Companies /Technology
Lam Research Corp
NASDAQ: LRCX Semiconductor Equipment & Materials
$263.94
▼ $13.52 (−4.87%) today
Markets closed · 6:11pm ET

Lam Research (LRCX) Q3 2026 Earnings

Reported Apr 22, 2026, 4:09pm ET · SEC source
$1.47
Beat +7.87%
EPS · est. $1.36
$5.8B
Beat +1.49%
Revenue · est. $5.8B
+18.9%
Beating market
LRCX vs S&P since report
6 quarters
Consecutive EPS beats

How Did LRCX Stock React to Q3 2026 Earnings?

% change · around the report
−6%−3%0Apr 22Apr 23report 4:09pm ETearnings−0.2%−5.5%
−6%−3%0Apr 22Apr 23earnings−0.2%−5.5%
LRCX −5.5%S&P 500 −0.2%
−6%−3%0Apr 22Apr 23report 4:09pm ETearnings−0.1%−5.5%
−6%−3%0Apr 22Apr 23earnings−0.1%−5.5%
LRCX −5.5%NASDAQ −0.1%
−8%−4%0Apr 21Apr 30report 4:09pm ETearnings+1.3%−6.4%
−8%−4%0Apr 21Apr 30earnings+1.3%−6.4%
LRCX −6.4%S&P 500 +1.3%
−8%−4%0Apr 21Apr 30report 4:09pm ETearnings+2.0%−6.4%
−8%−4%0Apr 21Apr 30earnings+2.0%−6.4%
LRCX −6.4%NASDAQ +2.0%
−2.63%
Day of report
+3.57%
Next session
−0.27%
One week
+24.80%
30 days

S&P 500 over the same 30 days: +5.95%.

Did LRCX Beat Earnings? Q3 2026 Results

Yes. Lam Research reported Q3 2026 earnings of $1.47 a share on Apr 22, 2026, beating the $1.36 consensus estimate by 7.9%. Revenue was $5.8B against a $5.8B estimate.

Lam Research delivered a strong fiscal third quarter, posting non-GAAP earnings of $1.47 per diluted share on revenue of $5.84 billion, beating the Wall Street consensus of $1.36 on EPS by 7.83% and topping revenue estimates of $5.76 billion by 1.46%, extending the company's streak of consensus EPS beats to four consecutive quarters. Revenue climbed 23.8% year over year, with management attributing the outperformance primarily to AI-driven demand reshaping semiconductor equipment spending, a tailwind that helped push systems revenue to $3.73 billion for the period. Operating margin expanded to 35.0% from 33.9% in the prior quarter as revenue scaled faster than operating expenses, while gross margin held steady near 49.9% non-GAAP. Looking ahead, Lam guided June quarter revenue to approximately $6.60 billion and non-GAAP EPS of $1.65, implying continued sequential acceleration, though the company flagged tariffs, export controls, and geopolitical tensions as risks that could weigh on future results.

Key Takeaways
  • AI-driven demand reshaping the semiconductor industry
  • Strong sequential revenue growth of 9% quarter-over-quarter
  • Systems revenue grew to $3.73 billion from $3.36 billion in the prior quarter
  • Customer support-related revenue increased to $2.11 billion from $1.99 billion in the prior quarter
  • Operating margin expanded to 35.0% from 33.9% GAAP and 34.3% non-GAAP sequentially

“Lam delivered record revenue and EPS in the March quarter as AI-driven demand reshapes the semiconductor industry.”

Lam Research CEO, on the earnings call

What Was Lam Research's Outlook in Q3 2026?

For the quarter ending June 28, 2026, Lam Research guided revenue of approximately $6.60 billion, plus or minus $400 million. GAAP and non-GAAP gross margin is expected at 50.5%, plus or minus 1%. GAAP and non-GAAP operating margin is guided at 36.5%, plus or minus 1%. Both GAAP and non-GAAP net income per diluted share are expected at $1.65, plus or minus $0.15, based on a diluted share count of approximately 1.255 billion.

LRCX YoY Financials

Q3 2026 vs Q3 2025 · SEC filings Q3 2025 Q3 2026
$0$2.0B$4.0B$6.0B$4.7B$5.8BRevenue$2.3B$2.9BGross Profit$1.6B$2.0BOperating Income$1.3B$1.8BNet Income
$0$2.0B$4.0B$6.0BRevenueGross ProfitOperating IncomeNet Income
LRCX income statement, Q3 2026 versus Q3 2025
Metric Q3 2026 Q3 2025 Year over year
Revenue $5.8B $4.7B +23.8%
Gross Profit $2.9B $2.3B +25.8%
Operating Income $2.0B $1.6B +31.1%
Net Income $1.8B $1.3B +37.2%

LRCX Revenue by Segment

Systems$3.7B+22.9%
Customer Support and Other$2.1B+25.3%

LRCX Revenue by Geography

China$2.0B+35.7%
South Korea$1.3B+18.6%
Taiwan$1.3B+18.6%
Japan$467.3M−1.0%
Southeast Asia$233.7M+23.8%
United States$350.5M+85.6%
Europe$116.8M−17.5%

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