Lam Research Posts Record $8.22 Billion September Quarter, Up 22% Sequentially: Net Income $2.75 Billion, December-Quarter Guidance $8.60 Billion Plus or Minus $400 Million
FREMONT, Calif. — Lam Research Corporation on Wednesday, October 21, announced financial results for the quarter ended September 27, 2026, its fiscal first quarter. Revenue was $8.22 billion ($8,219.4 million), up 22 percent from $6.72 billion in the June 2026 quarter and against $5.32 billion a year earlier. On a U.S. GAAP basis, gross margin was $4.30 billion, or 52.3 percent of revenue, operating margin was 40.0 percent, and net income was $2.75 billion, or $2.19 per diluted share, compared with gross margin of 51.7 percent, operating margin of 37.4 percent, net income of $2.28 billion and diluted EPS of $1.81 in the June quarter. Non-GAAP gross margin was 52.4 percent, non-GAAP operating margin was 40.2 percent, and non-GAAP net income was $2.77 billion, or $2.20 per diluted share.
Systems revenue was $5,732.9 million, up from $4,249.8 million in the June quarter and $3,547.6 million a year earlier, while customer support-related revenue and other revenue was $2,486.5 million. By region, China accounted for 35 percent of revenue in the September quarter, Korea 20 percent, Taiwan 18 percent, Japan 9 percent, the United States 8 percent, Southeast Asia 6 percent and Europe 4 percent.
"With AI driving higher semiconductor demand and greater device complexity, our focus on operational execution helped Lam deliver record revenue, profit, and earnings per share in the September quarter," said Tim Archer, Lam Research's president and chief executive officer. "Our strategic investments in technology inflections and manufacturing capacity are paying off, strengthening our ability to outgrow the wafer fabrication equipment market as the industry expands."
Cash, cash equivalents and restricted cash rose to $7.45 billion at the end of the September quarter from $5.60 billion at the end of the June quarter, and deferred revenue increased to $2.66 billion. For the quarter ending December 27, 2026, Lam guided revenue to $8.60 billion plus or minus $400 million, gross margin to 52.5 percent plus or minus 1 percent, operating margin to 40.5 percent plus or minus 1 percent, and net income per diluted share to $2.33 plus or minus $0.15, on a diluted share count of 1.253 billion.
The company generated $3.50 billion in operating cash flow in the quarter, returned $1.02 billion through share repurchases and $325.4 million in dividends, and raised its quarterly dividend 27% to $0.33 per share. Management said the December-quarter outlook would have been higher without supply constraints that pushed some equipment shipments into the March 2027 quarter, and the company preliminarily expects wafer fabrication equipment spending to exceed $200 billion in 2027, up from about $150 billion in 2026. China's share of revenue rose from 26% in the June quarter to 35% in September, and management expects it to fall meaningfully in December. Shares fell about 6% in after-hours trading on October 21 and dropped another 11.76% on October 22 to close at $230.15; the Philadelphia Semiconductor Index fell 6.72% the same day, with all 30 members lower.
Published by GSM · USA (original Chinese edition)
Photo: 图：泛林集团位于加州弗里蒙特的办公楼（资料图）。Olaf2 摄，CC BY-SA 4.0，取自维基共享资源。Photo: A Lam Research office building in Fremont, California (file photo). By Olaf2, CC BY-SA 4.0, via Wikimedia Commons.
