Revenue growth accelerated to 23.8% in 2026Q3, while structural improvements in technical requirements helped drive gross margins to 49.8%.
| Metric | TTM | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 | Jun'07 | Jun'06 | Jun'05 | Jun'04 | Jun'03 | Jun'02 | Jun'01 | Jun'00 | Jun'99 | Jun'98 | Jun'97 | Jun'96 |
|---|
| Sales/Revenue | 21.68B | 18.44B | 14.91B | 17.43B | 17.23B | 14.63B | 10.04B | 9.65B | 11.08B | 8.01B | 5.89B | 5.26B | 4.61B | 3.6B | 2.67B | 3.24B | 2.13B | 1.12B | 2.47B | 2.57B | 1.64B | 1.5B | 935.95M | 755.23M | 943.11M | 1.52B | 1.23B | 647.96M | 1.05B | 1B | 1.31B |
| Revenue Growth % | 26.53% | 23.68% | -14.47% | 1.16% | 17.78% | 45.61% | 4.05% | -12.85% | 38.23% | 36.15% | 11.91% | 14.15% | 28.02% | 35.03% | -17.68% | 51.74% | 91.21% | -54.91% | -3.57% | 56.29% | 9.3% | 60.53% | 23.93% | -19.92% | -37.94% | 23.48% | 89.95% | -38.44% | 5.01% | -23.47% | 64.1% |
| Cost of Goods Sold | 10.85B | 9.46B | 7.85B | 9.65B | 9.36B | 7.82B | 5.44B | 5.3B | 5.91B | 4.41B | 3.27B | 2.97B | 2.6B | 2.2B | 1.58B | 1.74B | 1.16B | 727.21M | 1.3B | 1.26B | 815.16M | 738.99M | 504.9M | 451.4M | 677.02M | 862.32M | 691.16M | 414.59M | 646.51M | 689.46M | 654.2M |
| COGS % of Revenue | - | 51.3% | 52.68% | 55.38% | 54.31% | 53.47% | 54.12% | 54.85% | 53.37% | 55.03% | 55.51% | 56.57% | 56.43% | 61.01% | 59.32% | 53.76% | 54.54% | 65.17% | 52.59% | 49.15% | 49.64% | 49.19% | 53.95% | 59.77% | 71.79% | 56.74% | 56.16% | 63.98% | 61.42% | 68.78% | 49.94% |
| Gross Profit | 10.84B | 8.98B | 7.05B | 7.78B | 7.87B | 6.81B | 4.61B | 4.36B | 5.17B | 3.6B | 2.62B | 2.28B | 2.01B | 1.4B | 1.08B | 1.5B | 969.93M | 388.73M | 1.17B | 1.31B | 827.01M | 763.46M | 431.05M | 303.83M | 266.09M | 657.47M | 539.61M | 233.36M | 406.07M | 312.94M | 655.7M |
| Gross Margin % | 49.98% | 48.7% | 47.32% | 44.63% | 45.69% | 46.53% | 45.88% | 45.15% | 46.63% | 44.97% | 44.49% | 43.43% | 43.57% | 38.99% | 40.68% | 46.24% | 45.46% | 34.83% | 47.41% | 50.85% | 50.36% | 50.81% | 46.05% | 40.23% | 28.21% | 43.26% | 43.84% | 36.02% | 38.58% | 31.22% | 50.06% |
| Gross Profit Growth % | - | 27.31% | -9.31% | -1.21% | 15.67% | 47.66% | 5.74% | -15.62% | 43.34% | 37.59% | 14.65% | 13.79% | 43.08% | 29.43% | -27.6% | 54.36% | 149.51% | -66.87% | -10.09% | 57.8% | 8.32% | 77.12% | 41.87% | 14.18% | -59.53% | 21.84% | 131.23% | -42.53% | 29.76% | -52.27% | 72.83% |
| Operating Expenses | 3.41B | 3.08B | 2.79B | 2.6B | 2.49B | 2.32B | 1.93B | 1.89B | 1.95B | 1.7B | 1.54B | 1.5B | 1.33B | 1.28B | 846.34M | 692.95M | 544.52M | 669.98M | 663.98M | 526.39M | 422.24M | 375.32M | 324.87M | 309.21M | 385.93M | 470.94M | 309.76M | 346.56M | 587M | 376.73M | 459.6M |
| OpEx % of Revenue | - | 16.7% | 18.71% | 14.93% | 14.45% | 15.88% | 19.26% | 19.62% | 17.62% | 21.23% | 26.24% | 28.45% | 28.86% | 35.7% | 31.76% | 21.4% | 25.52% | 60.04% | 26.83% | 20.51% | 25.71% | 24.98% | 34.71% | 40.94% | 40.92% | 30.99% | 25.17% | 53.49% | 55.77% | 37.58% | 35.09% |
