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Technology · NASDAQ: LRCX

Lam Research: how the business works

Lam Research makes the machines chipmakers use to deposit, etch and clean the layers of a chip, and services them, with FY2026 revenue of $23.2 billion.

By · Checked against filings: . Editorial policy. Corrections

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Lam Research Corporation · Fremont, California · Founded 1980

Updated for Q1 FY2027 · checked

Revenue, FY2026 (year ended Jun 28, 2026)
$23.2B
Net income, FY2026
$7.27B
Revenue, Q1 FY2027 (quarter ended Sep 27, 2026)
$8.22B
Share of FY2026 revenue from China
About 34%
Employees, Aug 4, 2026
About 23,300

For learning only. Cityfort is not a registered investment adviser or broker-dealer and does not recommend buying or selling any security. Prices shown are dated and may be out of date.

The short version

Lam Research in 5 points

  1. 1 · What it sells

    Lam makes machines that deposit, etch and clean the thin layers of a chip, which brought in $14.9 billion of FY2026 revenue of $23.2 billion, and service, spares and upgrades brought in $8.3 billion.

    More: what it sells

  2. 2 · Who pays it

    By where the customer's plant is, FY2026 revenue came 34% from China, 23% from Taiwan, 19% from Korea, 9% from Japan, 7% from the US, 5% from Southeast Asia and 3% from Europe.

    More: who pays it

  3. 3 · What it keeps from $100

    Of every $100 that came in during FY2026, Lam kept $31.2 as net income, while operating income, before interest and tax, was $35.3 per $100 of revenue.

    More: what it keeps from $100

  4. 4 · Where the operating profit comes from

    Lam reports one business segment, so it does not split profit between new machines and service, and across the company FY2026 gross margin was 50.5% and operating income $8.20 billion.

    More: where the operating profit comes from

  5. 5 · The one thing to watch

    China was about 34% of Lam's FY2026 revenue and 42% of FY2024 revenue, and Lam's 10-K says US export rules restrict sales to some customers in China.

    More: the one thing to watch

Sources: From Lam Research's FY2026 10-K · checked

See the full receipt and the management scorecard below

Sources (1)
Next: Where $100 goes

01Where the money goes · FY2026

Where does $100 of Lam Research's money go?

Of every $100 that came in (revenue plus other income), this is where it went.

Lam Research · FY2026

Receipt for every $100

Where $100 of Lam Research's money went in FY2026
Making, installing and servicing machines$49.4
Research and development$10.2
Selling, general and administrative$4.9
Income tax$4.3
Kept as net income$31.2
Total$100

Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.

How this is worked out

Cityfort calculation from FY2026 10-K. Of every $100 that came in during FY2026 (revenue plus net other income): each line = line ÷ $23.3 billion × 100.

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Sources (1)
Next: The business in one line

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02The business in one line

What does Lam Research do?

Chipmakers such as TSMC, Samsung, SK hynix and Micron pay Lam Research for chipmaking machines and their upkeep; in FY2026 making, installing and servicing them took $49.4 of every $100 that came in, and $31.2 was left as net income.

  • In FY2026, new machines (systems) brought in $14.9 billion, 64.1% of revenue. Service, spare parts, upgrades and older-generation tools brought in $8.3 billion, 35.9%.
  • Revenue fell 14.5% in FY2024, then rose 23.7% in FY2025 and 26.0% in FY2026. Q1 FY2027 revenue was $8.22 billion, up 54.4% from a year earlier.
Next: Who pays it

03Who pays it

Who pays Lam Research?

  • Chipmakers buying new machines (systems)

    64%

    of revenue

    Foundries that make chips for other companies, memory makers, and logic chipmakers buying advanced equipment. Of FY2026 equipment and upgrade revenue, foundries were 54%, memory 39% and logic and other chipmakers 7%.

  • Chipmakers paying for service, spares, upgrades and older tools

    36%

    of revenue

    Customer support-related revenue and other: service and spare parts for installed machines, upgrades, and Reliant older-generation tools.

  • Chipmakers buying new machines (systems)64%
  • Chipmakers paying for service, spares, upgrades and older tools36%

Customer concentration

Four customers each brought in at least 10% of FY2026 revenue: about 16%, 15%, 12% and 12%, together about 55% (Cityfort calculation from FY2026 10-K). Lam names Micron, Samsung, SK hynix and TSMC as its most significant customers in FY2024 to FY2026, but does not link names to percentages. At Jun 28, 2026, five customers held about 20%, 16%, 15%, 11% and 10% of receivables.

Largest customer
16%
Sources (1)
Next: Why it makes money

04Why it makes money

Why does Lam Research make money?

Lam's costs grow more slowly than its sales in upswings, and every machine it installs keeps earning service revenue.

When revenue fell 14.5% in FY2024, operating income per $100 of revenue fell to $28.6. When revenue rose 26.0% in FY2026, it reached $35.3, and gross margin reached 50.5%. Service, spares and upgrades were 35.9% of FY2026 revenue.

Operating income per $100 of revenue

$28.6$35.3

FY2024 to FY2026

  1. Lam spends on research to build machines for new chip designs
  2. Chipmakers pick a Lam machine for a step on a production line
  3. They tend to keep using it for that step for a long time
  4. Each installed machine brings service, spare parts and upgrade revenue
  5. In upswings, revenue grows faster than research and overhead costs
  6. Profit pays for more research, dividends and share buybacks

↺ Step 6 feeds back into step 1.

Sources (1)
Next: Business segments

05Business segments · FY2026

Which businesses make up Lam Research?

  • Systems

    64%

    New advanced deposition, etch, clean and other machines. Revenue rose 29.5% in FY2026, which Lam's 10-K attributes mainly to foundry customers' spending. Lam reports one business segment, so profit is not split by revenue type.

    Revenue $14.9B

  • Customer support and other

    36%

    Service, spares, upgrades and older-generation Reliant tools. Revenue rose 20.2% in FY2026, which the 10-K attributes mainly to spares and older-generation equipment.

    Revenue $8.3B

How the mix changed

  • Systems
  • Customer support and other

Revenue by segment, FY2022 to FY2026.

