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Lam Research Corporation (LRCX) perpetual futures
LRCX perpetual futures on 18 crypto exchanges – live perp price vs the stock, funding rate, open interest and where to trade LRCXUSDT.
Lam Research supplies semiconductor processing equipment, including deposition, etch, and cleaning systems, serving the global chip industry.
$221.63-0.6%NASDAQ closed
Price chart
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venue perp mark · Deepcoin (LRCX/USDT)
Auto: highest-volume live perp venueOpen in TradingView
Trading data
Perpetual market activity
19/19 live markets
Trading data
Perpetual market activity
Venues
18
Live markets
19/19
24h volume
$4.8MCoverage: 16/19 marketsExchange-reported volume: $6.7M
Open interest
$2.9MCoverage: 16/19 markets
Best liquidity
$359.4K
Bitget
Tightest spread
+0.9 bps
Hyperliquid HIP-3
Highest volume
$3.1M
Deepcoin
Settlement mix
USDT · 14/19
Perp/spot vol.
0.00x
Spot volume $2.4B
OI / float
0.00%
Float $276B
Spot performance
1D-3.36%
5D+9.40%
1M-18.58%
6M-20.65%
YTD+31.98%
1Y+53.21%
Venue matrix
19 markets
Some venue links are sponsored. We may receive a commission, and eligible users may occasionally receive trading-fee discounts, at no additional cost to you.
| Trade | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
 Binance | Trade | LRCX/USDT | Trading | $221.52 | 0.0% APR 0.000% every 8h | +5.4 bps | - | $434.4K | $922.3K | USDT | - | |
 Bitget | Trade | LRCX/USDT | Trading | $221.63 | 0.0% APR 0.000% every 8h | +1.4 bps | $359.4K | $392K | $213.1K | USDT | 20x | |
 XT.com | Trade | LRCX/USDT | Trading | $221.43 | 0.0% APR 0.000% every 8h | +3.6 bps | $97.3K | $163.1K | - | USDT | 20x | |
 HTX | Trade | LRCX/USDT | Trading | $221.48 | +11.0% APR +0.010% every 8h | +24.8 bps | $120.8K | $155.5K | $9.4K | USDT | - | |
 MEXC | Trade | LRCX/USDT | Trading | $221.67 | 0.0% APR 0.000% every 8h | +26.2 bps | $156.7K | $106.2K | $243.7K | USDT | 50x | |
 Gate.io | Trade | LRCX/USDT | Trading | $221.20 | 0.0% APR 0.000% every 8h | +31.6 bps | $9.2K | $105.1K | $219.6K | USDT | 20x | |
 Bybit | Trade | LRCX/USDT | Trading | $221.28 | 0.0% APR 0.000% every 8h | +33.0 bps | $16.4K | $74.4K | $312.3K | USDT | 25x | |
 Bitunix | Trade | LRCX/USDT | Trading | $221.42 | +2.1% APR +0.00190% every 8h | +10.8 bps | $244.7K | $71.8K | $28.4K | USDT | 50x | |
 LBank | Trade | LRCX/USDT | Trading | $221.45 | 0.0% APR 0.000% every 8h | +3.6 bps | $112.6K | $69.8K | $68.7K | USDT | 20x | |
 OKX | Trade | LRCX/USDT | Trading | $221.17 | 0.0% APR 0.000% every 8h | +9.5 bps | $9.2K | $66.1K | $323.5K | USDT | 20x | |
 BloFin | Trade | LRCX/USDT | Trading | $221.37 | -0.5% APR -0.00043% every 8h | +5.9 bps | - | $36.1K | $35.9K | USDT | 20x | |
 Hyperliquid HIP-3 | Trade | para:LRCX | Trading | $220.54 | -69.1% APR -0.00788% every 1h | +0.9 bps | $200.9K | $22.1K | $154.9K | USDC | 10x | |
| Hyperliquid HIP-3 | Trade | xyz:LRCX | Trading | $220.83 | +162.9% APR +0.019% every 1h | +7.2 bps | $25.6K | $18.2K | $191.4K | USDC | 10x | |
 Crypto.com Exchange | Trade | LRCX/USD | Trading | $221.32 | +5.0% APR +0.00057% every 1h | +115.8 bps | $1K | $0 | $402.8 | USD | 50x | |
 Extended | Trade | LRCX/USD | Trading | $222.90 | +4.4% APR +0.00050% every 1h | +604.3 bps | - | $0 | $1.2K | USD | 10x | |
 Vest | Trade | LRCX/USDC | Trading | $222.67 | +5.0% APR +0.00057% every 1h | +401.1 bps | $0 | - | - | USDC | 10x | |
 Deepcoin | Trade | LRCX/USDT | Trading | $221.31 | - | +5.4 bps | $11.2K | $3.1M | - | USDT | 25x | |
 BingX | Trade | LRCX-USDT | Trading | $221.42 | +5.5% APR +0.00500% every 8h | +5.0 bps | $343.3K | $1.2M⚠ | $2.1K | USDT | - | |
 KuCoin | Trade | LRCX/USDT | Trading | $221.54 | 0.0% APR 0.000% every 8h | +33.9 bps | $4.7K | $660.9K⚠ | $151K | USDT | 20x |
Unverified volume: implausibly high against open interest, a typical sign of wash trading. These venues are listed last.
Tokenized wrappers of the real stock, tradable on-chain and on crypto exchanges around the clock. Premium/discount compares the token price to our stock reference price. Data: CoinMarketCap · Robinhood · DexScreener · GeckoTerminal.
| Product | Price | Premium vs stock | 24h Vol. | Market Cap | Chains |
|---|---|---|---|---|---|
| rLRCXTokenized | $220.68 | -0.43% | $29k | $93k | Arbitrum |
| LRCXxxStocks | $228.73 | +3.20% | $665 | $611k | Solana · Ethereum · Mantle · Ink |
| LRCXRobinhood | – | – | – | $3k | Robinhood Chain |
Tradability
Execution quality
Entry cost and depth per venue at $1k–$100k
Tradability
Execution quality
Entry cost and depth per venue at $1k–$100kBroad liquidity · 12 of 18 venues absorb $10k · Typical cost: +13.6 bps – +23.8 bps
Cheapest execution: BingX · +9.4 bps
Too thin: Deepcoin, OKX, KuCoin
No fresh book data: Crypto.com Exchange, Extended, Vest
Taker execution estimate incl. approx. fees - maker fills are not guaranteed.
