Lam Research Revenue Climbs 24% to $5.84 Billion in Q3 FY2026

Lam Research Corporation (NASDAQ: LRCX), a semiconductor manufacturing equipment maker, posted net revenue of $5.84 billion for the quarter ending March 29, 2026, up 24% from $4.72 billion in the quarter ending March 30, 2025. Read more earnings reports.

Net income for the quarter reached $1.83 billion, compared with $1.33 billion in the prior-year quarter, a 37% increase. Diluted earnings per share rose to $1.45 from $1.03.

For the nine months ending March 29, 2026, the company reported revenue of $16.51 billion, up from $13.26 billion in the corresponding period of fiscal 2025. Net income for the nine-month period totaled $4.99 billion, compared with $3.64 billion a year earlier.

Margins Expand

Gross profit in the March quarter reached $2.91 billion, yielding a gross margin of 49.8%, compared with $2.31 billion and a 49.0% margin in the year-ago quarter.

Operating income for the quarter was $2.05 billion, compared with $1.56 billion in the prior-year period. Operating expenses totaled $864 million, up from $752 million, driven by higher research and development spending of $583 million and selling, general and administrative expenses of $280 million.

Cash Position Tightens

Cash and cash equivalents stood at $4.75 billion as of March 29, 2026, down from $6.39 billion at the end of fiscal 2025 on June 29, 2025. The company generated $4.40 billion in cash from operations during the nine-month period.

Cash used in financing activities totaled $5.24 billion for the nine months, compared with $3.43 billion in the prior-year period. Investing activities consumed $778 million, primarily related to capital expenditures.

Balance Sheet Summary

Total assets declined to $20.79 billion as of March 29, 2026, from $21.35 billion at fiscal year-end. Current assets decreased to $13.30 billion from $14.52 billion.

Accounts receivable increased to $4.13 billion from $3.38 billion at June 29, 2025, while inventory fell to $4.00 billion from $4.31 billion. Property, plant and equipment rose to $2.83 billion from $2.41 billion.

Total liabilities decreased to $10.21 billion from $11.48 billion at the prior fiscal year-end. Stockholders' equity stood at $10.58 billion, up from $9.86 billion.

Common shares outstanding declined to 1.25 billion as of March 29, 2026, from 1.27 billion at June 29, 2025, reflecting share repurchase activity.

Financial Summary