US$

See the numbers
How the mix changed (US$)
YearSystemsCustomer support and other
FY2022$11.3B$5.9B
FY2023$10.7B$6.7B
FY2024$8.9B$6.0B
FY2025$11.5B$6.9B
FY2026$14.9B$8.3B
Sources (2)
Next: How has it done

06The numbers · Consolidated · US$

How has Lam Research done?

Revenue

$23.2BFY2026

Revenue fell 14.5% to $14.9 billion in FY2024, a 53-week year, then rose to $23.2 billion in FY2026, and Q1 FY2027 revenue was $8.22 billion.

US$

See the numbers
Revenue (US$)
PeriodRevenue (US$)
FY2022$17.2B
FY2023$17.4B
FY2024$14.9B
FY2025$18.4B
FY2026$23.2B
Q1 FY2025$4.2B
Q2 FY2025$4.4B
Q3 FY2025$4.7B
Q4 FY2025$5.2B
Q1 FY2026$5.3B
Q2 FY2026$5.3B
Q3 FY2026$5.8B
Q4 FY2026$6.7B
Q1 FY2027$8.2B

Net profit

$7.3BFY2026

Net income fell to $3.83 billion in FY2024, then rose to $7.27 billion in FY2026; per-share figures reflect the 10-for-1 stock split of Oct 2, 2024.

US$

See the numbers
Net profit (US$)
PeriodNet profit (US$)EPS ($)
FY2022$4.6B$3.27
FY2023$4.5B$3.32
FY2024$3.8B$2.90
FY2025$5.4B$4.15
FY2026$7.3B$5.76
Q1 FY2025$1.1B$0.86
Q2 FY2025$1.2B$0.92
Q3 FY2025$1.3B$1.03
Q4 FY2025$1.7B$1.35
Q1 FY2026$1.6B$1.24
Q2 FY2026$1.6B$1.26
Q3 FY2026$1.8B$1.45
Q4 FY2026$2.3B$1.81
Q1 FY2027$2.8B$2.19

Profit kept per $100 of revenue

$31.3FY2026

Net income per $100 of revenue was $31.3 in FY2026, up from $25.7 in FY2024, and operating income per $100 was $35.3.

$ of profit per $100 of revenue (net margin)

See the numbers
Profit kept per $100 of revenue ($ of profit per $100 of revenue (net margin))
YearNet marginEBITDA margin
FY202226.7%33.2%
FY202325.9%31.7%
FY202425.7%31.0%
FY202529.1%34.1%
FY202631.3%37.2%

Free cash flow

$4.9BFY2026

Cash from operations minus capital spending was $4.89 billion in FY2026, down from $5.41 billion, as money customers owed rose by $1.96 billion.

US$ · cash from operations minus spending on plants and equipment

See the numbers
Free cash flow (US$ · cash from operations minus spending on plants and equipment)
YearCash from operationsCapital spendingFree cash flow
FY2022$3.1B$546M$2.6B
FY2023$5.2B$502M$4.7B
FY2024$4.7B$397M$4.3B
FY2025$6.2B$759M$5.4B
FY2026$5.9B$966M$4.9B
See all yearly numbers
Lam Research annual financials, FY2022–FY2026, US$
YearRevenueEBITDANet profitEPS ($)Operating cashCapexFree cash
FY2022$17.2B$5.7B$4.6B$3.27$3.1B$546M$2.6B
FY2023$17.4B$5.5B$4.5B$3.32$5.2B$502M$4.7B
FY2024$14.9B$4.6B$3.8B$2.90$4.7B$397M$4.3B
FY2025$18.4B$6.3B$5.4B$4.15$6.2B$759M$5.4B
FY2026$23.2B$8.6B$7.3B$5.76$5.9B$966M$4.9B

EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (Last Sunday of June. FY2026 ended Jun 28, 2026; FY2024 had 53 weeks and the other years 52). Net profit is the share belonging to the company's owners.

Download Lam Research's yearly and quarterly numbers (CSV, with source ids)

Learn: Fiscal years that don't end in December: Nvidia's FY2027 explained · Stock-based compensation and dilution: pay that becomes shares

Sources (14)
Next: What they said, and what happened

07Who runs it

Who runs Lam Research, and did they deliver?

  • Timothy Archer

    President and Chief Executive Officer · since 2018

    CEO since December 2018. FY2026 total pay was $40.4 million, up from $28.3 million in FY2025, and 500 times the median employee's $80,764. The Nov 3, 2026 pay vote drew 93.12% support.

  • Douglas Bettinger

    Chief Financial Officer · since 2013

    CFO since 2013.

  • Sesha Varadarajan

    Chief Operating Officer · since 2026

    COO since March 2026, part of operations leadership changes announced in February 2026.

  • Abhijit Talwalkar

    Independent Chair of the Board

    Re-elected on Nov 3, 2026 with 87.99% of votes for, the lowest of the 10 directors. The board went from 12 to 10 members after two directors retired on Nov 2, 2026.

What they said, and what happened

5 delivered · 1 too early to tell

  1. Said on Jul 30, 2025

    Lam guided Q1 FY2026 revenue of $5.20 billion, plus or minus $300 million.

    What happened

    Reported revenue of $5.32 billion, within the range and above the midpoint.

    Delivered

  2. Said on Oct 22, 2025

    Lam guided Q2 FY2026 revenue of $5.20 billion, plus or minus $300 million.

    What happened

    Reported revenue of $5.34 billion, within the range and above the midpoint.

    Delivered

  3. Said on Jan 28, 2026

    Lam guided Q3 FY2026 revenue of $5.70 billion, plus or minus $300 million.

    What happened

    Reported revenue of $5.84 billion, within the range and above the midpoint.

    Delivered

  4. Said on Apr 22, 2026

    Lam guided Q4 FY2026 revenue of $6.60 billion, plus or minus $400 million.

    What happened

    Reported revenue of $6.72 billion, within the range and above the midpoint.

    Delivered

  5. Said on Jul 29, 2026

    Lam guided Q1 FY2027 revenue of $8.10 billion, plus or minus $400 million.