Best venues for this underlying
Best liquidity
LRCXTightest spread
LRCXHighest volume
LRCXFunding history
Stored venue snapshots by market
Funding history
Stored venue snapshots by marketNext catalyst
Catalysts
Next catalyst
Catalysts
Earnings
2027-01-27
Revenue est. $8.63B · Updated 2h ago
Dividend
$0.33
2026-12-02
No unusual perp activity right now.
Reference data
Market context
Reference data
Market context
NASDAQ
Extended-hours reference
Bid220.78
Ask224.16
Volume10,987,926
Research data
Analysts, filings and peer context
Research data
Analysts, filings and peer context
Estimates
6DateEPS estimateRevenue estimateGrowthAnalysts
FY 20279.66$35.4B+52%20
FY 202812.12$42.5B+20%18
FY 202914.45$48.9B+15%10
FY 203015.66$52.4B+7%6
FY 203118.67$60.3B+15%7
Q3 20272.75$9.6B+65%7
Source: FMP · Consensus
Company events
62027-01-27EarningsActual - / Estimate 2.34-
2026-12-02Dividend$0.33-
2026-10-21Earnings · After market closeActual 2.20 / Estimate 2.18Beat
2026-09-23Dividend$0.33-
2026-07-29EarningsActual 1.82 / Estimate 1.69Beat
2026-06-17Dividend$0.26-
Peer comparison
Similar listed perpsRevenue mix
Latest annualCHINAGeographic$7.9B
TAIWAN, PROVINCE OF CHINAGeographic$5.2B
KOREA, REPUBLIC OFGeographic$4.5B
Analysts
Price targets in USD| Consensus rating | Buy |
|---|---|
| Average 12-month price target | $379.25 |
| 12-month target range (low – high) | $290 – $500 |
| Ratings in the provider's consensus | 50 |
Price targets as of 2026-11-15
Analyst rating history
Ratings| Month | Strong buy | Buy | Hold | Sell | Strong sell |
|---|---|---|---|---|---|
| Nov 2026 | 5 | 25 | 4 | 0 | 0 |
| Oct 2026 | 5 | 25 | 6 | 0 | 0 |
| Sep 2026 | 4 | 25 | 6 | 0 | 0 |
| Aug 2026 | 5 | 25 | 6 | 0 | 0 |
| Jul 2026 | 5 | 25 | 6 | 1 | 1 |
| Jun 2026 | 4 | 25 | 6 | 1 | 1 |
| May 2026 | 4 | 25 | 7 | 0 | 1 |
| Apr 2026 | 3 | 24 | 9 | 0 | 1 |
| Mar 2026 | 3 | 24 | 9 | 0 | 1 |
| Feb 2026 | 3 | 24 | 9 | 0 | 1 |
| Jan 2026 | 3 | 23 | 11 | 0 | 1 |
| Dec 2025 | 2 | 21 | 11 | 0 | 1 |
Ownership
Institutional · 2026-Q3Free float99.7%1.2B shares
Shares outstanding1.2B shares
Institutional66.7%2,633 investors
Investor count change-626
Reference market activity
LRCX-PERPDay range (Nov 13)$218.9$233.75
52 week$135.5$438.5
Spot volume11M
Average volume-
Price performance
111D-3.4%
5D+9.4%
1M-18.6%
3M-32.0%
6M-20.7%
YTD+32.0%
1Y+53.2%
3Y+223.7%
5Y+258.4%
10Y+2,134.6%
MAX+101,565.0%
Insider activity
FY2026 Q4Acquisitions11 transactions40,004 shares
Dispositions6 transactions64,926 shares
Purchases0Ratio 1.83
Sales3
Insider transactions
25DateReporting persontransactionssharesPriceFilings
Director Bethany Mayer reported a gift of 900 Lam Research common shares on 2026-11-10, with 21,895 shares owned after the transaction.
Lam Research director Ita M Brennan was granted 856 common shares (A-Award) on Nov 6, 2026, at $0.00, lifting her holdings to 6,198 shares. This is compensation, not an open-market purchase.
Lam Research director Eric Brandt received a grant (A-Award) of 856 common shares on 2026-11-06, bringing his holdings to 145,561 shares.
Director Anirudh Devgan was granted 856 shares of Lam Research common stock (transaction code A) at $0.00 in an award, bringing his holdings to 1,997 shares.
Lam Research director John M. Dineen received 856 common shares in an A-Award (grant) on 2026-11-06, raising his holdings to 9,991 shares.
Director Mark Fields received 856 shares of Lam Research common stock through a stock award on Nov 6, 2026, bringing his holdings to 6,178 shares.
Lam Research director Kang Ho Kyu received an award of 856 common shares on 2026-11-06, a grant at $0.00, leaving 10,029 shares owned.
Lam Research director Mehra Jyoti was awarded 856 common shares on 2026-11-06 and reported owning 19,331 shares after the grant.
Director Abhijit Y. Talwalkar received an award of 856 common shares of Lam Research at $0.00, bringing his holdings to 87,998 shares.
Director Bethany Mayer received 856 shares of Lam Research common stock as an award and sold 16 shares at $208.50 on Nov 6, 2026.
Lam Research director Bethany Mayer sold 719 common shares in an open-market sale at $242.59 on Nov 2, 2026, leaving 916 shares owned.
Director Kang Ho Kyu reported disposing of 491 shares of Lam Research common stock at $239.11 per share under an F-In Kind tax withholding, leaving 9,173 shares owned.
Lam Research CEO Timothy Archer exercised options on 31,400 shares at $30.033 and sold the same 31,400 shares at $227.02. He held 1,075,966 shares afterward.
Lam Research officer Timothy Archer exercised 30,000 employee stock options at $30.033, acquiring 30,000 common shares, and sold 30,000 common shares at $319.26 on Sept 9, 2026.
Director Bethany Mayer sold 9,557 shares of Lam Research common stock on September 9, 2026 at $314.74 each, leaving her 20,995 shares.
Lam Research officer Seshasayee exercised options on 39,750 common shares at $30.03–$59.88 and sold the same 39,750 shares at $291.32 on Sept 2, 2026.
