Companies /Technology

Lam Research Corp

NASDAQ: LRCX Semiconductor Equipment & Materials
$307.65
▲ $14.99 (+5.12%) today
Markets closed · 8:14pm ET

Q4 2025 Earnings

Reported Jul 30, 2025, 4:07pm ET · SEC source
$1.33
Beat +10.35%
EPS · est. $1.21
$5.2B
Beat +3.34%
Revenue · est. $5.0B
+1.0%
Beating market
LRCX vs S&P since report
6 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−12%−8%−4%0Jul 30Jul 31report 4:07pm ETearnings−1.0%−9.7%
−12%−8%−4%0Jul 30Jul 31earnings−1.0%−9.7%
LRCX −9.7%S&P 500 −1.0%
−12%−8%−4%0Jul 30Jul 31report 4:07pm ETearnings−1.5%−9.7%
−12%−8%−4%0Jul 30Jul 31earnings−1.5%−9.7%
LRCX −9.7%NASDAQ −1.5%
−9%−6%−3%0Jul 29Aug 7report 4:07pm ETearnings−0.7%−2.0%
−9%−6%−3%0Jul 29Aug 7earnings−0.7%−2.0%
LRCX −2.0%S&P 500 −0.7%
−9%−6%−3%0Jul 29Aug 7report 4:07pm ETearnings−0.5%−2.0%
−9%−6%−3%0Jul 29Aug 7earnings−0.5%−2.0%
LRCX −2.0%NASDAQ −0.5%
−4.29%
Day of report
+1.61%
Next session
+4.54%
One week
+2.31%
30 days

S&P 500 over the same 30 days: +1.30%.

Did LRCX Beat Earnings? Q4 2025 Results

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.

Key Takeaways
  • 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

Forward Guidance & Outlook

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

Q4 2025 vs Q4 2024 · SEC filings Q4 2024 Q4 2025
$0$2.0B$4.0B$3.9B$5.2BRevenue$1.8B$2.6BGross Profit$1.1B$1.7BOperating Income$1.0B$1.7BNet Income
$0$2.0B$4.0BRevenueGross ProfitOperating IncomeNet Income

LRCX Revenue by Segment

Systems$3.4B
Customer Support and Other$1.7B

LRCX Revenue by Geography

China$1.8B
South Korea$1.1B
Taiwan$982.6M
Japan$724.0M
Southeast Asia$103.4M
United States$310.3M
Europe$103.4M

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