    What happened

    Reported revenue of $8.22 billion, within the range and above the midpoint.

    Delivered

  6. Said on Oct 21, 2026

    Lam guided Q2 FY2027 revenue of $8.60 billion, plus or minus $400 million.

    What happened

    Q2 FY2027 ends on Dec 27, 2026; results are not out yet.

    Too early to tell
Sources (11)
Next: What could go wrong

08What could go wrong

What could go wrong for Lam Research?

  • Regulation

    China sales and US export controls

    China was about 34% of FY2026 revenue and 42% of FY2024 revenue, measured by where the customer's plant is. Lam's 10-K says US export controls, including entity listings of multiple customers, restrict sales of equipment and spare parts to some customers in China.

    Watch China's share of revenue each quarter (35% in Q1 FY2027) and new export rules.

  • Concentration

    A few customers bring in most revenue

    Four customers each brought in about 12% or more of FY2026 revenue, about 55% together. Lam's 10-K says a material cut in orders from its customers, or customer consolidation, could hurt results.

    Watch Customers above 10% of revenue in the next 10-K.

  • Demand

    Chipmakers' spending swings

    Lam's 10-K says the semiconductor industry is cyclical and demand for its machines can vary a lot from period to period. Revenue fell 14.5% in FY2024 after flat FY2023.

    Watch Quarterly revenue against Lam's guidance, and its comments on industry spending.

  • Competition

    Losing a production step is hard to reverse

    Lam's 10-K says that if a chipmaker picks a rival's machine for a step, it is harder for Lam to sell to that line later. It names Applied Materials, Tokyo Electron and others as rivals.

    Watch Systems revenue growth against the industry spending Lam quotes.

  • Execution

    Supply limits and tariffs

    Lam's 10-K says constrained supply of components and raw materials such as rare earth elements could delay orders or raise costs. Aluminum and steel tariffs partly offset its FY2026 gross margin gains.

    Watch Gross margin each quarter (52.3% in Q1 FY2027).

  • Concentration

    Revenue rests on a limited number of products

    Lam's 10-K says a substantial share of revenue comes from a limited number of products, priced up to tens of millions of dollars per system. Failing to recognize revenue on even a few systems can hurt a quarter.

    Watch Quarterly revenue against Lam's guidance, and new products such as Aether.

Sources (2)
Next: Supporters vs. critics

09Both sides

What do supporters and critics point to?

Facts each side points to. We don't say which side is right.

What supporters point to

  • Revenue rose 26.0% to $23.2 billion in FY2026, and Q1 FY2027 revenue of $8.22 billion was up 54.4% from a year earlier.
  • Service, spares and upgrades brought in $8.3 billion in FY2026, 35.9% of revenue, from machines already installed.
  • Reported revenue was within Lam's guided range, and above its midpoint, in each of the eight quarters from Q2 FY2025 to Q1 FY2027.
  • Cash exceeded debt by $3.70 billion at Sep 27, 2026; in FY2026 Lam spent $3.85 billion on buybacks and $1.27 billion on dividends.
  • Lam's Oct 21, 2026 slides say customer visibility extends through 2028.

What critics point to

  • Four customers brought in about 55% of FY2026 revenue, and Lam does not say which share belongs to which customer.
  • China was about 34% of FY2026 revenue, and Lam's 10-K says US export rules restrict some sales there.
  • Revenue fell 14.5% in FY2024, and Lam's 10-K calls the industry cyclical.
  • FY2026 cash from operations fell to $5.86 billion from $6.17 billion while net income rose, as money owed by customers rose $1.96 billion.
  • CEO pay rose to $40.4 million in FY2026, 500 times the median employee's pay.
Next: What to watch next

10What to watch next

What should you watch next at Lam Research?

Next event

Q2 FY2027 results

Date not announced yet.

  • Revenue against Lam's guidance

    Lam said on Oct 21, 2026 that it expected Q2 FY2027 revenue of $8.60 billion, plus or minus $400 million; Q1 FY2027 was $8.22 billion.

  • China's share of revenue

    China was 35% of Q1 FY2027 revenue and about 34% of FY2026 revenue; Lam's 10-K lists US export controls as a risk.

  • Use of the new buyback authorization

    The Board authorized $25 billion on Nov 5, 2026, on top of $3.03 billion left at Sep 27, 2026; the next 10-Q reports shares bought.

Next: Key dates

11Key dates

What are the key dates for Lam Research?

Dates as stated in the filings. A date that no filing has given yet shows as not yet stated.
Key dates for Lam Research
EventDateSource
Quarterly dividend record dateFor the $0.33 a share dividend declared on Nov 5, 2026.Form 8-K, Items 5.07 and 8.01: 2026 annual meeting votes, $25 billion buyback authorization and $0.33 dividend
Quarterly dividend payment date$0.33 a share, up from $0.26 before the September 2026 quarter's declaration.Form 8-K, Items 5.07 and 8.01: 2026 annual meeting votes, $25 billion buyback authorization and $0.33 dividend; Q1 fiscal 2027 earnings release (8-K Exhibit 99.1)
Q2 FY2027 quarter endsThe quarter for which Lam gave guidance on Oct 21, 2026. The results date has not been announced.Q1 fiscal 2027 earnings release (8-K Exhibit 99.1)
Sources (2)
Next: Key facts

