Filing Flows › LAM Research (LRCX) › Q2 FY26
LAM Research (LRCX) Q2 FY26 earnings results (second quarter fiscal 2026)
10-Q filed Jan 29, 2026
LAM Research (LRCX) reported revenue of $5.3B for the second quarter fiscal 2026 (Q2 FY26), +22% from a year earlier and +0.4% from the quarter before. Operating margin was 33.9%, net earnings $1.6B (29.8% of revenue).
LAM Research, Q2 FY26: revenue $5.3B (+22% year over year), operating margin 33.9%, net earnings $1.6B, operating cash flow $1.5B. The chart follows the revenue to costs, profit and cash.
| Q2 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $5.3B | +0.4% | +22% |
| Gross profit | $2.7B | -1% | +28% |
| Operating profit | $1.8B | -1% | +36% |
| Net earnings | $1.6B | +2% | +34% |
| Operating cash flow | $1.5B | -17% | +99% |
| Free cash flow | $1.2B | -24% | +120% |
What changed
Revenue was $5.3B in Q2 FY26, up 22% year over year and roughly flat from the previous quarter. Systems revenue was the largest line at 63% of revenue. Systems revenue added $0.73B year over year (up 28%), 76% of the total change.
Gross margin was 49.6%, up 2.2 points from a year earlier. Operating profit was $1.8B, a 33.9% margin (up 3.4 points year over year). Of the extra revenue versus a year earlier, 49% reached operating profit, above the 30% margin then. Operating expenses grew 14% against revenue growth of 22%. The fastest-growing cost line was Research & development (+16%). Net earnings were $1.6B, up 34% year over year. The effective tax rate was 13.2%.
Operating cash flow was $1.5B (up 99% year over year), 93% of net earnings. Non-cash charges added back $0.10B of depreciation and amortization and $0.09B of share-based compensation. Working capital and other items used $0.31B. Capital expenditures of $0.26B left free cash flow of $1.2B.
Questions
What was LAM Research's revenue in the second quarter fiscal 2026?
LAM Research (LRCX) reported revenue of $5.3B for the second quarter fiscal 2026 (Q2 FY26), +22% from a year earlier and +0.4% from the quarter before.
Was LAM Research profitable in the second quarter fiscal 2026?
Operating profit was $1.8B (33.9% of revenue) and net earnings $1.6B.
Source: LAM Research 10-Q on SEC EDGAR.