Q1 26 EPS
$1.26
BEAT +3.27%
Est. $1.22
Q1 26 Revenue
$5.32B
BEAT +1.79%
Est. $5.23B
vs S&P Since Q1 26
+165.2%
BEATING MARKET
LRCX +177.6% vs S&P +12.4%
Market Reaction
Did LRCX Beat Earnings? Q1 2026 Results
Lam Research delivered a clean beat across the board in fiscal Q1 2026, with AI-driven demand for semiconductor manufacturing equipment powering results well ahead of Wall Street expectations. The company posted revenue of $5.32 billion, a 27.7% incr… Read more Lam Research delivered a clean beat across the board in fiscal Q1 2026, with AI-driven demand for semiconductor manufacturing equipment powering results well ahead of Wall Street expectations. The company posted revenue of $5.32 billion, a 27.7% increase from the year-ago quarter and a 1.79% beat against the $5.23 billion consensus, while non-GAAP diluted EPS of $1.26 cleared the $1.22 estimate by 3.27%. The standout driver was systems revenue, which surged to $3.55 billion from $2.39 billion a year earlier, reflecting accelerating capital investment in AI infrastructure across Lam's key customer base. Gross margins also improved modestly, with non-GAAP gross margin reaching 50.6% for the quarter. Shares reached all-time highs following the print, reflecting investor confidence in the company's positioning across major semiconductor inflections. Looking ahead, Lam guided fiscal Q2 revenue to $5.20 billion, plus or minus $300 million, with non-GAAP EPS of $1.15, implying some sequential moderation as gross margins step down to approximately 48.5%.
Key Takeaways
- • Strong systems revenue growth driven by AI-driven semiconductor manufacturing demand
- • Gross margin expansion to 50.4% GAAP and 50.6% non-GAAP
- • China representing 43% of total revenue
- • Revenue growth of 3% sequentially and approximately 28% year-over-year
LRCX YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
LRCX Revenue by Segment
With YoY comparisons, source: SEC Filings
LRCX Revenue by Geography
With YoY comparisons, source: SEC Filings
“Lam's innovations are helping our customers address major AI-driven semiconductor manufacturing inflections. We are executing well in an environment of tremendous opportunity, and with our expanding portfolio of products and solutions across critical device segments, we are strongly positioned for continued growth.”
— Tim Archer, Q1 2026 Earnings Press Release
LRCX Earnings Trends
LRCX vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
LRCX EPS Trend
Earnings per share: estimate vs actual
LRCX Revenue Trend
Quarterly revenue: estimate vs actual
LRCX Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q3 26 BEAT | $1.36 | $1.47 | +7.87% | $5.84B | +1.49% |
| Q2 26 BEAT | $1.17 | $1.27 | +8.70% | $5.34B | +2.01% |
| Q1 26 BEAT | $1.22 | $1.26 | +3.27% | $5.32B | +1.79% |
| Q4 25 BEAT FY | $1.21 | $1.33 | +10.35% | $5.17B | +3.34% |
| FY Full Year | $4.02 | $4.15 | +3.29% | $18.44B | +0.87% |
| Q3 25 BEAT | $1.00 | $1.04 | +4.05% | $4.72B | +1.72% |