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Atlatl Advisers LLC decreased its holdings in shares of Lam Research Corporation (NASDAQ:LRCX – Free Report) by 89.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,646 shares of the semiconductor company’s stock after selling 14,564 shares during the quarter. Atlatl Advisers LLC’s holdings in Lam Research were worth $541,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. World Equity Group Inc. increased its holdings in shares of Lam Research by 0.5% during the 2nd quarter. World Equity Group Inc. now owns 5,576 shares of the semiconductor company’s stock valued at $2,416,000 after acquiring an additional 29 shares during the last quarter. Vann Equity Management LLC lifted its position in Lam Research by 1.1% during the 3rd quarter. Vann Equity Management LLC now owns 2,873 shares of the semiconductor company’s stock worth $944,000 after acquiring an additional 31 shares during the last quarter. Tenzing Financial LLC boosted its holdings in Lam Research by 3.5% during the second quarter. Tenzing Financial LLC now owns 1,018 shares of the semiconductor company’s stock valued at $441,000 after acquiring an additional 34 shares during the period. Advus Financial Partners LLC boosted its holdings in Lam Research by 1.0% during the second quarter. Advus Financial Partners LLC now owns 3,578 shares of the semiconductor company’s stock valued at $1,550,000 after acquiring an additional 34 shares during the period. Finally, Paragon Private Wealth Management LLC grew its position in shares of Lam Research by 1.3% in the second quarter. Paragon Private Wealth Management LLC now owns 2,719 shares of the semiconductor company’s stock valued at $1,178,000 after purchasing an additional 35 shares during the last quarter. 84.61% of the stock is currently owned by institutional investors.

Insiders Place Their Bets In related news, insider Ava Harter sold 5,000 shares of the firm’s stock in a transaction on Monday, August 31st. The stock was sold at an average price of $302.46, for a total value of $1,512,300.00. Following the completion of the transaction, the insider directly owned 42,462 shares of the company’s stock, valued at $12,843,056.52. This trade represents a 10.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Bethany Mayer sold 9,557 shares of Lam Research stock in a transaction on Wednesday, September 9th. The stock was sold at an average price of $314.74, for a total transaction of $3,007,970.18. Following the sale, the director owned 20,995 shares in the company, valued at $6,607,966.30. This represents a 31.28% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.31% of the company’s stock.

Lam Research Trading Down 0.0% Shares of LRCX opened at $230.10 on Friday. Lam Research Corporation has a 12-month low of $135.50 and a 12-month high of $438.50. The company has a quick ratio of 1.91, a current ratio of 2.48 and a debt-to-equity ratio of 0.27. The firm has a market capitalization of $287.95 billion, a price-to-earnings ratio of 34.29, a P/E/G ratio of 0.83 and a beta of 1.85. The stock’s 50-day moving average price is $301.90 and its 200 day moving average price is $309.32. Lam Research (NASDAQ:LRCX – Get Free Report) last posted its quarterly earnings results on Wednesday, October 21st. The semiconductor company reported $2.20 EPS for the quarter, beating the consensus estimate of $2.18 by $0.02. Lam Research had a return on equity of 72.15% and a net margin of 32.34%. The firm had revenue of $8.22 billion during the quarter, compared to analysts’ expectations of $8.14 billion. During the same quarter in the prior year, the firm posted $1.26 EPS. The company’s revenue for the quarter was up 54.4% on a year-over-year basis. As a group, research analysts predict that Lam Research Corporation will post 9.48 earnings per share for the current year.

Lam Research Increases Dividend The company also recently announced a quarterly dividend, which was paid on Wednesday, October 14th. Investors of record on Wednesday, September 23rd were paid a $0.33 dividend. The ex-dividend date was Wednesday, September 23rd. This is a positive change from Lam Research’s previous quarterly dividend of $0.26. This represents a $1.32 dividend on an annualized basis and a dividend yield of 0.6%. Lam Research’s dividend payout ratio is currently 22.92%.

Analysts Set New Price Targets A number of equities analysts have recently commented on LRCX shares. Berenberg Bank set a $420.00 price objective on Lam Research in a research note on Wednesday, September 9th. Fundamental Research set a $390.00 target price on Lam Research in a research note on Thursday, October 1st. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $375.00 price target on shares of Lam Research in a research report on Monday. Jefferies Financial Group set a $335.00 price target on Lam Research and gave the stock a “buy” rating in a report on Thursday, July 30th. Finally, HSBC reissued a “hold” rating and issued a $333.00 price objective on shares of Lam Research in a research report on Monday, July 27th. One research analyst has rated the stock with a Strong Buy rating, twenty-six have given a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, Lam Research has an average rating of “Moderate Buy” and a consensus price target of $354.55.

Check Out Our Latest Report on Lam Research

Trending Headlines about Lam Research Here are the key news stories impacting Lam Research this week:

Positive Sentiment: Record results and strong profitability: Fiscal first-quarter revenue rose 54.4% year over year to $8.22 billion, exceeding estimates, while adjusted EPS of $2.20 also beat forecasts. Operating margin topped 40% for the first time, supported by strong systems sales, memory demand and record foundry revenue. Lam Research Q1 Earnings Beat on Systems Sales and Margin Gains Positive Sentiment: Long-term AI and memory demand remains supportive: Lam expects wafer-fabrication-equipment spending to exceed $200 billion in 2027, driven by AI infrastructure, memory upgrades and advanced manufacturing. Customer Support revenue is expected to grow more than 30%, while Aether dry-resist revenue is projected to reach $2.5 billion cumulatively. LRCX Q1 Earnings Call Highlights Positive Sentiment: Some analysts remain bullish: Mizuho reiterated an Outperform rating and recommended buying the pullback, while Bank of America maintained a Buy rating. Erste Group also modestly increased its FY2027 and FY2028 EPS estimates. Mizuho recommends buying the pullback Neutral Sentiment: Guidance was broadly in line but leaves limited room for disappointment: Fiscal second-quarter revenue guidance of $8.2 billion-$9.0 billion and EPS guidance of $2.18-$2.48 bracket consensus estimates of $8.5 billion and $2.30, respectively. Mizuho trimmed its price target to $360 from $365, signaling continued upside but greater near-term caution. Negative Sentiment: Supply bottlenecks are limiting shipments: Component shortages and cleanroom capacity constraints could restrict equipment deliveries through 2027, preventing Lam from fully converting strong demand into revenue. Lam Research says supply bottlenecks are holding back revenue Negative Sentiment: China exposure and sector pressure are weighing on sentiment: China’s revenue contribution is expected to decline substantially from 35% in the September quarter. Citi warned of additional downside for Lam and peers, while a broad AI-chip sell-off amplified concerns about valuations and spending. Lam Research Profile (Free Report)

Lam Research Corporation (NASDAQ:LRCX) is a semiconductor equipment company that develops and manufactures systems used to fabricate integrated circuits. Its technologies support key stages of wafer processing, helping semiconductor manufacturers create the increasingly complex structures found in memory, logic and other types of chips.

The company’s product portfolio includes etch systems, which selectively remove materials from wafers; deposition systems, which apply thin films; and cleaning solutions used to remove contaminants and residue during manufacturing.

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, /PRNewswire/ -- Lam Research Corporation (the "Company," "Lam," "Lam Research") today announced financial results for the quarter ended September 27, 2026 (the "September 2026 quarter").

Highlights for the September 2026 quarter were as follows:

Revenue of $8.22 billion.
U.S. GAAP gross margin as a percent of revenue of 52.3%, U.S. GAAP operating margin as a percent of revenue of 40.0%, and U.S. GAAP diluted EPS of $2.19.
Non-GAAP gross margin as a percent of revenue of 52.4%, non-GAAP operating margin as a percent of revenue of 40.2%, and non-GAAP diluted EPS of $2.20.

Key Financial Data for the Quarters Ended

September 27, 2026 and June 28, 2026

(in thousands, except per share data, percentages, and basis points)  

U.S. GAAP

September 2026

June 2026

Change Q/Q

Revenue

$       8,219,418

$       6,722,238

+22 %

Gross margin

52.3 %

51.7 %

+ 60 bps

Operating margin

40.0 %

37.4 %

+ 260 bps

Diluted EPS

$                2.19

$                1.81

+ 21 %

Non-GAAP

September 2026

June 2026

Change Q/Q

Revenue

$       8,219,418

$       6,722,238

+22 %

Gross margin

52.4 %

52.0 %

+ 40 bps

Operating margin

40.2 %

38.4 %

+ 180 bps

Diluted EPS

$                2.20

$                1.82

+ 21 %

U.S. GAAP Financial Results

For the September 2026 quarter, revenue was $8.22 billion, gross margin was $4.30 billion, or 52.3% of revenue, operating expenses were $1.02 billion, operating margin was 40.0%, and net income was $2.75 billion, or $2.19 per diluted share on a U.S. GAAP basis. This compares to revenue of $6.72 billion, gross margin of $3.48 billion, or 51.7% of revenue, operating expenses of $965.3 million, operating margin of 37.4%, and net income of $2.28 billion, or $1.81 per diluted share, for the quarter ended June 28, 2026 (the "June 2026 quarter").

Non-GAAP Financial Results

For the September 2026 quarter, non-GAAP gross margin was $4.31 billion, or 52.4% of revenue, non-GAAP operating expenses were $1.00 billion, non-GAAP operating margin was 40.2%, and non-GAAP net income was $2.77 billion, or $2.20 per diluted share. This compares to non-GAAP gross margin of $3.50 billion, or 52.0% of revenue, non-GAAP operating expenses of $916.4 million, non-GAAP operating margin of 38.4%, and non-GAAP net income of $2.28 billion, or $1.82 per diluted share, for the June 2026 quarter.

"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 Tim Archer, Lam Research's President and Chief Executive Officer. "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."

Balance Sheet and Cash Flow Results

Cash, cash equivalents, and restricted cash balances increased to $7.45 billion at the end of the September 2026 quarter compared to $5.60 billion at the end of the June 2026 quarter. The increase was primarily the result of cash generated from operating activities during the quarter partially offset by cash deployed for capital return activities and capital expenditures.

Deferred revenue at the end of the September 2026 quarter increased to $2.66 billion compared to $2.43 billion as of the end of the June 2026 quarter. Lam's deferred revenue balance does not include shipments to customers in Japan, to whom control does not transfer until customer acceptance. Shipments to customers in Japan are classified as inventory at cost until the time of acceptance. The estimated future revenue from shipments to customers in Japan was approximately $468.3 million as of September 27, 2026 and $490.2 million as of June 28, 2026.

Revenue

The geographic distribution of revenue during the September 2026 quarter is shown in the following table:

Region

Revenue

China

35 %

Korea

20 %

Taiwan

18 %

Japan

9 %

United States

8 %

Southeast Asia

6 %

Europe

4 %

The following table presents revenue disaggregated between systems and customer support-related revenue:

Three Months Ended

September 27,
2026

June 28,
2026

September 28,
2025

(in thousands)

Systems revenue

$         5,732,907

$         4,249,848

$         3,547,565

Customer support-related revenue and other

2,486,511

2,472,390

1,776,608

$         8,219,418

$         6,722,238

$         5,324,173

Systems revenue includes sales of new leading-edge equipment in deposition, etch, clean, and other wafer fabrication markets.

Customer support-related revenue includes sales of customer services, spares, upgrades, and non-leading-edge equipment from our Reliant® product line.

Outlook

For the quarter ending December 27, 2026, Lam is providing the following guidance: 

U.S. GAAP

Reconciling Items

Non-GAAP

Revenue

$8.60 Billion

+/-

$400 Million

—

$8.60 Billion

+/-

$400 Million

Gross margin

52.5 %

+/-

1 %

$  2.7

Million

52.5 %

+/-

1 %

Operating margin

40.5 %

+/-

1 %

$  3.0

Million

40.5 %

+/-

1 %

Net income per diluted share

$2.33

+/-

$0.15

$  3.3

Million

$2.33

+/-

$0.15

Diluted share count

1.253 Billion

—

1.253 Billion

The information provided above is only an estimate of what the Company believes is realizable as of the date of this release and does not incorporate the potential impact of any business combinations, asset acquisitions, divestitures, restructuring, balance sheet valuation adjustments, financing arrangements, other investments, or other items that may be completed or realized after the date of this release, except as described below. U.S. GAAP to non-GAAP reconciling items provided include only those items that are known and can be estimated as of the date of this release. Actual results will vary from this model and the variations may be material. Reconciling items included above are as follows:

Gross margin - amortization related to intangible assets acquired through certain business combinations, $2.7 million.

Operating margin - amortization related to intangible assets acquired through certain business combinations, $3.0 million.

Net income per diluted share - amortization related to intangible assets acquired through certain business combinations, $3.0 million; amortization of note discounts, $0.5 million; and associated tax benefit for non-GAAP items ($0.2 million); totaling $3.3 million.

Use of Non-GAAP Financial Results

In addition to U.S. GAAP results, this press release also contains non-GAAP financial results. The Company's non-GAAP results for both the September 2026 and June 2026 quarters exclude amortization related to intangible assets acquired through certain business combinations, the effects of elective deferred compensation-related assets and liabilities, amortization of note discounts, and the net income tax effect of non-GAAP items. The September 2026 quarter also excludes the net income tax effect of a change in tax law, and the June 2026 quarter excludes workforce optimization charges and the related income tax effect.

Management uses non-GAAP gross margin, operating expense, operating income, operating margin, net income, and net income per diluted share to evaluate the Company's operating and financial results. The Company believes the presentation of non-GAAP results is useful to investors for analyzing business trends and comparing performance to prior periods, along with enhancing investors' ability to view the Company's results from management's perspective. Tables presenting reconciliations of non-GAAP results to U.S. GAAP results are included at the end of this press release and on the Company's website at https://investor.lamresearch.com. 

Caution Regarding Forward-Looking Statements

Statements made in this press release that are not of historical fact are forward-looking statements and are subject to the safe harbor provisions created by the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements concerning: our outlook and guidance for future financial results, including revenue, gross margin, operating margin, net income per diluted share, and diluted share count; AI-driven semiconductor demand and device complexity; our focus on operational execution; the perceived benefits of our strategic investments; our ability to outgrow the wafer fabrication equipment market as the industry expands; and deferred revenue. These statements are not a guarantee of future performance and involve a number of risks, uncertainties, and other factors that could cause our actual results or outcomes, or the timing of our results or outcomes, to differ materially from those expressed or implied in this press release. Such risks, uncertainties, and other factors include: our assumptions related to continued expansion of the wafer fabrication equipment market, growth of deposition and etch intensity, and scaling of our operations may prove invalid; business, economic, political, and/or regulatory conditions in the consumer electronics industry, the semiconductor industry and the overall economy, including wafer fabrication equipment spending or demand related to AI, may deteriorate or change; the actions, performance, or investment levels of our customers and competitors may be inconsistent with our expectations; customer and product mix, including across market segments and geographical regions, may change; we may be unable to realize the value of our products and technology, successfully commercialize new products and technologies, implement pricing initiatives, or execute on perceived opportunities; we may be unable to achieve anticipated operational, manufacturing, supply chain, procurement, and scale efficiencies; customer technology transitions, capacity expansions, and fab construction projects may have different timing or be less successful than we expect; we may be unable to manage operating expenses effectively while continuing to invest in research and development, product innovation, customer support, and future growth opportunities; trade regulations, export controls (including entity listings, end use/user controls, technology controls, and foreign direct product rules), tariffs, trade disputes, and other geopolitical developments may inhibit our ability to sell our products or services; supply chain cost increases, tariffs, and other inflationary pressures may continue to impact our profitability; supply chain disruptions or manufacturing capacity constraints may limit our ability to manufacture and sell our products; natural and human-caused disasters, disease outbreaks, war, terrorism, political or governmental unrest or instability, or other events beyond our control may impact our operations and revenue in affected areas; as well as the other risks and uncertainties that are described in the documents filed or furnished by us with the Securities and Exchange Commission, including specifically the "Risk Factors" described in our most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. You should evaluate all forward-looking statements made in this press release in the context of these risks, uncertainties, and other factors. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof and are based on our current beliefs, expectations, and assumptions about future events. Except as required by law, we undertake no obligation to update the information or statements made in this press release.

Lam Research Corporation is a global supplier of innovative wafer fabrication equipment and services to the semiconductor industry. Lam's equipment and services allow customers to build smaller and better performing devices. In fact, today, nearly every advanced chip is built with Lam technology. We combine superior systems engineering, technology leadership, and a strong values-based culture, with an unwavering commitment to our customers. Lam Research (Nasdaq: LRCX) is a FORTUNE 500® company headquartered in Fremont, Calif., with operations around the globe. Learn more at www.lamresearch.com. (LRCX)

Condensed Consolidated Financial Tables Follow.

LAM RESEARCH CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data and percentages)

(unaudited) 

Three Months Ended

September 27,
2026

June 28,
2026

September 28,
2025

Revenue

$ 8,219,418

$ 6,722,238

$ 5,324,173

Cost of goods sold

3,920,565

3,243,498

2,639,294

Gross margin

4,298,853

3,478,740

2,684,879

Gross margin as a percent of revenue

52.3 %

51.7 %

50.4 %

Research and development

666,398

642,922

576,446

Selling, general and administrative

348,728

322,330

279,345

Total operating expenses

1,015,126

965,252

855,791

Operating income

3,283,727

2,513,488

1,829,088

Operating margin

40.0 %

37.4 %

34.4 %

Other income (expense), net

28,493

41,654

30,074

Income before income taxes

3,312,220

2,555,142

1,859,162

Income tax expense

(559,082)

(277,860)

(290,502)

Net income

$ 2,753,138

$ 2,277,282

$ 1,568,660

Net income per share:

Basic

$        2.20

$        1.82

$        1.24

Diluted

$        2.19

$        1.81

$        1.24

Number of shares used in per share calculations:

Basic

1,250,883

1,251,286

1,264,446

Diluted

1,255,768

1,256,032

1,269,313

Cash dividend declared per common share

$        0.33

$        0.26

$        0.26

LAM RESEARCH CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

September 27,
2026

June 28,
2026

September 28,
2025

(unaudited)

(1)

(unaudited)

ASSETS

Cash and cash equivalents

$      7,437,384

$      5,579,171

$      6,693,046

Accounts receivable, net

5,658,379

5,339,682

3,633,034

Inventories

4,550,544

4,276,111

4,095,054

Prepaid expenses and other current assets

477,805

415,741

385,580

Total current assets

18,124,112

15,610,705

14,806,714

Property and equipment, net

3,126,029

2,956,472

2,510,531

Goodwill and intangible assets

1,911,547

1,895,859

1,826,950

Other assets

3,191,368

3,066,707

2,756,016

Total assets

$    26,353,056

$    23,529,743

$    21,900,211

LIABILITIES AND STOCKHOLDERS' EQUITY

Current portion of long-term debt and finance lease obligations

$           3,486

$           4,073

$        754,363

Other current liabilities

7,309,013

5,933,176

5,953,547

Total current liabilities

7,312,499

5,937,249

6,707,910

Long-term debt and finance lease obligations

3,731,958

3,730,490

3,729,580

Income taxes payable

684,273

681,197

646,044

Other long-term liabilities

715,852

709,886

623,925

Total liabilities

12,444,582

11,058,822

11,707,459

Stockholders' equity (2)

13,908,474

12,470,921

10,192,752

Total liabilities and stockholders' equity

$    26,353,056

$    23,529,743

$    21,900,211

(1)

Derived from audited financial statements.

