Companies /Technology

Lam Research Corp

NASDAQ: LRCX Semiconductor Equipment & Materials
$307.65
▲ $14.99 (+5.12%) today
Markets closed · 9:16pm ET

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

Market Reaction

% 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

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

Forward Guidance & Outlook

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 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.