Companies /Technology

Lam Research Corp

NASDAQ: LRCX Semiconductor Equipment & Materials
$307.65
▲ $14.99 (+5.12%) today
Markets closed · 7:55pm ET

Q3 2025 Earnings

Reported Apr 23, 2025, 4:07pm ET · SEC source
$1.04
Beat +4.05%
EPS · est. $1.00
$4.7B
Beat +1.72%
Revenue · est. $4.6B
+10.3%
Beating market
LRCX vs S&P since report
6 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−6%−3%0Apr 23Apr 24report 4:07pm ETearnings+2.3%+1.1%
−6%−3%0Apr 23Apr 24earnings+2.3%+1.1%
LRCX +1.1%S&P 500 +2.3%
−6%−3%0+3%Apr 23Apr 24report 4:07pm ETearnings+3.3%+1.1%
−6%−3%0+3%Apr 23Apr 24earnings+3.3%+1.1%
LRCX +1.1%NASDAQ +3.3%
−8%−4%0+4%Apr 22May 1report 4:07pm ETearnings+3.7%+3.7%
−8%−4%0+4%Apr 22May 1earnings+3.7%+3.7%
LRCX +3.7%S&P 500 +3.7%
−5%0+5%Apr 22May 1report 4:07pm ETearnings+5.1%+3.7%
−5%0+5%Apr 22May 1earnings+5.1%+3.7%
LRCX +3.7%NASDAQ +5.1%
+6.25%
Day of report
+0.73%
Next session
+1.17%
One week
+18.39%
30 days

S&P 500 over the same 30 days: +8.13%.

Did LRCX Beat Earnings? Q3 2025 Results

Lam Research closed out its fiscal third quarter on a high note, posting revenue of $4.72 billion, a 24.4% year-over-year increase that cleared the $4.64 billion consensus estimate by 1.72%, while non-GAAP diluted EPS of $1.04 came in 4.05% above the $1.00 consensus. The primary engine behind the quarter's strength was a surge in systems revenue to $3.04 billion, reflecting intensifying demand for deposition and etch equipment as customers push deeper into advanced memory and foundry logic production. Gross margins reached 49.0% on both a GAAP and non-GAAP basis, with operating leverage driving meaningful sequential margin expansion across the board. The company, widely viewed as a compelling pick among <a href="https://247wallst.com/investing/2025/03/20/2-stellar-stock-split-stocks-you-should-be-buying-now/">leading semiconductor equipment stocks</a>, generated $1.31 billion in operating cash flow during the quarter. Looking ahead, Lam guided June quarter revenue to approximately $5.00 billion, with non-GAAP EPS of $1.20 and non-GAAP gross margin of 49.5%, signaling continued sequential acceleration despite acknowledged near-term tariff-related uncertainty.

Key Takeaways
  • Systems revenue growth of 16% sequentially driven by leading-edge equipment demand
  • Gross margin expansion of 160 bps QoQ to 49.0% reflecting favorable product mix
  • Increasing deposition and etch intensity in production of advanced semiconductors
  • Strong demand across major geographies including Korea, Taiwan, and China

“Lam's portfolio is the most compelling it's ever been, driving opportunities to expand our addressable market, gain share, and deliver innovative services as deposition and etch intensity increases in the production of advanced semiconductors.”

Lam Research CEO, on the earnings call

Forward Guidance & Outlook

For the quarter ending June 29, 2025, Lam Research guided revenue of approximately $5.00 billion +/- $300 million. U.S. GAAP gross margin is expected at 49.4% +/- 1%, with non-GAAP gross margin of 49.5% +/- 1%. U.S. GAAP operating income as a percentage of revenue is guided at 33.4% +/- 1%, and non-GAAP at 33.5% +/- 1%. Both GAAP and non-GAAP diluted EPS are guided at $1.20 +/- $0.10, based on a diluted share count of approximately 1.28 billion. The CEO noted the outlook remains strong even amid near-term tariff-related uncertainty, expressing high confidence in outperforming semiconductor industry growth in coming years.

LRCX YoY Financials

Q3 2025 vs Q3 2024 · SEC filings Q3 2024 Q3 2025
$0$2.0B$4.0B$3.8B$4.7BRevenue$1.8B$2.3BGross Profit$1.1B$1.6BOperating Income$965.8M$1.3BNet Income
$0$2.0B$4.0BRevenueGross ProfitOperating IncomeNet Income

LRCX Revenue by Segment

Systems$3.0B
Customer Support and Other$1.7B

LRCX Revenue by Geography

China$1.5B
South Korea$1.1B
Taiwan$1.1B
Japan$472.0M
Southeast Asia$188.8M
United States$188.8M
Europe$141.6M

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