Lam Research Corporation (LRCX) financials

NASDAQ · Technology · Semiconductors · 23,300 employees · CEO Timothy Archer

Price: $239.11 -6.01%
Market cap: $299B
Enterprise value: $296B
Last report: Q1 '27 filed 2026-10-22
Next report: 2027-01-27 EPS est. $2.34

Revenue (TTM)$26.1B+33.4% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)37.0%+3.9 pp vs a year agoOperating income $9.65B

Net income (TTM)$8.45B+45.4% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$6.54B+11.8% vs a year agoCapex $1.04B

Diluted EPS (TTM)$6.71+47.8% vs a year agoSum of the last 4 quarters

Net cash$3.7B+67.6% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $299B
Revenue: $26.1B
Revenue growth: +52%
Profit margin: 32.3%
P/E: 35.4×
P/S: 11.5×
EV / EBITDA: 29.0×
Free cash flow: $6.54B
Net income: $8.45B
Revenue estimate: $35.4B
Earnings: 2027-01-27
Dividend: $1.04

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-10-21): revenue beat by 1.0%, EPS beat by 0.9%Revenue $8.22B vs $8.14B expected (+1.0%); EPS $2.20 vs $2.18 (+0.9%).
Revenue growth accelerating: 54.4% year on yearQ1 '27 revenue $8.22B, against an average of 25.9% over the four quarters before.
Operating margin 37.0% (TTM), +3.9 pp on a year agoOperating income grew 49.3% while revenue grew 33.4%.
Capex 4.0% of revenue (a year ago 2.7%)$1.04B invested in the last 4 quarters (+94.3% on a year earlier). Free cash flow $6.54B = 77.4% of net income.
Returned $5.2B to shareholders = 79.6% of free cash flowBuybacks $3.9B (a year earlier $3.4B), dividends $1.3B, stock-based pay $404M (TTM).
Diluted share count down 1.1% in a year1.26B diluted shares in Q1 '27, 1.27B a year earlier.
Net cash $3.7BCash + short-term investments $7.44B, debt incl. leases $3.74B; a year ago net cash $2.21B.

Last quarter: Q1 '27

Quarter ended 2026-09-27. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q1 '27	Year ago	Change
Revenue	$8.22B	$5.32B	+54.4%
Gross margin	52.3%	50.4%	+1.9 pp
Operating income	$3.28B	$1.83B	+79.5%
Operating margin	40.0%	34.4%	+5.6 pp
Net income	$2.75B	$1.57B	+75.5%
Diluted EPS	$2.19	$1.24	+76.6%
Operating cash flow	$3.5B	$1.78B	+96.6%
Capex	$258M	$185M	+39.2%
Free cash flow	$3.24B	$1.59B	+103.3%
R&D	$666M	$576M	+15.6%
Stock-based compensation	$115M	$97.2M	+18.0%

Reported vs consensus

2026-10-21

	Actual	Consensus	vs consensus
Revenue	$8.22B	$8.14B	+1.0%
EPS (as estimated)	$2.20	$2.18	+0.9%

From the report of 2026-10-21 for Q1 '27: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q1 '27	y/y	Share	TTM	TTM y/y	12 quarters
System	$5.73B	+61.6%	69.7%	$17.1B	+35.0%
Customer Support and Other	$2.49B	+40.0%	30.3%	$9.06B	+30.4%

Revenue by region

share of total

Segment	Q1 '27	y/y	Share	TTM	TTM y/y
CHINA	$2.89B	+26.4%	37.5%	$8.46B	+22.1%
Taiwan, Province Of China	$1.48B	+44.3%	19.3%	$5.68B	+47.2%
Korea, Republic Of	$1.63B	+110.5%	21.3%	$5.36B	+29.5%
JAPAN	$722M	+36.3%	9.4%	$2.36B	+12.1%
United States	$663M	+117.6%	8.6%	$1.89B	+58.2%
Europe	$301M	+195.9%	3.9%	$898M	+92.4%

