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LAM Research (LRCX) earnings and revenue breakdown

Latest: Q1 FY27 · 10-Q filed Oct 22, 2026 · LAM Research (LRCX) Q1 FY27 earnings results →

Q1 FY27 Revenue up 54% year over year to $8.2B · 33¢ of every $1 of revenue kept as net profit · operating margin 40.0%

LAM Research made $8.2B in Q1 FY27 (+54% Y/Y): Systems revenue $5.7B, Customer support-related revenue and other $2.5B. Operating margin 40.0%, net earnings $2.8B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 22, 2026.

Revenue$8.2B
Year over year+54%
Operating margin40.0%
Net earnings$2.8B
Operating cash flow$3.5B

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

LAM Research Q1 FY27 revenue breakdown: Sankey diagram of revenue (Systems revenue, Customer support-related revenue and other), costs, profit and cash flow
LAM Research Q1 FY27 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $8.2B in Q1 FY27, up 54% year over year and up 22% from the previous quarter. Systems revenue was the largest line at 70% of revenue. Systems revenue added $2.2B year over year (up 62%), 75% of the total change.

Gross margin was 52.3%, up 1.9 points from Q1 FY26. Operating profit was $3.3B, a 40.0% margin (up 5.6 points year over year). Of the extra revenue versus Q1 FY26, 50% reached operating profit, above the 34% margin then. Operating expenses grew 19% against revenue growth of 54%. The fastest-growing cost line was SG&A (+25%). Net earnings were $2.8B, up 76% year over year. The effective tax rate was 16.9%.

Operating cash flow was $3.5B (up 97% year over year), 127% of net earnings. Non-cash charges added back $0.12B of depreciation and amortization and $0.11B of share-based compensation. Working capital and other items added $0.51B. Capital expenditures of $0.26B left free cash flow of $3.2B.

Quarterly history

LAM Research revenue by quarterLAM Research revenue by quarter$4.7BQ3 FY25$5.2BQ4 FY25$5.3BQ1 FY26$5.3BQ2 FY26$5.8BQ3 FY26$6.7BQ4 FY26$8.2BQ1 FY27
LAM Research net earnings by quarterLAM Research net earnings by quarter$1.3BQ3 FY25$1.7BQ4 FY25$1.6BQ1 FY26$1.6BQ2 FY26$1.8BQ3 FY26$2.3BQ4 FY26$2.8BQ1 FY27
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q1 FY2710-QOct 22, 2026$8.2B+54%40.0%$2.8B$3.5B
Q4 FY2610-KAug 7, 2026$6.7B+30%37.4%$2.3B$1.5B
Q3 FY2610-QApr 23, 2026$5.8B+24%35.0%$1.8B$1.1B
Q2 FY2610-QJan 29, 2026$5.3B+22%33.9%$1.6B$1.5B
Q1 FY2610-QOct 24, 2025$5.3B+28%34.4%$1.6B$1.8B
Q4 FY2510-KAug 11, 2025$5.2B+34%33.7%$1.7B$2.6B
Q3 FY2510-QApr 25, 2025$4.7B+24%33.1%$1.3B$1.3B

Charts

LAM Research: revenue growth, year over year and quarter over quarterLAM Research: revenue growth, year over year and quarter over quarterY/YQ/Q+24%Q3 FY25+34%+10%Q4 FY25+28%+3%Q1 FY26+22%+0%Q2 FY26+24%+9%Q3 FY26+30%+15%Q4 FY26+54%+22%Q1 FY27
Latest (Q1 FY27): Y/Y +54%, Q/Q +22%.
LAM Research: where the cash came from (+) and went (−), TTM to Q1 FY27LAM Research: where the cash came from (+) and went (−), TTM to Q1 FY27Operating cash flow$7.6BBuybacks−$3.9BDividends−$1.3BCapital spending−$1.0BNet borrowing (+) / repaid (−)−$788MCash drawn (+) / kept (−)−$739MOther financing$153MOther investing$35.9MShares issued$21.7MExchange rates−$15.7M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
LAM Research: profit against cash, quarter by quarterLAM Research: profit against cash, quarter by quarterNet incomeOperating cash flow$1.2B$742MQ2 FY25$1.3B$1.3BQ3 FY25$1.7B$2.6BQ4 FY25$1.6B$1.8BQ1 FY26$1.6B$1.5BQ2 FY26$1.8B$1.1BQ3 FY26$2.3B$1.5BQ4 FY26$2.8B$3.5BQ1 FY27
Latest (Q1 FY27): Net income $2.8B, Operating cash flow $3.5B.
LAM Research: diluted shares by fiscal year (split-adjusted)LAM Research: diluted shares by fiscal year (split-adjusted)1.45BFY211.41BFY221.36BFY231.32BFY241.29BFY251.26BFY26
-13.2% since FY21: buybacks shrank the count; earlier years scaled for the 10-for-1 split before FY23.
LAM Research: long-term debt falling due (FY26)LAM Research: long-term debt falling due (FY26)$1.0B2029$750M2030$2.0BLater
Cash $5.6B, short-term investments —, long-term debt $3.7B at 2026-06-28.
LAM Research in its industry: growth against margin (13 companies, SIC 3559)LAM Research in its industry: growth against margin (13 companies, SIC 3559)revenue growth, year over year →↑ operating marginmedian +12%median 7%ACMRACLSVECOCRCTAZTAASYSVELOTRTERIIGLGISOTKCVVLRCX (+54%, 40%)
Special Industry Machinery, NEC; dot size is quarterly revenue; dashed lines are the industry's medians.

