Lam Research Reports Record Q1 FY2027 Financial Results and Issues Strong Q2 Guidance

Overview of the Filing

On October 21, 2026, Lam Research Corporation ($LRCX) filed a Current Report on Form 8-K under Item 2.02 (Results of Operations and Financial Condition), announcing its financial results for the fiscal quarter ended September 27, 2026 (Exhibit 99.1).

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Key Financial Highlights

Q1 Fiscal Quarter Ended September 27, 2026:

• Revenue: $8.22 billion, up 22% quarter-over-quarter compared to $6.72 billion in the June 2026 quarter.
  • Systems Revenue: $5.73 billion (compared to $4.25 billion in June 2026).
  • Customer Support-Related Revenue: $2.49 billion (compared to $2.47 billion in June 2026).
• U.S. GAAP Margins & Earnings:
  • Gross Margin: 52.3% (+60 bps Q/Q)
  • Operating Margin: 40.0% (+260 bps Q/Q)
  • Net Income: $2.75 billion
  • Diluted EPS: $2.19 (+21% Q/Q from $1.81)
• Non-GAAP Margins & Earnings:
  • Gross Margin: 52.4% (+40 bps Q/Q)
  • Operating Margin: 40.2% (+180 bps Q/Q)
  • Net Income: $2.77 billion
  • Diluted EPS: $2.20 (+21% Q/Q from $1.82)
• Balance Sheet & Cash Flow:
  • Cash, cash equivalents, and restricted cash rose to $7.45 billion from $5.60 billion.
  • Deferred revenue increased to $2.66 billion from $2.43 billion.

Regional Revenue Breakdown:

• China: 35%
• Korea: 20%
• Taiwan: 18%
• Japan: 9%
• United States: 8%
• Southeast Asia: 6%
• Europe: 4%

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Guidance for Quarter Ending December 27, 2026

• Revenue: $8.60 billion (± $400 million)
• Gross Margin (GAAP & Non-GAAP): 52.5% (± 1%)
• Operating Margin (GAAP & Non-GAAP): 40.5% (± 1%)
• Diluted EPS (GAAP & Non-GAAP): $2.33 (± $0.15)
• Diluted Share Count: ~1.253 billion shares

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Market & Trading Significance

High. Lam Research demonstrated robust growth driven by AI-related semiconductor demand and advanced wafer fabrication equipment needs. The double-digit sequential revenue and earnings growth, along with continued expansion guided for the December quarter, represent material operational outperformance in the semiconductor capital equipment sector.