(2)

Common shares issued and outstanding were 1,249,145 as of September 27, 2026, 1,251,278 as of June 28, 2026, and 1,259,176 as of September 28, 2025.

LAM RESEARCH CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands, unaudited)

Three Months Ended

September 27,
2026

June 28,
2026

September 28,
2025

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income

$     2,753,138

$     2,277,282

$     1,568,660

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

122,072

119,642

101,644

Deferred income taxes

(55,300)

(175,752)

(62,875)

Equity-based compensation expense

114,696

103,985

97,241

Other, net

27,633

(8,006)

(1,890)

Changes in operating assets and liabilities

535,413

(859,923)

76,184

Net cash provided by operating activities

3,497,652

1,457,228

1,778,964

CASH FLOWS FROM INVESTING ACTIVITIES:

Capital expenditures and intangible assets

(257,697)

(188,801)

(185,121)

Other, net

(9,292)

45,060

(927)

Net cash used for investing activities

(266,989)

(143,741)

(186,048)

CASH FLOWS FROM FINANCING ACTIVITIES:

Principal payments on debt, including finance lease obligations and payments for debt issuance costs

(34,489)

(1,355)

(1,417)

Treasury stock purchases, including excise tax payments

(1,024,965)

(246,560)

(975,791)

Dividends paid

(325,402)

(325,318)

(291,981)

Reissuance of treasury stock related to employee stock purchase plan

—

88,780

—

Proceeds from issuance of common stock, net of issuance costs

4,263

4,426

—

Other, net

(1,786)

(282)

(12,449)

Net cash used for financing activities

(1,382,379)

(480,309)

(1,281,638)

Effect of exchange rate changes on cash, cash equivalents, and restricted cash

4,663

(2,056)

(7,059)

Net change in cash, cash equivalents, and restricted cash

1,852,947

831,122

304,219

Cash, cash equivalents, and restricted cash at beginning of period (1)

5,597,943

4,766,821

6,407,656

Cash, cash equivalents, and restricted cash at end of period (1)

$     7,450,890

$     5,597,943

$     6,711,875

(1)

Restricted cash is reported within Other assets in the Condensed Consolidated Balance Sheets.

Non-GAAP Financial Summary

(in thousands, except percentages and per share data)

(unaudited)

Three Months Ended

September 27,
2026

June 28,
2026

Revenue

$     8,219,418

$     6,722,238

Gross margin

$     4,305,019

$     3,497,336

Gross margin as a percent of revenue

52.4 %

52.0 %

Operating expenses

$     1,004,280

$        916,420

Operating income

$     3,300,739

$     2,580,916

Operating margin

40.2 %

38.4 %

Net income

$     2,768,417

$     2,279,968

Net income per diluted share

$              2.20

$              1.82

Shares used in per share calculation - diluted

1,255,768

1,256,032

Reconciliation of U.S. GAAP Net Income to Non-GAAP Net Income

(in thousands, except per share data)

(unaudited) 

Three Months Ended

September 27,
2026

June 28,
2026

U.S. GAAP net income

$       2,753,138

$       2,277,282

Pre-tax non-GAAP items:

Amortization related to intangible assets acquired through certain business combinations - cost of goods sold

2,668

2,668

Elective deferred compensation ("EDC") related liability valuation increase - cost of goods sold

3,498

15,379

Workforce optimization charges - cost of goods sold

—

549

EDC related liability valuation increase - research and development

6,299

27,682

Workforce optimization charges - research and development

—

960

Amortization related to intangible assets acquired through certain business combinations - selling, general and administrative

348

348

EDC related liability valuation increase - selling, general and administrative

4,199

18,454

Workforce optimization charges - selling, general and administrative

—

1,388

Amortization of note discounts - other income (expense), net

508

504

Gain on EDC related asset - other income (expense), net

(12,870)

(61,325)

Net income tax benefit on non-GAAP items

(825)

(3,921)

Income tax expense from a change in tax law

11,454

—

Non-GAAP net income

$       2,768,417

$       2,279,968

Non-GAAP net income per diluted share

$                2.20

$                1.82

U.S. GAAP net income per diluted share

$                2.19

$                1.81

U.S. GAAP and non-GAAP number of shares used for per diluted share calculation

1,255,768

1,256,032

Reconciliation of U.S. GAAP Gross Margin, Operating Expenses and Operating Income to Non-GAAP Gross Margin,
Operating Expenses and Operating Income

(in thousands, except percentages)

(unaudited) 

Three Months Ended

September 27,
2026

June 28,
2026

U.S. GAAP gross margin

$     4,298,853

$     3,478,740

Pre-tax non-GAAP items:

Amortization related to intangible assets acquired through certain business combinations

2,668

2,668

EDC related liability valuation increase

3,498

15,379

Workforce optimization charges

—

549

Non-GAAP gross margin

$     4,305,019

$     3,497,336

U.S. GAAP gross margin as a percent of revenue

52.3 %

51.7 %

Non-GAAP gross margin as a percent of revenue

52.4 %

52.0 %

U.S. GAAP operating expenses

$     1,015,126

$        965,252

Pre-tax non-GAAP items:

Amortization related to intangible assets acquired through certain business combinations

(348)

(348)

EDC related liability valuation increase

(10,498)

(46,136)

Workforce optimization charges

—

(2,348)

Non-GAAP operating expenses

$     1,004,280

$        916,420

U.S. GAAP operating income

$     3,283,727

$     2,513,488

Non-GAAP operating income

$     3,300,739

$     2,580,916

U.S. GAAP operating margin

40.0 %

37.4 %

Non-GAAP operating margin

40.2 %

38.4 %

Lam Research Corporation Contacts:
Ram Ganesh, Investor Relations, phone: 510-572-1615, e-mail: [email protected]

SOURCE Lam Research Corporation

A brutal sector-wide selloff crushed Lam Research even as its fundamentals held firm, and now one respected Wall Street firm has staked out a price target that would make today's buyers very happy.

Lam Research (NASDAQ:LRCX | LRCX Price Prediction) is priced at $263.94, against an analyst consensus target of $375.81. That gap works out to 42.38% of potential upside.

Lam makes the deposition and etch tools chipmakers use to stack memory layers and shape leading-edge transistors. AI spending has made it a growth story. Fiscal 2026 revenue reached $23.23 billion, up 26.02%, and Lam has now beaten EPS estimates five straight quarters.

The most aggressive call goes to C.J. Muse at Cantor Fitzgerald. His Street-high $500 target means 89.44% upside, which is close to a double.

Profit-Taking Across Chip Equipment Drove a 17% Weekly Slide Lam fell 17.22% in a single week as investors took profits across semiconductor equipment stocks. In one session during that stretch, Applied Materials (NASDAQ:AMAT) sank 7% and Lam dropped 4%, while the iShares Semiconductor ETF (NASDAQ:SOXX) slipped only 1%. Lam then lost another 4.87% in its latest session.

That pattern points to rotation out of a crowded equipment trade. Lam’s own operations remain intact. Over three months, the stock is down 13.87%, a smaller decline than the reported figure.

Bears still have numbers to point to. June-quarter operating cash flow fell 42.95% year over year, and China fell to 26% of revenue from 34% the prior quarter.

No Sell Ratings and a $500 Street-High Call Anchor the Bull Case Coverage leans mostly bullish. Of 35 analysts:

Strong Buy: 4 Buy: 25 Hold: 6 Sell: 0 Notably, no analyst has a Sell rating despite the slide.

Cantor’s thesis rests on three pillars. The firm views Lam’s etch and deposition tools as irreplaceable for HBM packaging and high-stack NAND, two bottlenecks for AI data centers. It also expects gate-all-around transistors and 3D DRAM to require more etch intensity per wafer. Finally, it points to high-margin recurring service revenue while fab utilization runs high (Cantor Fitzgerald thesis).

Management’s numbers back each pillar. NAND rose to 23% of systems revenue from 12%, advanced packaging is on track for greater than 70% growth, and customer support revenue rose 43% year over year. Management also raised its calendar 2026 WFE outlook to the “low $150 billion range.”

The next test is the September-quarter report, where Lam guided to revenue of $8.10 billion, plus or minus $400 million and EPS of about $2.15. Further out, management is aiming for mid-50% gross margins and mid-40% operating margins over the next several years. Price targets are no guarantee, and Cantor’s $500 assumes the cycle holds.

Every Toolmaker Fell, but Lam Ranks Near the Top on Upside The whole peer group sold off together.

Applied Materials fell 17.74% in a week to $409.29. Its average target of $627.83 means 53.39% upside, which beats Lam’s. The stock has earned 4 Strong Buy ratings, 29 Buy calls and 7 Hold designations.

KLA (NASDAQ:KLAC) dropped 12.82% in a week to $165.74. Its $232.77 target means 40.44% upside, a bit less than Lam’s. Analysts are more conservative here, with 10 Holds against 5 Strong Buys and 14 Buys.

ASML (NASDAQ:ASML) held up best, falling just 6.21% after reporting 55.16% revenue growth and warning that 2027 and 2028 supply will not fully meet demand. Its price of $1,641.52 versus a $2,155.32 target leaves 31.3% of upside.

Applied Materials has the biggest potential upside, and Lam is second. Lam’s discount comes from a sector-wide selloff, and it sits near the deep end of it.

Lam Still Beats the S&P 500 by a Wide Margin This Year Lam trades at $263.94. Its consensus target from 35 analysts is $375.81, means 42.38% upside. Over three months, shares fell 13.87%, while the S&P 500 rose 2.85%.

Over the full year, the picture reverses. Lam is up 54.64% year to date, compared with 11.93% for the S&P 500. The stock is valued at about 34 times forward earnings.

Lam’s Bull Case Hinges on Guidance, While China Is the Tripwire Lam Research’s outlook improves if September-quarter results land near the $8.10 billion guide and management confirms the strength in wafer fab equipment spending continues into 2027. The risk rises if China revenue keeps shrinking or hyperscaler spending cools, because a stock at 34 times forward earnings has little margin if the cycle turns.

The bull path depends on more NAND upgrades, gate-all-around adoption and HBM demand. Lam’s CFO said the industry’s current undersupply “is going to roll into next year.” The bear case comes down to export controls, falling cash flow and how quickly the stock fell this week.

Lam’s fundamentals remain intact, and the selloff hit the whole group. The consensus target looks reachable if guidance holds. Reaching $500 would require nearly everything to go right.

Contact [email protected] for any questions or corrections.

Wall Street analysts forecast that Lam Research (LRCX - Free Report) will report quarterly earnings of $2.17 per share in its upcoming release, pointing to a year-over-year increase of 72.2%. It is anticipated that revenues will amount to $8.12 billion, exhibiting an increase of 52.4% compared to the year-ago quarter.

Over the last 30 days, there has been an upward revision of 0.4% in the consensus EPS estimate for the quarter, leading to its current level. This signifies the covering analysts' collective reconsideration of their initial forecasts over the course of this timeframe.

Before a company announces its earnings, it is essential to take into account any changes made to earnings estimates. This is a valuable factor in predicting the potential reactions of investors toward the stock. Empirical research has consistently shown a strong correlation between trends in earnings estimate revisions and the short-term price performance of a stock.

While investors typically use consensus earnings and revenue estimates as a yardstick to evaluate the company's quarterly performance, scrutinizing analysts' projections for some of the company's key metrics can offer a more comprehensive perspective.

In light of this perspective, let's dive into the average estimates of certain Lam Research metrics that are commonly tracked and forecasted by Wall Street analysts.

The consensus estimate for 'Revenue- Customer support-related revenue and other' stands at $2.50 billion. The estimate indicates a change of +40.6% from the prior-year quarter.

The collective assessment of analysts points to an estimated 'Revenue- Systems' of $5.61 billion. The estimate points to a change of +58.3% from the year-ago quarter.

Analysts predict that the 'Leading- and non-leading-edge equipment and upgrade Revenue - Memory' will reach 45.7%. The estimate is in contrast to the year-ago figure of 34.0%.

The average prediction of analysts places 'Leading- and non-leading-edge equipment and upgrade Revenue - Logic/integrated device manufacturing' at 10.7%. The estimate compares to the year-ago value of 6.0%.

Analysts' assessment points toward 'Leading- and non-leading-edge equipment and upgrade Revenue - Foundry' reaching 43.7%. Compared to the present estimate, the company reported 60.0% in the same quarter last year.

View all Key Company Metrics for Lam Research here>>>

Over the past month, shares of Lam Research have returned +3% versus the Zacks S&P 500 composite's +2.4% change. Currently, LRCX carries a Zacks Rank #2 (Buy), suggesting that it may outperform. the overall market in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

Apella Capital LLC boosted its stake in shares of Lam Research Corporation (NASDAQ:LRCX – Free Report) by 41.4% during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 5,575 shares of the semiconductor company’s stock after buying an additional 1,632 shares during the period. Apella Capital LLC’s holdings in Lam Research were worth $1,837,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Everhart Financial Group Inc. raised its position in Lam Research by 0.9% in the 3rd quarter. Everhart Financial Group Inc. now owns 11,633 shares of the semiconductor company’s stock worth $3,822,000 after purchasing an additional 105 shares during the period. Avidian Wealth Enterprises LLC grew its stake in shares of Lam Research by 0.3% during the third quarter. Avidian Wealth Enterprises LLC now owns 46,029 shares of the semiconductor company’s stock valued at $15,121,000 after buying an additional 123 shares during the last quarter. Valeo Financial Advisors LLC grew its stake in shares of Lam Research by 8.1% during the third quarter. Valeo Financial Advisors LLC now owns 11,195 shares of the semiconductor company’s stock valued at $3,678,000 after buying an additional 838 shares during the last quarter. Veracity Capital LLC raised its holdings in shares of Lam Research by 1.8% in the third quarter. Veracity Capital LLC now owns 4,296 shares of the semiconductor company’s stock worth $1,411,000 after buying an additional 77 shares during the period. Finally, Burr Financial Services LLC lifted its stake in shares of Lam Research by 27.2% during the 3rd quarter. Burr Financial Services LLC now owns 8,330 shares of the semiconductor company’s stock worth $2,736,000 after acquiring an additional 1,780 shares during the last quarter. 84.61% of the stock is owned by hedge funds and other institutional investors.

Lam Research Stock Performance Shares of NASDAQ:LRCX opened at $318.84 on Friday. The company has a market capitalization of $399.00 billion, a price-to-earnings ratio of 55.35, a price-to-earnings-growth ratio of 1.27 and a beta of 1.85. The company has a quick ratio of 1.91, a current ratio of 2.63 and a debt-to-equity ratio of 0.30. Lam Research Corporation has a 52 week low of $131.02 and a 52 week high of $438.50. The firm has a 50 day moving average of $310.98 and a 200 day moving average of $305.87.

Lam Research (NASDAQ:LRCX – Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The semiconductor company reported $1.82 earnings per share for the quarter, beating analysts’ consensus estimates of $1.69 by $0.13. Lam Research had a return on equity of 67.60% and a net margin of 31.27%. The company had revenue of $6.72 billion for the quarter, compared to the consensus estimate of $6.66 billion. During the same quarter last year, the company earned $1.33 earnings per share. The firm’s revenue for the quarter was up 30.0% compared to the same quarter last year. Lam Research has set its Q1 2027 guidance at 2.000-2.300 EPS. On average, sell-side analysts predict that Lam Research Corporation will post 9.34 earnings per share for the current fiscal year. Lam Research Increases Dividend The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 14th. Stockholders of record on Wednesday, September 23rd will be issued a $0.33 dividend. The ex-dividend date is Wednesday, September 23rd. This represents a $1.32 dividend on an annualized basis and a dividend yield of 0.4%. This is an increase from Lam Research’s previous quarterly dividend of $0.26. Lam Research’s dividend payout ratio (DPR) is 22.92%.

Analyst Upgrades and Downgrades Several brokerages have commented on LRCX. Evercore reaffirmed an “outperform” rating and issued a $355.00 price objective on shares of Lam Research in a research report on Monday, July 20th. Needham & Company LLC restated a “buy” rating and issued a $390.00 price target on shares of Lam Research in a report on Thursday, July 30th. Jefferies Financial Group set a $335.00 price objective on shares of Lam Research and gave the company a “buy” rating in a report on Thursday, July 30th. Susquehanna restated a “positive” rating and issued a $475.00 target price (up from $385.00) on shares of Lam Research in a research note on Tuesday, June 30th. Finally, Weiss Ratings downgraded shares of Lam Research from a “buy (b)” rating to a “buy (b-)” rating in a research note on Friday, September 4th. One analyst has rated the stock with a Strong Buy rating, twenty-six have issued a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $364.59.