In supply chains and themes

Chip equipment by country (WFE) money flowChip equipment by country (WFE) · Wafer-fab equipment

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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Customers and suppliers named in filings

Buys from

About LAM Research

Incorporated in 1980, Lam Research Corporation (“Lam Research,” “Lam,” “we,” “our,” “us,” or the “Company”) is a Delaware corporation, headquartered in Fremont, California. We maintain a network of facilities throughout Asia, Europe, and the United States in order to meet the needs of our dynamic customer base. Additional information about Lam Research is available on our website at www.lamresearch.com. The content on any website referred to in this Form 10-K is not a part of or incorporated by reference in this Form 10-K unless expressly noted.

In its own words, from its 10-K, filed Aug 7, 2026.

LAM Research against its Special Industry Machinery, NEC peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +54% against the peers' median +26%. Operating margin: 40.0% against the peers' median 9.9%.

CompanyQuarterRevenueY/YOp. margin
LRCX LAM ResearchQ1 FY27$8.2B+54%40.0%
ACMR ACM ResearchQ3 2026$368M+37%15.1%
ACLS Axcelis TechnologiesQ3 2026$238M+11%11.5%
VECO Veeco InstrumentsQ3 2026$209M+26%6.7%
CRCT CricutQ3 2026$189M+11%18.0%
AZTA AzentaQ3 FY26$161M+12%-2.6%
ASYS Amtech SystemsQ3 FY26$22.4M+14%9.9%
VELO Velo3DQ2 2026$20.7M+52%-53.5%
TRT Trio-Tech InternationalQ4 FY26$14.9M+40%-1.8%

Source: LAM Research 10-Q on SEC EDGAR · CIK 707549 · Special Industry Machinery, NEC

Guidance and outlook

LAM Research Revenue: guidance against what was reportedLAM Research Revenue: guidance against what was reportedguided rangereported (above / within / below)Q3 FY25$4.7BQ4 FY25$5.2BQ1 FY26$5.3BQ2 FY26$5.3BQ3 FY26$5.8BQ4 FY26$6.7BQ1 FY27$8.2BQ2 FY27
Met or beat 7 of 7 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.
LAM Research: what its forward-looking statements are about (10-Q filed 2026-10-22)LAM Research: what its forward-looking statements are about (10-Q filed 2026-10-22)Other4Capital spending1
5 statements; tone -0.20 (−1 all cautious, +1 all confident); 2 hedged.
LAM Research: outlook statements against the filing beforeLAM Research: outlook statements against the filing beforeUpdated1Dropped5Cautious1

13F: who owns LRCX and who is buying

Largest holders of LRCX (13F)Largest holders of LRCX (13F)BlackRock$57.5BVanguard Capital Management LLC$35.4BState Street$26.3BInvesco$22.7BVanguard Group$22.5BVanguard Portfolio Management LLC$15.9BGeode Capital Management, LLC$14.9BFMR LLC$14.6BPrice T Rowe Associates$10.7BMorgan Stanley$8.3B
Funds' net buying of LRCX by quarter (13F)Funds' net buying of LRCX by quarter (13F)$810M2024-09$12.0B2024-12−$376M2025-03$1.3B2025-06−$1.6B2025-09$8.2B2025-12−$7.6B2026-03$3.2B2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on LRCX

History

Every quarter: Q1 FY27 results · Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results · Q3 FY25 results

Compare LRCX with

中文版：泛林集团（LRCX）财报

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