Lam Research

Lam Research makes the equipment that chipmakers use to deposit and etch thin layers of material on wafers, and to clean wafers between steps. Its etch and deposition tools are used most in memory chips and in leading-edge logic chips. It also sells services, spare parts and upgrades for its installed base, and older equipment through its Reliant product line.

In the quarter that ended on September 27, 2026, systems revenue was $5.73 billion and customer support-related revenue was $2.49 billion. Revenue for fiscal 2026, which ended on June 28, 2026, was $23.23 billion, up 26%. Its fiscal year ends on the last Sunday of June.

The market prices Lam Research as a cyclical supplier at a high point of chip equipment spending, with a large exposure to China. Revenue rose 22% from the June quarter to a record $8.22 billion in the September 2026 quarter, and the operating margin reached 40.0%. But China gave 35% of revenue in that quarter, up from 26% in the June quarter. Lam said that investment in mature chip technology in China raised its foundry revenue in the quarter.

U.S. export rules can cut these sales, and this spending in China can stop quickly. For the gap to close, three things must be true. Sales for memory and leading-edge logic must keep growing when sales to China fall. Gross margin must stay near the guided 52.5%.

Revenue must stay near the $8.60 billion guidance for the December 2026 quarter and keep growing in 2027. The Q2 fiscal 2027 report, expected in late January 2027, is the next test. If these checks pass, the gap can close over the next four to six quarters. The main reason it may not close is a fall in spending by Chinese chipmakers or by memory makers, which can lower revenue and margins at the same time.

1. Nov 2026Pending

   U.S. export rule for affiliates of listed partiesAn extension of the suspension or no new loss of China sales passes; a return of the rule that cuts sales to more Chinese customers fails.
2. Jan 21, 2027 · est.Pending

   Q2 fiscal 2027 results: China share and marginRevenue near the $8.60 billion guidance, gross margin near 52.5% and a lower China share without lower total revenue pass; revenue below the range or a sharp fall in China sales fail.

Every passed and failed checkpoint across all picks

• October 21, 2026Lam Research reported results for the September 2026 quarter. Revenue was a record $8.22 billion, up 22% from the June quarter. GAAP EPS was $2.19 and non-GAAP EPS was $2.20, and the GAAP operating margin was 40.0%. China gave 35% of revenue. In the quarter, Lam started accelerated share repurchases of $1.00 billion. For the December 2026 quarter, it guided revenue of $8.60 billion, plus or minus $400 million, and EPS of $2.33, plus or minus $0.15.
• August 24, 2026Two directors, Sohail Ahmed and Michael Cannon, told Lam that they will retire from the board on November 2, 2026. The board will go from 12 to 10 directors.
• July 29, 2026Lam Research reported results for the June 2026 quarter. Revenue was a record $6.72 billion, and GAAP EPS was $1.81. Revenue for fiscal 2026 was $23.23 billion, up 26%.

Last earnings

October 21, 2026 (8-K on sec.gov)

Next earnings

Expected about January 21, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 27, 2026Filed October 22, 2026 · lrcx-20260927
• 8-KEarnings releaseFiled October 21, 2026 · lrcx-20261021
• 8-KChange of directors or officersFiled August 27, 2026 · lrcx-20260824
• 10-KAnnual report for the period ended Jun 28, 2026Filed August 7, 2026 · lrcx-20260628
• 8-KEarnings releaseFiled July 29, 2026 · lrcx-20260729
• 10-QQuarterly report for the period ended Mar 29, 2026Filed April 23, 2026 · lrcx-20260329
• 8-KEarnings releaseFiled April 22, 2026 · lrcx-20260422
• 8-KChange of directors or officersFiled February 3, 2026 · lrcx-20260130
• 10-QQuarterly report for the period ended Dec 28, 2025Filed January 29, 2026 · lrcx-20251228
• 8-KEarnings releaseFiled January 28, 2026 · lrcx-20260128

Every filing on SEC EDGAR (CIK 707549)

• China gave 35% of revenue in the September 2026 quarter and 34% in fiscal 2026. U.S. export rules limit sales to many Chinese customers, and the government can add more limits. Spending in China on mature chip technology can stop quickly.
• Chip equipment spending is cyclical, and memory makers are large customers. If memory prices or AI spending fall, customers can cut orders quickly, and revenue and margins can fall together.
• Few customers buy most of Lam's equipment. In fiscal 2026, four customers gave about 16%, 15%, 12% and 12% of revenue. A delay by one of them can lower revenue for several quarters.
• China controls the export of rare earth elements that some Lam products use. These controls are suspended in part only until November 2026, unless they are extended.

Lam Research funds itself with senior unsecured notes. Principal was $3.75 billion at September 27, 2026, due from March 2029 to June 2060, after Lam repaid $750 million of 3.75% notes due March 2026. Read more

Dividend yield

0.4% (last 12 months, at today’s price of $253.82)

Paid per share

$1.11 in the last 12 months (4 payments)

Current annual rate

$1.32 ($0.33 × 4 a year)

Payout ratio

18% of the last fiscal year’s earnings (the year that ended June 28, 2026)

Latest ex-dividend date

September 23, 2026, $0.33 per share

Dividends per share by year

Over the last 5 years, the dividend grew by about 15.5% a year. Over the last 10 years, the dividend grew by about 24.9% a year.

Source: company filings and market data, read on October 29, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.