Lam Research earnings: guidance and next results
Lam Research's next results are expected on October 21, 2026. Watch whether Lam Research turns the September revenue ramp into collected cash.
What has Lam Research guided for the September quarter?
For the quarter to September 2026, Lam guided revenue of US$7,700,000–8,500,000 thousand. It guided operating margin of 38.5%–40.5%. Diluted EPS guidance was US$2.00–2.30 per share.
| Period guided | Low | High | Date given | |
|---|---|---|---|---|
| Revenue — U.S. GAAP | Quarter to Sep 2026 | 7,700,000 | 8,500,000 | Jul 29, 2026 |
| Operating margin — U.S. GAAP | Quarter to Sep 2026 | 38.5% | 40.5% | Jul 29, 2026 |
| Net income per diluted share — U.S. GAAP | Quarter to Sep 2026 | 2.00 | 2.30 | Jul 29, 2026 |
What promises has Lam Research kept?
Lam also promised an adjusted operating margin of 34–35% for calendar 2028. Fiscal 2026 reached 35.8%, so management is ahead of that objective for now. The stronger test is whether profitability remains durable as Lam expands its laboratories.
What has Lam Research's last eight quarters shown?
Quarterly revenue reached $6,722,238 thousand, approximately 30.0% above June 2025. It was also 15.1% above March. Operating income reached $2,513,488 thousand, up 44.4% year over year. Diluted EPS rose from $1.35 to $1.81. Gross margin reached 51.7%, compared with 50.1% a year earlier. The eight-quarter trend shows a sustained recovery, not an isolated spike.
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 6,722,238 | 5,841,488 | 5,344,791 | 5,324,173 | 5,171,393 | 4,720,175 | 4,376,047 | 4,167,976 |
| Gross margin | 51.7% | 49.8% | 49.6% | 50.4% | 50.1% | 49.0% | 47.4% | 48.0% |
| Operating income | 2,513,488 | 2,047,016 | 1,810,203 | 1,829,088 | 1,741,128 | 1,561,759 | 1,333,884 | 1,264,197 |
| Net income | 2,277,282 | 1,825,460 | 1,593,994 | 1,568,660 | 1,720,088 | 1,330,667 | 1,191,018 | 1,116,444 |
| EPS, diluted | 1.81 | 1.45 | 1.26 | 1.24 | 1.35 | 1.03 | 0.92 | 0.86 |
| = Free cash flow | 1,268,427 | 809,816 | 1,219,166 | 1,593,843 | 2,381,997 | 1,020,605 | 553,593 | 1,457,883 |
What should investors watch in Lam Research's next results?
Lam scheduled its September-quarter financial call for October 21, 2026. It begins at 2 p.m. Pacific time. Investors will compare revenue and diluted EPS with management’s guidance, then study the December outlook. That outlook will show whether September establishes a higher level of activity or creates a difficult comparison.
Cash deserves equal attention. Lam’s days sales outstanding already rose from 64 to 72 days. A further increase would leave more cash tied up in unpaid invoices. Operating cash flow and facility spending will show whether the company is funding expansion from the business or relying more heavily on its financial reserves.