lrcx-20250928

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 28, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 0-12933

___________________________________________________________

LAM RESEARCH CORPORATION

(Exact name of registrant as specified in its charter)

___________________________________________________________


Delaware						94-2634797
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

4650 Cushing Parkway, Fremont, California						94538
(Address of principal executive offices)						(Zip Code)

Registrant’s telephone number, including area code: (510) 572-0200

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, Par Value $0.001 Per Share	LRCX	The Nasdaq Stock Market
		(Nasdaq Global Select Market)

__________________________________________________

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of October 22, 2025, the Registrant had 1,256,030 thousand shares of Common Stock outstanding.

LAM RESEARCH CORPORATION

TABLE OF CONTENTS


		Page No.
	PART I. Financial Information

Item 1.	Financial Statements (Unaudited):
	Condensed Consolidated Statements of Operations for the three months ended September 28, 2025, and September 29, 2024	3
	Condensed Consolidated Statements of Comprehensive Income for the three months ended September 28, 2025, and September 29, 2024	4
	Condensed Consolidated Balance Sheets as of September 28, 2025, and June 29, 2025	5
	Condensed Consolidated Statements of Cash Flows for the three months ended September 28, 2025, and September 29, 2024	6
	Condensed Consolidated Statements of Stockholders’ Equity for the three months ended September 28, 2025, and September 29, 2024	7
	Notes to Condensed Consolidated Financial Statements	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	16
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	22
Item 4.	Controls and Procedures	23

	PART II. Other Information

Item 1.	Legal Proceedings	24
Item 1A.	Risk Factors	24
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	37
Item 3.	Defaults Upon Senior Securities	37
Item 4.	Mine Safety Disclosures	37
Item 5.	Other Information	37
Item 6.	Exhibits	38
Signatures		39


	Three Months Ended
		September 28, 2025		September 29, 2024
Revenue		$	5,324,173	$	4,167,976
Cost of goods sold		2,639,294		2,165,293


Gross margin		2,684,879		2,002,683
Research and development		576,446		495,358
Selling, general, and administrative		279,345		243,128

Total operating expenses		855,791		738,486
Operating income		1,829,088		1,264,197
Other income (expense), net		30,074		30,081
Income before income taxes		1,859,162		1,294,278
Income tax expense		(290,502)		(177,834)
Net income		$	1,568,660	$	1,116,444
Net income per share:
Basic		$	1.24	$	0.86
Diluted		$	1.24	$	0.86
Number of shares used in per share calculations:
Basic		1,264,446		1,299,236
Diluted		1,269,313		1,304,066


	September 28, 2025		June 29, 2025
	(unaudited)		(1)
ASSETS
Cash and cash equivalents	$	6,693,046	$	6,390,659

Accounts receivable, less allowance of $6,541 as of September 28, 2025, and $6,496 as of June 29, 2025	3,633,034		3,378,071
Inventories	4,095,054		4,307,991
Prepaid expenses and other current assets	385,580		440,274
Total current assets	14,806,714		14,516,995
Property and equipment, net	2,510,531		2,428,744

Goodwill and intangible assets, net	1,826,950		1,808,685

Other assets	2,756,016		2,590,836
Total assets	$	21,900,211	$	21,345,260
LIABILITIES AND STOCKHOLDERS’ EQUITY
Trade accounts payable	$	863,160	$	854,208
Accrued expenses and other current liabilities	2,443,943		2,394,366
Deferred profit	2,646,444		2,565,540
Current portion of long-term debt and finance lease obligations	754,363		754,311
Total current liabilities	6,707,910		6,568,425
Long-term debt and finance lease obligations	3,729,580		3,730,194
Income taxes payable	646,044		603,412
Other long-term liabilities	623,925		581,610
Total liabilities	11,707,459		11,483,641
Commitments and contingencies (refer to Note 11)
Stockholders’ equity:
Preferred stock, at par value of $0.001 per share; authorized, 5,000 shares, none outstanding	—		—
Common stock, at par value of $0.001 per share; authorized, 4,000,000 shares as of September 28, 2025 and June 29, 2025; issued and outstanding, 1,259,176 shares as of September 28, 2025, and 1,268,740 shares as of June 29, 2025	1,258		1,268
Additional paid-in capital	8,794,531		8,697,290
Treasury stock, at cost; 1,697,324 shares as of September 28, 2025, and 1,687,582 shares as of June 29, 2025	(28,759,513)		(27,763,430)
Accumulated other comprehensive loss	(73,591)		(62,423)
Retained earnings	30,230,067		28,988,914
Total stockholders’ equity	10,192,752		9,861,619
Total liabilities and stockholders’ equity	$	21,900,211	$	21,345,260
