Check Out Our Latest Analysis on Lam Research

More Lam Research News Here are the key news stories impacting Lam Research this week:

Positive Sentiment: Lam Research secured new etch-tool business with a major DRAM producer, which selected the company’s Akara system and Aether dry-resist technology for advanced memory production lines. The wins strengthen Lam’s position in DDR5, LPDDR5 and high-bandwidth memory manufacturing and could support future equipment spending as next-generation memory capacity expands. Lam Research DRAM Wins Put Its Fair Value Narrative Back In Focus Positive Sentiment: Long-term investment coverage remains favorable, pointing to Lam Research’s strong historical returns, high return on equity and exposure to artificial-intelligence-related semiconductor demand. The company’s equipment is essential to chip production, providing a structural growth opportunity if leading-edge and memory investment continues. Lam Research Historical Returns Neutral Sentiment: Lam Research remains a heavily watched stock, and Zacks coverage continues to present it as a potential long-term holding. However, these articles offer limited new company-specific information or near-term earnings changes. Why Lam Research Is a Top Stock for the Long-Term Negative Sentiment: The stock recently fell more sharply than the broader market, suggesting profit-taking or weakness across semiconductor shares. Lam’s elevated valuation—about 55 times earnings based on the supplied market data—also leaves the stock vulnerable to multiple compression when sentiment cools. Lam Research Suffers a Larger Drop Than the General Market Insider Transactions at Lam Research In other news, insider Ava Harter sold 5,000 shares of Lam Research stock in a transaction that occurred on Monday, August 31st. The shares were sold at an average price of $302.46, for a total value of $1,512,300.00. Following the transaction, the insider owned 42,462 shares of the company’s stock, valued at $12,843,056.52. The trade was a 10.53% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Bethany Mayer sold 9,557 shares of the business’s stock in a transaction that occurred on Wednesday, September 9th. The stock was sold at an average price of $314.74, for a total transaction of $3,007,970.18. Following the transaction, the director owned 20,995 shares of the company’s stock, valued at approximately $6,607,966.30. This trade represents a 31.28% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 32,839 shares of company stock valued at $10,644,740 in the last 90 days. Insiders own 0.31% of the company’s stock.

Lam Research Profile (Free Report)

Lam Research Corporation is a semiconductor equipment company that designs, manufactures, and services systems used in the fabrication of integrated circuits and other electronic devices. Its equipment supports key steps in the wafer manufacturing process, helping semiconductor producers create increasingly small and complex features on silicon wafers.

The company’s portfolio includes systems for etch, deposition, wafer cleaning, surface preparation, and related manufacturing processes.

Further Reading Five stocks we like better than Lam Research Alphabet Introduces Gemini Agent—Can It Trigger a Breakout? Palantir’s Rally Puts Wall Street in Catch-Up Mode Ahead of November Earnings Tilray Finds a Path to Growth Without Waiting on U.S. Cannabis Reform Arista Networks Plugs Into All-Time Highs Want to see what other hedge funds are holding LRCX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Lam Research Corporation (NASDAQ:LRCX – Free Report).

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Lam Research turned a modest stake into a life-changing sum over ten years, but the ride included three gut-wrenching collapses that pushed most investors to bail out long before the biggest gains arrived.

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A $1,000 investment in Lam Research (NASDAQ:LRCX | LRCX Price Prediction) made 10 years ago would be worth about $37,462 today, measured through the Oct. 7, 2026 close. Every figure below assumes all dividends were reinvested in more shares. Getting there meant sitting through three separate drops of more than 40%.

Selling the Tools Behind Every Chip Boom Lam makes deposition, etch and clean systems that chipmakers use to build logic, DRAM and 3D NAND chips. Its sales track customer spending on new fab capacity, which moves with memory prices and chip inventories. Over the decade, Lam managed the 3D NAND transition, the 2017-2018 memory supercycle, a 2019 slump, the pandemic boom, a 2022-2023 memory bust with China export curbs, and now AI computing buildout.

AI demand shows up clearly in the results. Fiscal 2026 revenue hit a record $23.23 billion, up 26.0%. Management now expects 2026 industry equipment spending in the “low $150 billion range” and says “The industry is still meaningfully undersupplied.”

Your $1,000 Became $37,462 Lam’s price-only results appear in parentheses. The S&P 500 figures cover price change only.

1-Year Return

Initial Investment: $1,000 Current Value: $2,358.50 ($2,347.77) Total Return: 135.85% S&P 500 (same period): $1,161.60 (16.16%) 5-Year Return

Initial Investment: $1,000 Current Value: $6,297.80 ($5,989.35) Total Return: 529.78% Annualized Return: 44.49% S&P 500 (same period): $1,775 (77.5%, 12.16% annualized) 10-Year Return

Initial Investment: $1,000 Current Value: $37,461.80 ($32,836.07) Total Return: 3,646.18% Annualized Return: 43.67% S&P 500 (same period): $3,614.30 (261.43%, 13.71% annualized) Reinvesting dividends added about $4,626 over 10 years. Lam paid a dividend every quarter, rising from $0.30 in 2016 to $2.30 by September 2024, then $0.23 after the 10-for-1 split on Oct. 3, 2024, now $0.33. Reinvested shares bought during each slump still kept growing.

Based on closing prices, holders sat through a drop of about 50% from December 2021 to September 2022 and a 47% decline from July 2024 to April 2025. They also took a 42% fall between June 30 and July 29, 2026, which came right in the middle of record results.

Key Signals to Watch Before the Next 40% Drop The optimistic outlook holds if AI keeps the industry short on capacity through 2027 and Lam hits its targets of mid-50% gross margin and mid-40% operating margin. September quarter guidance calls for about $8.10 billion in revenue and $2.15 in EPS. The downside case gains weight if AI spending pauses or China export controls tighten. China made up 26% of June-quarter revenue.

Lam’s history carries a lesson for long-term holders. Over this decade, the return went to investors who held a cyclical stock through the whole cycle and kept reinvesting. Anyone who sold during the drawdowns gave up part of that gain (we studied a group of recent runners most investors walked past and pulled out the pattern in a free report: The Winners You Already Missed).

Contact [email protected] for any questions or corrections.

Lam Research, the wafer-fabrication equipment supplier LRCX , slipped approximately 0.8% at 11.14am ET to $344.64 in the October 5 snapshot, despite a higher B. Riley price target ahead of its September-quarter earnings report. The analyst sees more upside. Investors are still waiting for the numbers to back it up.

B. Riley raised its target to $390 from $350 and kept its Buy rating, according to ad-hoc-news.de. That puts the target roughly 13.2% above the share price. The report also cited June-quarter revenue of $6.72 billion and a 52% gross margin. The valuation graphic adds a caution flag: shares sit 119.21% above the $157.22 GF Value estimate, suggesting plenty of growth is already priced in.

The bull case hinges on increasingly complex AI memory chips driving more demand for Lam's etch and deposition tools. But stronger demand must translate into profitable sales. The October 21 report puts customer spending, margins and service growth under the microscope. A higher target raises expectations. Orders and guidance have to deliver.

Micron Technology (MU +0.16%) is poised to release its fiscal 2026 fourth-quarter results on Sept. 30, and Wall Street will look to the company's numbers and guidance to gauge whether the memory market's red-hot growth is sustainable.

The good news for Micron stock investors is that there is enough evidence suggesting that the memory market's impressive growth isn't going anywhere. Let's see why the company could crush expectations once again.

Image source: Getty Images.

Why Micron's results could lift the stock marketThe healthy demand for high-bandwidth memory (HBM), which consumes thrice the wafer capacity of conventional dynamic random-access memory (DRAM), should ensure that tight supply conditions in the memory market continue. Citi predicts that HBM bit demand could increase by 62% in 2027, followed by a bigger jump of 69% in 2028.

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The overall DRAM market, meanwhile, is anticipated to witness a 30% jump in demand in 2027 and a 35% spike in 2028. However, DRAM supply growth will be significantly lower. Citi estimates that DRAM supply will increase by 19% next year 22% in 2028.

So, the tight supply and strong demand conditions supporting Micron's growth are here to stay. These factors should enable the memory specialist to deliver stronger-than-expected earnings and guidance, which could send the stock soaring. After all, Micron continues to trade at just 25 times earnings despite its exponential growth.

MU Revenue (Quarterly) data by YCharts

Analysts are expecting the company's revenue to increase by 90% in fiscal 2027 (which has just begun) to $247.5 billion. What's more, the company's earnings per share are estimated to increase by 116% to $158.93. What's worth noting is that analysts have raised their expectations for Micron this year, which isn't surprising given the points discussed above.

MU Revenue Estimates for Current Fiscal Year data by YCharts

Also, strong results and guidance from the company could give the stock market a nice boost. That's because Micron has been one of the hottest tech stocks on the market over the past year. Its shares have risen by 551% over this period. That's well above the 18% jump in the Nasdaq Composite and the 15% spike in the S&P 500, two indexes that the company is a part of.

So, don't be surprised to see Micron's results triggering an impressive stock market rally in the final quarter of 2026. Micron stock could jump significantly following its Sept. 30 earnings report, making it a buy right now given its cheap valuation. However, there is one more stock that could get a nice shot in the arm following Micron's results that is worth buying right now.

Healthy memory capex will be a tailwind for Lam ResearchThe ongoing shortage of memory chips explains why memory manufacturers are poised to spend more on capital equipment. The capital expenditure of memory makers is poised to jump from $58 billion last year to $146 billion in 2027, according to Deloitte. Importantly, these solid investments can continue beyond next year, as the memory shortage is anticipated to persist at least until 2030.

This is great news for Lam Research (LRCX +2.62%), which supplies memory manufacturing equipment to Micron and others.

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Lam sells semiconductor manufacturing equipment and derives a significant share of its revenue from the memory industry. Specifically, 46% of Lam's revenue came from sales of memory equipment in the fourth quarter of fiscal 2026. This is one of the primary reasons why Lam's growth rate is picking up.

LRCX Revenue (Quarterly) data by YCharts

The company posted a 26% increase in revenue in fiscal 2026 to $23.2 billion. Its net income per share increased almost 39% last year to $5.76. Lam's earnings per share could jump by 63% in the current fiscal year, according to analysts' estimates. The stronger earnings growth could result in more upside for this semiconductor stock, considering that it trades at 32 times forward earnings, a discount to the Nasdaq Composite's average earnings multiple of 39.

Also, Lam can sustain its healthy earnings growth beyond the current fiscal year amid a favorable memory capex environment. Analysts expect the company’s earnings per share to grow at a 26% annual rate over the long run, according to YCharts. Assuming Lam can sustain this rate for three years beyond fiscal 2027 (which ends in June 2027), its earnings per share could reach $19.02 in 2030 (using fiscal 2027's projected earnings per share of $9.51 as the base).

If this AI stock trades at 39 times earnings at that time, in line with the Nasdaq Composite's earnings multiple, its stock price could reach $742. That implies a potential upside of 142% over the next four years. So, investors looking to capitalize on the secular growth of the memory market can consider buying Lam stock ahead of Micron's earnings report, as its key role in the memory industry could spark a rally in its shares.

Key Takeaways Lam Research targets mid-40% margins after Q4'26 non-GAAP operating margin rose to 38.4%.LRCX expects Q1'27 revenues of $8.1B and a 39.5% non-GAAP operating margin at the midpoint.Lam Research sees AI demand, advanced packaging and higher-margin CSBG services supporting margin gains. Lam Research Corporation (LRCX - Free Report) is targeting operating margins in the mid-40% range over the next several years, a meaningful step above its current level. The goal looks ambitious, but recent results show that the company is moving in the right direction.

In the fourth quarter of fiscal 2026, Lam Research posted $6.72 billion in revenues, up 15.1% sequentially. Its non-GAAP operating margin reached 38.4% compared with 35% in the previous quarter. This 340-basis-point improvement shows that higher sales can translate into stronger operating leverage.

Lam Research’s first-quarter fiscal 2027 guidance also points to continued margin expansion. The company expects revenues of $8.1 billion, plus or minus $400 million, and a non-GAAP operating margin of 39.5%, plus or minus 1 percentage point. If achieved, the midpoint would mark another improvement from the previous quarter.

Several business trends could support further gains. Lam Research expects AI-driven demand to increase spending on advanced logic, DRAM, NAND and advanced packaging. During the last earnings call, management noted an "extraordinary" setup for calendar year 2027, with eight to 10 new fabrication plants expected to come online globally, scaling tool deployments rapidly.

Lam Research is also likely to benefit from the industry’s transition to complex panel-level packaging configurations required by next-generation AI architecture, which will significantly boost the requirement for high-value etching and deposition tools. The company’s Customer Support Business Group also provides a recurring revenue stream that can help margins. Spares, upgrades and services offered under the segment carry a higher margin than hardware.

However, reaching the mid-40s will require sustained execution. Lam Research is also planning to invest more than $3 billion over five years to expand its global research & development labs, which could raise costs in the near term, even as it supports future innovation. Overall, the mid-40% target appears achievable over several years, but it depends on continued revenue growth, a favorable product mix and disciplined cost management.

Lam Research’s Competitors Show Strong Margin ProfilesLam Research’s rivals such as Applied Materials, Inc. (AMAT - Free Report) and KLA Corporation (KLAC - Free Report) are also witnessing strong margin expansion amid the rising demand for chip-making equipment tools.

Applied Materials is a major peer for Lam Research in semiconductor equipment. In the third quarter of fiscal 2026, AMAT generated $9.12 billion in revenues, up 25% year over year. Its non-GAAP operating margin improved to 34% from 30.7% a year earlier. Semiconductor Systems delivered an even stronger 38% non-GAAP operating margin, supported by higher sales in DRAM and leading-edge foundry and logic.

KLA is also seeing margin improvement. In the fourth quarter of fiscal 2026, KLA’s revenues grew 7.1% sequentially to $3.66 billion and non-GAAP gross margin expanded 20 basis points to 62.4%. The sequential improvement was driven by a favorable services mix and greater manufacturing scale, which more than offset tariff headwinds and higher memory-component pricing pressures. KLA’s non-GAAP operating margin expanded by 110 basis points sequentially to 43.7%, supported by robust revenue growth and strong operating leverage.

These results show that semiconductor equipment companies can expand margins when revenue growth, product mix and operating leverage work together. For LRCX, the challenge is to sustain similar improvement while investing in technology and capacity. Its mid-40% operating margin goal depends on continued growth in higher-value semiconductor equipment and disciplined cost management.

LRCX’s Share Price Performance, Valuation and EstimatesLam Research shares have surged 76.6% year to date compared with the Zacks Electronics – Semiconductors industry’s 30.7% rise.

Lam Research YTD Price Return Performance
Image Source: Zacks Investment Research

From a valuation standpoint, Lam Research trades at a forward price-to-earnings ratio of 30.85, significantly higher than the industry’s average of 13.52.

Lam Research Forward 12-Month P/E Ratio
Image Source: Zacks Investment Research

The Zacks Consensus Estimate for Lam Research’s fiscal 2027 and 2028 earnings implies year-over-year increases of approximately 60.6% and 21.9%, respectively. Estimates for fiscal 2027 have been revised upward over the past 30 days, while fiscal 2028 estimates have been revised northward in the past seven days.

Image Source: Zacks Investment Research

Lam Research currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

From High Dividend Growth to High Yield, These 3 Stocks Just Boosted Dividend PayoutsLam Research NASDAQ: LRCX said it is prioritizing customer execution, capacity readiness and product-roadmap delivery as semiconductor equipment demand remains strong and customers seek tools sooner than the company can provide them.

During a Goldman Sachs discussion with Senior Equity Analyst Jim Schneider, an unnamed Lam executive said the company is focused on meeting customer commitments, improving on-time delivery, managing lead times and quality, and expanding hiring to support new fabs in multiple regions. The executive added that Lam is working to ensure near-term operational demands do not distract from its longer-term research-and-development and product-delivery plans.

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Customer Demand and Capacity Expansion Analysts Just Raised Price Targets On These 3 Semiconductor Equipment StocksThe executive said the semiconductor industry is “fundamentally sold out” and constrained by available clean-room capacity. Lam sees between eight and 10 new clean rooms at its tier-one customers coming online between now and the end of next year.

Customer discussions have intensified around immediate tool needs, requirements over the coming year and expected demand beyond that period, according to the executive. Lam is using those forecasts to plan its manufacturing footprint, hiring, installation teams and supplier requirements.

Why Lam Research Still Looks Like a Buy After a 300% RallyWhile acknowledging that the semiconductor industry has historically been cyclical, the executive said Lam’s more immediate concern is missing upside demand rather than preparing for a downturn. The company said it has developed an operating model over four decades to manage potential downturns, but that is not its primary focus at present.

On the large investments being made for artificial intelligence infrastructure, the executive said end customers see an opportunity to build barriers to entry through compute infrastructure. “If you’re not doing it, you’re going to be at a fundamental competitive disadvantage to someone that is,” the executive said of AI adoption.

AI Use Within Lam Lam is applying AI internally to help field engineers install, troubleshoot and service its equipment. The company is training AI models on more than 30 years of documented troubleshooting history, aiming to shorten the time required to resolve equipment issues and improve engineer productivity.

The executive said roughly two-thirds of Lam’s field engineering community is using the capability. Beyond productivity gains, Lam sees an opportunity to use such tools to support advanced service offerings.

Lam also said it is expanding resources near customers as new U.S. fabs are developed. The company recently announced a large laboratory investment in Oregon as part of a planned $3 billion investment in laboratory and engineering capabilities. While Lam expects to support expanding U.S. capacity, the executive said its market share in the U.S. is broadly consistent with its global share because it supports major customers regardless of where they manufacture.

China, Service Revenue and Technology Trends Regarding China, Lam said wafer-fab-equipment spending in the region is expected to be slightly higher, though spending outside China is growing more rapidly. As a result, China’s percentage of total industry spending is expected to decline, the executive said.

Export controls prevent Lam from supplying certain Chinese customers and technologies. The executive said Chinese equipment suppliers benefit from serving those restricted customers, but added that Lam’s market share remains high among Chinese customers it is permitted to serve.

Lam’s Customer Support Business Group, or CSPG, posted its third consecutive record revenue quarter, generating nearly $2.5 billion, according to the executive. The business includes spare parts, services, equipment upgrades and the Reliant mature-node product line.

High equipment utilization has supported demand for spare parts and services, while NAND conversion activity has lifted upgrades, Lam said. The executive characterized mature-node-related Reliant demand as “doing okay,” citing analog, industrial and some mature-node investment in China.

Ram Ganesh, Lam’s vice president of investor relations, said the company is positioned in the etch and deposition segments, which he described as among the faster-growing areas of wafer-fab equipment. He cited Lam’s investments in conductor etch, atomic layer deposition and advanced packaging technologies.

