Lam Research(US:LRCX)2025-07-30 20:07Revenue Performance - Revenue for the June 2025 quarter was $5,171 million, representing a 9.6% increase from $4,720 million in the March 2025 quarter[2] - Revenue for the three months ended June 29, 2025, was $5,171,393, an increase of 9.5% from $4,720,175 in the previous quarter and up 33.4% from $3,871,507 in the same quarter last year[17] - Systems revenue for the June 2025 quarter was $3,437 million, compared to $3,035 million in the March 2025 quarter[8] - The geographic distribution of revenue showed China contributing 35%, Korea 22%, and Taiwan 19% in the June 2025 quarter[8] Profitability Metrics - U.S. GAAP gross margin was 50.1%, up from 49.0% in the previous quarter, while non-GAAP gross margin increased to 50.3%[2][4] - Gross margin for the same period was $2,589,709, representing 50.1% of revenue, compared to 49.0% in the previous quarter and 47.5% a year ago[17] - Diluted EPS on a U.S. GAAP basis was $1.35, a 31.1% increase compared to $1.03 in the March 2025 quarter[2][5] - Non-GAAP net income for the June 2025 quarter was $1,698 million, or $1.33 per diluted share, compared to $1,336 million, or $1.04 per diluted share in the March 2025 quarter[4][11] - U.S. GAAP net income for the three months ended June 29, 2025, was $1,720,088 thousand, an increase from $1,330,667 thousand in the previous quarter[25] - Non-GAAP net income for the same period was $1,697,716 thousand, compared to $1,336,006 thousand in the prior quarter, reflecting strong performance[25] Cash and Assets - Cash, cash equivalents, and restricted cash increased to $6.4 billion at the end of the June 2025 quarter, up from $5.5 billion at the end of the March 2025 quarter[6] - Cash and cash equivalents increased to $6,390,659 as of June 29, 2025, compared to $5,450,718 at the end of the previous quarter and $5,847,856 a year ago[19] - Total assets reached $21,345,260 as of June 29, 2025, up from $19,968,310 in the previous quarter and $18,744,728 a year ago[19] - Net cash provided by operating activities for the three months ended June 29, 2025, was $2,554,188, compared to $1,308,663 in the previous quarter and $862,430 a year ago[21] Operating Expenses - Operating income for the three months ended June 29, 2025, was $1,741,128, or 33.7% of revenue, up from 33.1% in the previous quarter and 29.1% in the same quarter last year[17] - Total operating expenses under U.S. GAAP were $848,581 thousand, up from $751,927 thousand in the previous quarter[26] - Operating expenses totaled $848,581 for the three months ended June 29, 2025, an increase from $751,927 in the previous quarter and $713,538 a year ago[17] - Research and development expenses for the three months ended June 29, 2025, were $580,178, compared to $525,904 in the previous quarter and $497,829 a year ago[17] - Non-GAAP operating expenses decreased to $822,375 thousand from $763,336 thousand, indicating cost management improvements[26] Future Guidance - For the quarter ending September 28, 2025, the company provided guidance of $5.20 billion in revenue, with a gross margin of 49.9%[10] Strategic Initiatives - The company emphasized its strategic initiatives in the AI era, focusing on deposition and etch technologies to enhance performance[5]