	Three Months Ended
	September 28, 2025
	Common Stock Shares	Common Stock		Additional Paid-in Capital		Treasury Stock		Accumulated Other Comprehensive Loss		Retained Earnings		Total
Balance at June 29, 2025	1,268,740	$	1,268	$	8,697,290	$	(27,763,430)	$	(62,423)	$	28,988,914	$	9,861,619
Issuance of common stock	178	—		—		—		—		—		—
Purchase of treasury stock	(9,742)	(10)		—		(996,083)		—		—		(996,093)

Equity-based compensation expense	—	—		97,241		—		—		—		97,241
Net income	—	—		—		—		—		1,568,660		1,568,660
Other comprehensive loss	—	—		—		—		(11,168)		—		(11,168)
Cash dividends declared ($0.26 per common share)	—	—		—		—		—		(327,507)		(327,507)
Balance at September 28, 2025	1,259,176	$	1,258	$	8,794,531	$	(28,759,513)	$	(73,591)	$	30,230,067	$	10,192,752



















	Three Months Ended
	September 29, 2024
	Common Stock Shares	Common Stock		Additional Paid-in Capital		Treasury Stock		Accumulated Other Comprehensive Loss		Retained Earnings		Total
Balance at June 30, 2024	1,303,769	$	1,304	$	8,223,046	$	(24,365,783)	$	(130,428)	$	24,811,315	$	8,539,454
Issuance of common stock	200	—		(43)		—		—		—		(43)
Purchase of treasury stock	(12,011)	(12)		—		(1,008,874)		—		—		(1,008,886)

Equity-based compensation expense	—	—		80,011		—		—		—		80,011
Net income	—	—		—		—		—		1,116,444		1,116,444
Other comprehensive income	—	—		—		—		42,625		—		42,625
Cash dividends declared ($0.23 per common share)	—	—		—		—		—		(297,714)		(297,714)
Balance at September 29, 2024	1,291,958	$	1,292	$	8,303,014	$	(25,374,657)	$	(87,803)	$	25,630,045	$	8,471,891


	Less than 1 Year		1-3 Years			More than 3 Years			Total
	(In thousands)
Deferred revenue	$	2,187,323	$	515,473	(1)	$	66,407	(1)	$	2,769,203


Period	Total Number of Shares Repurchased		Total Cost of Repurchase (3)		Average Price Paid per Share (1,3)		Amount Available Under Repurchase Program
	(in thousands, except per share data)
Available balance as of June 29, 2025							$	7,517,184
Quarter ended September 28, 2025	9,686	(2)	$	990,046	$	105.67	$	6,527,138


	Three Months Ended
	September 28, 2025		September 29, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	1,568,660	$	1,116,444
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	101,644		94,295
Deferred income taxes	(62,875)		(108,722)
Equity-based compensation expense	97,241		80,011







Other, net	(1,890)		(457)
Changes in operating assets and liabilities	76,184		386,900
Net cash provided by operating activities	1,778,964		1,568,471
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures and intangible assets	(185,121)		(110,588)










Other, net	(927)		37
Net cash used for investing activities	(186,048)		(110,551)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on debt, including finance lease obligations and payments for debt issuance costs	(1,417)		(934)


	Three Months Ended
		September 28, 2025		September 29, 2024
Revenue:		(In thousands)
China		$	2,282,573	$	1,558,404
Taiwan		1,027,214		615,368
Korea		776,301		762,081
Japan		529,297		301,386
United States		304,716		488,381
Southeast Asia		302,254		244,789
Europe		101,818		197,567
		$	5,324,173	$	4,167,976


	September 28, 2025		June 29, 2025
	(in thousands)
Money market funds (fair value measured on a recurring basis, level 1)	$	2,577,964	$	3,151,084
Cash	2,080,697		1,662,236
Time deposits	2,034,385		1,577,339
Total	$	6,693,046	$	6,390,659

SEC Form 10-Q filed by Lam Research Corporation