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Sep 28, 2025
Lam Research Q1 2026 Earnings Report
Lam Research reported financial results for the quarter ended September 28, 2025.
Key Takeaways
Lam Research posted solid results in Q1 FY26 with revenue growth and strong margins, although EPS and net income declined slightly compared to the prior quarter.
Revenue reached $5.32 billion, a 3% increase from the previous quarter.
GAAP Net Income was $1.57 billion with EPS of $1.24.
Non-GAAP EPS came in at $1.26, down from $1.33 last quarter.
Company highlighted strong positioning for AI-driven semiconductor demand.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Lam expects Q2 FY26 revenue of $5.20B ± $300M with slightly lower margins and EPS compared to Q1.
Positive Outlook
- Strong customer demand in AI-driven chip manufacturing
- Expanded portfolio across critical device segments
- Continued product innovation supporting growth
- Stable revenue guidance despite market headwinds
- Confidence in long-term growth strategy
Challenges Ahead
- Gross margin expected to decline to ~48.5%
- EPS guidance of $1.15 is below Q1 actuals
- Macroeconomic uncertainties remain
- Customer acceptance delays in Japan affecting revenue recognition
- Continued impact of amortization and valuation adjustments on GAAP results
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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