Filing Flows › LAM Research (LRCX) › Q3 FY26
LAM Research (LRCX) Q3 FY26 earnings results (third quarter fiscal 2026)
10-Q filed Apr 23, 2026
LAM Research (LRCX) reported revenue of $5.8B for the third quarter fiscal 2026 (Q3 FY26), +24% from a year earlier and +9% from the quarter before. Operating margin was 35.0%, net earnings $1.8B (31.2% of revenue).
LAM Research, Q3 FY26: revenue $5.8B (+24% year over year), operating margin 35.0%, net earnings $1.8B, operating cash flow $1.1B. The chart follows the revenue to costs, profit and cash.
| Q3 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $5.8B | +9% | +24% |
| Gross profit | $2.9B | +10% | +26% |
| Operating profit | $2.0B | +13% | +31% |
| Net earnings | $1.8B | +15% | +37% |
| Operating cash flow | $1.1B | -23% | -13% |
| Free cash flow | $810M | -34% | -21% |
What changed
Revenue was $5.8B in Q3 FY26, up 24% year over year and up 9% from the previous quarter. Systems revenue was the largest line at 64% of revenue. Systems revenue added $0.70B year over year (up 23%), 62% of the total change.
Gross margin was 49.8%, up 0.8 points from Q3 FY25. Operating profit was $2.0B, a 35.0% margin (up 2.0 points year over year). Of the extra revenue versus Q3 FY25, 43% reached operating profit, above the 33% margin then. Operating expenses grew 15% against revenue growth of 24%. The fastest-growing cost line was SG&A (+24%). Net earnings were $1.8B, up 37% year over year. The effective tax rate was 9.3%.
Operating cash flow was $1.1B (down 13% year over year), 63% of net earnings. Non-cash charges added back $0.12B of depreciation and amortization and $0.10B of share-based compensation. Working capital and other items used $0.90B. Capital expenditures of $0.33B left free cash flow of $0.81B.
Questions
What was LAM Research's revenue in the third quarter fiscal 2026?
LAM Research (LRCX) reported revenue of $5.8B for the third quarter fiscal 2026 (Q3 FY26), +24% from a year earlier and +9% from the quarter before.
Was LAM Research profitable in the third quarter fiscal 2026?
Operating profit was $2.0B (35.0% of revenue) and net earnings $1.8B.
Source: LAM Research 10-Q on SEC EDGAR.