Lam Research (LRCX) Q4 2026 earnings summary

Executive summary

• Achieved record revenue, operating margin, and EPS in the June quarter 2026, with NAND revenue doubling sequentially and strong momentum across all business segments.

• Fiscal year 2026 revenue reached $23.23 billion, up from $18.44 billion in FY2025, and non-GAAP EPS rose to $5.82 from $4.13 year-over-year.

• Growth driven by AI-related demand, technology transitions, and strategic investments in technology leadership.

• Outlook for 2026 and 2027 remains positive, with expectations for continued outperformance relative to wafer fab equipment (WFE) market growth.

Financial highlights

• June quarter 2026 revenue was $6.72 billion, up 15% sequentially and 30% year-over-year, with non-GAAP EPS of $1.82, up from $1.47 sequentially.

• Gross margin for the June quarter was 52% (non-GAAP), up from 49.9% in the prior quarter; operating margin reached 38.4%, up from 35%.

• Customer Support Business Group (CSBG) revenue reached $2.47 billion, up from $2.11 billion in the prior quarter and $1.73 billion year-over-year.

• Cash and short-term investments totaled $5.6 billion, up from $4.8 billion.

• Deferred revenue increased to $2.43 billion, primarily due to customer down payments.

Outlook and guidance

• September 2026 quarter revenue guidance is $8.1 billion (±$400 million), with gross margin guidance of 52% (±1 ppt), operating margin at 39.5% (±1 ppt), and EPS guidance of $2.15 (±$0.15) on a share count of approximately 1.255 billion.

• WFE spending for 2026 expected in the low $150 billion range, up from prior $140 billion outlook.

• Long-term targets include gross margins in the mid-50% and operating margins in the mid-40% over the next several years.