Filings
59 · Latest SEC filings2026-11-124Insider transaction report (Form 4)
Director Bethany Mayer reported a gift of 900 Lam Research common shares on 2026-11-10, with 21,895 shares owned after the transaction.
2026-11-094Insider transaction report (Form 4)
Lam Research director Ita M Brennan was granted 856 common shares (A-Award) on Nov 6, 2026, at $0.00, lifting her holdings to 6,198 shares. This is compensation, not an open-market purchase.
2026-11-094Insider transaction report (Form 4)
Director Mark Fields received 856 shares of Lam Research common stock through a stock award on Nov 6, 2026, bringing his holdings to 6,178 shares.
2026-11-094Insider transaction report (Form 4)
Lam Research director Kang Ho Kyu received an award of 856 common shares on 2026-11-06, a grant at $0.00, leaving 10,029 shares owned.
2026-11-094Insider transaction report (Form 4)
Director Abhijit Y. Talwalkar received an award of 856 common shares of Lam Research at $0.00, bringing his holdings to 87,998 shares.
2026-11-094Insider transaction report (Form 4)
Lam Research director Eric Brandt received a grant (A-Award) of 856 common shares on 2026-11-06, bringing his holdings to 145,561 shares.
2026-11-094Insider transaction report (Form 4)
Director Anirudh Devgan was granted 856 shares of Lam Research common stock (transaction code A) at $0.00 in an award, bringing his holdings to 1,997 shares.
2026-11-094Insider transaction report (Form 4)
Lam Research director John M. Dineen received 856 common shares in an A-Award (grant) on 2026-11-06, raising his holdings to 9,991 shares.
2026-11-094Insider transaction report (Form 4)
Lam Research director Mehra Jyoti was awarded 856 common shares on 2026-11-06 and reported owning 19,331 shares after the grant.
2026-11-094Insider transaction report (Form 4)
Director Bethany Mayer received 856 shares of Lam Research common stock as an award and sold 16 shares at $208.50 on Nov 6, 2026.
2026-11-034Insider transaction report (Form 4)
Lam Research director Bethany Mayer sold 719 common shares in an open-market sale at $242.59 on Nov 2, 2026, leaving 916 shares owned.
2026-11-024Insider transaction report (Form 4)
Director Kang Ho Kyu reported disposing of 491 shares of Lam Research common stock at $239.11 per share under an F-In Kind tax withholding, leaving 9,173 shares owned.
2026-10-264Insider transaction report (Form 4)
Lam Research CEO Timothy Archer exercised options on 31,400 shares at $30.033 and sold the same 31,400 shares at $227.02. He held 1,075,966 shares afterward.
2026-09-104Insider transaction report (Form 4)
Lam Research officer Timothy Archer exercised 30,000 employee stock options at $30.033, acquiring 30,000 common shares, and sold 30,000 common shares at $319.26 on Sept 9, 2026.
2026-09-104Insider transaction report (Form 4)
Director Bethany Mayer sold 9,557 shares of Lam Research common stock on September 9, 2026 at $314.74 each, leaving her 20,995 shares.
2026-09-034Insider transaction report (Form 4)
Lam Research officer Seshasayee exercised options on 39,750 common shares at $30.03–$59.88 and sold the same 39,750 shares at $291.32 on Sept 2, 2026.
2026-09-014Insider transaction report (Form 4)
On August 31, 2026, Chief Legal Officer Ava Harter sold 5,000 common shares of Lam Research at $302.46 each, leaving 42,462 shares owned.
2026-08-074Insider transaction report (Form 4)
CEO Timothy Archer converted 30,000 employee stock options into 30,000 common shares, then sold all 30,000 shares on the open market at $300 each.
2026-08-064Insider transaction report (Form 4)
On 2026-08-05, Chief Legal Officer Ava Harter disposed of 5,790 common shares via tax withholding (code F) at $307.42 each, leaving 47,462 shares owned.
2026-07-144Insider transaction report (Form 4)
Director Abhijit Y. Talwalkar sold 18,282 shares of Lam Research common stock at $335 on 2026-07-13, an open-market sale. He held 87,142 shares afterward.
2026-07-064Insider transaction report (Form 4)
CEO Timothy Archer exercised options for 30,000 shares at $30.033 each, then sold all 30,000 shares on the open market at $390.01 each.
2026-06-154Insider transaction report (Form 4)
Director Eric Brandt sold 54,500 Lam Research shares in 26 open-market transactions on June 11, 2026, at prices from $337.56 to $364.
2026-06-154Insider transaction report (Form 4)
Lam Research director Eric Brandt sold 54,500 common shares across 17 open-market sales on 2026-06-12 at prices from $355.71 to $373.09, leaving 171,473 shares owned after the last listed row.
2026-06-024Insider transaction report (Form 4)
Neil J. Fernandes, SVP of Lam Research, sold 7,659 shares of common stock on 2026-06-01 at $309.60 per share, leaving 58,470 shares owned afterward.
2026-05-044Insider transaction report (Form 4)
Lam Research SVP Neil J. Fernandes sold 18,170 shares of common stock on the open market at $255.14 per share, leaving 66,129 shares owned afterward.
2026-04-284Insider transaction report (Form 4)
Ava Harter (Chief Legal Officer) exercised options for 6,010 shares of Lam Research common stock at $77.039 and then sold all 6,010 shares on the open market at $258.66.
2026-03-114Insider transaction report (Form 4)
Lam Research director Abhijit Talwalkar gifted 4,571 common shares on 2026-03-10, retaining 105,424 shares afterward. No cash was exchanged.
2026-03-103Initial insider ownership statement (Form 3)
Lam Research officer Rammohan Karthikeyan filed an initial Form 3 reporting holdings in Common Stock and Market-based Performance Restricted Stock Units; the six reported rows show no share amounts and no transactions at $0.00.
2026-03-054Insider transaction report (Form 4)
On March 4, 2026, CFO Douglas Bettinger exercised 77,750 stock options and converted them into common stock, then sold 50,057 shares at $224.03 each.
2026-03-054Insider transaction report (Form 4)
Ava Harter, Chief Legal Officer of Lam Research, sold 1,500 common shares at $222.66 each on March 4, 2026, leaving her with 53,205 shares.
