Companies /Technology

Lam Research Corp

NASDAQ: LRCX Semiconductor Equipment & Materials
$307.65
▲ $14.99 (+5.12%) today
Markets closed · 5:13pm ET

Q1 2026 Earnings

Reported Oct 22, 2025, 4:08pm ET · SEC source
$1.26
Beat +3.27%
EPS · est. $1.22
$5.3B
Beat +1.79%
Revenue · est. $5.2B
+2.4%
Beating market
LRCX vs S&P since report
6 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−6%−3%0Oct 22Oct 23report 4:08pm ETearnings+0.6%+0.6%
−6%−3%0Oct 22Oct 23earnings+0.6%+0.6%
LRCX +0.6%S&P 500 +0.6%
−6%−3%0Oct 22Oct 23report 4:08pm ETearnings+0.9%+0.4%
−6%−3%0Oct 22Oct 23earnings+0.9%+0.4%
LRCX +0.4%NASDAQ +0.9%
−6%0+6%+12%Oct 21Oct 30report 4:08pm ETearnings+2.4%+11.7%
−6%0+6%+12%Oct 21Oct 30earnings+2.4%+11.7%
LRCX +11.7%S&P 500 +2.4%
−6%0+6%+12%Oct 21Oct 30report 4:08pm ETearnings+4.5%+11.7%
−6%0+6%+12%Oct 21Oct 30earnings+4.5%+11.7%
LRCX +11.7%NASDAQ +4.5%
+4.45%
Day of report
+2.81%
Next session
+9.13%
One week
+1.92%
30 days

S&P 500 over the same 30 days: −0.45%.

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% 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

“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.”

Lam Research CEO, on the earnings call

Forward Guidance & Outlook

For the quarter ending December 28, 2025, Lam Research guided revenue of $5.20 billion plus or minus $300 million. GAAP gross margin is expected to be 48.4% plus or minus 1%, with GAAP operating income as a percentage of revenue at 32.9% plus or minus 1%. GAAP diluted EPS is guided at $1.15 plus or minus $0.10. Non-GAAP gross margin is guided at 48.5% plus or minus 1%, non-GAAP operating income at 33.0% plus or minus 1%, and non-GAAP diluted EPS at $1.15 plus or minus $0.10 on a diluted share count of approximately 1.26 billion.

LRCX YoY Financials

Q1 2026 vs Q1 2025 · SEC filings Q1 2025 Q1 2026
$0$2.0B$4.0B$4.2B$5.3BRevenue$2.0B$2.7BGross Profit$1.3B$1.8BOperating Income$1.1B$1.6BNet Income
$0$2.0B$4.0BRevenueGross ProfitOperating IncomeNet Income

LRCX Revenue by Segment

Systems$3.5B
Customer Support and Other$1.8B

LRCX Revenue by Geography

China$2.3B
South Korea$798.6M
Taiwan$1.0B
Japan$532.4M
Southeast Asia$266.2M
United States$319.5M
Europe$106.5M

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