Lam Research (LRCX)

Lam Research (LRCX) is a leader in the etch and deposition equipment that builds the vertical structures of 3D NAND, DRAM, and gate-all-around logic. Its tool intensity rises with every added memory layer, giving it high leverage to the AI memory build-out. Fiscal Q3 2026 revenue rose 24% to a record $5.84 billion.

TickerLRCX
ExchangeNASDAQ
SectorInformation Technology · Semiconductor Equipment (Etch & Deposition)
CountryUnited States
WikidataQ1342041
Last updated2026-07-05
Financial snapshot as of 2026-07-05

Next event: Next earnings · fiscal Q4 and full-year 2026 , estimated · Calendar-estimated: Lam reports fiscal Q4 and full-year results in late July (FY2025 Q4 was July 30, 2025); not company-confirmed as of the April 22, 2026 release. Confirm on investor.lamresearch.com. (source)

Latest reported quarter: Fiscal Q3 2026 (ended Mar 29, 2026) (reported 2026-04-22)

Lam reported record fiscal Q3 2026 revenue of $5.84 billion, up 24% year over year and 9% sequentially, with GAAP diluted EPS of $1.45, non-GAAP EPS of $1.47, and a 49.8% GAAP gross margin. Systems revenue was $3.73 billion and the customer-support business topped $2 billion for the first time. By region, China was 34% of revenue, Korea 23%, and Taiwan 23%.

Revenue (Q3 FY2026) $5.84B +24% YoY · +9% QoQ; record
Non-GAAP EPS $1.47 · GAAP $1.45
GAAP gross margin 49.8% · Non-GAAP 49.9%; operating margin 35.0%
China share of revenue 34% · Korea 23%, Taiwan 23%

Primary source

Revenue by segment

Systems $3,730.6M · 63.9% of revenue
Customer support-related revenue & other $2,110.9M · 36.1% of revenue

Guidance: Fiscal Q4 2026

Revenue$6.60B ± $400M
Gross margin50.5% ± 1pt
Diluted EPS$1.65 ± $0.15 · GAAP and non-GAAP

Outlook given with the fiscal Q3 2026 results on April 22, 2026.

Guidance source

Recent & upcoming events

  • · Record fiscal Q3 2026; first $2B services quarter. Revenue of $5.84 billion (up 24%) with the customer-support business above $2 billion for the first time; Lam guided fiscal Q4 revenue to $6.60 billion and raised its 2026 WFE market view toward $140 billion. (source)

Fiscal Q3 2026 figures are from Lam's SEC 8-K Exhibit 99.1 (quarter ended March 29, 2026); its fiscal year ends in late June. Segment shares are calculated from reported revenue. Lam does not disclose a memory-vs-logic revenue split.

Figures are as of 2026-07-05 and reflect the most recent public filings/IR releases; they are updated after each earnings report.

What does Lam Research do?

Lam builds wafer-fabrication equipment, and it concentrates on two process steps: plasma etch, which carves microscopic features into the wafer, and thin-film deposition, which lays down the ultra-thin layers those features are cut from. Those two steps do the heavy lifting in vertical device structures, which is why Lam is central to 3D NAND stacking, DRAM scaling, gate-all-around logic, and advanced packaging. The business splits into Systems, the tools themselves, which were $3.73 billion in fiscal Q3 2026, and a customer-support business of spares, upgrades, and services on the installed base, which topped $2 billion for the first time (Lam 8-K, Apr 22, 2026). Alongside Applied Materials and Tokyo Electron, Lam holds a leading position in etch and deposition.

How is AI driving Lam’s business?

Through the physics of stacking. Every added 3D NAND layer, every DRAM shrink, and every move to gate-all-around logic multiplies the number of etch and deposition steps per wafer, so Lam’s equipment content rises even when wafer counts do not. AI has turned that structural tailwind into a capex surge, and management raised its 2026 view of the wafer-fab-equipment market toward $140 billion. Revenue grew 24% year over year to a record $5.84 billion, with the customer-support business crossing $2 billion for the first time (Lam 8-K, Apr 22, 2026). President and CEO Tim Archer framed the quarter around AI:

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

— Tim Archer, President and CEO, Lam Research (Lam, Apr 22, 2026)

What did Lam report most recently?