2026-03-034Insider transaction report (Form 4)
On 2026-03-02, Harter Ava sold 4,000 common shares of Lam Research at $232.50 each, reducing her holdings to 54,705 shares.
2026-03-034Insider transaction report (Form 4)
Lam Research CFO Douglas Bettinger exercised 66,310 employee stock options (M-Exempt) at $30.03–$59.88 and sold 40,329 common shares (S-Sale) at $230.22 on 2026-03-02.
2026-03-024Insider transaction report (Form 4)
Insider Vahedi Vahid of Lam Research reported grants: 9,053 common shares and 11,065 performance RSUs awarded; 32,974 common shares withheld for taxes (F) at $233.89.
2026-03-024Insider transaction report (Form 4)
On 2026-02-27, Christina Correia (Chief Accounting Officer of Lam Research) acquired 16,159 common shares and 1,362 market-based performance RSUs via awards, and disposed of 19,628 common shares to cover taxes at $233.89 each.
2026-03-024Insider transaction report (Form 4)
On Feb 27, Lam Research CEO Timothy Archer was awarded 51,053 common shares and 76,580 market-based PSUs (both $0.00), and disposed of 172,294 common shares via tax withholding at $233.89 each.
2026-03-024Insider transaction report (Form 4)
Ava Harter, Chief Legal Officer of Lam Research, received an award of 7,106 common shares and 8,685 market-based performance RSUs, and disposed of 5,187 common shares for tax withholding.
2026-03-024Insider transaction report (Form 4)
Senior VP Neil J Fernandes received 8,274 common shares and 10,113 market-based performance RSUs as compensation, and 17,091 common shares were withheld for taxes.
2026-03-024Insider transaction report (Form 4)
Lam Research CFO Douglas Bettinger acquired 12,547 common shares and 18,820 market-based performance RSUs via awards, and disposed 48,673 common shares to cover taxes.
2026-03-024Insider transaction report (Form 4)
Executive VP Patrick J Lord of Lam Research disposed of 39,955 common shares (tax withholding) at $233.89 each on 2026-02-27, reported in a Form 4 filed 2026-03-02.
2026-03-024Insider transaction report (Form 4)
The reporting person received an award of 12,547 common shares and an award of 18,820 market-based performance RSUs. Concurrently, 36,913 shares were disposed to cover tax obligations at $233.89 per share.
2026-02-254Insider transaction report (Form 4)
On 2026-02-24, CEO Timothy Archer gifted 7,080 common shares of Lam Research, with 1,196,859 shares held afterward.
2026-02-094Insider transaction report (Form 4)
Director Anirudh Devgan received a grant of 1,141 common shares of Lam Research (LRCX) on 2026-02-06.
2026-02-094Insider transaction report (Form 4)
Director Eric Brandt sold 35,000 common shares of Lam Research in two open-market transactions on Feb 6, 2026, at prices between $220.95 and $230, reducing his holdings to 253,705 shares.
Transcripts
Earnings callsFY2027 Q12026-10-21
Earnings calls
AI summary
positiveLam Research reported September 2026 quarter revenue of $8.22 billion, up 22% sequentially and 54% year-on-year, with record gross margin of 52.4%, operating margin of 40.2% (first time above 40%) and diluted EPS of $2.20. Systems revenue in memory was 46% of the total, with NAND at 26% and DRAM at 20%; foundry was 46% and Logic and Other 8%. China contributed 35% of revenue and is expected to be significantly lower in the December quarter. CSBG posted a fourth consecutive record quarter at nearly $2.5 billion. For December, Lam guides revenue of $8.6 billion ± $400 million, gross margin of 52.5% ± 1 point, operating margin of 40.5% ± 1 point and EPS of $2.33 ± $0.15. Management expects calendar 2026 WFE in the mid-$150 billion range and preliminary 2027 WFE of more than $200 billion, with growth led by DRAM, then leading-edge foundry logic and NAND, while citing clean room and supply chain constraints.
Key takeaways
- Record revenue of $8.22 billion, up 22% sequentially and 54% year-on-year; fifth consecutive quarter of record revenue.
- Gross margin, operating margin and EPS all reached records, with operating margin exceeding 40% for the first time.
- Calendar 2026 systems revenue expected to grow well over 40% year-on-year including the midpoint of December guidance; 2026 would be the third consecutive year of WFE outperformance.
- Foundry logic and DRAM accounted for approximately 80% of systems revenue growth year-to-date; memory systems revenue was a record and up 120% year-on-year.
- Aether-related cumulative revenue is now expected to reach approximately $2.5 billion by the end of the decade, about $1 billion above prior expectations.
Financial highlights
- September quarter revenue $8.22 billion, up 22% sequentially and 54% from the same period in 2025.
- Gross margin 52.4%, operating margin 40.2%, diluted EPS $2.20; non-GAAP tax rate 16.5%.
- CSBG revenue nearly $2.5 billion, up 40% year-on-year; deferred revenue $2.66 billion, up $227 million sequentially.
- Free cash flow a record $3.24 billion; cash and short-term investments $7.5 billion; approximately $1 billion of share repurchases and $325 million of dividends paid in the quarter.
Guidance
- December 2026 quarter revenue of $8.6 billion ± $400 million; management said this would have been a bit higher without near-term supply chain constraints.
- December gross margin of 52.5% ± 1 percentage point and operating margin of 40.5% ± 1 percentage point.
- December EPS of $2.33 ± $0.15 on a share count of approximately 1.253 billion shares.
- Calendar 2026 WFE expected in the mid-$150 billion range; preliminary 2027 WFE outlook more than $200 billion, with percentage growth led by DRAM, followed by leading-edge foundry logic and NAND.
Q&A themes
- Supply chain and clean room constraints: Lam is working with suppliers and expects constrained shipments to shift into the March quarter; management would not quantify the impact.
- DRAM architecture roadmap: Tim Archer said rising etch and deposition intensity benefits Lam whether customers extend current architectures or move to 3D DRAM.
- NAND upgrade cycle and storage tiers: NAND revenue rose approximately 40% sequentially; management discussed 384-layer devices and emerging SLC-class NAND, where each percentage point of bit mix shift requires roughly 2% more wafer capacity.
- China and gross margin: China is expected to be meaningfully down in December on domestic customers; gross margin is expected to remain near current levels near term, with a multi-year path toward the mid-50s.
