Lam Research(LRCX) - 2026 Q1 - Earnings Call Presentation

Financial Performance & Outlook - Lam Research achieved record revenue of $5.3 billion[7] and a record gross margin of 50.6%[7,8] in the September 2025 quarter - The company's operating margin also reached a record 35.0%[7,8] - QSEP'25 revenue was $5.32 billion compared to $5.17 billion in QJun'25[30] - QSEP'25 earnings per share were $1.26 compared to $1.33 in QJun'25[30] - December 2025 quarter revenue is guided at $5.20 billion, with a non-GAAP gross margin of 48.5% and non-GAAP operating margin of 33.0%[41,42] Market & Technology Trends - The WFE (Wafer Fabrication Equipment) outlook for CY2025 is slightly higher than the prior forecast of ~$105 billion due to stronger HBM (High Bandwidth Memory) investments[10] - AI growth is expected to create a significant opportunity for Lam, potentially expanding the served available market (SAM) by ~$8 billion in WFE spending related to incremental AI data center investment of ~$100 billion[12] - Continued NAND upgrades are expected in 2026, with $40 billion in WFE conversion spending projected over the next several years[13] Business Segments & Regional Revenue - Foundry accounted for 60%, NVM (Non-Volatile Memory) for 18%, DRAM for 16%, and Logic/Other for 6% of the system revenue segments[32] - China contributed 43%, Taiwan 19%, and Korea 15% to the revenue by region[32] - Customer Support Business Group (CSBG) revenue for QSEP'25 was $1.777 billion[36]