Financial Data and Key Metrics Changes - In calendar year 2025, the company achieved record revenues of $20.6 billion, up 27% year-over-year, with gross margin at 49.9%, the highest since the Novellus merger in 2012 [15][16] - Operating margin reached a record 34.1%, with operating profit dollars increasing 41% year-over-year to $7 billion [16] - Diluted earnings per share were $4.89, up 49% year-over-year, and revenue for the December quarter was a record $5.34 billion, marking the 10th consecutive quarter of revenue growth [16][17] Business Line Data and Key Metrics Changes - Foundry accounted for 59% of systems revenue in the December quarter, up from 35% in December 2024, while memory represented 34% of systems revenue [17] - DRAM revenue reached a record, accounting for 23% of systems revenue, up from 16% in the September quarter [17] - The Customer Support Business Group generated approximately $2 billion in revenue for the December quarter, up 12% sequentially [19] Market Data and Key Metrics Changes - The company expects the wafer fabrication equipment (WFE) market to be around $135 billion in 2026, with growth constrained by clean room space shortages [7][8] - China accounted for 35% of revenue in December, down from 43% in the prior quarter, while Taiwan and Korea saw increases to 20% each [19] - The company anticipates robust growth in investments across all device segments, particularly in DRAM and leading-edge foundry logic [8] Company Strategy and Development Direction - The company aims to double its revenue and profit over the next five years, focusing on expanding market share at every technology node [5][6] - Investments in manufacturing and R&D are being made to increase operational velocity in response to strong customer demand [6][12] - The company is transforming its R&D capabilities to stay ahead of technology transitions, utilizing velocity labs and digital twinning capabilities [13] Management's Comments on Operating Environment and Future Outlook - Management noted that the AI transformation is driving industry spending higher, with WFE expected to be weighted towards the second half of 2026 [8][27] - The company is confident in its ability to outperform and deliver long-term value for customers and shareholders, despite clean room space constraints [27] - Management highlighted the importance of technology transitions and the strong demand for greater compute and storage capabilities [8][58] Other Important Information - The company repurchased approximately 39 million shares at an average price of $104 per share in 2025, returning 85% of free cash flow to shareholders [23] - Capital expenditures for the December quarter were $261 million, driven by investments in manufacturing capacity and R&D [25] - The company ended the December quarter with approximately 19,700 full-time employees, an increase of about 300 from the prior quarter [25] Q&A Session Summary Question: Constraints on WFE due to fab readiness - Management declined to provide a specific number on how much constraints are costing the industry, noting that plans are fluid and clean room space is a significant challenge [30][31] Question: Impact of customer mix on gross margin - Management confirmed that the customer mix will be less favorable in the March quarter, impacting gross margin [35] Question: Supply chain and manufacturing ramp in Malaysia - Management emphasized the importance of manufacturing capability and the ongoing ramp-up in Malaysia, with a focus on customer needs [39] Question: DRAM market and 4F squared adoption - Management indicated that full volume production of 4F squared is expected towards the end of the decade, with Acara positioned well for this transition [48][49] Question: NAND market dynamics and capacity additions - Management expects NAND to be a growth area in 2026, with upgrades happening before significant capacity additions [51][52] Question: Share gain expectations for 2026 - Management plans to increase share of WFE this year, driven by technology transitions and strong demand [56][58] Question: Transition from NAND upgrades to greenfield capacity - Management anticipates that significant greenfield capacity additions will likely occur in 2027 or 2028 due to clean room space constraints [81]

Core Viewpoint - Lam Research has forecasted third-quarter revenue that exceeds Wall Street expectations due to an increase in orders for its chipmaking tools [1] Group 1: Company Performance - Lam Research's revenue forecast for the third quarter is above Wall Street expectations, indicating strong demand for its products [1] Group 2: Industry Trends - The increase in orders for chipmaking tools suggests a growing trend in the semiconductor industry, reflecting heightened enterprise investment in chip production [1]

Cautionary statement regarding forward- looking statements This presentation and the accompanying discussion contain "forward-looking statements" under U.S. securities laws. Forward-looking statements include any statements that are not statements of historical fact. Examples of forward-looking statements include, but are not limited to: (1) anticipated business, balance sheet, cash flow and financial measures and results and related drivers, including guidance, whether on a GAAP or non-GAAP basis; (2) econ ...