Risks
- Near-term supply chain constraints limited December quarter guidance and are expected to push some shipments into the March quarter.
- Clean room availability and component supply constraints could limit the industry's ability to meet end demand in calendar 2027.
- China revenue is expected to be significantly lower in the December quarter, driven by domestic customers.
FY2026 Q42026-07-29
Earnings calls
AI summary
positiveRobinhood Corporation delivered record financial results in Q2 2026 with revenues of $1.3 billion, up 32% year-over-year, and record net deposits of $22 billion representing a 28% annualized growth rate. The company achieved 57% adjusted EBITDA margins of $741 million, up 35% YoY, with earnings per share of $0.62, up 48% YoY. Platform assets reached record levels near $400 billion. Key growth drivers included record volumes across equities, options, and prediction markets; the successful launch of Trump Accounts with 7 million children signed up and $1.5 billion in contributions; expansion of Robinhood Banking with $3 billion in deposits and the Gold Card reaching 1 million cardholders with $17 billion in annualized purchase volume; and international expansion including the acquisition of WonderFi in Canada and receiving a capital markets services license in Singapore. The company launched Robinhood Chain, a blockchain platform purpose-built for real-world assets, which achieved over $12 billion in DEX volume and 150 million transactions in its first weeks. The company also introduced Agentic Trading allowing customers to build AI agents to trade equities, options, and crypto. Mana
Key takeaways
- Record Q2 revenues of $1.3 billion (+32% YoY) with record net deposits of $22 billion (+28% annualized) and 57% adjusted EBITDA margins, demonstrating strong profitability at scale
- Trump Accounts launched successfully with 7 million children enrolled and $1.5 billion in contributions, establishing a new growth vector in wealth management for younger demographics
- Robinhood Chain exceeded expectations with $12 billion in DEX volume, 150+ million transactions, and $200 million in stablecoin deposits in Robinhood Earn product within weeks of launch
- Gold subscription reached record 4.8 million subscribers with 17% attach rate; banking app accumulated $3 billion in deposits since November launch with Credit Card surpassing 1 million cardholders
- Management raised 2026 expense guidance efficiency by lowering OpEx outlook while adding new businesses (Rothera, WonderFi) and self-funding growth initiatives, indicating improved operational leverage
Financial highlights
- Q2 2026 revenues reached record $1.3 billion, growing 32% year-over-year, driven by transaction volumes and interest-earning assets growth
- Adjusted EBITDA grew 35% year-over-year to $741 million with 57% margin, demonstrating ability to grow top-line while maintaining profitability
- Total platform assets reached record levels near $400 billion; net funded accounts added nearly 1 million in the quarter, the most added in a single quarter since IPO
- Adjusted EPS increased 48% year-over-year to $0.62; company repurchased 7.5 million shares year-to-date for $664 million while opportunistically raising $2.2 billion in capital at attractive terms
Guidance
- 2026 adjusted OpEx and SBC guidance lowered and tightened to $2.675-$2.775 billion range despite adding costs for Rothera and WonderFi acquisitions
- July 2026 trending shows average daily volumes for equities, options, and prediction markets in similar area to record Q2 levels; net deposits tracking toward approximately $4 billion area
- Target net deposit growth rate of 20% on annualized basis maintained; company expects to continue adding businesses reaching $100 million ARR milestone
- Company pursuing aggressive international expansion with Singapore capital markets license obtained; plans to launch centralized brokerage offerings in Southeast Asia with Singapore as APAC hub
Q&A themes
- Prediction markets demonstrated strong durability with World Cup as proof of concept; Rothera became top-3 DCM within one month of launch with plans to scale rapidly across event contracts and derivatives
- Agentic Trading launched as first major platform offering with over 100,000 integrated accounts; future roadmap includes expanding access across equities, options, crypto, and potentially prediction markets with simplified user interfaces
- Robinhood Chain development strategy focused on real-world assets (RWAs) and tokenization with stock tokens available in 120+ countries; developers showing strong early interest and building novel use cases composing with RWAs
- Expansion of banking ecosystem through Credit Card momentum (1M+ cardholders), high-yield checking/savings (3.5% APY), family account features, and integration pathways between banking, card spend, and investment products
Risks
- Regulatory uncertainty remains regarding CFTC approval for perpetual futures in U.S.; company indicated progress in conversations but provided no specific timeline for domestic perps launch
- July net deposits tracking toward $4 billion, described as lowest of year and below 20% growth target annualized rate, though management attributed variance to seasonality and macro conditions
- Expansion into crypto, DeFi, tokenization, and prediction markets introduces heightened regulatory, compliance, and operational complexity requiring successful execution across multiple jurisdictions
FY2026 Q32026-04-22
Earnings calls
AI summary
positiveLam Research reported record March quarter revenue of $5.84 billion, up 9% sequentially and 24% year-over-year, with gross margin at 49.9% and operating margin at 35%. The company raised its 2026 WFE outlook to $140 billion from $135 billion and expects strong momentum into 2027 as AI-driven semiconductor complexity increases deposition and etch intensity.