12Key facts

Key facts about Lam Research

What does Lam Research do?
Lam Research makes wafer fabrication equipment: machines that deposit thin layers of material on silicon wafers, etch circuit patterns into them and clean them. It also services, upgrades and supplies spare parts for those machines. Lam Research had FY2026 revenue of $23.2 billion and about 23,300 employees on Aug 4, 2026.
How does Lam Research make money?
Lam Research makes money by selling chipmaking machines and then servicing them. In FY2026 (year ended Jun 28, 2026), new advanced machines (systems) brought in $14.9 billion, or 64.1% of revenue. Service, spare parts, upgrades and older-generation Reliant tools brought in $8.3 billion, or 35.9%.
What is Lam Research's business model?
Lam Research sells machines that chipmakers install in their factories, then earns service, spare parts and upgrade revenue from that installed base. Lam Research reports one business segment. In FY2026 Lam Research spent $2.38 billion on research and development, 10.2% of revenue.
Is Lam Research profitable?
Yes. Lam Research's net income was $7.27 billion and its operating income $8.20 billion in FY2026, on revenue of $23.2 billion. Net income was positive in each of the five years from FY2022 to FY2026; the lowest was $3.83 billion in FY2024.
What is Lam Research's revenue by segment?
Lam Research reports a single segment, but splits revenue by type. In FY2026, systems revenue was $14.9 billion, up 29.5%, and customer support-related revenue and other was $8.3 billion, up 20.2%. Lam Research's 10-K attributes the systems rise mainly to foundry customers' equipment spending.
How much revenue does Lam Research make from new machines (systems)?
Lam Research's systems revenue, from new advanced deposition, etch, clean and other machines, was $14.9 billion in FY2026, 64.1% of revenue, up from $11.5 billion in FY2025. In FY2026, foundries were 54% of Lam Research's equipment and upgrade revenue, memory makers 39% and logic and other chipmakers 7%.
How much revenue does Lam Research make from service and spare parts?
Lam Research's customer support-related revenue and other, which covers service, spare parts, upgrades and older-generation Reliant tools, was $8.3 billion in FY2026, 35.9% of revenue, up from $6.9 billion in FY2025. In Q1 FY2027 it was $2.49 billion, against $1.78 billion a year earlier.
Who are Lam Research's customers?
Lam Research's FY2026 10-K names Micron Technology, Samsung Electronics, SK hynix and TSMC as its most significant customers in FY2024 to FY2026. Four customers each brought in about 12% or more of Lam Research's FY2026 revenue; the 10-K does not say which. By location of the customer's plant, China was 33.8% of FY2026 revenue, Taiwan 22.5% and Korea 19.4%.
Who owns Lam Research?
Lam Research has one class of common stock, one vote per share, with 1,249.2 million shares outstanding on Oct 20, 2026. Lam Research's 2026 proxy lists BlackRock at 9.41%, based on Dec 31, 2023 data. Vanguard Capital Management reported 7.49% on Mar 31, 2026. Directors and executive officers together held less than 1% on Sep 4, 2026.
What were Lam Research's latest quarterly results?
Lam Research's revenue was $8.22 billion in Q1 FY2027 (quarter ended Sep 27, 2026), up 54.4% from $5.32 billion in Q1 FY2026. Net income was $2.75 billion, up from $1.57 billion, and diluted EPS was $2.19.
Sources (8)
Next: Go deeper

Terms on this page

Each explains the term in plain English, with the same number from other companies on Cityfort.

Go deeper

More detail from the same filings. Open any section.

13What it sells

13What it sells

What does Lam Research sell?

A chip is built up in hundreds of thin layers on a silicon disc called a wafer. Lam makes the machines that lay down those layers, carve patterns into them and clean the wafer between steps. Then it services those machines for years.

  • Deposition machines

    Lay down thin layers of insulating or conducting material, such as tungsten, molybdenum or copper. Product families include ALTUS, SABRE, Striker and VECTOR.

  • Etch machines

    Carve the circuit pattern into the layers by removing material selectively. Product families include Kiyo, Versys Metal, Akara, Flex, Vantex and Syndion.

  • Clean machines and dry resist

    Clean machines (EOS, DV-Prime, Da Vinci, SP Series, Coronus) remove particles between steps. Aether forms and develops resist films without liquids, to keep patterns accurate at very small sizes in EUV lithography.

  • Customer support ($8.3B in FY2026)

    Service, spare parts and upgrades for machines already installed, plus refurbished older-generation tools sold under the Reliant name.

What it does

  • Does: Sells new machines for deposition, etch, clean and dry resist steps to chipmakers ($14.9 billion of systems revenue in FY2026)
  • Does: Services, upgrades and supplies spare parts for its installed machines
  • Does: Sells older-generation (non-advanced) equipment under its Reliant product line

What it does not do

  • Does not: Does not make chips: its customers, such as TSMC, Samsung, SK hynix and Micron, do
  • Does not: Does not list lithography machines, the ones that print the pattern, among its products; Aether prepares the resist film used in that step
  • Does not: Does not say in its 10-K which customer each of its four largest customer percentages belongs to
Sources (1)
14How the money flows

14How the money flows · FY2026

How does money flow through Lam Research?

Money in

  • New machines (systems)$14.9B
  • Service, spares, upgrades and older tools$8.3B
  • Other income, net (interest earned minus interest paid, and other items)$63M

The company

Lam Research

$23.3B came in

Money out

  • Cost of making, installing and servicing machines$11.5B
  • Research and development$2.4B
  • Selling, general and administrative$1.2B
  • Income tax$997M
  • Net income$7.3B
  1. Chipmakers paid Lam $23.2 billion in FY2026, about two-thirds of it for new machines.
  2. Making, installing and servicing the machines cost $11.5 billion.
  3. Research cost $2.38 billion and selling and administration $1.15 billion, leaving $8.20 billion of operating income.
  4. Interest earned of $196 million, minus $157 million of interest paid, plus other items, added a net $63 million.
  5. After $997 million of income tax, $7.27 billion was left as net income.
Sources (1)
15What it needs to run

15What it needs to run

What does Lam Research need to run?

  • Engineers and researchers

    About 23,300 regular full-time employees at Aug 4, 2026, up from about 19,000 a year earlier; over 26% work in research and development.

  • Research spending

    Research and development cost $2.38 billion in FY2026, up from $1.60 billion in FY2022.

  • Factories and offices

    Long-lived assets were $3.35 billion at Jun 28, 2026, of which $2.00 billion was in the US.

  • Parts and materials from suppliers

    Lam's 10-K says supply limits, including on rare earth elements, could delay orders or raise costs. It says aluminum and steel tariffs partly offset FY2026 gross margin gains.

  • Customer acceptance

    Shipments to Japan count as revenue only after the customer accepts them. About $468 million of such future revenue sat in inventory at Sep 27, 2026.

