -90% | $32.75 |
| Dividends per share | $1.04 +13% | $0.92 +15% | $0.80 +16% | $0.69 -89% | $6.00 |
| Diluted shares (weighted) | 1.26B | 1.29B | 1.32B | 1.36B | 140.6M |
| Operating cash flow | $5.86B -5% | $6.17B +33% | $4.65B -10% | $5.18B +67% | $3.10B |
| Capital expenditure | $966.4M +27% | $759.2M +91% | $396.7M -21% | $501.6M -8% | $546.0M |
| Share buybacks | $3.85B +13% | $3.42B +20% | $2.84B +41% | $2.02B -48% | $3.87B |
| Dividends paid | $1.27B +11% | $1.15B +13% | $1.02B +12% | $907.9M +11% | $815.3M |
| Cash & equivalents | $5.58B | $6.39B | $5.85B | $5.34B | $3.52B |
| Long-term debt (incl. current portion) | $3.72B | $4.47B | $4.97B | $4.97B | $4.96B |
| Total debt | $3.72B | $4.47B | $4.97B | $4.97B | $4.96B |
| Total assets | $23.53B | $21.35B | $18.74B | $18.78B | $17.20B |
| Total liabilities | $11.06B | $11.48B | $10.21B | $10.57B | $10.92B |
| Shareholders' equity | $12.47B | $9.86B | $8.54B | $8.21B | $6.28B |
| Shares outstanding | 1.25B | 1.27B | 1.30B | 133.3M | 137.0M |
From XBRL data in SEC filings. Small figures under each value: change vs the same period a year earlier. d = derived (e.g. Q4 = full year − first nine months).
NewsFull archive →
Lam Research sets September-quarter earnings call for October 21, 2026
Lam Research announced on September 30, 2026 that it will hold its September-quarter financial conference call and webcast on Wednesday, October 21, 2026, at 2:00 p.m.
CEO Tim Archer sold 30,000 shares at $319.26 under a 10b5-1 plan
A Form 4 signed September 10, 2026 shows CEO Timothy Archer exercised 30,000 options with a $30.033 strike and sold 30,000 shares at $319.26 on September 9.
Director Bethany Mayer sold 9,557 Lam shares at about $314.74 in open-market trades
A Form 4 shows director Bethany Mayer sold 9,557 shares on September 9, 2026 in open-market trades, at prices from $314.08 to $314.99 and a weighted average of $314.74.
COO Sesha Varadarajan sold 59,750 shares at $291.32 after exercising options
A Form 4 signed September 3, 2026 shows Executive Vice President and COO Seshasayee Varadarajan exercised 39,750 options and sold 59,750 shares at $291.32 on September 2, 2026.
Chief Legal Officer Ava Harter sold 5,000 Lam shares at $302.46 under a 10b5-1 plan
A Form 4 signed September 1, 2026 shows Chief Legal Officer Ava Harter sold 5,000 shares at $302.46 on August 31, 2026.
Lam Research raises quarterly dividend 27% to $0.33 per share
On August 27, 2026 Lam Research announced a 27% increase in its quarterly dividend, from $0.26 to $0.33 per share.
Directors Michael Cannon and Sohail Ahmed to retire November 2; board shrinks to 10
Lam Research said on August 27, 2026 that directors Michael R.
Lam Research breaks ground on 120,000 sq ft Tualatin, Oregon R&D lab for 2028 opening
Lam Research held a groundbreaking on August 26, 2026 for a 120,000 square foot R&D lab at its Tualatin, Oregon center.
Lam Research plans more than $3B over five years to expand its global R&D lab network
Lam Research said on August 13, 2026 it plans to invest more than $3 billion over five years to expand its global research and development lab network.
Lam Research and NY Creates to train about 3,500 engineering students with SEMulator3D
Lam Research and NY Creates, the not-for-profit that runs the Albany NanoTech Complex, agreed to give about 3,500 students process-integration training over five years.
CEO Tim Archer sold another 30,000 shares under a 10b5-1 plan on August 6
A Form 4 signed August 7, 2026 shows CEO Timothy Archer exercised 30,000 options with a $30.033 strike and sold 30,000 shares at $300.00 on August 6.
