Lam Research
LRCX · NasdaqSpecial Industry Machinery, NEC · Fiscal year ends Jun 28
Lam Research reported revenue of $23.2B in the fiscal year ended Jun 2026, up 26.0% from the year before. Operating income was $8.2B, an operating margin of 35.3%, and net income was $7.3B. Operating cash flow of $5.9B less capital expenditure of $966M left free cash flow of $4.9B. It held more cash than debt (net cash $1.9B).
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Jun 2022 | Jun 2023 | Jun 2024 | Jun 2025 | Jun 2026 |
|---|---|---|---|---|---|
| Revenue | $17.2B | $17.4B | $14.9B | $18.4B | $23.2B |
| Cost of revenue | $9.4B | $9.7B | $7.9B | $9.5B | $11.5B |
| Gross profit | $7.9B | $7.8B | $7.1B | $9B | $11.7B |
| Research & development | $1.6B | $1.7B | $1.9B | $2.1B | $2.4B |
| Selling, general & admin | $886M | $833M | $868M | $982M | $1.1B |
| Operating income | $5.4B | $5.2B | $4.3B | $5.9B | $8.2B |
| Interest expense | $185M | $186M | $185M | $178M | $157M |
| Pre-tax income | $5.2B | $5.1B | $4.4B | $6B | $8.3B |
| Income tax | $588M | $598M | $532M | $600M | $997M |
| Net income | $4.6B | $4.5B | $3.8B | $5.4B | $7.3B |
| Diluted EPS | 32.75 | 3.32 | 2.90 | 4.15 | 5.76 |
| Diluted shares | 141M | 1,358M | 1,320M | 1,290M | 1,261M |
Balance sheet
| Fiscal year | Jun 2022 | Jun 2023 | Jun 2024 | Jun 2025 | Jun 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | $3.5B | $5.3B | $5.8B | $6.4B | $5.6B |
| Receivables | $4.3B | $2.8B | $2.5B | $3.4B | $5.3B |
| Inventory | $4B | $4.8B | $4.2B | $4.3B | $4.3B |
| Current assets | $12.3B | $13.2B | $12.9B | $14.5B | $15.6B |
| Net PP&E | $1.6B | $1.8B | $2.1B | $2.4B | $2.9B |
| Goodwill | $1.5B | $1.6B | $1.6B | $1.6B | $1.6B |
| Total assets | $17.2B | $18.8B | $18.7B | $21.3B | $23.5B |
| Payables | $1B | $471M | $614M | $854M | $1.3B |
| Deferred revenue | $1.6B | $1.7B | $1.4B | $2.6B | $2.3B |
| Current liabilities | $4.6B | $4.2B | $4.3B | $6.6B | $5.9B |
| Short-term debt | $0 | $421,000 | $501M | $750M | $147,000 |
| Long-term debt | $5B | $5B | $4.5B | $3.7B | $3.7B |
| Total liabilities | $10.9B | $10.6B | $10.2B | $11.5B | $11.1B |
| Shareholders' equity | $6.3B | $8.2B | $8.5B | $9.9B | $12.5B |
| Backlog (remaining obligations) | $2.2B | $1.8B | $1.6B | $2.7B | $2.4B |
Cash flow
| Fiscal year | Jun 2022 | Jun 2023 | Jun 2024 | Jun 2025 | Jun 2026 |
|---|---|---|---|---|---|
| Operating cash flow | $3.1B | $5.2B | $4.7B | $6.2B | $5.9B |
| Capital expenditure | $546M | $502M | $397M | $759M | $966M |
| Free cash flow | $2.6B | $4.7B | $4.3B | $5.4B | $4.9B |
| Depreciation & amortisation | $334M | $342M | $360M | $386M | $442M |
| Stock-based compensation | $259M | $287M | $293M | $343M | $386M |
| Acquisitions | $0 | $120M | $0 | $0 | – |
| Share buybacks | $3.9B | $2B | $2.8B | $3.4B | $3.9B |
| Dividends paid | $815M | $908M | $1B | $1.1B | $1.3B |
| Dividend per share | 6.00 | 0.69 | 0.80 | 0.92 | 1.04 |
Key ratios
| Fiscal year | Jun 2022 | Jun 2023 | Jun 2024 | Jun 2025 | Jun 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 1.2% | −14.5% | 23.7% | 26.0% |
| Operating income growth (YoY) | – | −3.8% | −17.6% | 38.4% | 39.0% |
| EPS growth (YoY) | – | −89.9% | −12.7% | 43.1% | 38.8% |
| Gross margin | 45.7% | 44.6% | 47.3% | 48.7% | 50.5% |
| Operating margin | 31.2% | 29.7% | 28.6% | 32.0% | 35.3% |
| Net margin | 26.7% | 25.9% | 25.7% | 29.1% | 31.3% |
| Return on equityBlank when equity is negative | 73.4% | 54.9% | 44.8% | 54.3% | 58.3% |
| ROCEEBIT ÷ (assets − current liabilities) | 42.6% | 35.5% | 29.6% | 39.9% | 46.6% |
| Free cash flow margin | 14.8% | 26.8% | 28.6% | 29.4% | 21.1% |
| Cash conversion (CFO ÷ net income) | 0.67x | 1.15x | 1.22x | 1.15x | 0.81x |
| Receivable days | 91 | 59 | 62 | 67 | 84 |
| Inventory days | 155 | 182 | 196 | 166 | 136 |
| Payable days | 39 | 18 | 29 | 33 | 41 |
| Interest cover | 29.1x | 27.8x | 23.0x | 33.1x | 52.3x |
| Debt ÷ equity | 0.79x | 0.60x | 0.58x | 0.45x | 0.30x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $1.4B | −$372M | −$880M | −$1.9B | −$1.9B |
| Current ratio | 2.69x | 3.16x | 2.97x | 2.21x | 2.63x |
Recent filings
More in Special Industry Machinery, Nec
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.