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US Treasury par yield curve · Jul 29 · Source: U.S. Treasury
Wednesday, July 29, 2026
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Earnings

Lam Research has guided September revenue to $8.10bn, a fifth above the record quarter it reported on Wednesday and more than half again on a year ago

Money & World
The Editorial Team ·
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Lam Research expects to take $8.10bn in the September quarter. It has never taken more than $6.72bn, which is what it took in the three months to 28 June and called a record.

The guidance carries a range of plus or minus $400m, so the low end is $7.70bn. Even that is 14.5 percent above the quarter just reported. At the midpoint the step up is 20.5 percent in three months and 56.6 percent on the June quarter of 2025, when revenue was $5,171.4m. Gross margin is guided to 52.0 percent and operating margin to 39.5 percent, against 51.7 percent and 37.4 percent actually delivered.

June quarter revenue of $6,722.2m came against $5,841.5m in March. Net income was $2.28bn, which is 33.9 percent of revenue. Diluted earnings per share were $1.81 against $1.45. Operating expenses were $965.3m.

Two revenue lines, both growing, one faster

Systems revenue, meaning new leading edge deposition and etch equipment, was $4,249.8m against $3,437.6m a year earlier. The other line is customer support, spares, upgrades and the non leading edge Reliant product range, and it took $2,472.4m against $1,733.8m. That is growth of 24 percent in systems and 43 percent in support, so the service and spares business grew faster than the tools business.

Tim Archer, the chief executive, is quoted in the release attributing the quarter to demand driven by artificial intelligence and to rising manufacturing complexity, and saying the company is positioned for a third consecutive year of outperformance in 2026.

Three countries took 73 percent of the revenue. Taiwan was 27 percent, China 26 percent and Korea 20 percent. Japan and the United States were 9 percent each, Southeast Asia 5 percent and Europe 4 percent.

The Japanese shipments that are not in deferred revenue

Deferred revenue was $2.43bn at the end of the quarter, against $2.22bn in March. The release then explains something about that number that most earnings releases leave in the annual report. Shipments to customers in Japan are not in it, because title does not transfer until the customer accepts the tool, and until then the equipment sits in Lam's inventory at cost. The estimated future revenue from those shipments was $490.2m, against $434.3m three months earlier.

So the backlog visible in the deferred revenue line understates the shipped position by roughly half a billion dollars, and the company says so itself. Cash, cash equivalents and restricted cash ended the quarter at $5.60bn, up from $4.77bn.

The document: Lam Research Corporation, 'Lam Research Corporation Reports Financial Results for the Quarter Ended June 28, 2026', Exhibit 99.1 to a Form 8-K filed 29 July 2026, accession 0000707549-26-000033, accepted by EDGAR at 16:07:10 Eastern, Items 2.02 and 9.01. Key financial data table, June 2026 quarter against March 2026 quarter: revenue $6,722,238 thousand against $5,841,488 thousand, plus 15.1 percent; GAAP gross margin 51.7 percent against 49.8 percent, plus 190 basis points; GAAP operating margin 37.4 percent against 35.0 percent, plus 240 basis points; GAAP diluted EPS $1.81 against $1.45, plus 24.8 percent. Non-GAAP: gross margin 52.0 percent, operating margin 38.4 percent, diluted EPS $1.82. GAAP results narrative: gross margin $3.48bn, operating expenses $965.3m, net income $2.28bn. Systems and support table, thousands: systems revenue 4,249,848 (June 2026), 3,730,582 (March 2026), 3,437,625 (June 2025); customer support related revenue and other 2,472,390, 2,110,906, 1,733,768; totals 6,722,238, 5,841,488, 5,171,393. Outlook table for the quarter ending 27 September 2026 as cited, including diluted share count of 1.255 billion. Balance sheet and cash flow narrative: cash, cash equivalents and restricted cash $5.60bn against $4.77bn; deferred revenue $2.43bn against $2.22bn, with the Japan title and acceptance exclusion and the $490.2m and $434.3m estimates stated in the release. Geographic distribution table as cited, summing to 100 percent. Chief executive quotation attributed in the release to Tim Archer. Exhibit read in full 29 July 2026..

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