Lam Research Corporation designs, manufactures, markets, refurbishes, and services semiconductor processing equipment used in the fabrication of integrated circuits in the United States and internationally.
Lam Research (LRCX): Q4 FY2026 results
Lam Research is held in the US Growth Portfolio, where it currently ranks fourth in Momentum. The company reported fiscal fourth quarter results after the close on Wednesday 29 July.
Revenue rose 30 percent year on year to $6.72 billion, ahead of the $6.67 billion consensus. Non-GAAP diluted earnings per share of $1.82 beat the $1.68 estimate, and GAAP diluted EPS came in at $1.81. Non-GAAP gross margin reached 52.0 percent, which chief financial officer Doug Bettinger called the highest quarterly gross margin in 20 years, attributing it to pricing actions, scale efficiencies and product mix. Non-GAAP operating margin was 38.4 percent, up 340 basis points on the March quarter.
| Metric | Actual | Consensus |
| Revenue | $6.72bn | $6.67bn |
| Non-GAAP EPS | $1.82 | $1.68 |
| Q1 FY27 revenue guidance | $8.10bn +/- $400m | $7.09bn |
| Q1 FY27 EPS guidance | $2.15 +/- $0.15 | $1.83 |
The guidance is the number that matters. Lam pointed to September quarter revenue of $8.10 billion plus or minus $400 million, roughly 14 percent above consensus, and EPS of $2.15 plus or minus $0.15, about 18 percent above. Gross margin guidance of 52.0 percent and operating margin of 39.5 percent both hold or improve on the June quarter. Bettinger flagged a tax headwind, with the rate moving to the mid teens as revenue shifts to higher tax jurisdictions.
Chief executive Tim Archer raised the 2026 wafer fab equipment outlook to the low $150 billion range, from a prior $140 billion with upside bias, and said he sees “an extraordinary setup for WFE growth” in 2027. He ranked next year’s growth as DRAM first, foundry logic second, NAND third. NAND revenue more than doubled sequentially as customers convert to 256 layer and above devices for enterprise SSDs. Memory reached 46 percent of systems revenue, up from 39 percent. Advanced packaging is now tracking to more than 70 percent growth, raised from more than 50 percent last quarter.
Geographic mix shifted. China fell to 26 percent of revenue from 34 percent in March, with domestic customers declining while multinationals grew. Taiwan reached a record 27 percent. The customer support business grew 43 percent year on year to $2.47 billion, its third consecutive record.
For the full year, revenue rose 26 percent to $23.23 billion and GAAP EPS reached $5.76. Lam returned about $572 million during the quarter and declared a dividend of $0.26 per share, unchanged. Shares closed down 6.4 percent at $252.35, then rose about 5 percent after hours to near $265.