Sources (4)
16Where it sells

16Where it sells · FY2026, by where the customer's plant is

Where does Lam Research sell?

  • China34%
  • Taiwan23%
  • Korea19%
  • Japan9%
  • United States7%
  • Southeast Asia5%
  • Europe3%
Sources (1)
17Competitors and what protects it

17Competitors and what protects it

Who does Lam Research compete with?

Lam's FY2026 10-K names its main rivals for each type of machine. It says that once a chipmaker picks a supplier's machine for a production step, it generally keeps using it for a long time.

  • Applied Materials

    NASDAQ: AMAT

    Named by Lam as a primary competitor in deposition and in etch.

  • Tokyo Electron

    Named by Lam as a primary competitor in etch and in wet clean.

  • ASM International

    Named by Lam as a competitor in atomic layer deposition and PECVD, two deposition methods.

  • Hitachi

    Named by Lam as a primary competitor in etch.

  • Screen Holdings and Semes

    Named by Lam as primary competitors in wet clean, along with Tokyo Electron.

What protects the business

Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.

  • Machines already in customers' plants4 of 5

    Lam's 10-K says a chipmaker that picks a supplier's machine generally relies on it for that production step for an extended period. Service and spares on installed machines brought in $8.3 billion in FY2026.

  • Research scale4 of 5

    Research and development cost $2.38 billion in FY2026, and over 26% of about 23,300 employees work in it.

  • Range of machines3 of 5

    Lam sells deposition, etch, clean and dry resist machines; its 10-K names primary rivals in deposition, etch and wet clean.

  • Pricing power over customers2 of 5

    Four customers brought in about 55% of FY2026 revenue, and Lam's 10-K lists customer consolidation as a risk.

Weak spot

Few customers in one cyclical industry

Lam's sales depend on how much a handful of chipmakers spend on new plants. Revenue fell 14.5% in FY2024, and four customers made up about 55% of FY2026 revenue.

Sources (1)
18Where growth could come from

18Where growth could come from

Where could Lam Research's growth come from?

Lam said on Oct 21, 2026 that it expected Q2 FY2027 (quarter ending Dec 27, 2026) revenue of $8.60 billion, plus or minus $400 million, GAAP gross margin of 52.5% and GAAP diluted EPS of $2.33, plus or minus $0.15. Its slides that day put calendar 2026 industry wafer fab equipment spending in the "mid-$150B range" and preliminary calendar 2027 spending above $200 billion.
Management statement, Oct 21, 2026. Reported as a statement, not our forecast.

  • Foundry spending

    Working

    Foundry 54% of FY2026 equipment revenue, 26% in FY2022

    Foundries make chips designed by other companies. Their share of Lam's equipment and upgrade revenue rose from 26% in FY2022 to 54% in FY2026, then was 46% in Q1 FY2027, up from 44% in Q4 FY2026, which Lam attributes mainly to the timing of mature-node investments in China.

    Status: Working, on track against what the company said.

  • Service, spares and upgrades

    Working

    $2.49B in Q1 FY2027 vs $1.78B a year earlier

    Customer support revenue rose 20.2% in FY2026. Lam's Oct 21, 2026 slides say it expects this business to grow more than 30% in calendar 2026 and more than 15% in calendar 2027.

    Status: Working, on track against what the company said.

  • Aether dry resist

    Early

    Company expects about $2.5B cumulative revenue by the end of the decade

    Aether forms and develops resist films without liquids for EUV lithography. Lam's Oct 21, 2026 slides say it expects about $2.5 billion of cumulative Aether revenue by the end of the decade; it does not report Aether revenue separately.

    Status: Early, too early to judge.

  • Advanced chip packaging

    New

    Plating systems shipped to more than 20 customers

    Lam's Oct 21, 2026 slides say its panel-level packaging plating systems have shipped to more than 20 customers. Packaging connects finished chips to each other and to the device.

    Status: New, recently announced.

Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.

Sources (5)
19The company's own measures (non-GAAP)

19The company's own measures · Q1 FY2027

What do Lam Research's own measures show?

Adjusted (non-GAAP) figures are Lam's own measures, shown next to the official (GAAP) number. They are never added together.

  • Official (GAAP): GAAP gross margin

    52.3%

    Company's own measure: Non-GAAP gross margin

    52.4%

    Lam leaves out amortization of intangibles from acquisitions and changes in the value of its elective deferred compensation plan, among other items.

  • Official (GAAP): GAAP operating margin

    40.0%

    Company's own measure: Non-GAAP operating margin

    40.2%

    Same adjustments as gross margin.

  • Official (GAAP): GAAP net income

    $2.8B

    Company's own measure: Non-GAAP net income

    $2.8B

    As above, plus note discount amortization, the tax effect of the adjustments and $11.5 million of tax expense from a change in tax law.

  • Official (GAAP): GAAP diluted EPS

    $2.19

    Company's own measure: Non-GAAP diluted EPS

    $2.20

    Same adjustments as non-GAAPThe company's own "adjusted" numbers, not the official (GAAP) ones. Always read them next to the official figure. Learn more net income. GAAP and non-GAAP EPS were within $0.02 of each other in each quarter from Q1 FY2025 to Q1 FY2027.

These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.

Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out

Sources (9)
20Financial strength and debt

20Financial strength · Sep 27, 2026

How much debt does Lam Research have?

At Sep 27, 2026 Lam's cash of $7.44 billion exceeded its debt of $3.74 billion by $3.70 billion. That debt equals about 64% of FY2026 cash from operations.
  • Total debt$3.7B
  • Cash and investments$7.4B
  • Net cash (cash minus debt)$3.7B
  • Net worth (shareholders' money)$13.9B
Debt to equity
0.27×
$ of debt for every $1 of shareholders' money
  • Debt is senior notes and finance leases, as the balance sheet presents them. Cash is cash and cash equivalents. Net cash is a Cityfort calculation from the Q1 FY2027 10-Q.
  • The notes, $3.75 billion at face value, come due between 2029 and 2060, at rates from 1.90% to 4.875%. Lam repaid $750 million of notes that matured on Mar 15, 2026.
  • A $2.0 billion revolving credit line, available until Jan 25, 2030, was undrawn, and nothing was outstanding under the $2.0 billion commercial paper program at Jun 28, 2026.
  • Customers had prepaid or been billed $2.66 billion of deferred revenue at Sep 27, 2026, up from $2.43 billion at Jun 28, 2026.
Sources (4)
21Who owns it

21Who owns it · ownership as of Sep 4, 2026

Who owns Lam Research?