| Selling, General & Admin | 1.1B | 981.7M | 868.25M | 832.75M | 885.74M | 829.88M | 682.48M | 702.41M | 762.22M | 667.49M | 630.95M | 591.61M | 613.34M | 599.49M | 400.05M | 308.07M | 240.94M | 237.71M | 287.99M | 241.05M | 192.24M | 165.83M | 146.06M | 132.82M | 161.86M | 218.92M | 161.35M | 145.7M | 201.9M | 197.09M | 237.4M |
| SG&A % of Revenue | - | 5.33% | 5.83% | 4.78% | 5.14% | 5.67% | 6.79% | 7.28% | 6.88% | 8.33% | 10.72% | 11.25% | 13.31% | 16.66% | 15.01% | 9.52% | 11.29% | 21.3% | 11.64% | 9.39% | 11.71% | 11.04% | 15.61% | 17.59% | 17.16% | 14.4% | 13.11% | 22.49% | 19.18% | 19.66% | 18.12% |
| Research & Development | 2.31B | 2.1B | 1.9B | 1.73B | 1.6B | 1.49B | 1.25B | 1.19B | 1.19B | 1.03B | 913.71M | 825.24M | 716.47M | 683.69M | 444.56M | 373.29M | 320.86M | 288.27M | 323.76M | 285.35M | 228.89M | 195.29M | 170.48M | 160.49M | 179.22M | 227.25M | 176.9M | 142.5M | 206.46M | 170.62M | 186.9M |
| R&D % of Revenue | - | 11.37% | 12.76% | 9.91% | 9.31% | 10.21% | 12.47% | 12.34% | 10.74% | 12.9% | 15.52% | 15.69% | 15.55% | 19% | 16.68% | 11.53% | 15.04% | 25.83% | 13.08% | 11.12% | 13.94% | 13% | 18.21% | 21.25% | 19% | 14.95% | 14.37% | 21.99% | 19.61% | 17.02% | 14.27% |
| Other Operating Expenses | 0 | 0 | 18.19M | 42.15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 79.44M | 0 | 1.81M | 1.73M | 11.58M | -17.28M | 144M | 52.22M | 0 | 1.11M | 14.2M | 8.33M | 15.9M | 44.85M | 24.77M | -28.48M | 58.37M | 178.64M | 9.02M | 35.3M |
| Operating Income | 7.43B | 5.9B | 4.26B | 5.17B | 5.38B | 4.48B | 2.67B | 2.46B | 3.21B | 1.9B | 1.07B | 788.04M | 677.67M | 118.07M | 237.73M | 804.28M | 425.41M | -281.24M | 509.43M | 778.66M | 404.77M | 391M | 106.18M | -5.38M | -119.84M | 186.53M | 229.84M | -113.2M | -180.92M | -63.79M | 196.1M |
| Operating Margin % | 34.26% | 32.01% | 28.61% | 29.7% | 31.24% | 30.64% | 26.62% | 25.53% | 29.01% | 23.74% | 18.25% | 14.98% | 14.71% | 3.28% | 8.92% | 24.84% | 19.94% | -25.2% | 20.58% | 30.34% | 24.65% | 26.02% | 11.34% | -0.71% | -12.71% | 12.27% | 18.67% | -17.47% | -17.19% | -6.36% | 14.97% |
| Operating Income Growth % | - | 38.39% | -17.6% | -3.85% | 20.08% | 67.63% | 8.48% | -23.3% | 68.93% | 77.07% | 36.32% | 16.29% | 473.95% | -50.33% | -70.44% | 89.06% | 251.26% | -155.21% | -34.58% | 92.37% | 3.52% | 268.24% | 2071.77% | 95.51% | -164.25% | -18.84% | 303.04% | 37.43% | -183.63% | -132.53% | 65.64% |
| EBITDA | 7.85B | 6.29B | 4.62B | 5.52B | 5.72B | 4.79B | 2.94B | 2.77B | 3.54B | 2.21B | 1.37B | 1.07B | 969.92M | 422.19M | 338.56M | 879.04M | 496.81M | -208.83M | 564.13M | 816.1M | 426.77M | 416.52M | 141.55M | 39.58M | -55.5M | 245.26M | 275.86M | -62.28M | -118.66M | -10.68M | 231.4M |
| EBITDA Margin % | 36.2% | 34.1% | 31.02% | 31.66% | 33.18% | 32.74% | 29.29% | 28.74% | 31.96% | 27.57% | 23.2% | 20.27% | 21.05% | 11.73% | 12.7% | 27.15% | 23.28% | -18.71% | 22.79% | 31.8% | 25.99% | 27.72% | 15.12% | 5.24% | -5.88% | 16.14% | 22.41% | -9.61% | -11.27% | -1.07% | 17.67% |
| EBITDA Growth % | 38.59% | 35.98% | -16.2% | -3.47% | 19.34% | 62.77% | 6.07% | -21.63% | 60.24% | 61.8% | 28.08% | 9.9% | 129.74% | 24.7% | -61.49% | 76.94% | 337.91% | -137.02% | -30.87% | 91.23% | 2.46% | 194.25% | 257.62% | 171.32% | -122.63% | -11.09% | 542.95% | 47.52% | -1011.04% | -104.62% | 63.04% |