Key takeaways
- Record Q3 revenue of $5.84B with gross margin of 49.9% and EPS of $1.47 exceeding guidance; Q4 guidance of $6.6B implies continued momentum
- 2026 WFE outlook increased to $140 billion from $135 billion with upside bias; company expects 2027 to show compelling growth as clean rooms come online
- Customer Support Business Group achieved first $2.1B quarterly revenue driven by strong spares, services, and new Equipment Intelligence and Dextro cobot offerings
- NAND conversion spending of $40 billion being pulled forward with majority occurring before end of 2027; DRAM benefiting from 1C node transition with Stryker ALD solutions
- Lam's SAM expected to expand to mid-30s percent of WFE in 2026, on track toward high-30s target over next few years
Financial highlights
- March quarter revenue: $5.84 billion, up 9% sequentially and 24% year-over-year
- Gross margin: 49.9% (at high end of guidance); Operating margin: 35% (at high end of guidance)
- Diluted EPS: $1.47, exceeding high end of guidance range
- June quarter guidance: Revenue $6.6B ± $400M; Gross margin 50.5% ± 1%; Operating margin 36.5% ± 1%; EPS $1.65 ± $0.15
Guidance
- June 2026 quarter revenue guidance of $6.6 billion ± $400 million with record EPS of $1.65 ± $0.15
- 2026 WFE outlook increased to $140 billion with upside bias; majority of $40 billion NAND conversion spending expected by end of 2027
- Expect second half 2026 revenue to exceed first half; gross margin expected to remain at current levels (approximately 50.5%) for remainder of year
- 2027 expected to show 'compelling WFE growth' as additional clean room capacity comes online and technology node transitions accelerate
Q&A themes
- Gross margin expansion driven by factory proximity benefits, operational efficiency, improved tool reliability and maturity, and customer mix optimization; management expects margins to sustain at current levels
- Long-term customer visibility extending 18-24+ months for resource planning; multiple fab projects with 2028 openings in discussion stages
- CSBG sustainable at current levels with upside from Equipment Intelligence and Dextro cobots; spares and service growth supported by high fab utilization
- China WFE expected to be flattish year-over-year; down payments declining as global multinational customers (higher capacity) drive growth vs. smaller customers
Risks
- WFE growth in 2026 constrained by limited clean room availability; execution risk depends on customer fab completions and tool deployment timelines
- NAND and DRAM cycles subject to demand fluctuations; gross margins could face pressure if memory pricing declines, though management believes improvements are value-based and sustainable
- China WFE expected to decline as percent of total revenue; geopolitical and trade policy uncertainties not explicitly discussed but represent potential headwinds
FY2026 Q22026-01-28
Earnings calls
AI summary
positiveLam achieved record FY2025 revenues of $20.6B (+27% YoY) with gross margin of 49.9% and operating margin of 34.1%, demonstrating strong execution across DRAM, foundry logic, and NAND. For 2026, the company guides WFE to approximately $135B and expects to gain share and expand SAM at each technology node, with second-half weighting due to clean room space constraints. New products like Aqara etch tool and Moly ALD are gaining significant traction with customers.
Key takeaways
- Record 2025 revenue of $20.6B (+27% YoY) with gross margin of 49.9% (highest since 2012 merger) and operating margin of 34.1%; returned 85% of free cash flow to shareholders
- 2026 WFE expected ~$135B (+23% vs 2025's ~$110B), with second-half weighting due to fab space constraints; Lam plans to gain share and expand SAM across all technology nodes
- Aqara conductor etch tool doubled installed base over past year with design wins in EUV and high aspect ratio applications; expected 2x growth in applications at gate-all-around nodes
- Advanced packaging business expected to grow >40% in 2026; NAND experiencing stronger-than-expected demand growth with new AI inference use cases emerging
- DRAM record revenue in December at 23% of systems revenue; HBM moving to HVM4/4e with up to 16-layer stacking driving higher equipment intensity
Financial highlights
- FY2025 record revenue $20.6B, +27% YoY; CSBG revenue $7.2B (record); gross margin 49.9%; operating margin 34.1%; diluted EPS $4.89 (+49% YoY)
- Q4 FY2026 (December 2025) revenue $5.34B (record, 10th consecutive quarter of growth); gross margin 49.7%; operating margin 34.3%; diluted EPS $1.27
- Deferred revenue $2.25B (down ~$500M sequentially from customer advance down payments); inventory turns 2.7x (up from 2.6x prior quarter, 1.5x two years ago)
- March 2026 Q guidance: revenue $5.7B ±$300M; gross margin 49% ±1%; operating margin 34% ±1%; diluted EPS $1.35 ±$0.10
Guidance
- 2026 WFE expected ~$135B range with second-half weighting; industry undersupplied due to clean room space constraints
- March 2026 quarter: revenue $5.7B ±$300M; gross margin 49% ±1%; operating margin 34% ±1%; diluted EPS $1.35 ±$0.10
- Expect meaningful year-over-year growth in 2026 with robust growth across DRAM, foundry logic, and NAND; advanced packaging to grow >40%
- Capital expenditure expected 4-5% of revenue; continue returning ≥85% of free cash flow to shareholders; tax rate expected low to mid-teens for 2026
Q&A themes
- WFE constraints from fab capacity limitations expected to continue into 2027 as new fab openings come online; management declined to quantify dollar impact but acknowledged constraints
- China WFE expected flattish year-over-year in 2026 (vs ~$110B industry total in 2025); China as percentage of total revenue expected to decline; affiliate rule timing impacts noted
- NAND upgrades expected to accelerate relative to Investor Day expectations; greenfield capacity additions likely 2027-2028 when clean room space becomes available; new AI inference use cases emerging for high-capacity SSDs
- Supply chain well-positioned without significant bottlenecks; global manufacturing footprint doubled over past 4 years; automated warehouses launched in 2025 to improve production efficiency; inventory build anticipated to support revenue growth
Risks
- Clean room space constraints expected to limit WFE growth in 2026 despite strong underlying demand; magnitude of constraint impact not quantified
- Gross margin expected to face headwinds from customer mix in March 2026 quarter; manufacturing scale-up and supply chain execution risks as company rapidly expands capacity
- China revenue uncertainty due to affiliate rule impacts and geopolitical factors; China expected flattish year-over-year while rest of business grows, creating denominator effect on China's percentage mix
FY2026 Q12025-10-22
Earnings calls
AI summary
positiveLam achieved record September quarter results with $5.3 billion revenue, 50.6% gross margin, and 35% operating margin, positioning the company for three consecutive $5+ billion revenue quarters in calendar 2025. The company faces approximately $200 million revenue impact in December from China's 50% affiliate rule, expecting ~$600 million impact in calendar 2026, while maintaining confidence in robust 2026 WFE growth driven by AI infrastructure, HBM, and foundry logic demand.