Lam has one class of common stock with one vote per share. The 2026 proxy's 18 directors and executive officers held 3,824,028 shares, less than 1%; 0.31% is a Cityfort calculation from the 2026 proxy statement.
Officers and directors (as a group), shares
0.3%
Share classes
Lam Research share classes: shares outstanding (millions) and votes per share
ClassShares (millions)Votes per shareHeld by% of shares% of votesTraded
Common stock (1,249.2 million shares outstanding on Oct 20, 2026 (Q1 FY2027 10-Q cover). No preferred stock is outstanding.)1,249.21–––Yes
Holders of 5% or more
Lam Research holders of 5% or more, from the proxy statement or later Schedule 13G filings; each row shows its own date
HolderSharesVotesAs ofSourceNote
BlackRock, Inc.9.4%–Dec 31, 2023S162026 proxy figure: 117,779,780 shares, based on a Schedule 13G/A with Dec 31, 2023 holdings, adjusted for the stock split.
Vanguard Capital Management7.5%–Mar 31, 2026S18, S16, S19Schedule 13G filed Apr 30, 2026; the proxy shows 93,575,293 shares, 7.48%. The Vanguard Group reported 0% after an internal realignment, event dated Mar 13, 2026.

From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.

Insider trades · Form 4 data as of Nov 6, 2026

What did Lam Research's insiders report trading?

Lam Research's insiders made 51 Form 4A filing an insider must make within two business days of buying or selling the company's shares. Learn more filings in the 12 months to Nov 6, 2026.

They reported no purchases and 67 sales (689,843 shares) in the open market or privately (codes P and S).

58 of the 67 sales were on forms with the Rule 10b5-1 plan box checked.

The same filings report 78 other share transactions (F: 33, M: 20, A: 19, G: 6).

They also report 27 transactions in options, stock units or other derivatives.

Insiders are a company's officers, directors and owners of more than 10% of a class of its shares. Most changes in their holdings must be reported to the SEC on a Form 4 within two business days. Source: SEC Form 4 filings on EDGAR.

P
a purchase in the open market or privately
S
a sale in the open market or privately
A
a grant, award or other acquisition from the company under Rule 16b-3
F
shares withheld or handed over to pay an exercise price or tax when an award is received, exercised or vests
M
exercise or conversion of an option or other derivative, exempt under Rule 16b-3
G
a bona fide gift

Code meanings: General Instruction 8 of Form 4 (SEC).

The latest 25 of 145 transactions
Lam Research's insider transactions reported on Form 4 in the 12 months to Nov 6, 2026, newest filing first
InsiderTrade dateCodeSharesPriceHeld after10b5-1 boxFiling
Mayer BethanyDirectorNov 2, 2026S719 D$242.59916CheckedForm 4, filed Nov 3, 2026
Kang Ho KyuDirectorOct 30, 2026F491 D$239.119,173Not checkedForm 4, filed Nov 2, 2026
ARCHER TIMOTHYPresident and CEOOct 23, 2026M31,400 A$30.0331,107,366CheckedForm 4, filed Oct 26, 2026
ARCHER TIMOTHYPresident and CEOOct 23, 2026S31,400 D$227.021,075,966CheckedForm 4, filed Oct 26, 2026
ARCHER TIMOTHYPresident and CEOSep 9, 2026M30,000 A$30.0331,105,966CheckedForm 4, filed Sep 10, 2026
ARCHER TIMOTHYPresident and CEOSep 9, 2026S30,000 D$319.261,075,966CheckedForm 4, filed Sep 10, 2026
Mayer BethanyDirectorSep 9, 2026S9,557 D$314.7420,995 (indirect: By Trust)Not checkedForm 4, filed Sep 10, 2026
Varadarajan SeshasayeeSenior Vice PresidentSep 2, 2026S20,000 D$291.32205,546CheckedForm 4, filed Sep 3, 2026
Varadarajan SeshasayeeSenior Vice PresidentSep 2, 2026M12,270 A$59.881217,816CheckedForm 4, filed Sep 3, 2026
Varadarajan SeshasayeeSenior Vice PresidentSep 2, 2026S12,270 D$291.32205,546CheckedForm 4, filed Sep 3, 2026
Varadarajan SeshasayeeSenior Vice PresidentSep 2, 2026M27,480 A$30.033233,026CheckedForm 4, filed Sep 3, 2026
Varadarajan SeshasayeeSenior Vice PresidentSep 2, 2026S27,480 D$291.32205,546CheckedForm 4, filed Sep 3, 2026
Harter AvaChief Legal OfficerAug 31, 2026S5,000 D$302.4642,462.455CheckedForm 4, filed Sep 1, 2026
ARCHER TIMOTHYPresident and CEOAug 6, 2026M30,000 A$30.0331,105,966CheckedForm 4, filed Aug 7, 2026
ARCHER TIMOTHYPresident and CEOAug 6, 2026S30,000 D$300.001,075,966CheckedForm 4, filed Aug 7, 2026
Harter AvaChief Legal OfficerAug 5, 2026F5,790 D$307.4247,462.455Not checkedForm 4, filed Aug 6, 2026
TALWALKAR ABHIJIT YDirectorJul 13, 2026S18,282 D$335.0087,142CheckedForm 4, filed Jul 14, 2026
ARCHER TIMOTHYPresident and CEOJul 2, 2026M30,000 A$30.0331,105,966CheckedForm 4, filed Jul 6, 2026
ARCHER TIMOTHYPresident and CEOJul 2, 2026S30,000 D$390.011,075,966CheckedForm 4, filed Jul 6, 2026
BRANDT ERICDirectorJun 12, 2026S300 D$355.71198,905CheckedForm 4, filed Jun 15, 2026
BRANDT ERICDirectorJun 12, 2026S1,393 D$357.24197,512CheckedForm 4, filed Jun 15, 2026
BRANDT ERICDirectorJun 12, 2026S1,100 D$357.98196,412CheckedForm 4, filed Jun 15, 2026
BRANDT ERICDirectorJun 12, 2026S3,828 D$359.08192,584CheckedForm 4, filed Jun 15, 2026
BRANDT ERICDirectorJun 12, 2026S1,906 D$360.15190,678CheckedForm 4, filed Jun 15, 2026
BRANDT ERICDirectorJun 12, 2026S819 D$361.21189,859CheckedForm 4, filed Jun 15, 2026