| D&A (Non-Cash Add-back) | 420.33M | 386.28M | 359.7M | 342.43M | 333.74M | 307.15M | 268.52M | 309.28M | 326.39M | 306.9M | 291.03M | 277.92M | 292.25M | 304.12M | 100.83M | 74.76M | 71.4M | 72.42M | 54.7M | 37.44M | 22M | 25.52M | 35.37M | 44.97M | 64.34M | 58.73M | 46.02M | 50.92M | 62.27M | 53.11M | 35.3M |
| EBIT | 7.56B | 5.96B | 4.55B | 5.3B | 5.38B | 4.58B | 2.75B | 2.56B | 3.25B | 1.93B | 1.09B | 814.53M | 785.05M | 127.07M | 243.38M | 806.26M | 431.13M | -256.6M | 589.65M | 865.54M | 440.83M | 400.54M | 114.51M | 10.52M | -74.99M | 215.29M | 199.11M | -54.83M | 29.65M | -54.77M | 196.1M |
| Net Interest Income | 54.1M | 53.13M | 66.7M | -47.48M | -169.55M | -188.91M | -92.01M | -18.49M | -11.57M | -59.88M | -105.26M | -54.41M | -49.15M | -45.67M | -26.82M | 10.19M | 7.6M | 17.79M | 38.52M | 53.85M | 37.14M | 16.12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 182.49M | 231.33M | 251.94M | 138.98M | 15.21M | 19.69M | 85.43M | 98.77M | 85.81M | 57.86M | 29.51M | 19.27M | 12.54M | 14.74M | 12.14M | 15.57M | 8.6M | 24.28M | 51.19M | 71.67M | 38.19M | 17.54M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 128.39M | 178.2M | 185.24M | 186.46M | 184.76M | 208.6M | 177.44M | 117.26M | 97.39M | 117.73M | 134.77M | 73.68M | 61.69M | 60.41M | 38.96M | 5.38M | 994K | 6.5M | 12.67M | 17.82M | 1.04M | 1.41M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 58.88M | 57.16M | 96.31M | -65.65M | -188.71M | -111.22M | -98.82M | -18.16M | -61.51M | -90.46M | -114.14M | -47.19M | 45.69M | -51.41M | -33.31M | -3.41M | 4.73M | 18.15M | 67.55M | 69.06M | 35.02M | 8.12M | 4.47M | -10.26M | -8.16M | 15.1M | 6.97M | 288K | 1.8M | -1.49M | 20.3M |
| Pretax Income | 7.49B | 5.96B | 4.36B | 5.11B | 5.19B | 4.37B | 2.57B | 2.45B | 3.15B | 1.81B | 960.12M | 740.85M | 723.36M | 66.66M | 204.42M | 800.88M | 430.14M | -263.09M | 576.98M | 847.72M | 441.29M | 399.12M | 110.65M | -15.64M | -128M | 201.63M | 236.81M | -112.91M | -179.13M | -65.28M | 216.4M |
| Pretax Margin % | 34.53% | 32.32% | 29.25% | 29.32% | 30.15% | 29.88% | 25.64% | 25.34% | 28.45% | 22.61% | 16.31% | 14.09% | 15.7% | 1.85% | 7.67% | 24.74% | 20.16% | -23.58% | 23.31% | 33.03% | 26.87% | 26.56% | 11.82% | -2.07% | -13.57% | 13.27% | 19.24% | -17.43% | -17.02% | -6.51% | 16.52% |
| Income Tax | 778.11M | 599.91M | 532.45M | 598.28M | 587.83M | 462.35M | 323.23M | 255.14M | 771.11M | 113.91M | 46.07M | 85.27M | 91.07M | -47.22M | 35.7M | 77.13M | 83.47M | 39.05M | 137.63M | 161.91M | 104.58M | 99.78M | 27.66M | -7.91M | -37.94M | 60.5M | 32.06M | 0 | -34.53M | -31.64M | 70.5M |
| Effective Tax Rate % | 10.39% | 10.07% | 12.21% | 11.71% | 11.32% | 10.58% | 12.55% | 10.43% | 24.47% | 6.29% | 4.8% | 11.51% | 12.59% | -70.84% | 17.46% | 9.63% | 19.41% | -14.84% | 23.85% | 19.1% | 23.7% | 25% | 25% | 50.53% | 29.64% | 30% | 13.54% | 0% | 19.27% | 48.48% | 32.58% |
