Company file · LRCX
Lam Research
Lam Research's revenue grew 26% in fiscal 2026, and China was its biggest market
Revenue rose 26.0% to $23.2B in the year to Jun 28, 2026, and net income rose 35.6% to $7.3B. Customers in China accounted for 34% of revenue.
Key facts
In fiscal 2026, which ended Jun 28, 2026, Lam Research (Nasdaq: LRCX) took in $23.2B of revenue (up 26.0% on fiscal 2025); net income was $7.3B (up 35.6%). The most recent quarter, ended Sep 27, 2026, brought revenue of $8.2B, up 54.4% year over year, with net income of $2.8B. Systems was the biggest single line by type: 64% of fiscal 2026 revenue. Sources: 10-K for fiscal 2026 (filed Aug 7, 2026) and 10-Q for the quarter ended Sep 27, 2026 (filed Oct 22, 2026).
Source: 10-K FY2026, filed Aug 7, 2026
Source: 10-Q filed Oct 22, 2026
How it makes money
By type, FY2026
Source: 10-K FY2026, XBRL breakdown
Systems were 64% of FY2026 revenue and customer support and other 36%. By customer location, China was 34%, Taiwan 22% and Korea 19%.
Source: 10-K FY2026
By customer location, FY2026
Share is of the FY2026 total; the last column is the change from FY2025.
What changed last quarter
Comparing Q1 FY2027 (Jul to Sep 2026) compared with Q1 FY2026 (Jul to Sep 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q1 FY2027Q1 FY2026
Company
Source: Lam Research 10-Q for the quarter ended Sep 27, 2026, filed Oct 22, 2026
By type
Source: Lam Research 10-Q for the quarter ended Sep 27, 2026, filed Oct 22, 2026
The bull case and the bear case
The bull case
- Revenue grew 26.0% in FY2026 to $23.2B, and net income rose 35.6% to $7.3B. 10-K, FY2026
- Systems revenue rose 29.5% in FY2026 to $14.9B. 10-K, FY2026
- Revenue in the quarter ended Sep 27, 2026 was $8.2B, up 54.4% on a year earlier, and net income rose 75.5% to $2.8B. 10-Q, quarter ended Sep 27, 2026
- Revenue from customers in Taiwan rose 51.6% in FY2026 to $5.2B. 10-K, FY2026
The bear case
- Operating cash flow fell 5.1% in FY2026 to $5.9B, even as net income rose. 10-K, FY2026
- Customers in China were 34% of FY2026 revenue, so changes in export rules matter a lot. 10-K, FY2026
- The 10-K lists US export controls and the cyclical nature of chipmakers' equipment spending among its risks. 10-K, Item 1A
- It also notes that a small number of customers account for a large share of revenue. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Lam Research makes wafer fabrication equipment, mainly etch and deposition tools, that chipmakers use to build memory and logic chips, and services and upgrades that equipment.
Lam sells systems used to deposit thin films on silicon wafers and etch patterns into them, plus cleaning tools. Its Customer Support Business Group provides spare parts, services, upgrades and refurbished tools for the large installed base of its equipment.
Its customers are memory, foundry and logic chipmakers, mostly in Asia. Its fiscal year ends on the last Sunday of June, so FY2026 means the year to Jun 28, 2026.
Source: 10-K, Item 1 Business
Main risks the company lists
Our plain-English paraphrase of the risk factors in Lam Research's latest 10-K. Read the original for the full list.
- Industry cyclesChipmakers' spending on equipment, especially in memory, swings with demand and prices for chips.
- Export controls and ChinaUS rules restrict some sales to China, a large share of revenue.
- Customer concentrationA few large chipmakers buy a large share of its equipment.
- Technology and competitionIt must keep pace with new chip technologies and compete with large equipment makers.
- Supply chainLimited suppliers for some parts can delay shipments or raise costs.
- InternationalMost revenue is from Asia, exposing it to trade tensions, currency and regional risks.