Core Viewpoint - Lam Research (LRCX) exceeded Wall Street expectations for its fiscal second quarter and provided a significantly higher guidance for the upcoming period, leading to a rise in its stock price during extended trading [1]. Financial Performance - Lam Research reported an adjusted earnings of $1.27 per share on sales of $5.34 billion for the quarter ending December 28 [1]. Market Reaction - Following the earnings report, LRCX stock experienced an increase in extended trading, reflecting positive investor sentiment [1].

Lam Research Corp. (NASDAQ:LRCX) shares climbed in Wednesday's extended trading after the company released its second-quarter earnings report, beating analyst estimates. Here's a look at the key figures from the quarter. LRCX stock is moving. Watch the price action here.The Details: Lam Research reported quarterly earnings of $1.27 per share, which beat the Street estimate of $1.17 by 8.45%, according to Benzinga Pro.Quarterly revenue of $5.35 billion beat the analyst consensus estimate of $5.24 billion and ...

FREMONT, Calif., January 28, 2026 - Lam Research Corporation (the "Company," "Lam," "Lam Research") today announced financial results for the quarter ended December 28, 2025 (the "December 2025 quarter"). Highlights for the December 2025 quarter were as follows: Exhibit 99.1 FOR IMMEDIATE RELEASE Lam Research Corporation Reports Financial Results for the Quarter Ended December 28, 2025 Key Financial Data for the Quarters Ended December 28, 2025 and September 28, 2025 (in thousands, except per-share data, pe ...

FREMONT, Calif., Jan. 28, 2026 /PRNewswire/ -- Lam Research Corporation (the "Company," "Lam," "Lam Research") today announced financial results for the quarter ended December 28, 2025 (the "December 2025 quarter"). Highlights for the December 2025 quarter were as follows: | December 2025 | September 2025 | Change Q/Q | | | | --- | --- | --- | --- | --- | | Revenue | $ | $ | — | | | | 5,344,791 | 5,324,173 | | | | Gross margin as percentage of revenue | 49.6 % | 50.4 % | - 80 | | | | | | bps | | | Operating ...

Core Insights - The article emphasizes the importance of earnings reminders and analysis for Lam Research, highlighting the need for timely market updates and stock recommendations [1] Group 1 - The company provides earnings reminders and top analysis on Lam Research, indicating a focus on delivering critical financial insights [1] - Market updates are a key feature, suggesting that the company is committed to keeping investors informed about market trends [1] - The service includes brand-new stock recommendations, which may present potential investment opportunities for subscribers [1]

Core Viewpoint - Lam Research Corporation (LRCX) has a history of significant stock price volatility, with drops exceeding 30% on multiple occasions, leading to substantial market capitalization losses [2] Group 1: Risks - Margin compression is anticipated due to an unfavorable mix-shift, with a projected sequential decrease in gross margin to 48.5% +/- 1% for the December 2025 quarter [11] - There is an escalating risk of revenue concentration from China, with management indicating that China is expected to account for less than 30% of total revenues in calendar year 2026, a considerable decline [11] - Excess inventory poses a risk of channel stuffing, with high Days Inventory Outstanding (DIO) compared to historical averages, indicating potential future revenue and earnings loss [11] Group 2: Financial Performance - Revenue growth for LRCX is reported at 25.7% LTM and an average of 4.0% over the last three years [12] - The company has a free cash flow margin of approximately 28.3% and an operating margin of 33.0% LTM [12] - Lam Research stock is currently traded at a P/E multiple of 51.9 [12]

Core Viewpoint - Lam Research Corporation (NASDAQ:LRCX) is experiencing significant growth, with its shares up 194% over the past year and 20% year-to-date, driven by increasing demand for semiconductor manufacturing equipment, particularly in memory and AI chips [2]. Group 1: Company Performance - Lam Research's share price target has been raised by Goldman Sachs from $160 to $180, maintaining a Buy rating, influenced by the anticipated demand in the semiconductor industry [2]. - Mizuho also increased Lam Research's share price target from $200 to $220, keeping an Outperform rating, citing optimism driven by AI, memory, and optical chip demand [2]. - Jim Cramer highlighted the need for Lam Research to expand production capacity, indicating strong demand for its products [2][3]. Group 2: Market Context - The semiconductor capital equipment sector, including Lam Research, is experiencing a shortage that cannot be met, contributing to the stock's performance increase of 33% since the beginning of the year [3]. - The overall narrative for the semiconductor industry in 2026 is shaped by higher demand for memory and AI chips, which is influencing investment decisions [2].