lrcx-20260329

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 29, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 0-12933

___________________________________________________________

LAM RESEARCH CORPORATION

(Exact name of registrant as specified in its charter)

___________________________________________________________


Delaware						94-2634797
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

4650 Cushing Parkway, Fremont, California						94538
(Address of principal executive offices)						(Zip Code)

Registrant’s telephone number, including area code: (510) 572-0200

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, Par Value $0.001 Per Share	LRCX	The Nasdaq Stock Market
		(Nasdaq Global Select Market)

__________________________________________________

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of April 21, 2026, the Registrant had 1,250,571 thousand shares of Common Stock outstanding.

LAM RESEARCH CORPORATION

TABLE OF CONTENTS


		Page No.
	PART I. Financial Information

Item 1.	Financial Statements (Unaudited):
	Condensed Consolidated Statements of Operations for the three and nine months ended March 29 , 202 6 , and March 30 , 202 5	3
	Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended Ma rch 29 , 202 6 , and March 30 , 202 5	4
	Condensed Consolidated Balance Sheets as of March 29 , 202 6 , and June 29, 2025	5
	Condensed Consolidated Statements of Cash Flows for the nine months ended Mar ch 29 , 202 6 , and Mar ch 30 , 202 5	6
	Condensed Consolidated Statements of Stockholders’ Equity for the three and n ine months ended March 29 , 202 6 , and March 30 , 202 5	7
	Notes to Condensed Consolidated Financial Statements	9
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	17
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	24
Item 4.	Controls and Procedures	25

	PART II. Other Information

Item 1.	Legal Proceedings	26
Item 1A.	Risk Factors	26
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	39
Item 3.	Defaults Upon Senior Securities	39
Item 4.	Mine Safety Disclosures	39
Item 5.	Other Information	39
Item 6.	Exhibits	41
Signatures		42

Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 1. Financial Statements

LAM RESEARCH CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(unaudited)


	Three Months Ended				Nine Months Ended
	March 29, 2026		March 30, 2025		March 29, 2026		March 30, 2025
Revenue	$	5,841,488	$	4,720,175	$	16,510,452	$	13,264,198
Cost of goods sold	2,930,961		2,406,489		8,263,884		6,874,848


Gross margin	2,910,527		2,313,686		8,246,568		6,389,350
Research and development	583,200		525,904		1,732,951		1,516,209
Selling, general, and administrative	280,311		226,023		827,310		713,301

Total operating expenses	863,511		751,927		2,560,261		2,229,510
Operating income	2,047,016		1,561,759		5,686,307		4,159,840
Other income (expense), net	(35,460)		(25,035)		21,024		19,308
Income before income taxes	2,011,556		1,536,724		5,707,331		4,179,148
Income tax expense	(186,096)		(206,057)		(719,217)		(541,019)
Net income	$	1,825,460	$	1,330,667	$	4,988,114	$	3,638,129
Net income per share:
Basic	$	1.46	$	1.04	$	3.97	$	2.82
Diluted	$	1.45	$	1.03	$	3.95	$	2.81
Number of shares used in per share calculations:
Basic	1,249,728		1,283,779		1,256,343		1,290,041
Diluted	1,257,325		1,288,100		1,262,792		1,294,545

See Notes to Condensed Consolidated Financial Statements

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LAM RESEARCH CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in thousands)

(unaudited)


	Three Months Ended				Nine Months Ended
	March 29, 2026		March 30, 2025		March 29, 2026		March 30, 2025
Net income	$	1,825,460	$	1,330,667	$	4,988,114	$	3,638,129
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment	(13,629)		8,686		(47,794)		5,199
Cash flow hedges:
Net unrealized gains during the period	5,874		4,132		26,628		6,248
Net gains reclassified into net income	(15,003)		(2,826)		(38,029)		(5,190)
	(9,129)		1,306		(11,401)		1,058




Defined benefit plans, net change in unrealized component	67		182		226		260
Other comprehensive income (loss), net of tax	(22,691)		10,174		(58,969)		6,517
Comprehensive income	$	1,802,769	$	1,340,841	$	4,929,145	$	3,644,646

See Notes to Condensed Consolidated Financial Statements

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LAM RESEARCH CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)


	March 29, 2026		June 29, 2025
	(unaudited)		(1)
ASSETS
Cash and cash equivalents	$	4,750,936	$	6,390,659

Accounts receivable, less allowance of $8,348 as of March 29, 2026, and $6,496 as of June 29, 2025	4,132,890		3,378,071
Inventories	3,999,992		4,307,991
Prepaid expenses and other current assets	413,099		440,274
Total current assets	13,296,917		14,516,995
Property and equipment, net	2,853,614		2,428,744

