Filing Flows › LAM Research (LRCX) › Q4 FY26 › vs Q3 FY26
LAM Research (LRCX) Q4 FY26 vs Q3 FY26 (quarter over quarter)
LAM Research's revenue rose $881M (+15%) from $5.8B in Q3 FY26 to $6.7B in Q4 FY26. The biggest changes: Systems Revenue +$519M (+14%); Customer support-related revenue and other +$361M (+17%). Gross margin 51.7% against 49.8% (+1.9 pts).
LAM Research, Q4 FY26: revenue $6.7B (+30% year over year), operating margin 37.4%, net earnings $2.3B, operating cash flow $1.5B. The chart draws each line against Q3 FY26, the increases inside each band.
Margins
| Q4 FY26 | Q3 FY26 | Change | |
|---|---|---|---|
| Gross margin | 51.7% | 49.8% | +1.9 pts |
| Operating margin | 37.4% | 35.0% | +2.3 pts |
| Net margin | 33.9% | 31.2% | +2.6 pts |
| Free cash flow margin | 18.9% | 13.9% | +5.0 pts |
Every line
| Line | Q4 FY26 | Q3 FY26 | Change | % |
|---|---|---|---|---|
| Systems Revenue | $4.2B | $3.7B | $519M | +14% |
| Customer support-related revenue and other | $2.5B | $2.1B | $361M | +17% |
| Revenue | $6.7B | $5.8B | $881M | +15% |
| Gross profit | $3.5B | $2.9B | $568M | +20% |
| Cost of revenue | $3.2B | $2.9B | $313M | +11% |
| Other income, net | $41.7M | −$35.5M | $77.1M | — |
| Operating profit | $2.5B | $2.0B | $466M | +23% |
| Operating expenses | $965M | $864M | $102M | +12% |
| Pre-tax earnings | $2.6B | $2.0B | $544M | +27% |
| Research & development | $643M | $583M | $59.7M | +10% |
| SG&A | $322M | $280M | $42.0M | +15% |
| Net earnings | $2.3B | $1.8B | $452M | +25% |
| Income tax | $278M | $186M | $91.8M | +49% |
| Depreciation & amortization | $120M | $116M | $3.3M | +3% |
| Share-based compensation | $104M | $96.6M | $7.4M | +8% |
| Working capital & other | $1.0B | $897M | $147M | +16% |
| Operating cash flow | $1.5B | $1.1B | $316M | +28% |
| Free cash flow (OCF − capex) | $1.3B | $810M | $459M | +57% |
| Capital expenditures | $189M | $332M | −$143M | -43% |
Questions
How much did LAM Research's revenue grow quarter over quarter in Q4 FY26?
LAM Research's revenue rose $881M (+15%) from $5.8B in Q3 FY26 to $6.7B in Q4 FY26.
What drove LAM Research's revenue change in Q4 FY26?
Systems Revenue +$519M (+14%); Customer support-related revenue and other +$361M (+17%).