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $7.58B
Capex: -$1.04B
Buybacks: -$3.9B
Dividends: -$1.3B
Acquisitions: $0
Net debt issued: -$789M
Stock-based compensation: $404M
Free cash flow: $6.54B
Returned to shareholders / FCF: 79.6%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	35.4×	32.6×	13.7× – 71.0×
EV / EBITDA	29.0×	26.6×	11.3× – 59.1×
EV / Sales	11.3×	9.3×	3.7× – 22.1×
Price / FCF	45.8×	40.8×	18.0× – 105.4×
Price / Book	21.5×	18.1×	10.0× – 41.4×
FCF yield	2.2%	3.6%	0.9% – 5.6%
Return on invested capital	44.1%	33.8%	25.1% – 40.8%
Return on equity	71.7%	57.1%	44.8% – 73.4%

Analysts

Consensus target $375.94 (+57.2%)
range $290.00 – $500.00 · rating Buy

Strong buy0

Buy39

Hold10

Sell1

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2027	$35.4B	+52.2%	$9.66	+67.6%	24.8×	20
FY2028	$42.5B	+20.1%	$12.12	+25.6%	19.7×	18
FY2029	$48.9B	+15.1%	$14.45	+19.2%	16.5×	10
FY2030	$52.4B	+7.2%	$15.66	+8.3%	15.3×	6
FY2031	$60.3B	+15.0%	$18.67	+19.2%	12.8×	7