The unnamed executive said architectural shifts toward three-dimensional semiconductor structures are expanding Lam’s opportunity in leading-edge foundry and logic, DRAM and advanced packaging. The company previously said gate-all-around transistor architectures and backside power delivery can each add about $1 billion to Lam’s served available market for every 100,000 wafer starts of capacity.

Outlook for Memory and Profitability Ganesh said Lam expects DRAM wafer-fab-equipment spending to remain the largest contributor next year, followed by leading-edge foundry and logic, with NAND also growing. He said the gap between DRAM spending and leading-edge foundry and logic spending is likely to narrow next year.

For NAND, the executive said the industry’s conversion cycle is expected to involve about $40 billion in spending through the end of next year. Although some new capacity is being added, the company expects raw wafer capacity at the end of this year to be about 20% below peak levels because conversion activity reduces wafer starts, eventually requiring new capacity.

Lam also highlighted recently reported gross margin of 52%, its highest level in 20 years, and reiterated guidance around a 51% to 52% range. The company said it sees an opportunity to move gross margin into the mid-50% range over several years through differentiated new products, its strategy of operating closer to customers, and pricing efforts.

On acquisitions, the executive said major M&A is not part of Lam’s ongoing strategy. The company expects to focus on its organic opportunities, though it may pursue small tuck-in acquisitions from time to time.

About Lam Research (NASDAQ:LRCX)Lam Research Corporation is a semiconductor equipment company that develops and manufactures systems used in the fabrication of integrated circuits. Its equipment supports key wafer-processing steps, including deposition, etch, wafer cleaning, and related processes used to create and connect the microscopic features found on semiconductor devices.

The company serves semiconductor manufacturers producing a range of products, including memory, logic, and specialty chips. In addition to manufacturing equipment, Lam Research provides installation, maintenance, spare parts, upgrades, technical support, and other services intended to help customers operate and improve their fabrication facilities.

Founded in 1980, Lam Research is headquartered in Fremont, California, and serves customers through a global network of offices, engineering facilities, and support operations.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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Archford Capital Strategies LLC boosted its holdings in shares of Lam Research Corporation (NASDAQ:LRCX – Free Report) by 16.3% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 20,606 shares of the semiconductor company’s stock after buying an additional 2,895 shares during the quarter. Lam Research accounts for 0.9% of Archford Capital Strategies LLC’s investment portfolio, making the stock its 25th largest position. Archford Capital Strategies LLC’s holdings in Lam Research were worth $8,929,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in LRCX. Capital Analysts LLC raised its position in Lam Research by 1,779.5% in the 2nd quarter. Capital Analysts LLC now owns 827 shares of the semiconductor company’s stock valued at $358,000 after purchasing an additional 783 shares in the last quarter. Concorde Asset Management LLC acquired a new position in shares of Lam Research during the second quarter worth about $384,000. NorthRock Partners LLC grew its position in shares of Lam Research by 29.7% during the second quarter. NorthRock Partners LLC now owns 1,928 shares of the semiconductor company’s stock worth $836,000 after buying an additional 442 shares in the last quarter. NewEdge Advisors LLC increased its stake in shares of Lam Research by 21.5% during the second quarter. NewEdge Advisors LLC now owns 192,888 shares of the semiconductor company’s stock worth $83,584,000 after buying an additional 34,079 shares during the period. Finally, GFG Capital LLC purchased a new stake in shares of Lam Research during the second quarter worth approximately $213,000. Hedge funds and other institutional investors own 84.61% of the company’s stock.

Key Headlines Impacting Lam Research Here are the key news stories impacting Lam Research this week:

Positive Sentiment: Analyst sentiment remains favorable, with Wall Street maintaining a consensus “Moderate Buy” view. Recent coverage also highlights Lam Research’s exposure to artificial intelligence, high-bandwidth memory and advanced DRAM investment, which could support demand for its semiconductor-manufacturing equipment. Consensus rating article Lam Research momentum article Positive Sentiment: Lam’s latest quarterly results exceeded expectations, with earnings per share of $1.82 versus the $1.69 consensus and revenue of $6.72 billion versus $6.66 billion. Revenue increased 30% year over year, and management’s next-quarter earnings guidance points to continued growth. These results underpin the long-term bullish case. Three reasons investors favor Lam Research Neutral Sentiment: Lam Research presented at Citi’s 2026 Global TMT Conference. The event could provide additional commentary on customer spending, AI-related demand and industry trends, but the supplied report does not identify a material new forecast or announcement. Citi conference transcript Negative Sentiment: The stock’s recent rise—nearly tripling over the past year and gaining about 45% in six months—has left investors vulnerable to profit-taking. With a high earnings multiple, even a normal market pullback or weaker risk appetite can pressure LRCX despite strong operating results. Lam Research larger market drop Negative Sentiment: Several articles describe clinical studies involving imaging, MRI or compression therapy. These items appear to be incorrectly associated with Lam Research and do not represent developments in the semiconductor-equipment company; investors should disregard them when assessing LRCX. Lam Research Trading Down 1.4% NASDAQ:LRCX opened at $315.84 on Thursday. The company has a quick ratio of 1.91, a current ratio of 2.63 and a debt-to-equity ratio of 0.30. Lam Research Corporation has a 52-week low of $104.61 and a 52-week high of $438.50. The stock’s 50 day moving average price is $315.51 and its 200 day moving average price is $293.41. The company has a market capitalization of $395.22 billion, a PE ratio of 54.83, a P/E/G ratio of 1.27 and a beta of 1.85. Lam Research (NASDAQ:LRCX – Get Free Report) last posted its quarterly earnings data on Wednesday, July 29th. The semiconductor company reported $1.82 earnings per share for the quarter, beating the consensus estimate of $1.69 by $0.13. The business had revenue of $6.72 billion during the quarter, compared to the consensus estimate of $6.66 billion. Lam Research had a return on equity of 67.60% and a net margin of 31.27%.The company’s revenue was up 30.0% compared to the same quarter last year. During the same period in the prior year, the company earned $1.33 earnings per share. Lam Research has set its Q1 2027 guidance at 2.000-2.300 EPS. On average, research analysts anticipate that Lam Research Corporation will post 9.33 EPS for the current year.

Lam Research Increases Dividend The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 14th. Investors of record on Wednesday, September 23rd will be paid a dividend of $0.33 per share. The ex-dividend date is Wednesday, September 23rd. This represents a $1.32 dividend on an annualized basis and a yield of 0.4%. This is an increase from Lam Research’s previous quarterly dividend of $0.26. Lam Research’s dividend payout ratio (DPR) is currently 18.06%.

Analyst Upgrades and Downgrades A number of research analysts recently issued reports on the stock. UBS Group decreased their price target on shares of Lam Research from $435.00 to $425.00 and set a “buy” rating for the company in a research note on Tuesday, September 1st. Barclays reissued an “overweight” rating and issued a $335.00 price objective (up from $275.00) on shares of Lam Research in a research report on Thursday, June 11th. Citigroup restated a “buy” rating and issued a $450.00 price objective (up from $315.00) on shares of Lam Research in a report on Wednesday, June 17th. Rothschild & Co Redburn boosted their target price on shares of Lam Research from $305.00 to $420.00 and gave the stock a “buy” rating in a research note on Wednesday, June 17th. Finally, Jefferies Financial Group set a $335.00 target price on shares of Lam Research and gave the stock a “buy” rating in a research note on Thursday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, twenty-six have issued a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $361.81.

Get Our Latest Stock Analysis on Lam Research

Insider Buying and Selling at Lam Research In other news, insider Ava Harter sold 5,000 shares of the company’s stock in a transaction dated Monday, August 31st. The shares were sold at an average price of $302.46, for a total value of $1,512,300.00. Following the completion of the sale, the insider directly owned 42,462 shares of the company’s stock, valued at approximately $12,843,056.52. This represents a 10.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Abhijit Y. Talwalkar sold 18,282 shares of the stock in a transaction dated Monday, July 13th. The stock was sold at an average price of $335.00, for a total transaction of $6,124,470.00. Following the sale, the director owned 87,142 shares of the company’s stock, valued at $29,192,570. This trade represents a 17.34% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.31% of the company’s stock.

Lam Research Company Profile (Free Report)

Lam Research Corporation is a semiconductor equipment company that develops and manufactures systems used in the fabrication of integrated circuits. Its equipment supports key wafer-processing steps, including deposition, etch, wafer cleaning, and related processes used to create and connect the microscopic features found on semiconductor devices.

The company serves semiconductor manufacturers producing a range of products, including memory, logic, and specialty chips. In addition to manufacturing equipment, Lam Research provides installation, maintenance, spare parts, upgrades, technical support, and other services intended to help customers operate and improve their fabrication facilities.

Founded in 1980, Lam Research is headquartered in Fremont, California, and serves customers through a global network of offices, engineering facilities, and support operations.

Featured Articles Five stocks we like better than Lam Research Qualcomm’s Data Center Bet Looks More Real After Amazon’s AI Deal GE Aerospace’s $11.75B Deal Puts Howmet Aerospace in Focus Casey’s Post-Earnings Drop May Give Investors a Better Entry Into a Quality Retailer Sovereign AI: Palantir and Nebius Cut the Cloud Cord Want to see what other hedge funds are holding LRCX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Lam Research Corporation (NASDAQ:LRCX – Free Report).

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If I had to choose one semiconductor stock to buy going into September, Lam Research (LRCX -0.42%) would be near the top of my list. Its seasonal track record is worth paying attention to, but the bigger story is what's happening across the business right now. Demand for chipmaking equipment remains strong, AI investment continues to drive spending, and several of Lam Research's growth areas are starting to come together at the same time.

Data over the past 20 years shows that a buy date of Sept. 9 and a sell date of Jan. 10 produced a geometric average return of 7.46% above the S&P 500. That strategy beat the benchmark index in 17 of 20 periods.

Seventeen out of 20 is a strong hit rate, and it aligns with the broader semiconductor pattern, where a Sept. 22 entry has beaten the index by 5.39% annually over the same span. The market as a whole averages a 0.7% loss in September, with gains only 46% of the time. 

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Why does this pattern exist? The seasonal window tracks capital equipment budgeting. Chipmakers finalize their spending plans in the back half of the year, and orders placed during that period convert into revenue over the following quarters. Lam's business responds before the chips those tools produce ever ship.

That cycle is running hot right now. Lam raised its 2026 wafer fab equipment outlook to the low-$150 billion range, up from a prior view of $140 billion. Guidance for the quarter that ends in September calls for $8.1 billion in revenue, which would be roughly 20% sequential growth.

Image source: Getty Images.

What the company does Think of a chip as a skyscraper built one floor at a time. Lam sells the machines that lay down each layer of material and then carve patterns into it. No chips can be manufactured without that step, which is why Lam benefits from all aspects of the AI data center build-out, whether the chip designs come from Nvidia, Broadcom, or a company nobody has heard of yet.

Three parts of the business are working simultaneously right now. The first is NAND flash, and it caught almost everyone off guard. Lam's revenue from that segment more than doubled from the prior quarter as memory-chip makers rushed to upgrade older factories for the enterprise drives that AI data centers keep buying. Here is the part that makes this more than a one-time bump. As NAND chips go from 128 layers to 500 and beyond, manufacturing them gets harder, and Lam's opportunity per wafer doubles along the way. Management believes this upgrade wave will add more than $40 billion in customer spending over the next several years.

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The second is high bandwidth memory, the specialized chips that sit next to all AI accelerators and feed them data. Building HBM means stacking memory dies on top of each other and drilling tiny vertical connections through the silicon so the layers can talk. Lam is a leading provider of equipment for that step. Every HBM stack in every AI system passes through it, so the company gets paid on volume; it does not have to compete chip by chip.

The third piece is the one I find most interesting, because it changes what Lam's customers can do rather than just how much they can make. Its Aether process replaces the old method of spinning liquid chemicals onto a wafer with a dry process done in a vacuum. The result absorbs 3 to 5 times more EUV light and cuts the amount of chemical raw materials being used by 80% to 90%. One of the largest memory makers picked it as the production tool of record for its most advanced DRAM. Akara, Lam's newer etch platform, swaps in a solid-state plasma source that reacts to process changes more than 100 times faster than what came before, which matters when you are cutting features whose sizes are measured in atoms.

None of this shows up in a headline the way a new GPU does. But Lam's equipment is a key layer underneath chip technology, and it gets bought first.

The financial backdrop The company closed its fiscal 2026 in June with record revenue of $23.2 billion and diluted earnings per share (EPS) of $5.82, up 41%. Gross margin for the quarter that ended in June hit 52%, the company's highest in 20 years, on pricing actions and favorable mix.

Management then raised its long-term targets by 500 to 1,000 basis points compared to the figures it provided during its 2025 investor day. It's now guiding for a gross margin in the mid-50% range and an operating margin in the mid-40% range. So, all in all, if the seasonal pattern holds again this year, Lam could be one of the more compelling chip stocks to own heading into the fall, especially with its underlying business momentum giving investors more than just history to lean on.

Avenir Tech Ltd bought a new stake in Lam Research Corporation (NASDAQ:LRCX – Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 9,618 shares of the semiconductor company’s stock, valued at approximately $4,168,000. Lam Research accounts for 0.6% of Avenir Tech Ltd’s portfolio, making the stock its 10th biggest position.

Several other institutional investors and hedge funds have also modified their holdings of LRCX. World Equity Group Inc. raised its holdings in Lam Research by 0.5% in the 2nd quarter. World Equity Group Inc. now owns 5,576 shares of the semiconductor company’s stock valued at $2,416,000 after acquiring an additional 29 shares in the last quarter. Tenzing Financial LLC grew its holdings in shares of Lam Research by 3.5% during the 2nd quarter. Tenzing Financial LLC now owns 1,018 shares of the semiconductor company’s stock worth $441,000 after purchasing an additional 34 shares in the last quarter. Gibraltar Capital Management Inc. increased its position in shares of Lam Research by 3.6% in the second quarter. Gibraltar Capital Management Inc. now owns 1,050 shares of the semiconductor company’s stock worth $455,000 after purchasing an additional 36 shares during the period. Elevated Financial Group LLC increased its position in shares of Lam Research by 3.0% in the second quarter. Elevated Financial Group LLC now owns 1,223 shares of the semiconductor company’s stock worth $530,000 after purchasing an additional 36 shares during the period. Finally, Yoder Wealth Management Inc. increased its position in shares of Lam Research by 3.3% in the second quarter. Yoder Wealth Management Inc. now owns 1,129 shares of the semiconductor company’s stock worth $489,000 after purchasing an additional 36 shares during the period. 84.61% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Lam Research In other news, SVP Neil J. Fernandes sold 7,659 shares of the stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $309.60, for a total value of $2,371,226.40. Following the completion of the sale, the senior vice president owned 58,470 shares of the company’s stock, valued at approximately $18,102,312. This represents a 11.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Abhijit Y. Talwalkar sold 18,282 shares of the firm’s stock in a transaction dated Monday, July 13th. The stock was sold at an average price of $335.00, for a total value of $6,124,470.00. Following the transaction, the director owned 87,142 shares of the company’s stock, valued at $29,192,570. This trade represents a 17.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 80,441 shares of company stock worth $27,614,296. Insiders own 0.31% of the company’s stock.

Lam Research Trading Down 0.6% LRCX opened at $312.88 on Thursday. Lam Research Corporation has a fifty-two week low of $94.11 and a fifty-two week high of $438.50. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.63 and a quick ratio of 1.91. The firm has a market capitalization of $391.51 billion, a price-to-earnings ratio of 54.32, a PEG ratio of 1.25 and a beta of 1.84. The company’s 50 day moving average price is $333.58 and its two-hundred day moving average price is $288.43. Lam Research (NASDAQ:LRCX – Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The semiconductor company reported $1.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.69 by $0.13. The firm had revenue of $6.72 billion during the quarter, compared to the consensus estimate of $6.66 billion. Lam Research had a net margin of 31.27% and a return on equity of 67.60%. The company’s revenue for the quarter was up 30.0% on a year-over-year basis. During the same quarter last year, the firm earned $1.33 earnings per share. Lam Research has set its Q1 2027 guidance at 2.000-2.300 EPS. As a group, research analysts predict that Lam Research Corporation will post 9.32 earnings per share for the current year.

Lam Research News Summary Here are the key news stories impacting Lam Research this week:

Positive Sentiment: AI-focused R&D expansion: Lam Research broke ground on a 120,000-square-foot laboratory in Tualatin, Oregon, as part of a planned investment of more than $3 billion in its global lab network over the next five years. The facility is intended to support collaboration with chipmakers and accelerate equipment innovations for advanced AI semiconductors. Lam Research Oregon lab announcement Positive Sentiment: Strong AI demand outlook: CEO Tim Archer said increasingly complex AI models require more computing power, bandwidth and storage, creating demand for semiconductor innovation. The investment reinforces Lam’s positioning as a supplier to the AI infrastructure buildout. Lam Research AI investment video Positive Sentiment: Favorable analyst and fundamentals commentary: Zacks highlighted AI-driven growth, recurring services revenue, earnings momentum and Lam’s balance sheet, while Mizuho maintained an “outperform” rating despite trimming its price target to $365 from $370. Lam’s latest reported quarter also showed 30% year-over-year revenue growth and an earnings beat. Neutral Sentiment: Investor outreach scheduled: CFO Doug Bettinger will participate in upcoming investor conferences. The events could provide updates on demand, AI exposure and the Oregon investment, but no new financial guidance was announced. Lam Research conference announcement Negative Sentiment: Investment and valuation concerns: The multibillion-dollar R&D expansion will raise near-term capital and operating costs, while the stock’s high earnings multiple leaves less room for disappointment. The modest analyst price-target reduction may also have limited enthusiasm. Analysts Set New Price Targets Several equities research analysts recently weighed in on LRCX shares. Morgan Stanley cut their price objective on shares of Lam Research from $404.00 to $367.00 and set an “overweight” rating for the company in a research report on Thursday, July 30th. Needham & Company LLC reissued a “buy” rating and issued a $390.00 target price on shares of Lam Research in a report on Thursday, July 30th. Bank of America boosted their target price on shares of Lam Research from $330.00 to $480.00 and gave the company a “buy” rating in a research report on Tuesday, June 23rd. Stifel Nicolaus upped their price target on shares of Lam Research from $325.00 to $425.00 and gave the stock a “buy” rating in a report on Friday, July 10th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $320.00 price target on shares of Lam Research in a research report on Thursday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, twenty-six have given a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $357.31.

