Lam Research 8-K
PositiveEarningsNew guidance
AI demand and greater device complexity fuel Systems growth and record revenue; December revenue guided to $8.60B ± $400M
Filed 2026-10-21 16:13 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
September 2026 quarter results with December-quarter guidance. Lam reported record revenue, profit and EPS, citing AI-driven semiconductor demand and greater device complexity, with operational execution supporting results.
Key Figures
| Metric | September 2026 quarter |
|---|---|
| Revenue | $8.22B, +54.4% Y/Y |
| Gross margin, GAAP | 52.3%, vs 50.4% Y/Y |
| Gross margin, non-GAAP | 52.4%, vs 52.0% Q/Q |
| Operating income and margin, GAAP | $3.28B; 40.0% margin, vs 34.4% Y/Y |
| Operating income and margin, non-GAAP | $3.30B; 40.2% margin, vs 38.4% Q/Q |
| Net income, GAAP | $2.75B, +75.5% Y/Y |
| Net income, non-GAAP | $2.77B, +21.4% Q/Q |
| Diluted EPS, GAAP | $2.19, +76.6% Y/Y |
| Diluted EPS, non-GAAP | $2.20, +20.9% Q/Q |
- Net income of $2.75B supported $3.50B of operating cash flow and $3.24B of free cash flow, after $258M of capital expenditures and intangible assets. Cash, cash equivalents and restricted cash ended the quarter at $7.45B, vs $5.60B at quarter-end in June.
- Treasury stock purchases, including excise tax payments, were $1.02B, vs $247M in the June quarter. Shares outstanding fell 2.13M to 1,249.1M; the declared dividend was $0.33/share, vs $0.26.
- Systems revenue was $5.73B (+61.6% Y/Y); customer support-related revenue and other was $2.49B (+40.0%). China accounted for 35% of revenue.
Against earlier guidance (derived from earlier filings)
| Metric | Period | Earlier guidance | Actual | Result |
|---|---|---|---|---|
| Revenue, GAAP and non-GAAP | Q1 FY2027 | $8.1B ± $400M | $8.22B | in line |
| Gross margin, GAAP | Q1 FY2027 | 52% ± 1% | 52.3% | in line |
| Gross margin, non-GAAP | Q1 FY2027 | 52% ± 1% | 52.4% | in line |
| Net income per diluted share, GAAP | Q1 FY2027 | $2.15 ± $0.15 | $2.19 | in line |
| Net income per diluted share, non-GAAP | Q1 FY2027 | $2.15 ± $0.15 | $2.20 | in line |
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Revenue | Quarter ending 12/27/2026 | $8.60B ± $400M | — | — |
| Gross margin, GAAP | Quarter ending 12/27/2026 | 52.5% ± 1% | — | — |
| Gross margin, non-GAAP | Quarter ending 12/27/2026 | 52.5% ± 1% | — | — |
| Operating margin, GAAP | Quarter ending 12/27/2026 | 40.5% ± 1% | — | — |
| Operating margin, non-GAAP | Quarter ending 12/27/2026 | 40.5% ± 1% | — | — |
| Diluted EPS, GAAP | Quarter ending 12/27/2026 | $2.33 ± $0.15 | — | — |
| Diluted EPS, non-GAAP | Quarter ending 12/27/2026 | $2.33 ± $0.15 | — | — |
| Diluted share count | Quarter ending 12/27/2026 | 1.253B | — | — |
Investor Takeaways
- December-quarter revenue, margins and diluted EPS versus guidance will show whether the sequential momentum continues.
The summary is written by an AI model reading the filing.
Model 005 · prompt v95 · 2026-10-21 22:36:57Z