Lam Research Corporation (LRCX) Earnings Call Transcripts

Lam Research Corporation's Latest Earnings Call - Q4 FY2026

In the June quarter of fiscal year 2026, Lam Research Corporation (LRCX) reported record revenue of $6.72 billion, a 15% sequential increase and a 30% year-over-year growth. The company achieved a record diluted earnings per share of $1.82, driven by strong demand in NAND and customer support services. Management raised guidance for the September quarter, projecting revenue of $8.1 billion, indicating over 20% growth quarter-on-quarter, and signaled a robust outlook for 2027, driven by AI-related demand and technology transitions in semiconductor manufacturing.

Reported metrics

Guidance from management

Management expects revenue for the September quarter to be $8.1 billion, with gross margins at 52% and operating margins at 39.5%. This guidance reflects strong demand and operational execution.

What management said

Listen, Tim, I think you're going to see similar profile of what we saw this quarter, and I won't get into specific numbers necessarily, but upgrades are going to continue to be strong, I think, right, driven by what you got going on in NAND investment. I expect spares to continue to be pretty strong given the high utilization in the industry. And then we're excited about what's going on in Advanced Services with a...

A little bit of both, Tim, honestly, right? Part of it is scale and scope and revenue growth. Part of it is new product introduction and getting fairly paid for the value we're delivering. I expect, Tim, this is over the next several years that we'll continue to drive it on an annual basis for sure, but it's going to take several years, I think, to get to those levels, Tim.

What analysts pressed on

Analysts expressed concerns regarding the declining revenue contribution from China and potential oversupply in NAND. They are also interested in how Lam will manage inventory levels and maintain growth amidst changing market dynamics.

Main topics on the call

• Record Revenue and Earnings — Lam Research achieved record revenue of $6.72 billion in the June quarter, with earnings per share reaching $1.82, marking a 41% increase from the previous fiscal year. Management noted, "We were pleased with our continu...
• NAND Revenue Surge — NAND revenue more than doubled sequentially, driven by industry focus on upgrading to 256-layer and above-class devices. Tim Archer stated, "Sequential top line growth was led by a doubling of NAND revenue from the prior...
• Strong Guidance for September Quarter — Management raised revenue guidance for the September quarter to $8.1 billion, plus or minus $400 million, reflecting a strong demand outlook. Doug Bettinger emphasized, "Our $8.1 billion September quarter revenue guide r...
• Customer Support Business Growth — The customer support business group generated nearly $2.5 billion in revenue, up 17% sequentially and 43% year-over-year. This growth was attributed to strong demand for upgrades and services, indicating robust customer ...

Read the full Lam Research Corporation transcript (Q4 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 74 Lam Research Corporation earnings call transcripts on record, spanning January 29, 2020 to July 29, 2026. Based on this history, Lam Research Corporation reports quarterly. The most recent call on file is dated July 29, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

LRCX

Exchange

NasdaqGS

Country

US

Sector

Information Technology

Industry

Semiconductors and Semiconductor Equipment

Calls on record

74

First call

January 29, 2020

Most recent

July 29, 2026

Reporting cadence

quarterly