View Our Latest Stock Report on Lam Research

About Lam Research (Free Report)

Lam Research Corporation (NASDAQ: LRCX) is a global supplier of wafer fabrication equipment and services to the semiconductor industry. Founded in 1980 by David K. Lam and headquartered in Fremont, California, the company develops and manufactures systems used in multiple stages of semiconductor device production, including thin film deposition, plasma etch, wafer cleaning and related process modules and automation.

Lam’s product portfolio covers core process technologies employed by logic and memory manufacturers, with equipment designed to support advanced-node patterning, 3D NAND and other emerging device architectures.

See Also Five stocks we like better than Lam Research Williams-Sonoma’s Quarter Gave Bulls More Than Just a Beat-and-Raise Alcoa’s Gallium Project Opens a New Door Beyond Aluminum Oura’s $16 Billion IPO Could Put a New Price on Wearable Tech Can Tesla’s Flying Roadster Distract From Its Real Risks? Want to see what other hedge funds are holding LRCX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Lam Research Corporation (NASDAQ:LRCX – Free Report).

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, /PRNewswire/ -- Lam Research Corporation (Nasdaq: LRCX) today announced that its Board of Directors has approved a $0.07, or 27%, increase in its quarterly dividend, from $0.26 to $0.33 per share of common stock. The dividend payment will be made on October 14, 2026, to holders of record on September 23, 2026. Future dividend payments are subject to review and approval by the Board of Directors.

About Lam Research:                          

Lam Research Corporation is a global supplier of innovative wafer fabrication equipment and services to the semiconductor industry. Lam's equipment and services allow customers to build smaller and better performing devices. In fact, today, nearly every advanced chip is built with Lam technology. We combine superior systems engineering, technology leadership, and a strong values-based culture, with an unwavering commitment to our customers. Lam Research (Nasdaq: LRCX) is a FORTUNE 500® company headquartered in Fremont, Calif., with operations around the globe. Learn more at www.lamresearch.com. (LRCX)

Caution Regarding Forward-Looking Statements:

Statements made in this press release that are not of historical fact are forward-looking statements and are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include but are not limited to our plans to make dividend payments and any future dividend payments. These statements are not a guarantee of future performance and involve a number of risks, uncertainties, and other factors that could cause our actual results or outcomes, or the timing of our results or outcomes, to differ materially from those expressed or implied in this press release. Such risks, uncertainties, and other factors include but are not limited to those described in the documents filed or furnished by us with the Securities and Exchange Commission, including specifically the Risk Factors described in our most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. You should evaluate all forward-looking statements made in this press release in the context of these risks, uncertainties, and other factors. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof and are based on our current beliefs, expectations, and assumptions about future events. Except as required by law, we undertake no obligation to update the information or statements made in this press release.

Company Contacts:
Ram Ganesh
Investor Relations
(510) 572-1615
Email: [email protected]

SOURCE Lam Research Corporation

BNP Paribas decreased its position in shares of Lam Research Corporation (NASDAQ:LRCX – Free Report) by 57.4% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 10,795 shares of the semiconductor company’s stock after selling 14,575 shares during the period. BNP Paribas’ holdings in Lam Research were worth $4,604,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Bayban purchased a new stake in shares of Lam Research during the 4th quarter worth approximately $26,000. Vermillion Wealth Management Inc. purchased a new stake in Lam Research in the 1st quarter valued at $26,000. Cedar Mountain Advisors LLC boosted its stake in Lam Research by 242.9% during the 1st quarter. Cedar Mountain Advisors LLC now owns 120 shares of the semiconductor company’s stock worth $26,000 after purchasing an additional 85 shares during the period. Paladin Partners LLC purchased a new position in shares of Lam Research during the second quarter worth about $26,000. Finally, Triumph Capital Management acquired a new position in Lam Research in the 3rd quarter valued at about $27,000. Institutional investors and hedge funds own 84.61% of the company’s stock.

Analyst Ratings Changes Several brokerages recently weighed in on LRCX. Oppenheimer reaffirmed an “outperform” rating and set a $400.00 price target (up from $330.00) on shares of Lam Research in a report on Monday, June 15th. Rothschild & Co Redburn boosted their price target on shares of Lam Research from $305.00 to $420.00 and gave the stock a “buy” rating in a research note on Wednesday, June 17th. Sanford C. Bernstein boosted their target price on shares of Lam Research from $325.00 to $340.00 and gave the stock an “outperform” rating in a research report on Thursday, May 21st. Jefferies Financial Group set a $335.00 target price on shares of Lam Research and gave the company a “buy” rating in a report on Thursday, July 30th. Finally, HSBC restated a “hold” rating and issued a $333.00 price target on shares of Lam Research in a report on Monday, July 27th. One investment analyst has rated the stock with a Strong Buy rating, twenty-six have assigned a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $357.31.

View Our Latest Report on Lam Research Insider Transactions at Lam Research In related news, Director Abhijit Y. Talwalkar sold 18,282 shares of the firm’s stock in a transaction that occurred on Monday, July 13th. The shares were sold at an average price of $335.00, for a total transaction of $6,124,470.00. Following the completion of the sale, the director directly owned 87,142 shares in the company, valued at approximately $29,192,570. This trade represents a 17.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Neil J. Fernandes sold 7,659 shares of the stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $309.60, for a total value of $2,371,226.40. Following the completion of the sale, the senior vice president directly owned 58,470 shares of the company’s stock, valued at approximately $18,102,312. This represents a 11.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 80,441 shares of company stock worth $27,614,296. 0.31% of the stock is currently owned by corporate insiders.

Trending Headlines about Lam Research Here are the key news stories impacting Lam Research this week:

Positive Sentiment: Lam Research broke ground on a 120,000-square-foot Oregon semiconductor laboratory as part of a planned investment of more than $3 billion in its global lab network over five years. The project is intended to accelerate process innovations for advanced AI chips and improve collaboration with customers, supporting the company’s long-term growth prospects. Lam Research breaks ground on AI semiconductor lab in Oregon Positive Sentiment: The board approved a 27% increase in the quarterly dividend, from $0.26 to $0.33 per share. The payout is scheduled for October 14, 2026, for shareholders of record on September 23, providing a modest shareholder-return signal. Lam Research Corporation Announces a 27% Increase in Quarterly Dividend Neutral Sentiment: Lam’s latest earnings exceeded consensus expectations, with quarterly earnings per share of $1.82 versus the $1.69 estimate and revenue of $6.72 billion. Revenue increased 30% year over year, while management issued fiscal first-quarter 2027 EPS guidance of $2.00 to $2.30. Analysts’ median price target remains substantially above recent trading levels, although Mizuho recently lowered its target to $365. Neutral Sentiment: Two long-serving directors, Michael R. Cannon and Sohail U. Ahmed, plan to retire from the board on November 2, 2026. The transition could refresh governance but introduces some near-term uncertainty regarding board composition. Lam Research Announces Retirement of Michael R. Cannon and Sohail U. Ahmed from Board of Directors Negative Sentiment: Investors appear increasingly concerned about tariffs, export restrictions and other U.S.-China trade measures. China was Lam’s largest geographic market in fiscal 2026, making the company particularly sensitive to policy changes that could reduce demand, hurt margins or disrupt its supply chain. These macro concerns have overshadowed the dividend increase and Oregon expansion. Lam Research Slides as China Trade Risk Appears to Outweigh Dividend Hike Negative Sentiment: Reported insider activity shows selling rather than buying by executives and directors over the past six months, which may reinforce caution among investors, though such transactions can reflect personal financial planning rather than a view on company fundamentals. Lam Research Stock Performance Shares of NASDAQ:LRCX opened at $301.90 on Friday. The firm has a market capitalization of $377.77 billion, a PE ratio of 52.41, a P/E/G ratio of 1.26 and a beta of 1.84. Lam Research Corporation has a 12 month low of $94.11 and a 12 month high of $438.50. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.63 and a quick ratio of 1.91. The business has a 50-day moving average of $330.43 and a two-hundred day moving average of $289.14.

Lam Research (NASDAQ:LRCX – Get Free Report) last posted its earnings results on Wednesday, July 29th. The semiconductor company reported $1.82 earnings per share for the quarter, beating the consensus estimate of $1.69 by $0.13. The business had revenue of $6.72 billion for the quarter, compared to analyst estimates of $6.66 billion. Lam Research had a net margin of 31.27% and a return on equity of 67.60%. The business’s quarterly revenue was up 30.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.33 EPS. Lam Research has set its Q1 2027 guidance at 2.000-2.300 EPS. As a group, research analysts forecast that Lam Research Corporation will post 9.32 earnings per share for the current year.

Lam Research Increases Dividend The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 14th. Shareholders of record on Wednesday, September 23rd will be issued a dividend of $0.33 per share. The ex-dividend date of this dividend is Wednesday, September 23rd. This represents a $1.32 dividend on an annualized basis and a yield of 0.4%. This is a boost from Lam Research’s previous quarterly dividend of $0.26. Lam Research’s dividend payout ratio (DPR) is 18.06%.

About Lam Research (Free Report)

Lam Research Corporation (NASDAQ: LRCX) is a global supplier of wafer fabrication equipment and services to the semiconductor industry. Founded in 1980 by David K. Lam and headquartered in Fremont, California, the company develops and manufactures systems used in multiple stages of semiconductor device production, including thin film deposition, plasma etch, wafer cleaning and related process modules and automation.

Lam’s product portfolio covers core process technologies employed by logic and memory manufacturers, with equipment designed to support advanced-node patterning, 3D NAND and other emerging device architectures.

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Atlatl Advisers LLC grew its holdings in shares of Lam Research Corporation (NASDAQ:LRCX – Free Report) by 816.9% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 16,210 shares of the semiconductor company’s stock after purchasing an additional 14,442 shares during the quarter. Lam Research makes up approximately 1.7% of Atlatl Advisers LLC’s holdings, making the stock its 11th biggest position. Atlatl Advisers LLC’s holdings in Lam Research were worth $7,024,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of LRCX. Bayban purchased a new stake in shares of Lam Research during the 4th quarter valued at $26,000. Vermillion Wealth Management Inc. acquired a new stake in Lam Research in the 1st quarter valued at approximately $26,000. Cedar Mountain Advisors LLC boosted its stake in shares of Lam Research by 242.9% in the first quarter. Cedar Mountain Advisors LLC now owns 120 shares of the semiconductor company’s stock valued at $26,000 after purchasing an additional 85 shares during the period. Mcguire Capital Advisors Inc. acquired a new stake in Lam Research in the 4th quarter valued at about $27,000. Finally, Triumph Capital Management purchased a new position in Lam Research in the third quarter valued at $27,000. 84.61% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Lam Research In other news, Director Abhijit Y. Talwalkar sold 18,282 shares of Lam Research stock in a transaction dated Monday, July 13th. The stock was sold at an average price of $335.00, for a total transaction of $6,124,470.00. Following the sale, the director directly owned 87,142 shares of the company’s stock, valued at approximately $29,192,570. This trade represents a 17.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Eric Brandt sold 54,500 shares of the firm’s stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $350.80, for a total value of $19,118,600.00. Following the transaction, the director directly owned 199,205 shares of the company’s stock, valued at approximately $69,881,114. This represents a 21.48% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 80,441 shares of company stock worth $27,614,296. 0.31% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth A number of brokerages have commented on LRCX. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $320.00 target price on shares of Lam Research in a report on Thursday, July 30th. Citigroup restated a “buy” rating and set a $450.00 price objective (up from $315.00) on shares of Lam Research in a research note on Wednesday, June 17th. B. Riley Financial reduced their target price on shares of Lam Research from $385.00 to $350.00 and set a “buy” rating for the company in a report on Thursday, July 30th. Stifel Nicolaus lifted their target price on Lam Research from $325.00 to $425.00 and gave the company a “buy” rating in a research note on Friday, July 10th. Finally, Jefferies Financial Group set a $335.00 target price on Lam Research and gave the company a “buy” rating in a research note on Thursday, July 30th. One analyst has rated the stock with a Strong Buy rating, twenty-six have issued a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $358.47. View Our Latest Research Report on Lam Research

Lam Research Stock Up 1.1% Shares of LRCX stock opened at $314.00 on Friday. The firm has a market capitalization of $392.91 billion, a P/E ratio of 54.51, a PEG ratio of 1.23 and a beta of 1.84. The company has a current ratio of 2.63, a quick ratio of 1.91 and a debt-to-equity ratio of 0.30. Lam Research Corporation has a 1 year low of $94.11 and a 1 year high of $438.50. The firm’s fifty day moving average price is $337.47 and its two-hundred day moving average price is $286.09.

Lam Research (NASDAQ:LRCX – Get Free Report) last issued its earnings results on Wednesday, July 29th. The semiconductor company reported $1.82 earnings per share for the quarter, topping analysts’ consensus estimates of $1.69 by $0.13. Lam Research had a net margin of 31.27% and a return on equity of 67.60%. The business had revenue of $6.72 billion for the quarter, compared to the consensus estimate of $6.66 billion. During the same period in the previous year, the company earned $1.33 earnings per share. The firm’s revenue for the quarter was up 30.0% on a year-over-year basis. Lam Research has set its Q1 2027 guidance at 2.000-2.300 EPS. On average, equities analysts predict that Lam Research Corporation will post 9.32 EPS for the current fiscal year.

Lam Research Profile (Free Report)

Lam Research Corporation (NASDAQ: LRCX) is a global supplier of wafer fabrication equipment and services to the semiconductor industry. Founded in 1980 by David K. Lam and headquartered in Fremont, California, the company develops and manufactures systems used in multiple stages of semiconductor device production, including thin film deposition, plasma etch, wafer cleaning and related process modules and automation.

Lam’s product portfolio covers core process technologies employed by logic and memory manufacturers, with equipment designed to support advanced-node patterning, 3D NAND and other emerging device architectures.

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Key Takeaways Lam Research is expanding its DRAM position as AI drives HBM and next-generation memory demand.DRAM was 23% of fiscal Q4 systems revenues, with revenues staying near Q3's record level.Akara's installed base doubled annually since launch, with LRCX expecting that trend to continue in 2027. Lam Research Corporation (LRCX - Free Report) is strengthening its position in the DRAM (Dynamic Random Access Memory) market as artificial intelligence (AI) drives demand for high-bandwidth memory (HBM) and next-generation memory technologies. The opportunity is becoming more important as memory makers invest in capacity additions and technology upgrades across 1-alpha, 1-beta and 1-gamma DRAM nodes, supporting DDR5, LPDDR5 and HBM.

DRAM accounted for 23% of Lam Research’s systems revenues in the fourth quarter of fiscal 2026 compared with 27% in the previous quarter. Although the share declined, DRAM revenues remained near the record level reached in the third quarter, showing that demand remains solid.

Lam Research is also expanding its technology footprint. Its VECTOR platform is gaining adoption for hard-mask deposition and diffusion-barrier applications, while Akara is winning advanced DRAM etch opportunities. These tools are designed for increasingly complex memory structures, giving LRCX more opportunities to capture spending as manufacturers move to newer nodes. During the last earnings call, management revealed that Akara’s installed base doubled annually since its launch and expects that growth trend to continue in 2027.

The broader financial picture also supports the growth case. Lam Research posted fourth-quarter revenues of $6.72 billion, up 15.1% sequentially, while non-GAAP operating margin expanded 340 basis points to 38.4%. The company now expects 2026 wafer fabrication equipment spending to reach the low-$150 billion range, up from its prior projection of $140 billion.

Overall, Lam Research’s expanding DRAM exposure could become an important growth driver, particularly if AI-related HBM demand continues to push memory makers toward more advanced manufacturing technologies. The Zacks Consensus Estimate for fiscal 2027 revenues is currently pegged at $34.48 billion, indicating a 48.4% year-over-year increase.

Applied Materials and KLA: Can They Challenge LRCX in DRAM?Lam Research faces strong competition in the growing DRAM equipment market, particularly from Applied Materials, Inc. (AMAT - Free Report) and KLA Corporation (KLAC - Free Report) .

Applied Materials is a major rival across deposition and other process steps and is benefiting from rising HBM demand. In the third quarter of fiscal 2026, Applied Materials’ total revenues jumped 25% year over year to $9.12 billion, while its semiconductor systems segment’s revenues rose 27% to $7.04 billion.

Applied Materials’ DRAM segment accounted for 26% of semiconductor systems’ revenues during the third quarter. DRAM revenues jumped 52% year over year, mainly benefiting from increasing memory requirements of AI infrastructure.

KLA is another important competitor because its process-control tools help memory manufacturers improve yields as DRAM structures become more complex. The company is well positioned to benefit from rising spending on advanced memory and HBM, although its exposure differs from Lam Research’s focus on etch and deposition.

In the last reported results for the fourth quarter of fiscal 2026, KLA revenues soared 15% year over year to $3.66 billion, while its semiconductor process control systems segment’s revenues rose 13% to $3.26 billion. Memory accounted for 21% of semiconductor process control systems’ revenues, reflecting demand for HBM and increasingly complex DRAM manufacturing processes.

LRCX’s Share Price Performance, Valuation and EstimatesShares of Lam Research have surged 100.4% year to date compared with the Zacks Electronics – Semiconductors industry’s rise of 34.1%.

Lam Research YTD Price Return Performance
Image Source: Zacks Investment Research

From a valuation standpoint, Lam Research trades at a forward price-to-earnings ratio of 35.83, significantly higher than the industry’s average of 14.58.

Lam Research Forward 12-Month P/E Ratio
Image Source: Zacks Investment Research

The Zacks Consensus Estimate for Lam Research’s fiscal 2027 and 2028 earnings implies a year-over-year increase of approximately 60.4% and 21.7%, respectively. Estimates for fiscal 2027 and 2028 have been revised upward over the past 30 days.

