# Lam Research Corporation (LRCX) — Financial Analysis

**Exchange:** NASDAQ  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-12  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/LRCX/thesis · /stocks/LRCX/memo

## Financial Snapshot

---
ticker: LRCX
step: 04
generated: 2026-05-12
source: quick-research
---

### Lam Research Corporation (LRCX) — Financial Snapshot

> Note: LRCX fiscal year ends late June. "FY2025" = fiscal year ended June 2025.

#### Income Statement Summary

| Metric | FY2024 | FY2025 | FY2026E | YoY |
|--------|--------|--------|---------|-----|
| Revenue | $14.9B | $17.5B | $20.0B+ | +14%+ |
| Non-GAAP Gross Margin | 48.5% | 50.6% (record post-Novellus) | 48.5%+ | record |
| Non-GAAP Operating Margin | 30.5% | 35% (record) | 33%+ | |
| Non-GAAP Net Income | $4.0B | $5.5B | ~$6.5B | +18% |
| Non-GAAP EPS | $3.05 | $4.20 | ~$5.00 (consensus) | +19% |

#### Quarterly Trajectory

| Quarter | Revenue |
|---------|---------|
| Q1 FY26 (Sep 2025) | $5.3B (record) — 50.6% GM |
| Q2 FY26 (Dec 2025) | $5.34B (+22% YoY, 10th consecutive growth Q) |
| Q3 FY26 (Apr 2026) | $5.84B (record) |

#### Segment Mix

| Segment | Recent % |
|---------|----------|
| Foundry/Logic | growing (GAA + Foundry capex) |
| DRAM | 26% of systems (DDR5 + HBM) |
| NAND | 11% Q3 26 (vs 18% Sept; 2H 26 weighted) |
| CSBG (Service + 200mm) | ~15% of revenue |

#### Q3 FY2026 Highlights

| Metric | Q3 FY26 | YoY |
|--------|---------|-----|
| Revenue | $5.84B | +22% |
| WFE Forecast | Raised to $140B | upward |
| Advanced Packaging Growth Target | +40% in 2026 | |
| NAND outlook FY26 vs FY25 | +$1.5B incremental | |

#### China Trajectory

| Period | China % of Revenue |
|--------|-------------------|
| FY24 | ~43% |
| FY25 | ~35% |
| FY26 target | <30% |
| US Export Restrictions Impact 2026 | -$600M revenue |

#### Advanced Packaging Growth

| Metric | Value |
|--------|-------|
| Advanced packaging 2026 target | +40% growth |
| TSV etch + Electroplating | Market leadership |
| Cryo 3.0 etch | HBM4 16-layer beneficiary |
| GAA + Advanced Packaging shipments 2024 | $1B+ each |
| 2025 GAA + Advanced Packaging shipments | $3B+ combined |

#### NAND Upgrade Cycle

| Metric | Value |
|--------|-------|
| $40B NAND conversion investment | Before end of 2027 |
| Layer count target | 256-layer + 384-layer transitions |
| Molybdenum + Carbon Gapfill | Several hundred million $ 2025 |

#### Cash Flow & Balance Sheet (FY2025)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | ~$5B |
| Capital Expenditures | ~$0.5B |
| Free Cash Flow | ~$4.5B |
| Cash & Investments | ~$6B |
| Total Debt | ~$5B |
| Net Cash Position | ~$1B |

#### Key Ratios (approximate, May 2026)
- P/E (forward): ~42x | EV/Sales: ~6x | FCF Yield: ~3.5%
- ROIC: ~30%+
- Gross Margin trajectory: 48% → 50.6% (record)

#### Growth Profile
10 consecutive quarters of growth. FY25 record revenue $20B+ + record GM 50.6%. WFE forecast raised to $140B. Advanced packaging +40% target. NAND upgrade cycle accelerating ($40B investment by 2027). Combined: AI memory supercycle + advanced packaging dominance.

#### Forward Estimates
- **FY2026E Revenue:** ~$22-24B (+10-15%)
- **FY2026E EPS:** ~$5 (+19%)
- **FY2027E Revenue:** ~$25B (+10-15%)
- **FY2027E EPS:** ~$5.50-6.00

#### Capital Return
- Dividend $3.20 annual = ~$1.6B paid — moderate yield
- 8+ consecutive years of dividend growth
- Buybacks: $5B+ annual run rate
- Total return: ~3% dividend + buyback + 15-20% EPS growth

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/LRCX/fundamental

## Navigation

- Overview: /stocks/LRCX
- Financials (this page): /stocks/LRCX/financials
- Thesis: /stocks/LRCX/thesis
- Investment Memo: /stocks/LRCX/memo
- Coverage universe: /stocks