Lam Research Corporation announced its financial results for the fiscal quarter ended September 27, 2026. The company reported record revenue of $8.22 billion, a 22% increase compared to the prior quarter ended June 28, 2026.
For the quarter, U.S. GAAP gross margin was 52.3% of revenue, and operating margin was 40.0%. Net income was $2.75 billion, or $2.19 per diluted share. Non-GAAP gross margin was 52.4%, and non-GAAP operating margin was 40.2%. Non-GAAP net income was $2.77 billion, or $2.20 per diluted share.
Lam Research's President and Chief Executive Officer, Tim Archer, stated that the company delivered record revenue, profit, and earnings per share, driven by AI-related semiconductor demand and operational execution. He noted that strategic investments in technology and manufacturing capacity are strengthening the company's ability to outgrow the wafer fabrication equipment market.
Regarding the balance sheet, cash, cash equivalents, and restricted cash increased to $7.45 billion at the end of the quarter, up from $5.60 billion in the previous quarter. Deferred revenue also increased to $2.66 billion.
Revenue was distributed geographically as follows: China (35%), Korea (20%), Taiwan (18%), Japan (9%), the United States (8%), Southeast Asia (6%), and Europe (4%). Systems revenue was $5.73 billion, while customer support-related revenue was $2.49 billion.
For the quarter ending December 27, 2026, Lam Research provided the following guidance: revenue is expected to be $8.60 billion, plus or minus $400 million. U.S. GAAP gross margin is expected to be 52.5%, plus or minus 1%, and non-GAAP gross margin is expected to be 52.5%, plus or minus 1%.
