Companies /Technology

Lam Research Corp

NASDAQ: LRCX Semiconductor Equipment & Materials

Q4 2026 Earnings

Reported Jul 29, 2026, 4:07pm ET · SEC source
$1.82
Beat +8.10%
EPS · est. $1.68
$6.7B
Beat +0.76%
Revenue · est. $6.7B
−2.2%
Trailing market
LRCX vs S&P since report
6 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−7%0+7%+14%Jul 29Jul 30report 4:07pm ETearnings+2.1%+13.5%
−7%0+7%+14%Jul 29Jul 30earnings+2.1%+13.5%
LRCX +13.5%S&P 500 +2.1%
−7%0+7%+14%Jul 29Jul 30report 4:07pm ETearnings+4.2%+13.5%
−7%0+7%+14%Jul 29Jul 30earnings+4.2%+13.5%
LRCX +13.5%NASDAQ +4.2%
−8%0+8%+16%Jul 28Aug 6report 4:07pm ETearnings+5.5%+14.1%
−8%0+8%+16%Jul 28Aug 6earnings+5.5%+14.1%
LRCX +14.1%S&P 500 +5.5%
−8%0+8%+16%Jul 28Aug 6report 4:07pm ETearnings+8.4%+14.1%
−8%0+8%+16%Jul 28Aug 6earnings+8.4%+14.1%
LRCX +14.1%NASDAQ +8.4%
+17.98%
Day of report
−1.58%
Next session
+2.70%
One week
+1.27%
30 days

S&P 500 over the same 30 days: +3.42%.

Did LRCX Beat Earnings? Q4 2026 Results

Lam Research delivered a strong fiscal fourth quarter, posting non-GAAP diluted EPS of $1.82 against a consensus estimate of $1.68, an 8.10% beat that extended the company's streak of topping Wall Street expectations to five consecutive quarters. Revenue of $6.72 billion edged past the $6.67 billion consensus by 0.76% and climbed 30.0% year over year, reflecting the accelerating AI-driven demand that CEO Tim Archer described as fundamentally reshaping the semiconductor equipment landscape. Systems revenue of $4.25 billion, up from $3.44 billion a year ago, served as the primary engine behind the quarter's momentum, while gross margin expanded 190 basis points sequentially to 51.7% on a GAAP basis. With peers in the semiconductor equipment space navigating cautious investor sentiment around hyperscaler spending and export controls, Lam's broad geographic diversification and technology positioning helped underpin the results. Looking ahead, the company guided September quarter revenue to approximately $8.10 billion, plus or minus $400 million, with non-GAAP EPS of roughly $2.15, signaling continued acceleration into the back half of calendar 2026.

Key Takeaways
  • AI-driven demand reshaping the semiconductor industry
  • Rising manufacturing complexity driving equipment needs
  • Strategic investments and technology leadership
  • Strong systems revenue growth across deposition, etch and other wafer fabrication markets
  • Customer support and spares revenue growth

“Lam delivered record revenue, operating margin and earnings per share in the June quarter as AI-driven demand continues to reshape the semiconductor industry.”

Lam Research CEO, on the earnings call

Forward Guidance & Outlook

For the September 2026 quarter, Lam guided revenue of approximately $8.10 billion, plus or minus $400 million. GAAP gross margin is expected at 52.0% +/- 1%, with non-GAAP gross margin also at 52.0% +/- 1%. GAAP and non-GAAP operating margin are both guided at 39.5% +/- 1%. GAAP and non-GAAP net income per diluted share are both expected at approximately $2.15, plus or minus $0.15. Diluted share count is expected at approximately 1.255 billion. CEO Tim Archer indicated Lam is positioning for a third consecutive year of outperformance in 2026 as AI-driven demand continues to reshape the semiconductor industry.

LRCX YoY Financials

Q4 2026 vs Q4 2025 · SEC filings Q4 2025 Q4 2026
$0$2.0B$4.0B$6.0B$5.2B$6.7BRevenue$2.6B$3.5BGross Profit$1.7B$2.5BOperating Income$1.7B$2.3BNet Income
$0$2.0B$4.0B$6.0BRevenueGross ProfitOperating IncomeNet Income

LRCX Revenue by Segment

Systems$4.2B+23.6%
Customer Support and Other$2.5B+42.6%

LRCX Revenue by Geography

China
South Korea
Taiwan
Japan
Southeast Asia
United States
Europe

Figures from SEC filings and company reports. Not investment advice.