Key takeaways
- Record September quarter revenue of $5.3 billion with record gross margin of 50.6% and operating margin of 35%
- Expects $8 billion of WFE spending for every $100 billion in incremental data center investment; more than half driven by memory (HBM and enterprise SSDs)
- NAND upgrade business expected to remain strong into 2026 with $40 billion conversion TAM accelerating faster than originally anticipated due to higher bit demand
- China revenue expected to decline to less than 30% of total revenues in calendar 2026 due to $600 million impact from newly restricted entities, offset by stronger global multinationals
- Calendar 2025 WFE spending now expected to be slightly better than prior $105 billion view, with calendar 2026 shaping up as second-half weighted growth year
Financial highlights
- September 2025 revenue: $5.3 billion (record), up 3% sequentially; December 2025 guidance: $5.2 billion +/- $300 million
- September gross margin: 50.6% (record post-Novellus), December guidance: 48.5% +/- 1 percentage point
- September operating margin: 35% (record in dollars and percentage), December guidance: 33% +/- 1 percentage point
- September diluted EPS: $1.26; December guidance: $1.15 +/- $0.10 on 1.26 billion share count
Guidance
- December 2025 revenue guidance: $5.2 billion +/- $300 million with expectation of China revenue decline offset by stronger global multinationals
- December 2025 gross margin guidance: 48.5% +/- 1 percentage point; operating margin: 33% +/- 1 percentage point
- Calendar 2026 expected to be second-half weighted with first half flat to slightly up from second half 2025; China to represent less than 30% of revenues
- Expect approximately $600 million revenue impact in calendar 2026 from China affiliate restrictions; tariff headwinds expected to continue increasing slightly into December
Q&A themes
- AI infrastructure announcements creating future opportunity but near-term demand driven by NAND upgrades for enterprise SSDs and HBM production ramps rather than immediate capacity buildout
- NAND upgrade spending accelerating within the $40 billion TAM due to higher bit demand expectations; upgrades expected to remain dominant through 2026 with some concurrent capacity additions customer-by-customer
- Physical infrastructure and clean room space availability may limit pace of capacity additions more than equipment supply chain, though Lam's lead times generally align with facility construction timelines
- Lam's served available market as percentage of WFE growing from low 30s to high 30s at leading-edge nodes due to deposition and etch intensity in 3D NAND, gate-all-around, HBM, and advanced packaging
Risks
- China revenue headwind of approximately $600 million in calendar 2026 from newly enforced 50% affiliate rule restricting shipments to certain domestic Chinese customers; China expected to drop below 30% of total revenues
- Gross margin expected to face headwinds in 2026 from customer mix normalization as China mix declines and from continuing tariff impacts
- Physical infrastructure constraints and clean room space availability may limit pace of capacity buildout for customers, potentially affecting equipment demand realization timing despite strong announced data center investments
FY2025 Q42025-07-30
Earnings calls
AI summary
positiveLam Research exceeded guidance across revenue, gross margin, and EPS in the June 2025 quarter, achieving record profitability with 50.3% gross margin and $1.33 diluted EPS. The company raised calendar 2025 WFE guidance to approximately $105 billion, up from $100 billion, primarily due to increased China spending. Lam expects outperformance relative to WFE growth through 2026 driven by etch and deposition intensity expansion in gate-all-around, advanced packaging, HPM, and NAND layer conversions.
Key takeaways
- June quarter revenue of $5.17 billion (up 10% QoQ) with gross margin of 50.3%, near record levels post-Novellus merger
- Foundry systems revenue hit a second consecutive record at 52% of systems revenue; NAND upgrades drove record third consecutive quarter with mid-teens growth QoQ
- Company secured key wins for Halo ALD Moly tools in NAND and foundry/logic, with moly adoption expected to expand broadly as customers convert to 200+ layers
- Advanced packaging revenue tracked stronger than expected; Vantex NAND etch tool won key multigeneration decision; Akara conductor etch tool secured multiple new application wins at top DRAM maker
Financial highlights
- FY2025 record revenue of $18.4 billion with 48.8% gross margin and record free cash flow of $5.4 billion (29% of revenue)
- June quarter gross margin 50.3%, exceeding guided range; operating margin 34.4% at record dollar and percentage levels
- Deferred revenue increased $670 million sequentially to $2.68 billion, driven by customer advanced payments from new customers
- June quarter diluted EPS of $1.33 exceeded guidance high end; diluted share count 1.28 billion shares
Guidance
- September 2025 quarter revenue guidance of $5.2B ±$300M with gross margin of 50% ±1 percentage point and operating margin of 34% ±1 percentage point
- September 2025 quarter EPS guidance of $1.20 ±$0.10 based on share count of approximately 1.27 billion shares
- December 2025 quarter gross margin expected at approximately 48% (consensus level) with revenue expected to decline sequentially similar to March quarter level
- Calendar 2025 WFE spending expected at approximately $105 billion, with second half roughly flat with first half; 2026 WFE outlook too early to comment but company positioned to outperform
Q&A themes
- Moly adoption in gate-all-around logic expected to drive roughly 3x increase in metal deposition SAM per wafer; Lam is only company with ALD Moly tools in production for foundry/logic with key win at another leading foundry
- Advanced packaging complexity increasing (2.5D to 3D transition) requires approximately 30% more wafers for equivalent bits; HPM migration from 3E to 4E expected to sustain demand; SABRE 3D market share expected to grow nearly 5 points year-on-year in 2025
- NAND spending expected to require roughly $40 billion over several years for technology upgrades and conversions; multiple technology drivers including moly adoption, CBA (cell bonded to array), QLC, and layer count expansion through backside deposition and carbon gap fill