In fiscal Q3 2026 (the quarter ended March 29, 2026), revenue was a record $5.84 billion, up 24% year over year and 9% sequentially (Lam 8-K, Apr 22, 2026). GAAP diluted EPS was $1.45 and non-GAAP EPS $1.47, with a GAAP gross margin of 49.8% and a 35.0% operating margin. Systems revenue was $3.73 billion and the customer-support business was $2.11 billion. Lam’s demand is geographically concentrated: China was 34% of revenue, Korea 23%, and Taiwan 23%, a mix that reflects where memory and leading-edge capacity is being added.

What is Lam’s guidance?

For fiscal Q4 2026, Lam guided revenue to $6.60 billion plus or minus $400 million, a gross margin of 50.5% plus or minus 1 point, and diluted EPS of $1.65 plus or minus $0.15 (Lam 8-K, Apr 22, 2026). That would be another sequential record, and it rests on the roughly $140 billion wafer-fab-equipment market management now expects for 2026.

What are the risks for Lam?

  • China and export controls. China was 34% of fiscal Q3 2026 revenue, and US restrictions on advanced-node equipment sales, or further curbs, are a concentrated demand and policy risk.
  • Memory cyclicality. Lam’s outsized NAND and DRAM exposure means its revenue swings with memory-maker capex; a downturn in memory pricing or utilization compresses equipment spending quickly.
  • Customer and timing concentration. A small number of large memory and foundry customers drive orders, so a single capex deferral, or the AI pull-forward normalizing, can move results materially.

Related securities, concepts & terms

Lam is the etch-and-deposition layer of the silicon supply chain concept, alongside Applied Materials, Tokyo Electron, and process-control leader KLA.

Frequently asked questions about Lam Research

What does Lam Research do?

Lam makes wafer-fabrication equipment, and it leads in plasma etch and thin-film deposition, the process steps that build the vertical structures of 3D NAND, DRAM, and gate-all-around logic. Its Systems business was $3.73 billion and its customer-support business topped $2 billion for the first time in fiscal Q3 2026 (Lam 8-K, Apr 22, 2026).

What was Lam's latest quarterly revenue?

Fiscal Q3 2026 revenue (quarter ended March 29, 2026) was a record $5.84 billion, up 24% year over year and 9% sequentially, with GAAP EPS of $1.45, non-GAAP EPS of $1.47, and a 49.8% GAAP gross margin (Lam 8-K, Apr 22, 2026). By region, China was 34% of revenue, Korea 23%, and Taiwan 23%.

What is Lam's guidance?

For fiscal Q4 2026, Lam guided revenue to $6.60 billion plus or minus $400 million, a gross margin of 50.5% plus or minus 1 point, and diluted EPS of $1.65 plus or minus $0.15 (Lam 8-K, Apr 22, 2026). Management raised its 2026 view of the wafer-fab-equipment market toward $140 billion.

When does Lam report its next earnings?

Lam is expected to report fiscal Q4 and full-year 2026 results in late July 2026, calendar-estimated from the prior year (fiscal Q4 2025 was reported July 30, 2025) and not yet company-confirmed, so check Lam's investor-relations site (Lam IR). It last reported fiscal Q3 2026 on April 22, 2026.

Why is Lam part of the silicon supply chain concept?

Because etch and deposition intensity scales with every added memory layer. Lam leads both, and 3D NAND stacking, DRAM scaling, gate-all-around logic, and HBM all multiply the number of etch and deposition steps per wafer, so Lam captures more equipment spending as the industry scales up (Lam 8-K, Apr 22, 2026). Its heavy memory exposure makes it the WFE name most levered to the AI memory build-out.

Sources & references

  1. Lam Research Corporation Reports Financial Results for the Quarter Ended March 29, 2026 (SEC 8-K, Exhibit 99.1) · Lam Research Corporation / SEC EDGAR, 2026-04-22
  2. Lam Research Corporation Form 10-Q (period ended March 29, 2026) · Lam Research Corporation / SEC EDGAR, 2026-04-22
  3. Lam Research · Investor Relations · Lam Research Corporation, 2026-07-05