Image Source: Zacks Investment Research

Lam Research currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

, /PRNewswire/ -- Lam Research Corp. (NASDAQ: LRCX) today announced that it intends to invest more than $3 billion over the next five years to expand its global research and development (R&D) lab network. The planned multi-site expansion is expected to add infrastructure and capabilities to increase experiment capacity by more than 50%. Lam's R&D approach combines specialized labs worldwide, each purpose-built to accelerate a distinct step of the innovation cycle, with deep customer collaboration that includes locations near customer facilities. Together, Lam's labs operate as an integrated 24/7 network, enabling innovation in parallel and at scale. With this investment, Lam intends to further compress product development cycles for customers, from pathfinding to fab deployment.

Lam’s global lab network spans the United States, Asia, and Europe, with R&D infrastructure that supports more than one million experiments annually. "In the AI era, the pace of innovation is relentless, requiring chips with new architectures, different materials, and complex features engineered with nanoscale precision. Our ability to increase velocity throughout the R&D process has become a decisive advantage," said Tim Archer, president and chief executive officer of Lam Research. "We are investing with the intention of staying ahead of what our customers need, further strengthening our global innovation engine to deliver the next generation of semiconductor breakthroughs."

Lam's global lab network spans the United States, Asia, and Europe. The combined R&D infrastructure supports more than one million experiments annually. Facilities specialized for foundational research in new chemistries, materials and mechatronics have the capability to compress weeks of experimental work into as little as a few days in many cases. Process development labs carry those advances toward production readiness, with engineering, product development and manufacturing teams working side by side on the same tools. Located in proximity to customers, Lam's technology centers support rapid qualification and validation alongside customers' engineering teams.

The integrated lab network enables tools, data and expertise to be shared across locations and time zones, so a discovery in one lab becomes knowledge every lab can use. In recent customer engagements, this approach has enabled Lam to shorten process development up to 2.5 times.

"Congratulations to Lam on this investment. Micron is proud to work with Lam as we advance memory and storage solutions that power the AI ecosystem," said Scott DeBoer, executive vice president and chief technology and products officer at Micron Technology. "Our longstanding collaboration with Lam continues to drive innovation in leading-edge front-end and advanced packaging technologies, and we look forward to building on this momentum to scale AI across the semiconductor ecosystem." 

"Wafer-level semiconductor device processing is the backbone of all semiconductor ecosystems and the enabler of subsequent chip technology advancements," said John West, chief analyst, Semiconductor Equipment at Yole Group. "AI-related investment is lifting demand for deposition and etch intensity. Lam Research's etch, deposition, and advanced packaging wafer fabrication equipment innovations along with new EUV/DUV lithography technologies have helped to enable the production of semiconductor devices with the right combination of power consumption, performance, price, and form factor to unlock the AI revolution. Sustaining this momentum will require the semiconductor ecosystem to innovate faster, compress development cycles, and scale new technologies into manufacturing more quickly."

Lam plans to begin expanding the global lab network this year with the goal of increasing innovation velocity.

Additional Media Resources

Lam Blog, How Deposition and Etch Are Reshaping Chips for the AI Era Visit Lam's Media Center for images and visual assets About Lam Research
Lam Research Corporation (NASDAQ: LRCX) is a global supplier of innovative wafer fabrication equipment and services to the semiconductor industry. Lam's equipment and services allow customers to build smaller and better performing devices. In fact, today, nearly every advanced chip is built with Lam technology. We combine superior systems engineering, technology leadership, and a strong values-based culture, with an unwavering commitment to our customers. Lam Research is a FORTUNE 500® company headquartered in Fremont, California, with operations around the globe. Learn more at www.lamresearch.com.

Caution Regarding Forward-Looking Statements
Statements made in this press release that are not of historical fact are forward-looking statements and are subject to the safe harbor provisions created by the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relate to, but are not limited to: our intention to invest more than $3 billion in the next five years to expand our R&D lab network across multiple sites, compress product development cycles for customers, and stay ahead of customer needs and strengthen global innovation to deliver the next generation of semiconductor breakthroughs; our expectation to add infrastructure and capabilities to increase experiment capacity by more than 50%; our ability to accelerate the innovation cycle; the requirement in the AI era for chips with new architectures, different materials, and complex features; the advantages associated with our ability to increase velocity throughout the R&D process; the effects of Micron's relationship with Lam; Yole Group's views regarding AI-related investment lifting demand for deposition and etch intensity and that sustaining momentum will require faster innovation, development cycles, and new technology scaling; our plan to begin expanding our lab network with the goal of increasing innovation velocity; and our unwavering commitment to customers. These statements are not a guarantee of future performance and involve a number of risks, uncertainties, and other factors that could cause our actual results or outcomes, or the timing of our results or outcomes, to differ materially from those expressed or implied in this press release. Such risks, uncertainties, and other factors include: our ability to successfully execute the planned expansion of our global R&D lab network; our ability to achieve the anticipated benefits of our investments in R&D infrastructure; the timing, cost, scope, and anticipated benefits of planned R&D investments may differ from our expectations; business, economic, political and/or regulatory conditions in the consumer electronics industry, including wafer fabrication equipment spending, the semiconductor industry and the overall economy may deteriorate or change; the actions, performance, or investment levels of our customers and competitors may be inconsistent with our expectations; customer and product mix, including across market segments and geographical regions, may change; we may be unable to effectively manage and implement pricing actions, realize the value of our products and technology, successfully commercialize new products and technologies, or execute on perceived opportunities; we may be unable to achieve anticipated operational, manufacturing, supply chain, procurement, and scale efficiencies; customer technology transitions, capacity expansions, and fab construction projects may have different timing or be less successful than we expect; we may be unable to manage operating expenses effectively while continuing to invest in R&D, product innovation, customer support, and future growth opportunities; trade regulations, export controls, tariffs, trade disputes, and other geopolitical developments may inhibit our ability to sell our products; supply chain cost increases, tariffs, and other inflationary pressures have impacted and may continue to impact our profitability; supply chain disruptions or manufacturing capacity constraints may limit our ability to manufacture and sell our products; natural and human-caused disasters, disease outbreaks, war, terrorism, political or governmental unrest or instability, or other events beyond our control may impact our operations and revenue in affected areas; as well as the other risks and uncertainties that are described in the documents filed or furnished by us with the Securities and Exchange Commission, including specifically the Risk Factors described in our most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. You should evaluate all forward-looking statements made in this press release in the context of these risks, uncertainties, and other factors. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof and are based on our, Micron, or Yole Group's current beliefs, expectations, and assumptions about future events. Except as required by law, we undertake no obligation to update the information or statements made in this press release.

Company Contacts
Laura Bakken
Public Relations
(510) 572-9021
[email protected] 

Ram Ganesh
Investor Relations
(510) 572-1615
[email protected]

SOURCE Lam Research Corporation

Key Takeaways Lam Research is expanding into panel-level packaging to address larger, more complex AI chip designs.Advanced-packaging revenues are expected to grow more than 70% year over year in calendar 2026.Lam Research has shipped 510x515-mm panel systems and plans its first 310x310-mm tool this year. Lam Research Corporation (LRCX - Free Report) is expanding its opportunity in advanced packaging as artificial intelligence (AI) chips become larger and more complex. The company seems to be now focusing on the Panel-Level Packaging (“PLP”) method. In this connection, it established a Panel-Level Packaging Center of Excellence in Salzburg, Austria, in May 2026 to accelerate research, customer qualification and production readiness.

PLP is a semiconductor packaging method in which multiple chips are assembled on a large, flat panel rather than individual circular wafers. This approach allows manufacturers to process more chips at once, potentially reducing production costs and improving efficiency.

The move is strategically important because future AI systems are expected to use more chiplets, high-bandwidth memory (HBM) stacks and larger packages. Lam Research expects advanced-packaging revenues to grow more than 70% year over year in calendar year 2026, providing a potentially meaningful new growth driver.

PLP could also expand Lam Research’s served market. The company has already shipped 510x515-millimeter panel systems to development programs in multiple regions and plans to ship its first 310x310-millimeter panel tool this year. These tools are designed to address the manufacturing challenges created by larger AI packages.

The opportunity comes at an attractive time. Lam Research generated record fourth-quarter fiscal 2026 revenues of $6.72 billion, up 30% year over year and 15% sequentially. Non-GAAP earnings per share (EPS) jumped nearly 37% year over year and 24% sequentially to $1.82. Management expects 2026 wafer fabrication equipment spending to reach the low-$150 billion range, which bodes well for the company.

PLP is more than a niche initiative. If AI package sizes continue expanding, this technology could widen Lam Research’s market opportunity and support sustained growth beyond traditional wafer-fab equipment. The Zacks Consensus Estimate for fiscal 2027 revenues is pegged at $33.9 billion, indicating a year-over-year increase of approximately 46%.

Can Rivals Challenge Lam Research in Advanced Packaging?Lam Research is not alone in targeting the fast-growing advanced-packaging market. Applied Materials, Inc. (AMAT - Free Report) is expanding its packaging portfolio as AI chips require more complex integration. Applied Materials expects its advanced-packaging revenues to grow more than 50% in calendar year 2026, making it a significant competitor to LRCX’s push into panel-level packaging. In the last reported financial results for the second quarter of fiscal 2026, Applied Materials’ revenues increased 11.4% year over year to $7.91 billion, while non-GAAP EPS rose 19.7% to $2.86.

KLA Corporation (KLAC - Free Report) is another strong competitor, particularly in inspection and process control for advanced packaging. KLAC expects advanced-packaging revenues to be between $1 billion and $1.1 billion in 2026, up from approximately $635 million in 2025. Its packaging portfolio covers process control for wafers, panels and components, giving it exposure to the same shift toward larger and more complex packages. In the last reported financial results for the fourth quarter of fiscal 2026, KLAC’s revenues increased 15.2% year over year to $3.66 billion, while non-GAAP EPS jumped 11.7% to $1.05.

The competitive landscape is strengthening as AI drives greater use of chiplets, HBM and larger packages. However, Lam’s focus on panel-level processing could differentiate it, particularly as AI packages become too large for traditional wafer-based approaches.

LRCX’s Share Price Performance, Valuation and EstimatesShares of Lam Research have surged 79% year to date compared with the Zacks Electronics – Semiconductors industry’s rise of 32.8%.

Lam Research YTD Price Return Performance
Image Source: Zacks Investment Research

From a valuation standpoint, Lam Research trades at a forward price-to-earnings ratio of 32.32, significantly higher than the industry’s average of 14.54.

Lam Research Forward 12-Month P/E Ratio
Image Source: Zacks Investment Research

The Zacks Consensus Estimate for Lam Research’s fiscal 2027 and 2028 earnings implies a year-over-year increase of approximately 59% and 23%, respectively. Estimates for fiscal 2027 have been revised upward over the past 30 days, while estimates for fiscal 2028 have been raised over the past seven days.

Image Source: Zacks Investment Research

Lam Research currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Posted by Defense World Staff on Aug 1st, 2026

Arete Wealth Advisors LLC lowered its position in Lam Research Corporation (NASDAQ:LRCX – Free Report) by 43.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 13,174 shares of the semiconductor company’s stock after selling 10,317 shares during the quarter. Arete Wealth Advisors LLC’s holdings in Lam Research were worth $2,813,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Cedar Mountain Advisors LLC increased its stake in Lam Research by 242.9% in the first quarter. Cedar Mountain Advisors LLC now owns 120 shares of the semiconductor company’s stock valued at $26,000 after acquiring an additional 85 shares during the period. Vermillion Wealth Management Inc. bought a new position in shares of Lam Research during the 1st quarter worth approximately $26,000. Bayban acquired a new stake in Lam Research in the 4th quarter valued at $26,000. Mcguire Capital Advisors Inc. acquired a new stake in Lam Research in the 4th quarter valued at $27,000. Finally, Core Wealth Advisors LLC bought a new stake in Lam Research in the fourth quarter valued at $29,000. Institutional investors and hedge funds own 84.61% of the company’s stock.

Lam Research News Roundup Here are the key news stories impacting Lam Research this week:

Positive Sentiment: Strong fiscal fourth-quarter results and outlook: Lam reported record revenue of $6.72 billion, up approximately 30% year over year, and adjusted EPS of $1.82 versus the $1.69 consensus estimate. Management’s outlook for the next quarter—approximately $8.1 billion in revenue and $2.00–$2.30 in EPS—significantly exceeded expectations. NAND revenue more than doubled sequentially, while customer-support revenue reached another record. LRCX Q4 Earnings Beat on NAND and Customer Support Strength Positive Sentiment: AI and memory demand remain key catalysts: Analysts and investors see Lam benefiting from ongoing AI infrastructure spending, advanced chip production, NAND investment, packaging, and wafer-fabrication demand. Some commentary describes an “extraordinary runway” heading into 2027. This Chip Stock Could Be the Biggest Winner of the AI Memory Boom Positive Sentiment: China memory concerns may be overstated: Mizuho argued that fears of Chinese producer CXMT flooding the DRAM market and pressuring prices are overblown, easing a potential risk to semiconductor-equipment demand. Tech specialist explains why China memory fears are overblown Neutral Sentiment: Analyst views remain broadly constructive but targets are mixed: Needham reaffirmed a Buy rating and $390 target, while Morgan Stanley lowered its target from $404 to $367 and B. Riley reduced its target from $385 to $350, retaining Buy or Overweight ratings. The target cuts suggest expectations are being moderated after the rally, even though analysts still see potential upside. Needham Raises Lam Research EPS Estimates Negative Sentiment: Valuation and insider selling are overhangs: After rising roughly 3.9 times over five years and trading at a high earnings multiple, LRCX may be vulnerable to profit-taking. Reported insider activity shows sales rather than purchases over the past six months, reinforcing caution around current valuation. Has Lam Research Fallen Far Enough to Look Like a Bargain? Lam Research Stock Down 1.5% Shares of NASDAQ:LRCX opened at $293.15 on Friday. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.63 and a quick ratio of 1.77. The stock has a market cap of $366.60 billion, a price-to-earnings ratio of 50.89, a P/E/G ratio of 1.77 and a beta of 1.80. The company has a 50 day moving average of $340.82 and a 200-day moving average of $276.47. Lam Research Corporation has a one year low of $90.93 and a one year high of $438.50.

Lam Research (NASDAQ:LRCX – Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The semiconductor company reported $1.82 earnings per share for the quarter, beating the consensus estimate of $1.69 by $0.13. Lam Research had a net margin of 31.27% and a return on equity of 67.60%. The business had revenue of $6.72 billion for the quarter, compared to analyst estimates of $6.66 billion. During the same period in the prior year, the business posted $1.33 earnings per share. Lam Research’s revenue was up 30.0% compared to the same quarter last year. Lam Research has set its Q1 2027 guidance at 2.000-2.300 EPS. On average, sell-side analysts forecast that Lam Research Corporation will post 7.92 earnings per share for the current year.

Lam Research Announces Dividend The business also recently announced a quarterly dividend, which was paid on Wednesday, July 8th. Shareholders of record on Wednesday, June 17th were paid a $0.26 dividend. The ex-dividend date of this dividend was Wednesday, June 17th. This represents a $1.04 annualized dividend and a yield of 0.4%. Lam Research’s dividend payout ratio is presently 18.06%.

Analyst Ratings Changes Several equities research analysts have recently commented on the stock. Wall Street Zen downgraded shares of Lam Research from a “buy” rating to a “hold” rating in a research note on Sunday, May 10th. Jefferies Financial Group set a $335.00 price objective on shares of Lam Research and gave the stock a “buy” rating in a report on Thursday. HSBC reiterated a “hold” rating and issued a $333.00 target price on shares of Lam Research in a research note on Monday. New Street Research increased their price target on Lam Research from $235.00 to $280.00 and gave the stock a “neutral” rating in a research report on Monday, April 27th. Finally, Citigroup restated a “buy” rating and set a $450.00 price target (up from $315.00) on shares of Lam Research in a research report on Wednesday, June 17th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-six have issued a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, Lam Research presently has an average rating of “Moderate Buy” and an average target price of $358.47.

View Our Latest Stock Report on LRCX

Insiders Place Their Bets In other Lam Research news, Director Abhijit Y. Talwalkar sold 18,282 shares of the firm’s stock in a transaction dated Monday, July 13th. The stock was sold at an average price of $335.00, for a total transaction of $6,124,470.00. Following the transaction, the director owned 87,142 shares in the company, valued at approximately $29,192,570. This trade represents a 17.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Eric Brandt sold 54,500 shares of the stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $350.80, for a total transaction of $19,118,600.00. Following the completion of the sale, the director owned 199,205 shares in the company, valued at $69,881,114. This represents a 21.48% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 80,441 shares of company stock worth $27,614,296. Insiders own 0.31% of the company’s stock.

About Lam Research (Free Report)

Lam Research Corporation (NASDAQ: LRCX) is a global supplier of wafer fabrication equipment and services to the semiconductor industry. Founded in 1980 by David K. Lam and headquartered in Fremont, California, the company develops and manufactures systems used in multiple stages of semiconductor device production, including thin film deposition, plasma etch, wafer cleaning and related process modules and automation.

Lam’s product portfolio covers core process technologies employed by logic and memory manufacturers, with equipment designed to support advanced-node patterning, 3D NAND and other emerging device architectures.

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Posted by Defense World Staff on Jul 30th, 2026

Arkadios Wealth Advisors raised its holdings in shares of Lam Research Corporation (NASDAQ:LRCX – Free Report) by 5.7% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 118,181 shares of the semiconductor company’s stock after buying an additional 6,415 shares during the quarter. Arkadios Wealth Advisors’ holdings in Lam Research were worth $25,250,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Fideuram Asset Management Ireland dac purchased a new stake in shares of Lam Research in the fourth quarter valued at about $10,035,000. Generali Investments Management Co LLC lifted its holdings in Lam Research by 62.0% in the fourth quarter. Generali Investments Management Co LLC now owns 36,274 shares of the semiconductor company’s stock valued at $6,209,000 after acquiring an additional 13,878 shares during the last quarter. Rokos Capital Management LLP grew its position in Lam Research by 42.0% in the first quarter. Rokos Capital Management LLP now owns 259,921 shares of the semiconductor company’s stock worth $55,532,000 after acquiring an additional 76,840 shares during the period. Aware Super Pty Ltd as trustee of Aware Super purchased a new stake in Lam Research in the first quarter valued at $59,973,000. Finally, Krilogy Financial LLC increased its position in shares of Lam Research by 19.5% during the 1st quarter. Krilogy Financial LLC now owns 28,111 shares of the semiconductor company’s stock worth $6,006,000 after purchasing an additional 4,584 shares during the last quarter. 84.61% of the stock is owned by hedge funds and other institutional investors.

