Filing Flows › LAM Research (LRCX) › Q1 FY26
LAM Research (LRCX) Q1 FY26 earnings results (first quarter fiscal 2026)
10-Q filed Oct 24, 2025
LAM Research (LRCX) reported revenue of $5.3B for the first quarter fiscal 2026 (Q1 FY26), +28% from a year earlier and +3% from the quarter before. Operating margin was 34.4%, net earnings $1.6B (29.5% of revenue).
LAM Research, Q1 FY26: revenue $5.3B (+28% year over year), operating margin 34.4%, net earnings $1.6B, operating cash flow $1.8B. The chart follows the revenue to costs, profit and cash.
| Q1 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $5.3B | +3% | +28% |
| Gross profit | $2.7B | +4% | +34% |
| Operating profit | $1.8B | +5% | +45% |
| Net earnings | $1.6B | -9% | +41% |
| Operating cash flow | $1.8B | -30% | +13% |
| Free cash flow | $1.6B | -33% | +9% |
What changed
Revenue was $5.3B in Q1 FY26, up 28% year over year and up 3% from the previous quarter. Systems revenue was the largest line at 67% of revenue. Systems revenue added $1.2B year over year (up 48%), 100% of the total change.
Gross margin was 50.4%, up 2.4 points from a year earlier. Operating profit was $1.8B, a 34.4% margin (up 4.0 points year over year). Of the extra revenue versus a year earlier, 49% reached operating profit, above the 30% margin then. Operating expenses grew 16% against revenue growth of 28%. The fastest-growing cost line was Research & development (+16%). Net earnings were $1.6B, up 41% year over year. The effective tax rate was 15.6%.
Operating cash flow was $1.8B (up 13% year over year), 113% of net earnings. Non-cash charges added back $0.10B of depreciation and amortization and $0.10B of share-based compensation. Capital expenditures of $0.19B left free cash flow of $1.6B.
Questions
What was LAM Research's revenue in the first quarter fiscal 2026?
LAM Research (LRCX) reported revenue of $5.3B for the first quarter fiscal 2026 (Q1 FY26), +28% from a year earlier and +3% from the quarter before.
Was LAM Research profitable in the first quarter fiscal 2026?
Operating profit was $1.8B (34.4% of revenue) and net earnings $1.6B.
Source: LAM Research 10-Q on SEC EDGAR.