Lam Research posts record June-quarter revenue of $6.72B and guides September quarter to $8.10B
Lam Research reported results for the quarter ended June 28, 2026, with revenue of $6.72 billion, up 15.1% from $5.84 billion in the March quarter.
Board chair Abhijit Talwalkar sold 18,282 Lam shares at $335 under a 10b5-1 plan
A Form 4 shows Independent Chair Abhijit Talwalkar sold 18,282 shares of common stock on July 13, 2026 at $335 per share.
Lam Research schedules June-quarter earnings call for July 29, 2026
Lam Research announced on July 8, 2026 that it would hold its June-quarter financial conference call and webcast on Wednesday, July 29, 2026, at 2:00 p.m.
CEO Tim Archer exercised and sold 30,000 Lam shares under a 10b5-1 plan
A Form 4 filed for the July 2, 2026 trades shows CEO Timothy Archer exercised 30,000 options with a $30.033 strike and sold the same 30,000 shares.
Lam Research declares $0.26 quarterly dividend, payable July 8
Lam's board declared a quarterly cash dividend of $0.26 per share of common stock.
Lam opens Panel-Level Packaging Center of Excellence in Salzburg, Austria
Lam opened its Panel-Level Packaging Center of Excellence in Salzburg, which it calls its first panel-focused wet processing R&D site.
Lam SVP Neil Fernandes sells 18,170 shares at $255.14
Neil Fernandes, Lam's senior vice president for global customer operations, sold 18,170 shares at $255.14 on May 1, 2026, a sale of about $4.64 million.
Lam Research posts $5.84B March-quarter revenue and guides June quarter to $6.60B
Lam reported revenue of $5.84 billion for the quarter ended March 29, 2026, with non-GAAP diluted EPS of $1.47 and GAAP EPS of $1.45.
IBM and Lam Research sign five-year collaboration on sub-1nm logic scaling
IBM and Lam announced a five-year agreement to develop materials and processes for logic chips below 1 nanometre.
Lam Research opens 9,200 sq. ft. Boise office to support Micron memory work
Lam held a ribbon-cutting on February 17, 2026 for a new 9,200 sq.
Lam Research declares $0.26 quarterly dividend, payable April 8
Lam's board declared a quarterly cash dividend of $0.26 per share of common stock.
Sesha Varadarajan to become COO as Pat Lord retires; Rammohan gets wider operations role
Lam said Sesha Varadarajan becomes Chief Operating Officer effective March 6, 2026, succeeding Pat Lord, who is retiring after more than two decades with Lam and Novellus.
Cadence CEO Anirudh Devgan joins Lam Research board
Lam appointed Anirudh Devgan, Cadence's chief executive, as a director, increasing the board size by one.
Lam Research and CEA-Leti expand specialty-technology research collaboration
Lam and CEA-Leti signed a new multi-year agreement to develop devices built on specialty technologies such as MEMS, RF, photonics and compound semiconductors.
Lam Research posts $5.34B December-quarter revenue and guides March quarter to $5.70B
Lam reported revenue of $5.34 billion for the quarter ended December 28, 2025, with U.S.
Lam Research reports fiscal Q1 2026 results: revenue $5.32B, up 28% from a year earlier
Lam Research filed a Form 8-K with the SEC on Oct 22, 2025, 4:08 PM ET, reporting an event dated Oct 22, 2025.
