Short answer
Lam Research (LRCX) filed its fiscal 2025 10-K annual report with the SEC on Aug 11, 2025. It reported revenue of $18.4B (+23.7% year over year) and net income of $5.4B.
- Top risk flagged: Regulatory risk from U.S. export controls restricting sales to China, impacting market access and revenue in key regions
FY2025 key financial metrics · XBRL
- Revenue
- $18.4B
- +23.7% YoY
- Net income
- $5.4B
- +40.0% YoY
- Operating margin
- 32.0%
- +3.4 pp YoY
- Gross margin
- 48.7%
- +1.4 pp YoY
- EPS (diluted)
- $4.15
- −85.7% YoY
- ROE
- 54.3%
- +9.5 pp YoY
- Operating cash flow
- $6.2B
- +32.7% YoY
Source: XBRL data from the Lam Research (LRCX) FY2025 10-K on SEC EDGAR. USD.
Lam Research FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Semiconductor manufacturing equipment and services provider
- No new products, services, or segments introduced or emphasized this year
- No strategic shift or changed competitive positioning disclosed in this filing
- Corporate governance updates: Amended Certificate of Incorporation (Oct 2024) and Bylaws (May 2025)
- Noteworthy fact: Code of Ethics publicly posted with commitment to timely disclosure of amendments or waivers
Management Discussion & Analysis
- Revenue not explicitly stated in provided text; no YoY dollar amounts available
- No profitability or margin % figures disclosed in the provided excerpt
- Best and worst performing segments not detailed or quantified in provided section
- Key risks: global trade disputes, tariffs, export controls impacting revenue and margins, supply chain disruptions, foreign currency fluctuations, PFAS chemical restrictions, restructuring risks
Risk Factors
- Regulatory risk from U.S. export controls restricting sales to China, impacting market access and revenue in key regions
- Geopolitical threat from Middle East conflict and related macroeconomic uncertainties affecting semiconductor capital equipment demand
- Supply chain vulnerability due to procurement shortages and supplier performance inconsistencies risking production delays and increased costs
- Competitive risk from foreign government-backed rivals offering discounted or free products, challenging Lam’s market share globally
- Financial concentration risk as sales and credit exposure depend heavily on a limited number of large customers
Generated from the filing text; verify against the original. How to read a 10-K
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