- China multinational customers grew more than 90% quarter-over-quarter in June; overall China expected to be roughly flat to slightly down as percentage of revenue for full year, with September up and December moderating
Risks
- Tariff headwinds increasing in December quarter relative to September; specific tariff impacts included in gross margin guidance but detailed breakdown not provided
- $700 million revenue impact from China regulatory restrictions remains in effect with no change in regulations; prevailing uncertainty around timing of customer projects limits 2026 visibility
- DRAM business historically lumpy with Reliant Systems down significantly this year and recovery timing uncertain; general macro and geopolitical uncertainty could impact customer spending timing and decision-making
Company news
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Company data
Company intelligence
Updated: Nov 15, 2026, 02:23 PM UTC
Company data
Company intelligence
Company profile
- Sector
- Technology
- Industry
- Semiconductors
- Chief executive
- Timothy Archer
- Employees
- 24,300
- IPO date
- May 4, 1984
- Country
- US
- Exchange
- NASDAQ Global Select
Altman Z-scorei18.29
Piotroski scorei7/9
Overall ratingiB+
Owner earningsi$3.58B$2.85 per share
ESG risk ratingiBIndustry rank: 15/29
Rating factors
- Return on equityi
- 5/5
- Return on assetsi
- 5/5
- Debt to equityi
- 3/5
- Price to earningsi
- 2/5
- Price to booki
- 1/5
Company press releases
Lam Research, LEGO® Education Partner to Expand Access to STEM Learning for Kids; Lam Named Founding Sponsor of LEGO® LeaguePRNewsWireLam Research Corporation Announces $25 Billion Share Repurchase Authorization and Declares Quarterly DividendPRNewsWireLam Research Corporation Reports Financial Results for the Quarter Ended September 27, 2026PRNewsWireLam Research Corporation Announces September Quarter Financial Conference CallPRNewsWireLam Research Announces Retirement of Michael R. Cannon and Sohail U.PRNewsWireLam Research Corporation Announces a 27% Increase in Quarterly DividendPRNewsWire
Congressional disclosures
Senate
Sheldon WhitehouseSale (Partial) · $1,001 - $15,000Disclosed: Sep 2, 2026Sheldon WhitehouseSale · $1,001 - $15,000Disclosed: Sep 2, 2026Alan ArmstrongPurchase · $1,001 - $15,000Disclosed: Jul 21, 2026John BoozmanSale (Partial) · $1,001 - $15,000Disclosed: Feb 15, 2026John BoozmanSale · $1,001 - $15,000Disclosed: Feb 15, 2026
House
David TaylorPurchase · $1,001 - $15,000Disclosed: Nov 13, 2026David TaylorPurchase · $1,001 - $15,000Disclosed: Oct 30, 2026David TaylorSale (Full) · $1,001 - $15,000Disclosed: Jun 15, 2026David J. TaylorSale (Full) · $1,001 - $15,000Disclosed: Jun 15, 2026David J. TaylorSale · $1,001 - $15,000Disclosed: Jun 15, 2026
Market cap history
$282.60B-32.3%Aug 2026 – Nov 2026
Latest: $282.60B · 2026-11-13High: $434.01B · 2026-10-05Low: $276.83B · 2026-11-09
Largest fund holders
| Fund | Weight | Shares held |
|---|---|---|
| VTI | 0.56% | 39.7M |
| VOO | 0.62% | 32.9M |
| QQQ | 1.28% | 26.6M |
| FXAIX | 0.62% | 22.6M |
| IVV | 0.43% | 16.8M |
| 1657.T | 0.33% | 16.8M |
| SPY | 0.43% | 15.3M |
| VUG | 1.11% | 13.2M |
| SMH | 3.81% | 10.5M |
| FSELX | 4.78% | 9.7M |
| XLK | 1.82% | 9.2M |
| VGT | 1.55% | 8.4M |
Analyst track record
How the analysts covering LRCX have done: ratings, price-target accuracy and the measured reaction after their calls.
| 12 months | 3 years | |
|---|---|---|
| Ratings | 186 | 488 |
| Analysts | 33 | 40 |
| Buy / hold / sell | 167 / 19 / 0 | 372 / 114 / 2 |
| Upgrades / downgrades / initiations | 4 / 1 / 2 | 13 / 7 / 11 |
| Price targets hit / missed | 17 / 156 (10%) | 297 / 156 (66%) |
| Avg. return after a rating (TipRanks) | -24.3% | +72.9% |
| Best / worst call | +48.0% / -66.6% | +259.7% / -66.6% |
After buy calls on this stock: median 21-day move +5.6% vs S&P 500 +2.8% (n = 367)
Most accurate on this stock
Share of an analyst's price targets on this stock that the price reached within 12 months (our measurement over the last 3 years, at least 8 targets). It describes past calls, not the odds of the current one.
- Atif MalikCiti100% hit rate on this stock · 18 targets measuredBuytarget $435Oct 22, 2026
- Stacy RasgonBernstein100% hit rate on this stock · 15 targets measuredBuytarget $350Nov 2, 2026
- Brian ChinStifel Nicolaus100% hit rate on this stock · 13 targets measuredBuytarget $425Oct 22, 2026
Latest ratings
| Date | Analyst | Call | Target | |
|---|---|---|---|---|
| Nov 9, 2026 | Vivek AryaBank of America SecuritiesNov 9, 2026 | BuyMaintained | –↗ | article ↗ |
| Nov 9, 2026 | Craig EllisB. Riley SecuritiesNov 9, 2026 | BuyMaintained | $310↗ | article ↗ |
| Nov 2, 2026 | Stacy RasgonBernsteinNov 2, 2026 | BuyMaintained | $350 | |
| Oct 25, 2026 | Stacy RasgonBernsteinOct 25, 2026 | BuyMaintained | $350↗ | article ↗ |
| Oct 23, 2026 | Ling Lee KengDBSOct 23, 2026 | BuyMaintained | $416↗ | article ↗ |
Share of analysts per call each month (latest call per analyst within 180 days). Targets and closes in USD.
TipRanks data · computed Nov 13, 2026 · 186 ratings
Frequently asked questions
Where can I trade LRCX perpetual futures?
Lam Research Corporation (LRCX) perpetual futures trade on 18 crypto venues, including Deepcoin, BingX, KuCoin. PerpEquities compares them by live price, funding rate, open interest and liquidity.
Can I trade LRCX around the clock?
Yes. Unlike the underlying stock, LRCX perpetuals trade 24/7 — including weekends and outside regular market hours.
What is the funding rate on LRCX perpetuals?
Right now the LRCX perp funding rate is 0.0% annualized (venue median), ranging from -69.1% to +11.0% across 18 venues. A positive rate means longs pay shorts. PerpEquities shows the live rate and its history for every venue.
How does the LRCX perp price compare to the Lam Research Corporation stock?
The venue-median LRCX perp mark is $221.4 versus a reference stock price of $221.6, a basis of -0.1%. Perps follow the stock through an index price; the gap widens when funding or liquidity diverge between venues.
What is a LRCX perpetual future?
A LRCX perpetual is a derivative that tracks the price of Lam Research Corporation with no expiry date. It lets you take long or short exposure to Lam Research Corporation on crypto venues, around the clock.
What is LRCXUSDT perpetual?
LRCXUSDT is the symbol most crypto exchanges use for the Lam Research Corporation perpetual settled in USDT (Tether). It tracks the LRCX share price through an index, trades 24/7 with leverage and never expires.
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