| Net Income | 6.71B | 5.36B | 3.83B | 4.51B | 4.61B | 3.91B | 2.25B | 2.19B | 2.38B | 1.7B | 914.05M | 655.58M | 632.29M | 113.88M | 168.72M | 723.75M | 346.67M | -302.15M | 439.35M | 685.82M | 335.75M | 299.34M | 82.99M | -7.74M | -90.05M | 52.11M | 204.76M | -112.91M | -144.6M | -33.63M | 145.9M |
| Net Margin % | 30.94% | 29.06% | 25.68% | 25.89% | 26.73% | 26.72% | 22.42% | 22.7% | 21.49% | 21.19% | 15.53% | 12.47% | 13.72% | 3.16% | 6.33% | 22.35% | 16.25% | -27.08% | 17.75% | 26.72% | 20.45% | 19.92% | 8.87% | -1.02% | -9.55% | 3.43% | 16.64% | -17.43% | -13.74% | -3.36% | 11.14% |
| Net Income Growth % | 44% | 39.98% | -15.14% | -2.05% | 17.83% | 73.57% | 2.75% | -7.95% | 40.22% | 85.74% | 39.43% | 3.68% | 455.23% | -32.51% | -76.69% | 108.77% | 214.73% | -168.77% | -35.94% | 104.26% | 12.16% | 260.7% | 1172.33% | 91.41% | -272.82% | -74.55% | 281.34% | 21.91% | -329.92% | -123.05% | 63.54% |
| Net Income (Continuing) | 6.71B | 5.36B | 3.83B | 4.51B | 4.61B | 3.91B | 2.25B | 2.19B | 2.38B | 1.7B | 914.05M | 655.58M | 632.29M | 113.88M | 168.72M | 723.75M | 346.67M | -302.15M | 439.35M | 685.82M | 335.21M | 299.34M | 82.99M | -7.74M | -90.05M | 141.14M | 204.76M | -112.91M | -144.6M | -33.63M | 145.9M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.35M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 5.34 | 4.15 | 2.90 | 3.32 | 3.27 | 2.69 | 1.51 | 1.37 | 1.32 | 0.92 | 0.52 | 0.37 | 0.36 | 0.07 | 0.14 | 0.58 | 0.27 | -0.24 | 0.35 | 0.49 | 0.23 | 0.21 | 0.05 | -0.01 | -0.07 | 0.04 | 0.15 | -0.10 | -0.13 | -0.04 | 0.13 |
| EPS Growth % | 47.63% | 43.1% | -12.65% | 1.53% | 21.56% | 78.15% | 10.22% | 3.79% | 43.48% | 76.92% | 40.54% | 2.78% | 445.45% | -52.86% | -75.86% | 114.81% | 212.5% | -168.57% | -28.57% | 113.04% | 9.52% | 288.89% | - | 91.41% | -282.05% | -74% | 253.53% | 24.85% | -254.22% | -128.23% | 30% |
| EPS (Basic) | - | 4.17 | 2.91 | 3.33 | 3.29 | 2.72 | 1.56 | 1.44 | 1.47 | 1.05 | 0.58 | 0.41 | 0.38 | 0.07 | 0.14 | 0.59 | 0.27 | -0.24 | 0.35 | 0.49 | 0.24 | 0.22 | 0.06 | -0.01 | -0.07 | 0.04 | 0.17 | -0.10 | -0.13 | -0.04 | 0.14 |
| Diluted Shares Outstanding | 1.26B | 1.29B | 1.32B | 1.36B | 1.41B | 1.45B | 1.49B | 1.6B | 1.81B | 1.84B | 1.75B | 1.77B | 1.75B | 1.73B | 1.25B | 1.25B | 1.28B | 1.26B | 1.27B | 1.42B | 1.44B | 1.42B | 1.54B | 1.26B | 1.26B | 1.32B | 1.43B | 1.15B | 1.14B | 918M | 1.11B |
| Basic Shares Outstanding | 1.25B | 1.29B | 1.31B | 1.35B | 1.4B | 1.44B | 1.45B | 1.52B | 1.81B | 1.62B | 1.59B | 1.6B | 1.65B | 1.69B | 1.24B | 1.24B | 1.27B | 1.26B | 1.25B | 1.39B | 1.39B | 1.38B | 1.41B | 1.26B | 1.26B | 1.24B | 1.21B | 1.15B | 1.14B | 918M | 1.01B |
| Dividend Payout Ratio | - | 21.45% | 26.62% | 20.13% | 17.7% | 18.6% | 29.17% | 30.95% | 12.92% | 14.34% | 20.83% | 17.7% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Geopolitical export control exposure
According to recent quarterly filings, LRCX achieved a 23.8% year-over-year revenue growth in 2026Q3, signaling a robust recovery from the contractionary periods observed in 2024, as the company benefits from increased demand for advanced deposition and etch tools in high-complexity semiconductor manufacturing environments.