SEC filings
| Sep 24, 26 | ARS | ARS: Annual report to shareholders | sec.gov ↗ |
| Sep 24, 26 | DEFA14A | DEFA14A: Additional proxy materials | sec.gov ↗ |
| Sep 24, 26 | DEF 14A | DEF 14A: Definitive proxy statement | sec.gov ↗ |
| Sep 10, 26 | 4 | Form 4: ARCHER TIMOTHY (President and CEO) — option exercise 30,000 sh, open-market sale 30,000 sh | sec.gov ↗ |
| Sep 10, 26 | 4 | Form 4: Mayer Bethany (Director) — open-market sale 9,557 sh | sec.gov ↗ |
| Sep 9, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Sep 9, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Sep 3, 26 | 4 | Form 4: Varadarajan Seshasayee (Senior Vice President) — open-market sale 59,750 sh, option exercise 39,750 sh | sec.gov ↗ |
| Sep 2, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Sep 1, 26 | 4 | Form 4: Harter Ava (Chief Legal Officer) — open-market sale 5,000 sh | sec.gov ↗ |
| Aug 31, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Aug 27, 26 | 8-K | 8-K: Director/Officer Change (Item 5.02) | sec.gov ↗ |
| Aug 7, 26 | 10-K | 10-K: Annual report for the fiscal year ended Jun 28, 2026 | sec.gov ↗ |
| Aug 7, 26 | 4 | Form 4: ARCHER TIMOTHY (President and CEO) — option exercise 30,000 sh, open-market sale 30,000 sh | sec.gov ↗ |
| Aug 6, 26 | 4 | Form 4: Harter Ava (Chief Legal Officer) — tax withholding 5,790 sh | sec.gov ↗ |
| Aug 6, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Jul 29, 26 | 8-K | 8-K: Results of Operations (Item 2.02) | sec.gov ↗ |
| Jul 14, 26 | 4 | Form 4: TALWALKAR ABHIJIT Y (Director) — open-market sale 18,282 sh | sec.gov ↗ |
| Jul 13, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Jul 6, 26 | 4 | Form 4: ARCHER TIMOTHY (President and CEO) — option exercise 30,000 sh, open-market sale 30,000 sh | sec.gov ↗ |
| Jul 2, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Jun 25, 26 | 11-K | 11-K: Employee stock plan annual report | sec.gov ↗ |
| Jun 15, 26 | 4 | Form 4: BRANDT ERIC (Director) — open-market sale 54,500 sh | sec.gov ↗ |
| Jun 15, 26 | 4 | Form 4: BRANDT ERIC (Director) — open-market sale 54,500 sh | sec.gov ↗ |
| Jun 12, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
Insider trades, 12 months
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-09-09 | Mayer Bethany Director | Sale | 9.6K | $314.74 | $3.0M |
| 2026-09-09 | ARCHER TIMOTHY President and CEO | Sale 10b5-1 plan | 30.0K | $319.26 | $9.6M |
| 2026-09-02 | Varadarajan Seshasayee Senior Vice President | Sale 10b5-1 plan | 59.8K | $291.32 | $17.4M |
| 2026-08-31 | Harter Ava Chief Legal Officer | Sale 10b5-1 plan | 5.0K | $302.46 | $1.5M |
| 2026-08-06 | ARCHER TIMOTHY President and CEO | Sale 10b5-1 plan | 30.0K | $300.00 | $9.0M |
| 2026-07-13 | TALWALKAR ABHIJIT Y Director | Sale 10b5-1 plan | 18.3K | $335.00 | $6.1M |
| 2026-07-02 | ARCHER TIMOTHY President and CEO | Sale 10b5-1 plan | 30.0K | $390.01 | $11.7M |
| 2026-06-12 | BRANDT ERIC Director | Sale 10b5-1 plan | 54.5K | $367.18 | $20.0M |
| 2026-06-11 | BRANDT ERIC Director | Sale 10b5-1 plan | 54.5K | $350.80 | $19.1M |
| 2026-06-01 | Fernandes Neil J Senior Vice President | Sale 10b5-1 plan | 7.7K | $309.60 | $2.4M |
| 2026-05-01 | Fernandes Neil J Senior Vice President | Sale 10b5-1 plan | 18.2K | $255.14 | $4.6M |
| 2026-04-27 | Harter Ava Chief Legal Officer | Sale | 6.0K | $258.66 | $1.6M |
| 2026-03-04 | Bettinger Douglas R Chief Financial Officer & EVP | Sale | 50.1K | $224.03 | $11.2M |
| 2026-03-04 | Harter Ava Chief Legal Officer | Sale | 1.5K | $222.66 | $334.0K |
| 2026-03-02 | Harter Ava Chief Legal Officer | Sale | 4.0K | $232.50 | $930.0K |
| 2026-03-02 | Bettinger Douglas R Chief Financial Officer & EVP | Sale | 40.3K | $230.22 | $9.3M |
| 2026-02-06 | BRANDT ERIC Director | Sale | 35.0K | $225.60 | $7.9M |