Lam Research Trading Down 6.4% NASDAQ:LRCX opened at $252.35 on Thursday. The firm has a market cap of $315.58 billion, a PE ratio of 47.61, a price-to-earnings-growth ratio of 1.60 and a beta of 1.80. The stock has a fifty day moving average price of $341.14 and a 200 day moving average price of $275.79. Lam Research Corporation has a 12-month low of $90.93 and a 12-month high of $438.50. The company has a current ratio of 2.54, a quick ratio of 1.77 and a debt-to-equity ratio of 0.35.

Lam Research (NASDAQ:LRCX – Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The semiconductor company reported $1.82 earnings per share for the quarter, topping the consensus estimate of $1.69 by $0.13. The company had revenue of $6.72 billion for the quarter, compared to the consensus estimate of $6.66 billion. Lam Research had a return on equity of 66.21% and a net margin of 30.94%.Lam Research’s revenue was up 30.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.33 EPS. Lam Research has set its Q1 2027 guidance at 2.000-2.300 EPS. Sell-side analysts anticipate that Lam Research Corporation will post 5.68 earnings per share for the current fiscal year.

Lam Research Announces Dividend The company also recently announced a quarterly dividend, which was paid on Wednesday, July 8th. Investors of record on Wednesday, June 17th were paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date was Wednesday, June 17th. Lam Research’s dividend payout ratio is presently 19.62%.

Lam Research News Roundup Here are the key news stories impacting Lam Research this week:

Positive Sentiment: Lam Research earned $1.82 per share, above the $1.69 analyst consensus and up from $1.33 a year earlier. Revenue rose 30% year over year to a record $6.72 billion, slightly exceeding estimates. Lam Research Surpasses Q4 Earnings and Revenue Estimates Positive Sentiment: The company issued substantially stronger-than-expected first-quarter fiscal 2027 guidance, calling for revenue of $7.7 billion to $8.5 billion and EPS of $2.00 to $2.30, versus consensus estimates of $7.0 billion and $1.81, respectively. Lam Research Forecasts Strong Revenue on AI Boom Positive Sentiment: Management cited robust demand for semiconductor manufacturing equipment, particularly from continued artificial-intelligence infrastructure investment and advanced chip production. The outlook suggests AI-related capital spending is supporting near-term orders. Lam Research Posts Record Quarterly Revenue Neutral Sentiment: The results were broadly viewed as a beat-and-raise report, although investors are assessing whether the unusually strong outlook is sustainable given Lam Research’s cyclical semiconductor-equipment business and elevated valuation. Negative Sentiment: LRCX remained under pressure amid a broad semiconductor pullback, tighter Federal Reserve expectations, Middle East tensions and renewed concerns that advances in Chinese lithography could alter China’s demand for foreign chipmaking equipment. These sector and geopolitical risks overshadowed the favorable quarterly figures. Lam Research Is Down After China Lithography Jitters Analyst Ratings Changes Several research analysts have weighed in on LRCX shares. Berenberg Bank increased their target price on shares of Lam Research from $265.00 to $335.00 and gave the stock a “buy” rating in a research note on Thursday, April 23rd. Mizuho boosted their price objective on Lam Research from $380.00 to $400.00 and gave the company an “outperform” rating in a report on Thursday, July 9th. Wall Street Zen downgraded Lam Research from a “buy” rating to a “hold” rating in a research report on Sunday, May 10th. Susquehanna reiterated a “positive” rating and set a $475.00 price target (up from $385.00) on shares of Lam Research in a research note on Tuesday, June 30th. Finally, TD Cowen reissued a “buy” rating and set a $400.00 price target (up from $340.00) on shares of Lam Research in a research report on Thursday, July 9th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-eight have given a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, Lam Research currently has an average rating of “Moderate Buy” and an average target price of $364.04.

Get Our Latest Research Report on Lam Research

Insider Buying and Selling In related news, SVP Neil J. Fernandes sold 7,659 shares of the firm’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $309.60, for a total value of $2,371,226.40. Following the sale, the senior vice president owned 58,470 shares of the company’s stock, valued at $18,102,312. This trade represents a 11.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Eric Brandt sold 54,500 shares of Lam Research stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $350.80, for a total transaction of $19,118,600.00. Following the completion of the transaction, the director owned 199,205 shares of the company’s stock, valued at $69,881,114. This represents a 21.48% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 98,611 shares of company stock worth $32,250,190. Company insiders own 0.31% of the company’s stock.

Lam Research Profile (Free Report)

Lam Research Corporation (NASDAQ: LRCX) is a global supplier of wafer fabrication equipment and services to the semiconductor industry. Founded in 1980 by David K. Lam and headquartered in Fremont, California, the company develops and manufactures systems used in multiple stages of semiconductor device production, including thin film deposition, plasma etch, wafer cleaning and related process modules and automation.

Lam’s product portfolio covers core process technologies employed by logic and memory manufacturers, with equipment designed to support advanced-node patterning, 3D NAND and other emerging device architectures.

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, /PRNewswire/ -- Lam Research Corporation (the "Company," "Lam," "Lam Research") today announced financial results for the quarter ended June 28, 2026 (the "June 2026 quarter").

Highlights for the June 2026 quarter were as follows:

Revenue of $6.72 billion. U.S. GAAP gross margin as a percent of revenue of 51.7%, U.S. GAAP operating margin as a percent of revenue of 37.4%, and U.S. GAAP diluted EPS of $1.81. Non-GAAP gross margin as a percent of revenue of 52.0%, non-GAAP operating margin as a percent of revenue of 38.4%, and non-GAAP diluted EPS of $1.82. Key Financial Data for the Quarters Ended 
June 28, 2026 and March 29, 2026 
(in thousands, except per-share data, percentages, and basis points)  

U.S. GAAP

June 2026

March 2026

Change Q/Q

Revenue

$          6,722,238

$          5,841,488

+15.1 %

Gross margin

51.7 %

49.8 %

+ 190 bps

Operating margin

37.4 %

35.0 %

+ 240 bps

Diluted EPS

$                   1.81

$                   1.45

+24.8 %

Non-GAAP

June 2026

March 2026

Change Q/Q

Revenue

$          6,722,238

$          5,841,488

+15.1 %

Gross margin

52.0 %

49.9 %

+ 210 bps

Operating margin

38.4 %

35.0 %

+ 340 bps

Diluted EPS

$                   1.82

$                   1.47

+23.8 %

U.S. GAAP Financial Results

For the June 2026 quarter, revenue was $6.72 billion, gross margin was $3.48 billion, or 51.7% of revenue, operating expenses were $965.3 million, operating margin was 37.4% of revenue, and net income was $2.28 billion, or $1.81 per diluted share on a U.S. GAAP basis. This compares to revenue of $5.84 billion, gross margin of $2.91 billion, or 49.8% of revenue, operating expenses of $863.5 million, operating margin of 35.0% of revenue, and net income of $1.83 billion, or $1.45 per diluted share, for the quarter ended March 29, 2026 (the "March 2026 quarter").

Non-GAAP Financial Results

For the June 2026 quarter, non-GAAP gross margin was $3.50 billion, or 52.0% of revenue, non-GAAP operating expenses were $916.4 million, non-GAAP operating margin was 38.4% of revenue, and non-GAAP net income was $2.28 billion, or $1.82 per diluted share. This compares to non-GAAP gross margin of $2.91 billion, or 49.9% of revenue, non-GAAP operating expenses of $866.2 million, non-GAAP operating margin of 35.0% of revenue, and non-GAAP net income of $1.85 billion, or $1.47 per diluted share, for the March 2026 quarter.

"Lam delivered record revenue, operating margin and earnings per share in the June quarter as AI-driven demand continues to reshape the semiconductor industry," said Tim Archer, Lam Research's President and Chief Executive Officer. "Our strategic investments and technology leadership are helping customers accelerate through rising manufacturing complexity, positioning Lam for a third consecutive year of outperformance in 2026."

Balance Sheet and Cash Flow Results

Cash, cash equivalents, and restricted cash balances increased to $5.60 billion at the end of the June 2026 quarter compared to $4.77 billion at the end of the March 2026 quarter. The increase was primarily driven by cash generated from operating activities, partially offset by cash deployed for capital return activities during the quarter.

Deferred revenue at the end of the June 2026 quarter increased to $2.43 billion compared to $2.22 billion as of the end of the March 2026 quarter. Lam's deferred revenue balance does not include shipments to customers in Japan, to whom title does not transfer until customer acceptance. Shipments to customers in Japan are classified as inventory at cost until the time of acceptance. The estimated future revenue from shipments to customers in Japan was approximately $490.2 million as of June 28, 2026 and $434.3 million as of March 29, 2026.

Revenue

The geographic distribution of revenue during the June 2026 quarter is shown in the following table:

Region

Revenue

Taiwan

27 %

China

26 %

Korea

20 %

Japan

9 %

United States

9 %

Southeast Asia

5 %

Europe

4 %

The following table presents revenue disaggregated between systems and customer support-related revenue:

Three Months Ended

June 28,
2026

March 29,
2026

June 29,
2025

(In thousands)

Systems revenue

$    4,249,848

$    3,730,582

$    3,437,625

Customer support-related revenue and other

2,472,390

2,110,906

1,733,768

$    6,722,238

$    5,841,488

$    5,171,393

Systems revenue includes sales of new leading-edge equipment in deposition, etch and other wafer fabrication markets.

Customer support-related revenue includes sales of customer service, spares, upgrades, and non-leading-edge equipment from our Reliant® product line.

Outlook

For the quarter ended September 27, 2026, Lam is providing the following guidance:

U.S. GAAP

Reconciling
Items

Non-GAAP

Revenue

$8.10 Billion

+/-

$400 Million

—

$8.10 Billion

+/-

$400 Million

Gross margin

52.0 %

+/-

1 %

$  2.7

Million

52.0 %

+/-

1 %

Operating margin

39.5 %

+/-

1 %

$  3.0

Million

39.5 %

+/-

1 %

Net income per diluted share

$2.15

+/-

$0.15

$  3.3

Million

$2.15

+/-

$0.15

Diluted share count

1.255 Billion

—

1.255 Billion

The information provided above is only an estimate of what the Company believes is realizable as of the date of this release and does not incorporate the potential impact of any business combinations, asset acquisitions, divestitures, restructuring, balance sheet valuation adjustments, financing arrangements, other investments, or other items that may be completed or realized after the date of this release, except as described below. U.S. GAAP to non-GAAP reconciling items provided include only those items that are known and can be estimated as of the date of this release. Actual results will vary from this model and the variations may be material. Reconciling items included above are as follows:

Gross margin - amortization related to intangible assets acquired through business combinations, $2.7 million. Operating margin - amortization related to intangible assets acquired through business combinations, $3.0 million. Net income per diluted share - amortization related to intangible assets acquired though business combinations, $3.0 million; amortization of debt discounts, $0.5 million; and associated tax benefit for non-GAAP items ($0.2 million); totaling $3.3 million. Use of Non-GAAP Financial Results

In addition to U.S. GAAP results, this press release also contains non-GAAP financial results. The Company's non-GAAP results for both the June 2026 and March 2026 quarters exclude amortization related to intangible assets acquired through business combinations, the effects of elective deferred compensation-related assets and liabilities, amortization of note discounts, workforce optimization charges, and the net income tax effect of non-GAAP items.

Management uses non-GAAP gross margin, operating expense, operating income, operating margin, net income, and net income per diluted share to evaluate the Company's operating and financial results. The Company believes the presentation of non-GAAP results is useful to investors for analyzing business trends and comparing performance to prior periods, along with enhancing investors' ability to view the Company's results from management's perspective. Tables presenting reconciliations of non-GAAP results to U.S. GAAP results are included at the end of this press release and on the Company's website at https://investor.lamresearch.com.

Caution Regarding Forward-Looking Statements

Statements made in this press release that are not of historical fact are forward-looking statements and are subject to the safe harbor provisions created by the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relate to, but are not limited to: our outlook and guidance for future financial results, including revenue, gross margin, operating margin, net income per diluted share, and diluted share count; the effect of AI-driven demand on the semiconductor industry; the rising complexity of semiconductor manufacturing and the extent to which our investments and technology leadership help customers; and our positioning for outperformance. Some factors that may affect these forward-looking statements include: business, economic, political and/or regulatory conditions in the consumer electronics industry, the semiconductor industry and the overall economy may deteriorate or change; the actions of our customers and competitors may be inconsistent with our expectations; trade regulations, export controls, tariffs, trade disputes, and other geopolitical tensions may inhibit our ability to sell our products; supply chain cost increases, tariffs, export controls and other inflationary pressures have impacted and may continue to impact our profitability; supply chain disruptions, export controls or manufacturing capacity constraints may limit our ability to manufacture and sell our products; and natural and human-caused disasters, disease outbreaks, war, terrorism, political or governmental unrest or instability, or other events beyond our control may impact our operations and revenue in affected areas; as well as the other risks and uncertainties that are described in the documents filed or furnished by us with the Securities and Exchange Commission, including specifically the Risk Factors described in our most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. These uncertainties and changes could materially affect the forward-looking statements and cause actual results to vary from expectations in a material way. The Company undertakes no obligation to update the information or statements made in this release.

Lam Research Corporation is a global supplier of innovative wafer fabrication equipment and services to the semiconductor industry. Lam's equipment and services allow customers to build smaller and better performing devices. In fact, today, nearly every advanced chip is built with Lam technology. We combine superior systems engineering, technology leadership, and a strong values-based culture, with an unwavering commitment to our customers. Lam Research (Nasdaq: LRCX) is a FORTUNE 500® company headquartered in Fremont, Calif., with operations around the globe. Learn more at www.lamresearch.com. (LRCX)

Consolidated Financial Tables Follow.

LAM RESEARCH CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data and percentages)

Three Months Ended

Twelve Months Ended

June 28,
2026

March 29,
2026

June 29,
2025

June 28,
2026

June 29,
2025

(unaudited)

(unaudited)

(unaudited)

(unaudited)

(1)

Revenue

$ 6,722,238

$ 5,841,488

$ 5,171,393

$ 23,232,690

$ 18,435,591

Cost of goods sold

3,243,498

2,930,961

2,581,684

11,507,382

9,456,532

Gross margin

3,478,740

2,910,527

2,589,709

11,725,308

8,979,059

Gross margin as a percent of revenue

51.7 %

49.8 %

50.1 %

50.5 %

48.7 %

Research and development

642,922

583,200

580,178

2,375,873

2,096,387

Selling, general and administrative

322,330

280,311

268,403

1,149,640

981,704

Total operating expenses

965,252

863,511

848,581

3,525,513

3,078,091

Operating income

2,513,488

2,047,016

1,741,128

8,199,795

5,900,968

Operating margin

37.4 %

35.0 %

33.7 %

35.3 %

32.0 %

Other income (expense), net

41,654

(35,460)

37,853

62,678

57,161

Income before income taxes

2,555,142

2,011,556

1,778,981

8,262,473

5,958,129

Income tax expense

(277,860)

(186,096)

(58,893)

(997,077)

(599,912)

Net income

$ 2,277,282

$ 1,825,460

$ 1,720,088

$ 7,265,396

$  5,358,217

Net income per share:

Basic

$          1.82

$          1.46

$          1.35

$           5.79

$           4.17

Diluted

$          1.81

$          1.45

$          1.35

$           5.76

$           4.15

Number of shares used in per share calculations:

Basic

1,251,286

1,249,728

1,274,279

1,255,079

1,286,101

Diluted

1,256,032

1,257,325

1,276,933

1,261,102

1,290,142

Cash dividend declared per common share

$          0.26

$          0.26

$          0.23

$           1.04

$           0.92

(1)

Derived from audited financial statements

LAM RESEARCH CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)

June 28,
2026

March 29,
2026

June 29,
2025

(unaudited)

(unaudited)

(1)

ASSETS

Cash and cash equivalents

$         5,579,171

$         4,750,936

$         6,390,659

Accounts receivable, net

5,339,682

4,132,890

3,378,071

Inventories

4,276,111

3,999,992

4,307,991

Prepaid expenses and other current assets

415,741

413,099

440,274

Total current assets

15,610,705

13,296,917

14,516,995

Property and equipment, net

2,956,472

2,853,614

2,428,744

Goodwill and intangible assets

1,895,859

1,882,017

1,808,685

Other assets

3,066,707

2,759,362

2,590,836

Total assets

$        23,529,743

$        20,791,910

$        21,345,260

LIABILITIES AND STOCKHOLDERS' EQUITY

Current portion of long-term debt and finance lease obligations

$                 4,073

$                 4,095

$              754,311

Other current liabilities

5,933,176

5,238,303

5,814,114

Total current liabilities

5,937,249

5,242,398

6,568,425

Long-term debt and finance lease obligations

3,730,490

3,730,384

3,730,194

Income taxes payable

681,197

621,572

603,412

Other long-term liabilities

709,886

612,777

581,610

Total liabilities

11,058,822

10,207,131

11,483,641

Stockholders' equity (2)

12,470,921

10,584,779

9,861,619

Total liabilities and stockholders' equity

$        23,529,743

$        20,791,910

$        21,345,260

(1)

Derived from audited financial statements

(2)

Common shares issued and outstanding were 1,251,278 as of June 28, 2026, 1,250,539 as of March 29, 2026, and 1,268,740 as of June 29, 2025

LAM RESEARCH CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)

Three Months Ended

Twelve Months Ended

June 28,
2026

March 29,
2026

June 29,
2025

June 28,
2026

June 29,
2025

(unaudited)

(unaudited)

(unaudited)

(unaudited)

(1)

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income

$     2,277,282

$     1,825,460

$     1,720,088

$     7,265,396

$     5,358,217

Adjustments to reconcile net income to net cash provided by
operating activities:

Depreciation and amortization

119,642

116,322

98,439

441,533

386,277

Deferred income taxes

(175,752)

(19,478)

(151,679)

(289,062)

(363,247)

Equity-based compensation expense

103,985

96,616

94,286

386,381

343,371

Other, net

(8,006)

(2,855)

14,240

(32,712)

6,845

Changes in operating assets and liabilities

(859,923)

(874,645)