The acceleration in top-line growth suggests that the company is successfully capturing increased wafer fab equipment intensity driven by next-generation memory and logic architectures. Investors should monitor whether this growth trajectory remains sustainable as the industry moves past the initial phase of AI-driven capacity expansion.
As reported in financial statements, LRCX has demonstrated consistent gross margin improvement, reaching 49.8% in 2026Q3, which suggests that the increasing technical requirements for high-aspect-ratio etching are providing the company with enhanced pricing power relative to its historical performance in more commoditized memory cycles.
The ability to maintain margins near the 50% threshold indicates that the company's proprietary process recipes are becoming more deeply embedded in customer workflows. This trend appears to mitigate some of the traditional cyclicality associated with memory-heavy revenue streams, though margin stability remains sensitive to product mix shifts.
Based on the provided income statement data, operating income scaled to $2.0 billion in 2026Q3, reflecting significant operating leverage as the company's operating margin expanded to 35.0% from 27.9% in 2024Q3, demonstrating disciplined control over overhead costs during periods of rapid top-line expansion.
The efficiency gains in SG&A relative to revenue growth suggest that the company is effectively managing its global infrastructure without requiring proportional increases in administrative spend. This operating leverage appears to be a primary driver of the recent outsized growth in net income and earnings per share.
Analysis of the income statement reveals that net income growth has largely tracked operating performance, with net margins reaching 31.2% in 2026Q3, suggesting that the quality of earnings is high and not overly reliant on non-operating items or significant tax rate anomalies during this growth phase.
While stock-based compensation remains a consistent line item, the strong conversion of operating profit to net income indicates that the company's core business model is generating high-quality cash returns. Investors should continue to monitor the impact of SBC on diluted EPS as the company scales its engineering workforce.
Quick answers to the most common questions about buying LRCX stock.
For fiscal year 2025, Lam Research Corporation (LRCX) reported total revenue of $18.44B. This represents a 1307.4% increase compared to $1.31B in 1996.
Lam Research Corporation (LRCX) is profitable, generating $5.36B in net income for the fiscal year ending 2025 with a net profit margin of 29.1%.
Lam Research Corporation (LRCX) reported an operating income of $5.90B, resulting in an operating profit margin of 32.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Lam Research Corporation (LRCX) generated $8.98B in gross profit for the year, representing a gross profit margin of 48.7%. This demonstrates the company's core pricing power and production efficiency.