Lam Research Corporation Q4 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

Lam Research (LRCX) June 2026 Quarter Earnings Summary

Key Financial Results (vs. March 2026 quarter unless noted):

  • Revenue: $6.72B (record), +15% sequentially, +30% YoY (vs. June 2025).
  • Gross Margin: 52% (record high in 20 years), +2.1 pts from 49.9% prior quarter.
  • Operating Margin: 38.4%, +3.4 pts from 35% prior quarter.
  • Diluted EPS: $1.82 (record).
  • Deferred Revenue: $2.43B, +$213M sequentially (driven by customer downpayments).
  • CSBG Revenue: ~$2.5B (record), +17% sequentially, +43% YoY.
  • FY2026 Full Year: Revenue $23.2B (record), GM 50.6%, EPS $5.82 (+41% from FY2025).

Systems Revenue Mix:

  • Memory: 46% (up from 39%; record dollar level) — NAND 23% (doubled sequentially from 12%), DRAM 23% (flattish vs. record prior quarter).
  • Foundry: 44% (down from 54%).
  • Logic/Other: 10% (up from 7%).

Geographic Revenue:

  • Taiwan: 27% (record dollars, up from 23%).
  • China: 26% (down from 34%; multinationals grew, domestic declined).
  • Korea: 20% (down from 23%).

Business Highlights & Outlook:

  • NAND growth driven by 256-layer+ conversions for enterprise SSDs; SAM per wafer expected to double from 128L to 500L+ nodes.
  • 2026 WFE outlook raised to low $150B range (from prior $140B).
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Operator: Good day, and welcome to the Lam Research Corporation June '26 Earnings Conference Call . Please note this event is being recorded. I would now like to turn the conference over to Ram Ganesh, Vice President of Investor Relations. Please go ahead. Ram Ganesh: Thank you, and good afternoon, everyone. Welcome to the Lam Research quarterly earnings conference call. With me today are Tim Archer, President and Chief Executive Officer; and Doug Bettinger, Executive Vice President and Chief Financial Officer. During today's call, we will share our overview on the business environment and we'll review our financial results for the June 2026 quarter and our outlook for the September 2026 quarter. The press release detailing our financial results was distributed a little after 1:00 p.m. Pacific Time. The release and the accompanying presentation slides for today can be found on the Investors section of the company's website. Today's presentation and Q&A include forward-looking statements based on our current beliefs, expectations and assumptions. These statements are subject to risks and uncertainties, and actual results could differ materially from those expressed or implied in such statements. For a discussion of factors that could cause actual results to differ materially, please refer to the risk factors in our most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings with the SEC and the cautionary statement in the accompanying presentation s
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