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Jun 29, 2025
Lam Research Q4 2025 Earnings Report
Lam Research reported strong revenue and record EPS for Q4 2025.
Key Takeaways
Lam Research delivered a robust Q4 2025, achieving record EPS and maintaining strong gross and operating margins. The company saw growth in both systems and customer support revenue, supported by increasing AI demand.
Revenue reached $5.17 billion, up from the prior quarter
GAAP EPS hit a record $1.35 with non-GAAP EPS at $1.33
Net income grew to $1.72 billion driven by margin expansion
Cash and equivalents rose to $6.39 billion by quarter-end
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Lam Research expects revenue around $5.2 billion in Q1 FY26 with stable margins and earnings outlook.
Positive Outlook
- Revenue guidance midpoint at $5.2 billion
- Gross margin expected to remain strong at ~50%
- Operating margin projected around 34%
- Diluted share count stable at 1.27 billion
- Confidence in AI-driven demand and product positioning
Challenges Ahead
- Guidance reflects potential $300 million revenue variability
- No assumptions made for potential M&A or restructuring
- Macroeconomic risks and geopolitical tensions remain
- Ongoing supply chain pressures could impact margins
- Deferred revenue volatility, especially in Japan
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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