Shares: A = acquired, D = disposed of. A price the filing gives only in a footnote shows as “See filing”. The 10b5-1 box is checked when at least one trade on the form was made under a Rule 10b5-1 plan. A Form 4/A replaces the form it amends. See all of Lam Research's Form 4 filings on EDGAR.

Learn: How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes · Rule 10b5-1 trading plans: how insiders pre-schedule their trades

Sources (5)
22What it does with profit

22What it does with profit

What does Lam Research do with its profit?

Lam paid $1.27 billion of dividends in FY2026 and raised the quarterly dividend from $0.26 to $0.33 a share from the September 2026 quarter. Dividends per share before FY2024 are a Cityfort calculation from the FY2024 10-K, divided by 10 for the Oct 2, 2024 stock split.

Dividend per share

$1.04FY2026

Dividend paid for each share, by financial year.

$ per share

See the numbers
Dividend per share ($ per share)
YearDividend per shareShare of profit paid out
FY2022$0.60–
FY2023$0.69–
FY2024$0.80–
FY2025$0.92–
FY2026$1.04–

  • Buyback · Jun 28, 2026

    Spent $3.85 billion on buybacks in FY2026; about $4.04 billion remained under the $10 billion authorization of May 2024.

    $3.9B

  • Buyback · Sep 27, 2026

    Spent $1.02 billion on buybacks in Q1 FY2027 (cash flow statement; the 10-Q puts the program cost at $1.01 billion), including $1.00 billion of accelerated repurchases with two banks; $3.03 billion remained.

    $1.0B

  • Buyback · Nov 5, 2026

    The Board authorized up to $25 billion of further buybacks, in addition to the remaining balance, with no end date.

    $25.0B

Sources (5)
23Governance signals

23Governance signals

What do Lam Research's governance filings show?

Auditor
KPMG LLP, since 2025
Auditor changes
Sep 8, 2025: Ernst & Young LLP → KPMG LLP (Lam dismissed EY, its auditor since 1981, and engaged KPMG for FY2026. The 8-K reports no disagreements and no reportable events.)
Audit qualifications
None reported
Related-party dealings
The 2026 proxy reports that BlackRock money market funds held by Lam paid it about $24.2 million of interest and dividends in FY2026; the 2026 proxy lists BlackRock at 9.41%, based on its Dec 31, 2023 holdings.
Credit rating
No public credit rating found in a search of rating agency sites on Nov 6, 2026

Flags to know about

  • auditor

    First auditor change since 1981

    Lam replaced Ernst & Young, its auditor since 1981, with KPMG for FY2026. The 8-K reports no disagreements.

  • other

    Shareholder proposal on special meetings

    A shareholder proposal to give shareholders the right to call special meetings drew 42.22% support on Nov 3, 2026 and was not approved.

  • other

    Officer liability charter change

    Shareholders approved a charter amendment limiting officers' personal liability (officer exculpation) on Nov 4, 2025.

  • other

    No material legal proceedings reported

    Lam's FY2026 10-K says it is not currently a party to any legal proceedings that it believes material.

  • disclosure

    Customer names not linked to revenue shares

    Lam names its most significant customers and gives the revenue shares of its largest ones, but not which share belongs to which customer. It reports deferred revenue, not a backlog figure.

Sources (7)
24What the market paid

24What the market paid · price as of Nov 5, 2026

What did the market pay for Lam Research on Nov 5, 2026?

Price as of Nov 5, 2026 (shown for education; prices change daily).

Price as of Nov 5, 2026: Lam closed at $185.20 on Nasdaq, against $221.43 at the Nov 4, 2026 close. Times 1,249.2 million shares (Oct 20, 2026), that is a market value of about $231.3 billion (Cityfort calculation from the Nov 5, 2026 Nasdaq closing price and the Q1 FY2027 10-Q cover). P/E is price ÷ earnings per share: 32.2 on FY2026 diluted EPS of $5.76. P/B is market value ÷ shareholders' equity: 16.6 on equity of $13.9 billion at Sep 27, 2026. The $0.33 quarterly dividend, times four, is about 0.71% of that price.

Share price
$185.20
Market value (market cap)
$231.3B
P/E
32.2×
P/B
16.6×

More price-based ratios · as of Nov 5, 2026

Each ratio divides a number from the company's filings by the market value or share price on Nov 5, 2026. Prices change daily, so these ratios do too.

Shares used for the market value: 1,249.2 million ($185.20 × 1,249.2 million shares ≈ $231.3B). Source: Form 10-Q, Q1 fiscal 2027 (quarter ended Sep 27, 2026); Form 10-K, fiscal 2026 (year ended Jun 28, 2026)

Source: LRCX historical prices: closing prices on Nov 4 and Nov 5, 2026; Form 10-Q, Q1 fiscal 2027 (quarter ended Sep 27, 2026); Form 10-K, fiscal 2026 (year ended Jun 28, 2026) and 1 more

Sources (9)
25How it got here

25How it got here

How did Lam Research get here?

  1. 1980

    Milestone

    Incorporated

    Lam Research was incorporated in 1980 and is based in Fremont, California.

  2. 2018

    Milestone

    Timothy Archer becomes CEO

    Archer has been President and CEO since December 2018.

