Lam Research (LRCX) Q4 2025 Earnings
How Did LRCX Stock React to Q4 2025 Earnings?
S&P 500 over the same 30 days: +1.30%.
Did LRCX Beat Earnings? Q4 2025 Results
Yes. Lam Research reported Q4 2025 earnings of $1.33 a share on Jul 30, 2025, beating the $1.21 consensus estimate by 10.3%. Revenue was $5.2B against a $5.0B estimate.
Lam Research closed out fiscal 2025 on a high note, posting a record quarter that cleared Wall Street's bar on both the top and bottom lines. The semiconductor equipment maker reported Q4 fiscal 2025 revenue of $5.17 billion, up 33.6% year over year and ahead of the $5.01 billion consensus, while non-GAAP diluted EPS of $1.33 topped the $1.21 estimate by 9.92%, with <a href="https://247wallst.com/investing/2025/07/30/live-analysis-lam-research-lrcx-earnings-drop-after-the-bell/">investors tracking the results closely</a> after the bell. The primary engine behind the outperformance was a sharp surge in systems revenue, which climbed to $3.44 billion from $2.17 billion a year ago, reflecting intensifying demand for deposition and etch equipment tied to AI-driven semiconductor investment. Non-GAAP gross margin expanded to 50.3%, up 130 basis points sequentially, underscoring meaningful operating leverage as volumes scaled. Looking ahead, Lam guided Q1 fiscal 2026 revenue to approximately $5.20 billion with non-GAAP EPS of roughly $1.20, signaling steady momentum even as peers flag near-term demand digestion risks in key markets.
- Strong systems revenue growth driven by leading-edge equipment demand
- Gross margin expansion to 50.1% GAAP and 50.3% non-GAAP
- Intensifying criticality of deposition and etch technologies in the AI era
- Record EPS driven by revenue growth and operational leverage
- Significant increase in deferred revenue to $2.68 billion signaling strong demand pipeline
“Lam delivered another solid quarter, highlighted by strong gross margins and record EPS.”
Lam Research CEO, on the earnings call
What Was Lam Research's Outlook in Q4 2025?
For the quarter ending September 28, 2025 (Q1 FY2026), Lam Research guided: Revenue of approximately $5.20 billion (+/- $300 million); GAAP gross margin of approximately 49.9% (+/- 1%); Non-GAAP gross margin of approximately 50.0% (+/- 1%); GAAP operating income as a percentage of revenue of approximately 33.9% (+/- 1%); Non-GAAP operating income as a percentage of revenue of approximately 34.0% (+/- 1%); GAAP net income per diluted share of approximately $1.20 (+/- $0.10); Non-GAAP net income per diluted share of approximately $1.20 (+/- $0.10); Diluted share count of approximately 1.27 billion.
LRCX YoY Financials
| Metric | Q4 2025 | Q4 2024 | Year over year |
|---|---|---|---|
| Revenue | $5.2B | $3.9B | +33.6% |
| Gross Profit | $2.6B | $1.8B | +40.7% |
| Operating Income | $1.7B | $1.1B | +54.6% |
| Net Income | $1.7B | $1.0B | +68.6% |
LRCX Revenue by Segment
LRCX Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.