Companies /Technology

Lam Research Corp

NASDAQ: LRCX Semiconductor Equipment & Materials
$307.65
▲ $14.99 (+5.12%) today
Markets closed · 7:37pm ET

Q2 2026 Earnings

Reported Jan 28, 2026, 4:06pm ET · SEC source
$1.27
Beat +8.70%
EPS · est. $1.17
$5.3B
Beat +2.01%
Revenue · est. $5.2B
−10.5%
Trailing market
LRCX vs S&P since report
6 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
0+3%+6%Jan 28Jan 29report 4:06pm ETearnings−0.4%+1.6%
0+3%+6%Jan 28Jan 29earnings−0.4%+1.6%
LRCX +1.6%S&P 500 −0.4%
0+3%+6%Jan 28Jan 29report 4:06pm ETearnings−0.8%+1.6%
0+3%+6%Jan 28Jan 29earnings−0.8%+1.6%
LRCX +1.6%NASDAQ −0.8%
−12%−6%0+6%Jan 27Feb 5report 4:06pm ETearnings−3.2%−13.4%
−12%−6%0+6%Jan 27Feb 5earnings−3.2%−13.4%
LRCX −13.4%S&P 500 −3.2%
−12%−6%0+6%Jan 27Feb 5report 4:06pm ETearnings−7.0%−13.4%
−12%−6%0+6%Jan 27Feb 5earnings−7.0%−13.4%
LRCX −13.4%NASDAQ −7.0%
+3.59%
Day of report
−5.93%
Next session
−14.05%
One week
−12.45%
30 days

S&P 500 over the same 30 days: −1.98%.

Did LRCX Beat Earnings? Q2 2026 Results

Lam Research closed out what it called a record fiscal year with a strong December 2025 quarter, posting non-GAAP diluted EPS of $1.27 against a consensus estimate of $1.17, a beat of 8.70%, while revenue of $5.34 billion topped the $5.24 billion estimate and grew 22.1% year-over-year from $4.38 billion. <a href="https://247wallst.com/investing/2026/01/28/lam-research-earnings-preview-what-to-watch-when-lrcx-reports-after-the-bell/">Heading into the print</a>, the key question was whether AI-driven semiconductor investment could sustain elevated demand for wafer fabrication equipment, and the answer was firmly yes, with accelerating capital spending from chipmakers fueling broad-based system and customer support revenue growth across major geographies. China remained the largest revenue source at 35% of total revenue, while Taiwan and Korea each contributed 20%. Gross margin held near 49.6% despite modest sequential compression from product mix shifts. Looking ahead, Lam guided March 2026 quarter revenue to approximately $5.70 billion and non-GAAP EPS of approximately $1.35, signaling continued sequential momentum as CEO Tim Archer pointed to AI infrastructure buildout as a sustained multi-year growth catalyst.

Key Takeaways
  • AI-driven semiconductor demand acceleration
  • Strong growth in customer support-related revenue
  • Expanding product and services portfolio enabling transition to smaller, more complex 3D devices and advanced packaging
  • Year-over-year systems revenue growth from $2.63 billion to $3.36 billion

“Lam delivered another strong quarter to cap a record year. Entering 2026, our expanding product and services portfolio is enabling the market's transition to smaller, more complex three-dimensional devices and packages. With AI accelerating, we are ramping execution velocity across the company to support our customers' growth and realize our vision for multi-year outperformance”

Lam Research CEO, on the earnings call

Forward Guidance & Outlook

For the quarter ending March 29, 2026, Lam Research guided revenue of approximately $5.70 billion, plus or minus $300 million. GAAP gross margin is expected at approximately 49.0% (+/- 1%), operating income at approximately 33.9% (+/- 1%) of revenue, and GAAP diluted EPS of approximately $1.35 (+/- $0.10). Non-GAAP guidance is largely in line: gross margin of approximately 49.0% (+/- 1%), operating income of approximately 34.0% (+/- 1%) of revenue, and non-GAAP diluted EPS of approximately $1.35 (+/- $0.10), based on a diluted share count of approximately 1.26 billion.

LRCX YoY Financials

Q2 2026 vs Q2 2025 · SEC filings Q2 2025 Q2 2026
$0$2.0B$4.0B$4.4B$5.3BRevenue$2.1B$2.7BGross Profit$1.3B$1.8BOperating Income$1.2B$1.6BNet Income
$0$2.0B$4.0BRevenueGross ProfitOperating IncomeNet Income

LRCX Revenue by Segment

Systems$3.4B
Customer Support and Other$2.0B

LRCX Revenue by Geography

China$1.9B
South Korea$1.1B
Taiwan$1.1B
Japan$534.5M
Southeast Asia$427.6M
United States$267.2M
Europe$106.9M

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