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LAM Research cash flow, quarter by quarter

Latest: Q1 FY27 · from the cash-flow statements filed with the SEC

Free cash flow$3.2B in Q1 FY27 · $6.5B over twelve months

Operating cash flow$3.5B
Capital spending−$258M
Free cash flow+$3.2B
Cash / net income1.3×

Analysis

In Q1 FY27, LAM Research generated $3.5B of operating cash flow and spent $258M on capital projects, leaving free cash flow of $3.2B.

Over the twelve months to Sep 27, 2026, operating cash flow was $7.6B; the largest uses were buybacks ($3.9B), dividends ($1.3B), capital spending ($1.0B); besides operations, cash came from other financing ($153M), other investing ($35.9M); the cash balance rose by $739M.

Operating cash flow was $3.5B against net income of $2.8B — 1.3× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$122M, stock-based pay +$115M, deferred taxes −$55.3M.

Free cash flow

LAM Research: free cash flow by quarterLAM Research: free cash flow by quarter$554MQ2 FY25$1.0BQ3 FY25$2.4BQ4 FY25$1.6BQ1 FY26$1.2BQ2 FY26$810MQ3 FY26$1.3BQ4 FY26$3.2BQ1 FY27
Operating cash flow less capital spending.
LAM Research: operating cash flow against capital spendingLAM Research: operating cash flow against capital spendingOperating cash flowCapital spending$742M$188MQ2 FY25$1.3B$288MQ3 FY25$2.6B$172MQ4 FY25$1.8B$185MQ1 FY26$1.5B$261MQ2 FY26$1.1B$332MQ3 FY26$1.5B$189MQ4 FY26$3.5B$258MQ1 FY27
Latest (Q1 FY27): Operating cash flow $3.5B, Capital spending $258M.

Capital allocation, year by year

LAM Research: where the cash came from (up) and went (down), by fiscal yearLAM Research: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksDividendsFY22: Operating cash flow $3.1BFY22: Net borrowing −$11.9MFY22: Shares issued $114MFY22: Capital spending −$546MFY22: Buybacks −$3.9BFY22: Dividends −$815M$3.2BFY22FY23: Operating cash flow $5.2BFY23: Net borrowing −$23.2MFY23: Shares issued $121MFY23: Capital spending −$502MFY23: Acquisitions −$120MFY23: Buybacks −$2.0BFY23: Dividends −$908M$5.3BFY23FY24: Operating cash flow $4.7BFY24: Net borrowing −$256MFY24: Shares issued $136MFY24: Capital spending −$397MFY24: Buybacks −$2.8BFY24: Dividends −$1.0B$4.8BFY24FY25: Operating cash flow $6.2BFY25: Net borrowing −$512MFY25: Shares issued $143MFY25: Capital spending −$759MFY25: Buybacks −$3.4BFY25: Dividends −$1.1B$6.3BFY25FY26: Operating cash flow $5.9BFY26: Net borrowing −$760MFY26: Shares issued $173MFY26: Capital spending −$966MFY26: Buybacks −$3.9BFY26: Dividends −$1.3B$6.0BFY26
Over these 5 years operating cash flow totalled $25.0B; the largest uses were buybacks ($16.0B) and dividends ($5.2B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$7.4B
Debt$3.7B
Net cash$3.7B
Due within a year$3.5M

LAM Research funds itself: free cash flow was $6.5B over the last twelve months, and $7.4B of cash and investments stands against $3.7B of debt ($3.5M due within a year, 2133.5× covered by cash).

LAM Research: debt maturities by year (FY26)LAM Research: debt maturities by year (FY26)$1.0BYear 3$750MYear 4$2.0BAfter year 5
Principal due in each year as disclosed in the annual report, against $7.4B of cash and investments now.

Where the cash came from and went

LAM Research: sources (+) and uses (−) of cash, Q1 FY27LAM Research: sources (+) and uses (−) of cash, Q1 FY27Operating cash flow$3.5BCash drawn (+) / kept (−)−$1.9BBuybacks−$1.0BDividends−$325MCapital spending−$258MNet borrowing (+) / repaid (−)−$34.5MOther investing−$9.3MExchange rates$4.7MShares issued$4.3MOther financing−$1.8M
LAM Research: sources (+) and uses (−) of cash, TTM to Q1 FY27LAM Research: sources (+) and uses (−) of cash, 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 profit to cash

LAM Research: net income to operating cash flow, Q1 FY27LAM Research: net income to operating cash flow, Q1 FY27Net income$2.8BDepreciation & amortization$122MStock-based pay$115MDeferred taxes−$55.3MOther non-cash$27.6MOperating cash flow$3.5B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q4 FY255815530183
Q3 FY256316732198
Q2 FY256516930204

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q1 FY27$3.5B−$258M−$1.0B−$325M−$34.5M$4.3M−$1.9B$3.2B
Q4 FY26$1.5B−$189M−$247M−$325M−$1.4M$93.2M−$831M$1.3B
Q3 FY26$1.1B−$332M−$1.2B−$326M−$751M$9.2M$1.4B$810M
Q2 FY26$1.5B−$261M−$1.5B−$328M−$1.5M$3.9M$516M$1.2B
Q1 FY26$1.8B−$185M−$976M−$292M−$1.4M—−$304M$1.6B
Q4 FY25$2.6B−$172M−$1.3B−$295M−$1.5M$80.3M−$945M$2.4B
Q3 FY25$1.3B−$288M−$435M−$296M−$504M$2.0M$214M$1.0B
Q2 FY25$742M−$188M−$698M−$298M−$1.0M−$194K$395M$554M

LAM Research: income statement and cash flow

LAM Research, Q1 FY27: revenue $8.2B (+54% year over year), operating margin 40.0%. The chart follows the revenue to costs, profit and cash.

LAM Research: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.