Goodwill and intangible assets, net	1,882,017		1,808,685

Other assets	2,759,362		2,590,836
Total assets	$	20,791,910	$	21,345,260
LIABILITIES AND STOCKHOLDERS’ EQUITY
Trade accounts payable	$	1,071,605	$	854,208
Accrued expenses and other current liabilities	2,075,421		2,394,366
Deferred profit	2,091,277		2,565,540
Current portion of long-term debt and finance lease obligations	4,095		754,311
Total current liabilities	5,242,398		6,568,425
Long-term debt and finance lease obligations	3,730,384		3,730,194
Income taxes payable	621,572		603,412
Other long-term liabilities	612,777		581,610
Total liabilities	10,207,131		11,483,641
Commitments and contingencies (refer to Note 13)
Stockholders’ equity:
Preferred stock, at par value of $0.001 per share; authorized, 5,000 shares, none outstanding	—		—
Common stock, at par value of $0.001 per share; authorized, 4,000,000 shares as of March 29, 2026 and June 29, 2025; issued and outstanding, 1,250,539 shares as of March 29, 2026, and 1,268,740 shares as of June 29, 2025	1,251		1,268
Additional paid-in capital	9,054,217		8,697,290
Treasury stock, at cost; 1,710,665 shares as of March 29, 2026, and 1,687,582 shares as of June 29, 2025	(31,347,671)		(27,763,430)
Accumulated other comprehensive loss	(121,392)		(62,423)
Retained earnings	32,998,374		28,988,914
Total stockholders’ equity	10,584,779		9,861,619
Total liabilities and stockholders’ equity	$	20,791,910	$	21,345,260

(1)Derived from audited financial statements

See Notes to Condensed Consolidated Financial Statements

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LAM RESEARCH CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)


	Nine Months Ended
	March 29, 2026		March 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	4,988,114	$	3,638,129
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	321,891		287,838
Deferred income taxes	(113,310)		(211,568)
Equity-based compensation expense	282,396		249,085







Other, net	(24,706)		(7,395)
Changes in operating assets and liabilities	(1,053,956)		(337,013)
Net cash provided by operating activities	4,400,429		3,619,076
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures and intangible assets	(777,604)		(586,995)










Other, net	(807)		8,154
Net cash used for investing activities	(778,411)		(578,841)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on debt, including finance lease obligations and payments for debt issuance costs	(754,073)		(506,003)





Treasury stock purchases, including excise tax payments	(3,604,783)		(2,130,044)
Dividends paid	(945,317)		(854,335)
Reissuance of treasury stock related to employee stock purchase plan	67,185		60,557
Proceeds from issuance of common stock, net issuance costs	13,021		1,756

Other, net	(13,511)		963
Net cash used for financing activities	(5,237,478)		(3,427,106)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(25,375)		(960)
Net change in cash, cash equivalents, and restricted cash	(1,640,835)		(387,831)
Cash, cash equivalents, and restricted cash at beginning of period (1)	6,407,656		5,850,803
Cash, cash equivalents, and restricted cash at end of period (1)	$	4,766,821	$	5,462,972
Schedule of non-cash transactions:
Accrued payables for stock repurchases, including applicable excise tax	$	23,675	$	16,967
Accrued payables for capital expenditures	84,720		87,291
Dividends payable	325,318		295,423
Transfers of finished goods inventory to property and equipment	83,772		74,560

Reconciliation of cash, cash equivalents, and restricted cash	March 29, 2026		March 30, 2025
Cash and cash equivalents	$	4,750,936	$	5,450,718
Restricted cash and cash equivalents (1)	15,885		12,254
Total cash, cash equivalents, and restricted cash	$	4,766,821	$	5,462,972

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

See Notes to Condensed Consolidated Financial Statements

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LAM RESEARCH CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(in thousands)

(unaudited)


	Three Months Ended
	March 29, 2026
	Common Stock Shares	Common Stock		Additional Paid-in Capital		Treasury Stock		Accumulated Other Comprehensive Loss		Retained Earnings		Total
Balance at December 28, 2025	1,251,180	$	1,251	$	8,948,439	$	(30,203,796)	$	(98,701)	$	31,498,233	$	10,145,426
Issuance of common stock	4,362	5		9,162		—		—		—		9,167
Purchase of treasury stock	(5,003)	(5)		—		(1,143,875)		—		—		(1,143,880)

Equity-based compensation expense	—	—		96,616		—		—		—		96,616
Net income	—	—		—		—		—		1,825,460		1,825,460
Other comprehensive loss	—	—		—		—		(22,691)		—		(22,691)
Cash dividends declared ($0.26 per common share)	—	—		—		—		—		(325,319)		(325,319)
Balance at March 29, 2026	1,250,539	$	1,251	$	9,054,217	$	(31,347,671)	$	(121,392)	$	32,998,374	$	10,584,779


	Nine Months Ended
	March 29, 2026
	Common Stock Shares	Common Stock		Additional Paid-in Capital		Treasury Stock		Accumulated Other Comprehensive Loss		Retained Earnings		Total
Balance at June 29, 2025	1,268,740	$	1,268	$	8,697,290	$	(27,763,430)	$	(62,423)	$	28,988,914	$	9,861,619
Issuance of common stock	4,882	6		13,015		—		—		—		13,021
Purchase of treasury stock	(24,185)	(24)		—		(3,589,909)		—		—		(3,589,933)
Reissuance of treasury stock	1,102	1		61,516		5,668		—		—		67,185
Equity-based compensation expense	—	—		282,396		—		—		—		282,396
Net income	—	—		—		—		—		4,988,114		4,988,114
Other comprehensive loss	—	—		—		—		(58,969)		—		(58,969)
Cash dividends declared ($0.78 per common share)	—	—		—		—		—		(978,654)		(978,654)
Balance at March 29, 2026	1,250,539	$	1,251	$	9,054,217	$	(31,347,671)	$	(121,392)	$	32,998,374	$	10,584,779


See Notes to Condensed Consolidated Financial Statements

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Three Months Ended

SEC Form 10-Q filed by Lam Research Corporation