  3. 2023

    Crisis

    Restructuring plan

    A restructuring plan that began in FY2023 ended about 1,760 jobs at a cumulative cost of $181.9 million. It was substantially complete by Jun 30, 2024.

  4. 2024

    Crisis

    Revenue falls 14.5%

    FY2024 revenue fell to $14.9 billion, and China was 42% of revenue.

  5. 2024

    Milestone

    Stock split and $10 billion buyback

    Lam announced a $10 billion buyback authorization in May 2024 and split each share into ten on Oct 2, 2024.

  6. 2025

    Business-model change

    Foundries become the largest equipment buyers

    Foundries' share of Lam's equipment and upgrade revenue reached 45% in FY2025 and 54% in FY2026, against 26% in FY2022, while memory fell from 60% to 39%.

  7. 2025

    Milestone

    New auditor

    Lam replaced Ernst & Young, auditor since 1981, with KPMG in September 2025.

  8. 2026

    Milestone

    Larger quarter and a $25 billion buyback

    Q1 FY2027 revenue reached $8.22 billion, with operating income of $40.0 per $100 of revenue. On Nov 5, 2026 the Board authorized $25 billion of further buybacks.

Sources (8)

26Sources and changes

Where every number on this page comes from

Sources (28 documents)
  1. S1Form 10-K, fiscal 2026 (year ended Jun 28, 2026) · Lam Research Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Aug 7, 2026
  2. S2Form 10-K, fiscal 2025 (year ended Jun 29, 2025) · Lam Research Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Aug 11, 2025
  3. S3Form 10-K, fiscal 2024 (year ended Jun 30, 2024) · Lam Research Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Aug 29, 2024
  4. S4Form 10-K, fiscal 2023 (year ended Jun 25, 2023) · Lam Research Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Aug 15, 2023
  5. S5Form 10-Q, Q1 fiscal 2027 (quarter ended Sep 27, 2026) · Lam Research Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Oct 22, 2026
  6. S6Form 10-Q, Q3 fiscal 2026 (quarter ended Mar 29, 2026) · Lam Research Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Apr 23, 2026
  7. S7Q1 fiscal 2027 earnings release (8-K Exhibit 99.1) · Lam Research Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Oct 21, 2026
  8. S8Q4 fiscal 2026 earnings release (8-K Exhibit 99.1) · Lam Research Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Jul 29, 2026
  9. S9Q3 fiscal 2026 earnings release (8-K Exhibit 99.1) · Lam Research Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Apr 22, 2026
  10. S10Q2 fiscal 2026 earnings release (8-K Exhibit 99.1) · Lam Research Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Jan 28, 2026
  11. S11Q1 fiscal 2026 earnings release (8-K Exhibit 99.1) · Lam Research Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Oct 22, 2025
  12. S12Q4 fiscal 2025 earnings release (8-K Exhibit 99.1) · Lam Research Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Jul 30, 2025
  13. S13Q3 fiscal 2025 earnings release (8-K Exhibit 99.1) · Lam Research Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Apr 23, 2025
  14. S14Q2 fiscal 2025 earnings release (8-K Exhibit 99.1) · Lam Research Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Jan 29, 2025
  15. S15Q1 fiscal 2025 earnings release (8-K Exhibit 99.1) · Lam Research Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Oct 23, 2024
  16. S162026 proxy statement (DEF 14A) · Lam Research Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Sep 24, 2026
  17. S17Form 8-K, Items 5.07 and 8.01: 2026 annual meeting votes, $25 billion buyback authorization and $0.33 dividend · Lam Research Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Nov 5, 2026
  18. S18Schedule 13G by Vanguard Capital Management (7.49%, as of Mar 31, 2026) · SEC EDGAR · Tier 1: company or exchange filing · Apr 30, 2026
  19. S19Schedule 13G/A by The Vanguard Group (0%, event Mar 13, 2026) · SEC EDGAR · Tier 1: company or exchange filing · Mar 27, 2026
  20. S20Form 8-K, Item 4.01: auditor change from Ernst & Young to KPMG · Lam Research Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Sep 11, 2025
  21. S21Form 8-K, Item 5.02: new director Anirudh Devgan; COO and operations leadership transitions · Lam Research Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Feb 3, 2026
  22. S22Form 8-K, Item 5.02: directors Sohail Ahmed and Michael Cannon to retire · Lam Research Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Aug 27, 2026
  23. S23Form 8-K, Items 3.03 and 5.03: ten-for-one stock split effective Oct 2, 2024 · Lam Research Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Oct 2, 2024
  24. S24Form 8-K, Items 7.01 and 8.01: stock split and $10 billion buyback authorization announced · Lam Research Corporation (SEC EDGAR) · Tier 1: company or exchange filing · May 21, 2024
  25. S25Form 8-K, Item 1.01: $2.0 billion revolving credit facility (Third Amended and Restated Credit Agreement) · Lam Research Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Jan 29, 2025
  26. S26Form 8-K, Items 5.02, 5.03, 5.07: 2025 Stock Incentive Plan and officer-liability charter amendment approved · Lam Research Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Nov 6, 2025
  27. S27LRCX historical prices: closing prices on Nov 4 and Nov 5, 2026 · Nasdaq · Tier 1: company or exchange filing · Nov 5, 2026
  28. S28September quarter 2026 financial results (earnings slides, Oct 21, 2026) · Lam Research Corporation · Tier 1: company or exchange filing · Oct 21, 2026
Changes to this page (v1 · Nov 6, 2026)
  1. v1 · Nov 6, 2026First version, through Q1 FY2027 (quarter ended Sep 27, 2026). (first version)

Numbers come only from tier 1 and tier 2 sources. Read how we research.

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All information is taken from publicly available sources, mainly company filings with the SEC, which are listed on each page with dates. We work to keep it accurate and correct errors publicly, but we do not guarantee that it is complete, accurate or up to date. Any market price or price-based ratio shown is dated, may be out of date by the time you read it, and is included only to explain concepts.

Statements by company management, including forward-looking statements and guidance, are reported as the company's statements, with their date and source; they are not our forecasts. Adjusted (non-GAAP) figures are the company's own measures and are shown next to the official (GAAP) figures.