December 2025 quarter revenue reached $5.34 billion, with gross margin, operating margin, and EPS all above guidance, reflecting strong execution amid robust semiconductor demand.
Record 2025 revenue of $20.6 billion, up 27% year-over-year, and non-GAAP EPS of $4.89, supported by AI-driven demand and technology transitions.
Progressed on Investor Day commitments, targeting more than 2x revenue and profit growth over five years through vertical scaling and strategic investments.
Strong position in deposition, etch, and clean markets, with a focus on R&D and multi-product solutions.
Management emphasized the company's role in enabling advanced semiconductor device manufacturing.
2025 revenue: $20.6 billion (+27% YoY); gross margin: 49.9%; operating margin: 34.1%; EPS: $4.89 (+49% YoY).
December 2025 quarter revenue: $5.34 billion (record, 10th consecutive quarter of growth); gross margin: 49.7%; operating margin: 34.3%; EPS: $1.27.
Net income for Q4 2025: $1.59 billion; free cash flow for 2025: $6.2 billion.
Deferred revenue at quarter end: $2.25 billion, down sequentially due to reduced customer advance payments.
Cash and cash equivalents: $6.2 billion; inventory turns: 2.7x; DSO: 59 days.
March 2026 quarter guidance: revenue $5.7B ±$300M, gross margin 49% ±1pp, operating margin 34% ±1pp, EPS $1.35 ±$0.10.
2026 expected to be a second half-weighted year, with robust growth across all device segments, especially DRAM and leading-edge foundry logic.
WFE for 2026 projected at $135 billion, with growth constrained by clean room space.
Liquidity and cash flow expected to support operations, investments, and capital returns for at least the next twelve months.
The #1 app for qualitative research. Live earnings calls, AI chat, transcripts, and more. All for free.
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Search for any keyword across all transcripts simultaneously.
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
The easiest way to stay updated during earnings season.
All events from public companies. Live and recorded.
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
I can't remember the last time an app had such a positive impact on my investment process.
)
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
I can't remember the last time an app had such a positive impact on my investment process.
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
)
)
)
Lam Research Corporation is an American company supplying equipment to the semiconductor industry. The company produces wafer-fabrication equipment and services and its products are primarily utilized in the production of front-end wafer processing, crucial steps when creating components in semiconductors. The company supplies other manufacturers worldwide and is headquartered in Fremont, California. Lam Research’s shares are traded on the Nasdaq.
Lam Research Corporation, established in 1980 by David K. Lam initially made a name for itself in the semiconductor industry by developing innovative wafer fabrication equipment. Its inaugural product, the AutoEtch 480, revolutionized the etching process in semiconductor manufacturing and helped Lam Research to get out of the starting blocks quickly.
The company’s growth has been characterized by a strong emphasis on research and development, driving advancements in semiconductor fabrication. Lam Research has consistently expanded its portfolio of products and services, meeting the increasingly complex requirements of chip manufacturing. The evolution of its offerings has reflected the industry’s push towards miniaturization and enhanced performance, and like many other companies in the semiconductor industry, innovation and improvements are constantly happening.
Lam Research's suite of products is integral to the semiconductor manufacturing process. Their etching equipment is designed for detailed patterning on silicon wafers, a critical step in defining the tiny structures of integrated circuits. The company also provides deposition tools, which layer materials onto wafers, an essential phase in building the complex architecture of semiconductors. Additionally, their cleaning systems remove impurities and residues, ensuring the wafers are ready for subsequent processing stages.
Just like companies such as Applied Materials and ASML, Lam Research operates as a key supplier in the semiconductor industry, providing critical manufacturing equipment to chipmakers worldwide. Their tools, specializing in etching, deposition, and cleaning, are essential for the fabrication of integrated circuits. As manufacturers strive to produce increasingly smaller and more complex semiconductors, Lam's equipment plays a vital role in enabling these advancements. The company's client base spans a range of semiconductor producers, from large multinational corporations to specialized players. By supplying these essential tools, Lam Research facilitates the production of advanced electronic components used in a wide array of products, from consumer electronics to industrial applications.
Further reading: Understanding the Semiconductor Value Chain: Key Players & Dynamics
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Explore our global coverage