Filing Flows › LAM Research (LRCX) › Q1 FY27
LAM Research (LRCX) Q1 FY27 earnings results (first quarter fiscal 2027)
10-Q filed Oct 22, 2026
LAM Research (LRCX) reported revenue of $8.2B for the first quarter fiscal 2027 (Q1 FY27), +54% from a year earlier and +22% from the quarter before. Operating margin was 40.0%, net earnings $2.8B (33.5% of revenue).
LAM Research, Q1 FY27: revenue $8.2B (+54% year over year), operating margin 40.0%, net earnings $2.8B, operating cash flow $3.5B. The chart follows the revenue to costs, profit and cash.
| Q1 FY27 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $8.2B | +22% | +54% |
| Gross profit | $4.3B | +24% | +60% |
| Operating profit | $3.3B | +31% | +80% |
| Net earnings | $2.8B | +21% | +76% |
| Operating cash flow | $3.5B | +140% | +97% |
| Free cash flow | $3.2B | +155% | +103% |
What changed
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.
Questions
What was LAM Research's revenue in the first quarter fiscal 2027?
LAM Research (LRCX) reported revenue of $8.2B for the first quarter fiscal 2027 (Q1 FY27), +54% from a year earlier and +22% from the quarter before.
Was LAM Research profitable in the first quarter fiscal 2027?
Operating profit was $3.3B (40.0% of revenue) and net earnings $2.8B.
Source: LAM Research 10-Q on SEC EDGAR.