Companies /Technology
Lam Research Corp
NASDAQ: LRCX Semiconductor Equipment & Materials
$200.44
▲ $15.24 (+8.23%) today
Markets closed · 5:53pm ET

Lam Research (LRCX) Q1 2027 Earnings

Reported Oct 21, 2026, 4:13pm ET · SEC source
$2.20
Beat +1.05%
EPS · est. $2.18 Adjusted
$8.2B
Beat +1.05%
Revenue · est. $8.1B
7 quarters
Consecutive EPS beats

How Did LRCX Stock React to Q1 2027 Earnings?

% change · around the report
−5%0+5%+10%Oct 21Oct 22report 4:13pm ETearnings−1.2%−5.4%
−5%0+5%+10%Oct 21Oct 22earnings−1.2%−5.4%
LRCX −5.4%S&P 500 −1.2%
−5%0+5%+10%Oct 21Oct 22report 4:13pm ETearnings−2.9%−5.4%
−5%0+5%+10%Oct 21Oct 22earnings−2.9%−5.4%
LRCX −5.4%NASDAQ −2.9%
−6%0+6%+12%Oct 20Oct 29report 4:13pm ETearnings−1.1%−0.4%
−6%0+6%+12%Oct 20Oct 29earnings−1.1%−0.4%
LRCX −0.4%S&P 500 −1.1%
−6%0+6%+12%Oct 20Oct 29report 4:13pm ETearnings−2.8%−0.4%
−6%0+6%+12%Oct 20Oct 29earnings−2.8%−0.4%
LRCX −0.4%NASDAQ −2.8%
−11.76%
Day of report
−0.02%
Next session
+10.53%
One week

Did LRCX Beat Earnings? Q1 2027 Results

Yes. Lam Research reported Q1 2027 earnings of $2.20 a share on Oct 21, 2026, beating the $2.18 consensus estimate by 1.1%. Revenue was $8.2B against a $8.1B estimate.

Lam Research posted a convincing beat across the board in its fiscal first quarter of 2027, extending its streak of consensus EPS beats to six consecutive quarters as AI-driven semiconductor demand continued to accelerate equipment spending. The company reported adjusted non-GAAP EPS of $2.20, edging past the $2.18 consensus estimate by 1.05%, while revenue of $8.22 billion topped expectations by the same margin and reflected a striking 54.4% increase from the year-ago quarter's $5.32 billion. The single most material driver was a surge in systems revenue to $5.73 billion, up sharply from $3.55 billion a year earlier, as chipmakers raced to expand capacity for increasingly complex device architectures fueled by AI infrastructure buildout, a trend evident across the broader semiconductor equipment landscape as new fabrication investments accelerate globally. Non-GAAP gross margin widened to 52.4% and operating cash flow reached $3.50 billion. Looking ahead, Lam guided December-quarter revenue of approximately $8.60 billion and non-GAAP EPS of $2.33, signaling continued confidence in sustained equipment demand through the near term.

Key Takeaways
  • AI-driven semiconductor demand driving higher equipment spending
  • Greater device complexity increasing deposition and etch intensity
  • Operational execution delivering margin expansion
  • Strong systems revenue growth driven by new leading-edge equipment demand

“With AI driving higher semiconductor demand and greater device complexity, our focus on operational execution helped Lam deliver record revenue, profit, and earnings per share in the September quarter.”

Lam Research CEO, on the earnings call

What Is Lam Research's Outlook?

For the quarter ending December 27, 2026, Lam Research guided revenue of approximately $8.60 billion plus or minus $400 million. GAAP gross margin is expected at 52.5% +/- 1%, GAAP operating margin at 40.5% +/- 1%, and GAAP diluted EPS of $2.33 +/- $0.15. Non-GAAP guidance is substantially similar: gross margin of 52.5% +/- 1%, operating margin of 40.5% +/- 1%, and non-GAAP diluted EPS of $2.33 +/- $0.15, with diluted share count of approximately 1.253 billion.

LRCX YoY Financials

Q1 2027 vs Q1 2026 · SEC filings Q1 2026 Q1 2027
$0$3.0B$6.0B$9.0B$5.3B$8.2BRevenue$2.7B$4.3BGross Profit$1.8B$3.3BOperating Income$1.6B$2.8BNet Income
$0$3.0B$6.0B$9.0BRevenueGross ProfitOperating IncomeNet Income
LRCX income statement, Q1 2027 versus Q1 2026
Metric Q1 2027 Q1 2026 Year over year
Revenue $8.2B $5.3B +54.4%
Gross Profit $4.3B $2.7B +60.1%
Operating Income $3.3B $1.8B +79.5%
Net Income $2.8B $1.6B +75.5%

LRCX Revenue by Segment

Systems$5.7B+61.6%
Customer Support and Other$2.5B+40.0%

LRCX Revenue by Geography

China$2.9B+25.7%
South Korea$1.6B+105.8%
Taiwan$1.5B+46.3%
Japan$739.7M+38.9%
United States$657.6M+105.8%
Southeast Asia$493.2M+85.3%
Europe$328.8M+208.8%

When Does Lam Research Report Next?

Expected report date

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