778,814

(1,913,879)

441,801

Net cash provided by operating activities

1,457,228

1,141,420

2,554,188

5,857,657

6,173,264

CASH FLOWS FROM INVESTING ACTIVITIES:

Capital expenditures and intangible assets

(188,801)

(331,604)

(172,191)

(966,405)

(759,186)

Other, net

45,060

(2,976)

42,940

44,253

51,094

Net cash used for investing activities

(143,741)

(334,580)

(129,251)

(922,152)

(708,092)

CASH FLOWS FROM FINANCING ACTIVITIES:

Principal payments on debt, including finance lease
obligations and payments for debt issuance costs

(1,355)

(751,194)

(1,485)

(755,428)

(507,488)

Treasury stock purchases, including excise tax payments

(246,560)

(1,162,837)

(1,292,277)

(3,851,343)

(3,422,321)

Dividends paid

(325,318)

(325,829)

(295,207)

(1,270,635)

(1,149,542)

Reissuance of treasury stock related to employee stock
purchase plan

88,780

—

79,556

155,965

140,113

Proceeds from issuance of common stock

4,426

9,167

696

17,447

2,452

Other, net

(282)

55

(820)

(13,793)

143

Net cash used for financing activities

(480,309)

(2,230,638)

(1,509,537)

(5,717,787)

(4,936,643)

Effect of exchange rate changes on cash, cash equivalents,
and restricted cash

(2,056)

(4,979)

29,284

(27,431)

28,324

Net change in cash, cash equivalents, and restricted cash

831,122

(1,428,777)

944,684

(809,713)

556,853

Cash, cash equivalents, and restricted cash at beginning of
period (2)

4,766,821

6,195,598

5,462,972

6,407,656

5,850,803

Cash, cash equivalents, and restricted cash at end of period
(2)

$     5,597,943

$     4,766,821

$     6,407,656

$     5,597,943

$     6,407,656

(1)

Derived from audited financial statements

(2)

Restricted cash is reported within Other assets in the Condensed Consolidated Balance Sheets

Non-GAAP Financial Summary
(in thousands, except percentages and per share data)
(unaudited)

Three Months Ended

June 28,
2026

March 29,
2026

Revenue

$     6,722,238

$     5,841,488

Gross margin

$     3,497,336

$     2,913,123

Gross margin as percent of revenue

52.0 %

49.9 %

Operating expenses

$        916,420

$        866,166

Operating income

$     2,580,916

$     2,046,957

Operating margin

38.4 %

35.0 %

Net income

$     2,279,968

$     1,851,442

Net income per diluted share

$              1.82

$              1.47

Shares used in per share calculation - diluted

1,256,032

1,257,325

Reconciliation of U.S. GAAP Net Income to Non-GAAP Net Income
(in thousands, except per share data)
(unaudited) 

Three Months Ended

June 28,
2026

March 29,
2026

U.S. GAAP net income

$       2,277,282

$       1,825,460

Pre-tax non-GAAP items:

Amortization related to intangible assets acquired through certain business combinations - cost of goods sold

2,668

2,668

Elective deferred compensation ("EDC") related liability valuation increase (decrease) - cost of goods sold

15,379

(6,476)

Workforce optimization charges - cost of goods sold

549

6,404

EDC related liability valuation increase (decrease) - research and development

27,682

(11,656)

Workforce optimization charges - research and development

960

9,437

Amortization related to intangible assets acquired through certain business combinations - selling, general and
administrative

348

348

EDC related liability valuation increase (decrease) - selling, general and administrative

18,454

(7,771)

Workforce optimization charges -  selling, general and administrative

1,388

6,987

Amortization of note discounts - other income (expense), net

504

674

(Gain) loss on EDC related asset - other income (expense), net

(61,325)

27,265

Net income tax benefit on non-GAAP items

(3,921)

(1,898)

Non-GAAP net income

$       2,279,968

$       1,851,442

Non-GAAP net income per diluted share

$                1.82

$                1.47

U.S. GAAP net income per diluted share

$                1.81

$                1.45

U.S. GAAP and non-GAAP  number of shares used for per diluted share calculation

1,256,032

1,257,325

Reconciliation of U.S. GAAP Gross Margin, Operating Expenses, Operating Income and Operating Margin to Non-GAAP
Gross Margin, Operating Expenses, Operating Income and Operating Margin
(in thousands, except percentages)
(unaudited) 

Three Months Ended

June 28,
2026

March 29,
2026

U.S. GAAP gross margin

$     3,478,740

$     2,910,527

Pre-tax non-GAAP items:

Amortization related to intangible assets acquired through certain business combinations

2,668

2,668

EDC related liability valuation increase (decrease)

15,379

(6,476)

Workforce optimization charges

549

6,404

Non-GAAP gross margin

$     3,497,336

$     2,913,123

U.S. GAAP gross margin as a percent of revenue

51.7 %

49.8 %

Non-GAAP gross margin as a percent of revenue

52.0 %

49.9 %

U.S. GAAP operating expenses

$        965,252

$        863,511

Pre-tax non-GAAP items:

Amortization related to intangible assets acquired through certain business combinations

(348)

(348)

EDC related liability valuation (increase) decrease

(46,136)

19,427

Workforce optimization charges

(2,348)

(16,424)

Non-GAAP operating expenses

$        916,420

$        866,166

U.S. GAAP operating income

$     2,513,488

$     2,047,016

Non-GAAP operating income

$     2,580,916

$     2,046,957

U.S. GAAP operating margin

37.4 %

35.0 %

Non-GAAP operating margin

38.4 %

35.0 %

Lam Research Corporation Contact:
Ram Ganesh, Investor Relations, phone: 510-572-1615, e-mail: [email protected]

SOURCE Lam Research Corporation

Lam Research (NASDAQ:LRCX | LRCX Price Prediction) enters its July 29 Q4 earnings report with AI spending driving record results across its semiconductor equipment business. Revenue grew nearly 24% last quarter, operating margins continued to expand, and management raised its 2026 wafer fabrication equipment forecast to $140 billion with additional upside possible.

Lam’s Earnings Are Growing Nearly Twice as Fast as Revenue Lam has posted four consecutive EPS beats, most recently delivering $1.47 against a $1.3628 estimate on revenue of $5.84 billion, up 23.76% year over year. Non-GAAP operating margin expanded to 35.0% from 33.9%, and Q4 guidance calls for $6.60 billion in revenue and $1.65 in EPS at a 36.5% operating margin. Full-year FY25 net income grew 39.98%, reflecting genuine operating leverage.

A $140 Billion Upcoming Equipment Cycle CEO Tim Archer raised the 2026 wafer fab equipment outlook to “$140 billion with a bias to the upside“ from $135 billion, and flagged that roughly $40 billion in NAND conversion spending is being pulled forward, with the majority landing before the end of calendar 2027.

Archer told investors, “Lam delivered record revenue and EPS in the March quarter as AI-driven demand reshapes the semiconductor industry.” Deferred Japan shipments awaiting acceptance jumped to $434 million from $226 million, which signals growing backlog.

Lam Returned More Than $1B to Investors Last Quarter Lam returned $1.16 billion in buybacks in a single quarter and pays a $0.26 quarterly dividend, with $4.3 billion remaining on the repurchase authorization.

With 25 Buy and 4 Strong Buy ratings against 1 Sell and an analyst target of $372.32, Lam Research looks attractive at its current price of $283.58.

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Lam Is Cheaper and Growing Faster Than KLA KLA Corporation (NASDAQ:KLAC) trades at a forward P/E of 41x with quarterly earnings growth of just 11.8% and revenue growth of 11.5%. Lam trades a touch cheaper with a forward P/E of 38x, but the business is seeing much higher growth, with quarterly earnings growth of 40.8% on 23.8% revenue growth.

Applied Materials (NASDAQ:AMAT) is closer on valuation at 34x forward, but its 11.4% revenue growth tells the same story. Lam is growing fastest while returning the most capital through buybacks and dividends.

China Is a Risk, but Growth Is Already Broadening China concentration sits at 34% of revenue, and prediction markets place a 71% probability on that mix staying below 34% in Q4. Revenue still expanded 23.76% year over year under the current export control regime, with Korea and Taiwan each contributing $1.34 billion.

With margins expanding, billions remaining for buybacks, and semiconductor equipment spending expected to reach $140 billion this year, the July 29 report could reinforce Lam’s position as a leading way to invest in the AI chip buildout.

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Contact [email protected] for any questions or corrections.

Baader Bank Aktiengesellschaft boosted its holdings in shares of Lam Research Corporation (NASDAQ:LRCX – Free Report) by 123.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 16,530 shares of the semiconductor company’s stock after acquiring an additional 9,126 shares during the quarter. Baader Bank Aktiengesellschaft’s holdings in Lam Research were worth $3,435,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. State Street Corp boosted its holdings in Lam Research by 0.4% during the 3rd quarter. State Street Corp now owns 59,817,352 shares of the semiconductor company’s stock valued at $8,024,684,000 after acquiring an additional 265,805 shares during the period. Geode Capital Management LLC grew its position in Lam Research by 0.4% in the 4th quarter. Geode Capital Management LLC now owns 33,747,368 shares of the semiconductor company’s stock valued at $5,764,117,000 after acquiring an additional 126,613 shares in the last quarter. Invesco Ltd. increased its stake in Lam Research by 7.7% during the fourth quarter. Invesco Ltd. now owns 22,821,354 shares of the semiconductor company’s stock worth $3,906,559,000 after purchasing an additional 1,638,406 shares during the period. Norges Bank purchased a new stake in Lam Research during the fourth quarter worth about $3,645,427,000. Finally, Price T Rowe Associates Inc. MD lifted its position in shares of Lam Research by 352.2% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 13,695,210 shares of the semiconductor company’s stock worth $2,344,347,000 after purchasing an additional 10,666,540 shares in the last quarter. Hedge funds and other institutional investors own 84.61% of the company’s stock.

Analysts Set New Price Targets LRCX has been the subject of several recent research reports. Erste Group Bank cut shares of Lam Research from a “buy” rating to a “hold” rating in a research report on Thursday, April 2nd. Needham & Company LLC increased their price objective on Lam Research from $300.00 to $390.00 and gave the company a “buy” rating in a research note on Friday, July 10th. BNP Paribas Exane lifted their target price on Lam Research from $250.00 to $260.00 and gave the company a “neutral” rating in a report on Thursday, April 23rd. B. Riley Financial boosted their target price on Lam Research from $350.00 to $375.00 and gave the stock a “buy” rating in a research note on Tuesday, May 12th. Finally, Zacks Research downgraded Lam Research from a “strong-buy” rating to a “hold” rating in a report on Monday, April 6th. Twenty-eight research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $360.51.

Read Our Latest Research Report on Lam Research

Lam Research Stock Down 2.1% Lam Research stock opened at $306.76 on Tuesday. The stock has a market cap of $383.62 billion, a PE ratio of 57.88, a P/E/G ratio of 1.86 and a beta of 1.80. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.54 and a quick ratio of 1.77. The stock’s fifty day moving average is $339.79 and its two-hundred day moving average is $270.54. Lam Research Corporation has a 1-year low of $90.93 and a 1-year high of $438.50.

Lam Research (NASDAQ:LRCX – Get Free Report) last released its quarterly earnings data on Wednesday, April 22nd. The semiconductor company reported $1.47 earnings per share for the quarter, topping analysts’ consensus estimates of $1.36 by $0.11. Lam Research had a net margin of 30.94% and a return on equity of 66.21%. The company had revenue of $5.84 billion for the quarter, compared to analysts’ expectations of $5.70 billion. During the same quarter last year, the company earned $1.04 earnings per share. The firm’s revenue for the quarter was up 23.8% on a year-over-year basis. Lam Research has set its Q4 2026 guidance at 1.500-1.800 EPS. On average, sell-side analysts expect that Lam Research Corporation will post 5.68 EPS for the current fiscal year.

Lam Research Dividend Announcement The business also recently declared a quarterly dividend, which was paid on Wednesday, July 8th. Investors of record on Wednesday, June 17th were issued a dividend of $0.26 per share. The ex-dividend date of this dividend was Wednesday, June 17th. This represents a $1.04 annualized dividend and a dividend yield of 0.3%. Lam Research’s dividend payout ratio (DPR) is currently 19.62%.

Key Headlines Impacting Lam Research Here are the key news stories impacting Lam Research this week:

Positive Sentiment: Lam Research joined the AI Materials Foundry as a founding partner, a new CuspAI-led initiative focused on using AI and shared lab resources to speed up discovery of advanced semiconductor materials, which could support future product and technology demand. Lam Research (LRCX) Joins AI Materials Foundry To Help Shape Future Chip Materials Positive Sentiment: Lam Research was highlighted by Zacks as one of the semiconductor names benefiting from the AI boom, which continues to drive demand for advanced chips and equipment. 3 Stocks to Buy From the Prospering Semiconductor Industry Positive Sentiment: Another Zacks note said LRCX is among the tech stocks likely to deliver earnings surprises this season, reinforcing expectations for solid near-term fundamentals. 4 Top-Ranked Tech Stocks Set to Beat Expectations This Earnings Season Neutral Sentiment: Brokerages reportedly maintained a consensus “Moderate Buy” rating on Lam Research, suggesting Wall Street remains constructive but not overly aggressive on the stock. Lam Research Corporation Given Consensus Recommendation of “Moderate Buy” by Brokerages Neutral Sentiment: Oppenheimer included LRCX on its “best of the best” momentum list, another sign of positive sentiment but not a new fundamental catalyst by itself. Oppenheimer’s ‘best of the best’ momentum list: NVDA, LRCX and more Negative Sentiment: Lam Research slipped more than the broader market in the latest session, reflecting near-term pressure on the shares. Lam Research (LRCX) Dips More Than Broader Market: What You Should Know Negative Sentiment: Broader semiconductor stocks have entered a bear market, and investors are questioning whether the AI-driven rally has overheated, which is weighing on the entire chip group including LRCX. Semiconductor stocks enter bear market: Is bubble burst next? Negative Sentiment: A Bloomberg report noted that investors are pressuring big AI spenders to justify their capital outlays, adding caution to the semiconductor and AI hardware trade. Big Tech Needs to Justify AI Spending as Investors Dump Stocks Insider Activity In related news, SVP Neil J. Fernandes sold 18,170 shares of the stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $255.14, for a total transaction of $4,635,893.80. Following the completion of the transaction, the senior vice president directly owned 66,129 shares of the company’s stock, valued at $16,872,153.06. This represents a 21.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Eric Brandt sold 54,500 shares of the firm’s stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $350.80, for a total transaction of $19,118,600.00. Following the completion of the sale, the director owned 199,205 shares of the company’s stock, valued at approximately $69,881,114. The trade was a 21.48% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 104,621 shares of company stock valued at $33,804,737. Corporate insiders own 0.31% of the company’s stock.

About Lam Research (Free Report)

Lam Research Corporation (NASDAQ: LRCX) is a global supplier of wafer fabrication equipment and services to the semiconductor industry. Founded in 1980 by David K. Lam and headquartered in Fremont, California, the company develops and manufactures systems used in multiple stages of semiconductor device production, including thin film deposition, plasma etch, wafer cleaning and related process modules and automation.

Lam’s product portfolio covers core process technologies employed by logic and memory manufacturers, with equipment designed to support advanced-node patterning, 3D NAND and other emerging device architectures.

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Morgan Stanley has identified three stocks that could outperform as the second-quarter earnings season gets underway. The Wall Street bank highlighted GE Vernova NYSE:GEV, Lam Research (NASDAQ: LRCX), and United Airlines (NASDAQ: UAL) among its top picks, citing expectations that they will deliver strong quarterly earnings. 

GE Vernova stock has done well this year, helped by the rising demand for power equipment amid the artificial intelligence boom. It has soared by 61% this year and by nearly 100% in the last 12 months.

Recently, however, the stock has wavered and now sits a few points below its all-time high. Even so, Morgan Stanley analysts believe that the company will bounce back after its earnings on July 22. It expects it to publish stronger-than-expected numbers, helped by its new gas turbine contracts.

The management has already hinted that it will sell out its gas turbines reservations through 2030. Morgan Stanley’s Michael Wilson said:

“Capex is broadening beyond data centers and reshoring progress suggests the U.S. industrial economy may be entering a sustained growth cycle as international production becomes more expensive than domestic.”

MarketBeat data shows that the average target for GEV stock among analysts is $1,089, slightly above the current $1,067. Bernstein has a target of $1,206, while Jefferies recently lowered the target to $1,210 from the previous $1,350.

Morgan Stanley is also bullish on United Airlines as it expects the giant to issue a positive forward guidance for the rest of the year. Its stock has jumped by 7% this year and by 43% from its lowest point this year. This rebound happened as the US and Iran started their ceasefire, which brought jet fuel prices lower.

The risk, however, is that the two countries have resumed their fighting, pushing oil prices higher. Brent and WTI have all jumped to over $80 this week, which will translate into higher jet fuel prices. Morgan Stanley wrote:

“Airline demand and booking intent remain healthy, with seven consecutive price increases absorbed without demand destruction. With oil prices moving lower, airlines are unlikely to roll back pricing, though sustained demand will remain the key test.”

Analysts are largely bullish on the stock, with those from Susquehanna, Cowen, Goldman Sachs, BMO, and Bernstein boosting their targets this month. 

READ MORE: Top reasons a United Airlines and American merger is unlikely to happen

Morgan Stanley analysts are also bullish on Lam Research, a company whose stock has more than doubled this year. After hitting a record high of $437 in June, Lam shares have dropped by 20% to the current $346.

Morgan Stanley believes that the company will release better-than-estimated revenue and earnings. It will then boost its earnings per share as it has done in the past. The statement said:

“AI demand remains robust with rising token prices and continued strength across the ecosystem despite recent market pullbacks. New equipment orders are improving.” 

Analysts are also bullish on Lam Research even as its valuation concerns remain. The company has a forward price-to-earnings ratio of 62, much higher than other top companies like Nvidia, Micron, and SanDisk. 

Stifel raised its target from $325 to $425, while Needham boosted the target from $300 to $390. Other analysts who boosted their target for the shares are from Mizuho, Susquehanna, and Cantor Fitzgerald.

READ MORE: Applied Materials stock jumps as Meta AI chip plan lifts semiconductor names