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 255 figures Lam Research Corporation tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
	–	–	–	-$1.24M	–	–
	–	–	–	0.0%	–	–
	–	–	–	$305M	–	–
	–	–	–	3.7%	–	–
	–	–	–	$1.13B	–	–
	–	–	–	$24.1M	–	–
Accounts Payable, Current	$1.59B	$863M	+84.5%	$1.3B	$854M	+52.5%
Accounts Receivable, after Allowance for Credit Loss, Current	$5.66B	$3.63B	+55.7%	$5.34B	$3.38B	+58.1%
Accounts Receivable, Allowance for Credit Loss, Current	$8.36M	$6.54M	+27.8%	$8.07M	$6.5M	+24.2%
Accrued Income Taxes, Noncurrent	$684M	$646M	+5.9%	$681M	$603M	+12.9%
Accrued Liabilities, Current	$3.29B	$2.44B	+34.5%	$2.35B	$2.39B	-1.8%
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$2.58B	–	–	$2.48B	$2.17B	+14.5%
Accumulated Other Comprehensive Income (Loss), Net of Tax	-$127M	-$73.6M	-73.0%	-$127M	-$62.4M	-103.6%
Additional Paid in Capital	$9.36B	$8.79B	+6.5%	$9.24B	$8.7B	+6.3%
Amortization of Debt Discount (Premium)	–	–	–	$2.57M	$2.99M	-13.8%
Amortization of Debt Issuance Costs	–	–	–	$1.35M	$1.51M	-10.8%
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	$115M	$97.2M	+18.0%	$386M	$343M	+12.5%
Assets	$26.4B	$21.9B	+20.3%	$23.5B	$21.3B	+10.2%
Assets, Current	$18.1B	$14.8B	+22.4%	$15.6B	$14.5B	+7.5%
Business Acquisition, Goodwill, Expected Tax Deductible Amount	$86.9M2026-06-28	$78.9M	+10.1%	$86.9M	$78.9M	+10.1%
Capital Expenditures Incurred but Not yet Paid	$142M	$95.7M	+48.3%	$120M	$80.8M	+48.0%
Cash and Cash Equivalents, at Carrying Value	$7.44B	$6.69B	+11.1%	$5.58B	$6.39B	-12.7%
Cash and Cash Equivalents, Fair Value Disclosure	$7.44B	$6.69B	+11.1%	$5.58B	$6.39B	-12.7%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$7.45B	$6.71B	+11.0%	$5.6B	$6.41B	-12.6%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	$1.85B	$304M	+509.1%	-$810M	$557M	-245.4%
Common Stock, Dividends, Per Share, Declared	$0.33	$0.26	+26.9%	$1.04	$0.92	+13.0%
Common Stock, Par or Stated Value Per Share	$0.00	$0.00	0.0%	$0.00	$0.00	0.0%
Common Stock, Shares Authorized	4B	4B	0.0%	4B	4B	0.0%
Common Stock, Shares, Issued	1.25B	1.26B	-0.8%	1.25B	1.27B	-1.4%
Common Stock, Shares, Outstanding	1.25B	1.26B	-0.8%	1.25B	1.27B	-1.4%
Common Stock, Value, Issued	$1.25M	$1.26M	-0.7%	$1.25M	$1.27M	-1.3%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$2.75B	$1.56B	+76.8%	$7.2B	$5.43B	+32.7%
Contract with Customer, Liability	$2.43B2026-06-28	$2.68B	-9.3%	$2.68B2025-06-29	$1.55B	+72.7%
Contract with Customer, Liability, Current	$2.43B	$2.65B	-8.2%	$2.28B	$2.57B	-11.2%
Contract with Customer, Liability, Revenue Recognized	$901M	$997M	-9.6%	$2.09B	$989M	+111.4%
Cost of Goods and Services Sold	–	–	–	$11.5B	$9.46B	+21.7%
Current Federal Tax Expense (Benefit)	–	–	–	$959M	$702M	+36.7%
Current Foreign Tax Expense (Benefit)	–	–	–	$298M	$238M	+25.1%
Current State and Local Tax Expense (Benefit)	–	–	–	$28.7M	$23M	+24.9%
Debt Instrument, Unamortized Discount	$23.9M2026-06-28	$26.4M	-9.7%	$23.9M	$26.4M	-9.7%
Deferred Compensation Arrangement with Individual, Recorded Liability	$499M2026-06-28	$424M	+17.6%	$499M	$424M	+17.6%
Deferred Compensation Liability, Current	$867M	$726M	+19.4%	$695M	$618M	+12.5%
Deferred Federal Income Tax Expense (Benefit)	–	–	–	-$270M	-$373M	+27.5%
Deferred Foreign Income Tax Expense (Benefit)	–	–	–	-$13M	-$2.91M	-346.9%
Deferred Income Tax Expense (Benefit)	-$55.3M	-$62.9M	+12.0%	-$289M	-$363M	+20.4%
Deferred State and Local Income Tax Expense (Benefit)	–	–	–	-$5.65M	$12.4M	-145.3%
Deferred Tax Assets, Goodwill and Intangible Assets	–	–	–	$4.83M2025-06-29	$4.91M	-1.6%
Deferred Tax Assets, Gross	$2.26B2026-06-28	$1.9B	+19.3%	$2.26B	$1.9B	+19.3%
Deferred Tax Assets, Inventory	–	–	–	$61.5M2025-06-29	$64.1M	-4.1%
Deferred Tax Assets, Investment in Subsidiaries	$1.25B2026-06-28	$1B	+24.7%	$1.25B	$1B	+24.7%
Deferred Tax Assets, Net	$1.56B2026-06-28	$1.28B	+22.6%	$1.56B	$1.28B	+22.6%
Deferred Tax Assets, Net of Valuation Allowance	$1.8B2026-06-28	$1.47B	+22.2%	$1.8B	$1.47B	+22.2%
Deferred Tax Assets, Other	$61M2026-06-28	$54.7M	+11.5%	$61M	$54.7M	+11.5%
Deferred Tax Assets, Tax Credit Carryforwards	$471M2026-06-28	$432M	+9.1%	$471M	$432M	+9.1%
Deferred Tax Assets, Tax Credit Carryforwards, Research	$127M2026-06-28	$96.6M	+31.4%	$127M	$96.6M	+31.4%
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost	–	–	–	$10.8M2025-06-29	$9.98M	+8.3%
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals	$282M2026-06-28	$260M	+8.2%	$282M	$260M	+8.2%
Deferred Tax Assets, Valuation Allowance	$464M2026-06-28	$424M	+9.4%	$464M	$424M	+9.4%
Deferred Tax Liabilities, Goodwill	–	–	–	$11.1M2025-06-29	$11.3M	-1.6%
Deferred Tax Liabilities, Gross	$236M2026-06-28	$197M	+19.4%	$236M	$197M	+19.4%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-27, 10-K 2026-06-28, 10-Q 2026-03-29, 10-Q 2025-12-28, 10-Q 2025-09-28, 10-K 2025-06-29, 10-Q 2025-03-30, 10-Q 2024-12-29, 10-Q 2024-09-29

Data as of 2026-11-01