- Cyber and legalCyberattacks, intellectual property disputes and regulation are listed risks.
Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue | $14.9B | $18.4B | $23.2B |
| Net income | $3.8B | $5.4B | $7.3B |
| Operating cash flow | $4.7B | $6.2B | $5.9B |
| Cash & equivalents (year end) | $5.8B | $6.4B | $5.6B |
| Total debt (year end) | $5.0B | $4.5B | $3.7B |
| Diluted shares | 1.32B | 1.29B | 1.26B |
- Revenue: Sales of wafer fabrication equipment, plus spares, upgrades and services.
- Net income: Profit after all costs and taxes.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Total debt: Current and long-term debt, including finance leases, at carrying value.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
About these numbers
- Customer location is where the customer's facility is, as Lam reports it.
- Customer support and other is Lam's Customer Support Business Group plus other revenue.
- Total debt is current and long-term debt, including finance leases, at carrying value.
Recent filings
Latest filings
- Oct 214:13 PM ET
8-K
Lam Research files an 8-K on quarterly results
Lam Research filed a Form 8-K on Oct 21, 2026 at 4:13 PM ET under Item 2.02 (Results of Operations and Financial Condition).
Common questions about Lam Research
How does Lam Research make money?
In fiscal 2026, revenue totaled $23.2B. Systems were 64% of FY2026 revenue and customer support and other 36%. By customer location, China was 34%, Taiwan 22% and Korea 19%. Source: 10-K for fiscal 2026, filed Aug 7, 2026.
What was Lam Research's revenue in fiscal 2026?
Revenue came to $23.2B in the year ended Jun 28, 2026. Going back two years, it was $14.9B in fiscal 2024 and $18.4B in fiscal 2025, so the latest year was up 26.0%. Source: 10-K for fiscal 2026, filed Aug 7, 2026.
Is Lam Research profitable?
Yes, by US accounting rules (GAAP): net income was $7.3B in fiscal 2026, up 35.6% from $5.4B a year earlier. For the quarter ended Sep 27, 2026, net income was $2.8B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2026, filed Aug 7, 2026.
What did Lam Research report in its latest quarterly filing?
The 10-Q for the quarter ended Sep 27, 2026 shows revenue of $8.2B, against $5.3B in the same quarter a year before (up 54.4%), and net income of $2.8B, against $1.6B (up 75.5%). Source: 10-Q for the quarter ended Sep 27, 2026, filed Oct 22, 2026.
How much cash and debt does Lam Research have?
On Sep 27, 2026, cash and cash equivalents stood at $7.4B and total debt at $3.7B. Total debt here is current and long-term debt, including finance leases, at carrying value. Source: 10-Q filed Oct 22, 2026.
What are the main risks Lam Research lists?
Item 1A of the fiscal 2026 10-K (filed Aug 7, 2026) sets out the risks. Grouped, they fall into 7 areas: Industry cycles; export controls and China; customer concentration; technology and competition; supply chain; international; cyber and legal. To start with the first: Chipmakers' spending on equipment, especially in memory, swings with demand and prices for chips. Source: 10-K, Item 1A Risk Factors.
Where do these Lam Research numbers come from?
Two filings Lam Research made with the SEC: its fiscal 2026 10-K, filed Aug 7, 2026, and its 10-Q for the quarter ended Sep 27, 2026, filed Oct 22, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.
Disclosures
- Editor holdings in LRCX
- The editor holds no position in Lam Research (LRCX). As of Oct 25, 2026.
- Trading rule
- The editor does not buy or sell LRCX from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Oct 25, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold LRCX, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| Lam ResearchLRCX | FY2026 | $23.2B | +26.0% | $7.3B |
| Applied MaterialsAMAT | FY2025 | $28.4B | +4.4% | $7.0B |
| MicronMU | FY2026 | $133.2B | +256.3% | $85.0B |
| IntelINTC | FY2025 | $52.9B | −0.5% | −$267M |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn lists the first explainer topics. Methodology & Disclosures covers where every number comes from.