Lam Research(US:LRCX)2025-10-24 20:06Revenue and Income - Revenue for the three months ended September 28, 2025, was $5,324,173, representing a 3% increase compared to $5,171,393 for the three months ended June 29, 2025[77] - Net income for the September 2025 quarter was $1,568,660, down from $1,720,088 in the June 2025 quarter[77] - Systems revenue reached $3,547,565, up from $3,437,625 in the previous quarter, driven by investments in the Foundry market segment[83] - Customer support-related revenue was $1,776,608, slightly increasing from $1,733,768 in the previous quarter[83] Gross Margin and Expenses - Gross margin increased to $2,684,879, or 50.4% of total revenue, compared to $2,589,709, or 50.1%, in the previous quarter[77] - Research and development expenses were $580,178, accounting for 10.8% of revenue, compared to 11.2% in the previous quarter[87] - SG&A expense for the September 2025 quarter was $279,345,000, representing 5.2% of revenue, an increase from $243,128,000 in September 2024[89] - R&D expense in the September 2025 quarter increased due to higher employee-related costs and increased spending on supplies[88] Deferred Revenue and Cash Position - The deferred revenue balance increased to $2.77 billion at the end of September 2025, up from $2.68 billion at the end of June 2025[77] - Cash, cash equivalents, and restricted cash increased to $6.7 billion at the end of September 2025, up from $6.4 billion at the end of June 2025[80] - Total gross cash, cash equivalents, and restricted cash balances were $6.7 billion as of September 28, 2025, an increase from $6.4 billion as of June 29, 2025[102] Cash Flow Activities - Net cash provided by operating activities was $1.78 billion for the three months ended September 28, 2025[103] - Net cash used for investing activities was $186.0 million, primarily for capital expenditures[104] - Net cash used for financing activities was $1.28 billion, mainly due to $975.8 million in treasury stock repurchases and $292.0 million in dividends paid[105] - Changes in operating asset and liability accounts included a decrease in inventory of $189.8 million and an increase in accounts receivable of $255.0 million[103] Tax and Interest - Interest income for the September 2025 quarter was $63,930,000, up from $54,633,000 in June 2025, but down from $68,449,000 in September 2024[90] - Income tax expense for the September 2025 quarter was $58,893,000, with an effective tax rate of 15.6%, up from 3.3% in June 2025[94] Market Segment Focus - Foundry market segment revenue accounted for 60% of total revenue in the September 2025 quarter, up from 52% in the previous quarter[84] - The company continues to focus on R&D investments to support leading-edge semiconductor manufacturing processes[87] - The company expects to maintain sufficient liquidity reserves to support operations and investments through at least the next twelve months[106]