Q3 26 EPS
$1.47
BEAT +7.87%
Est. $1.36
Q3 26 Revenue
$5.84B
BEAT +1.49%
Est. $5.76B
vs S&P Since Q3 26
+42.6%
BEATING MARKET
LRCX +49.2% vs S&P +6.5%
Market Reaction
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%… Read more 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
LRCX 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, source: SEC Filings
LRCX Revenue by Segment
With YoY comparisons, source: SEC Filings
LRCX Revenue by Geography
With YoY comparisons, source: SEC Filings
“Lam delivered record revenue and EPS in the March quarter as AI-driven demand reshapes the semiconductor industry.”
— Tim Archer, Q3 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% |