Short answer
Lam Research (LRCX) filed its fiscal 2026 10-K annual report with the SEC on Aug 7, 2026. It reported revenue of $23.2B (+26.0% year over year) and net income of $7.3B.
- Top risk flagged: U.S. export controls and expanded license requirements on sales to Chinese entities, including Huawei, limiting total revenue from China (34% of fiscal 2026 revenue)
FY2026 key financial metrics · XBRL
- Revenue
- $23.2B
- +26.0% YoY
- Net income
- $7.3B
- +35.6% YoY
- Operating margin
- 35.3%
- +3.3 pp YoY
- Gross margin
- 50.5%
- +1.8 pp YoY
- EPS (diluted)
- $5.76
- +38.8% YoY
- ROE
- 58.3%
- +3.9 pp YoY
- Operating cash flow
- $5.9B
- −5.1% YoY
Source: XBRL data from the Lam Research (LRCX) FY2026 10-K on SEC EDGAR. USD.
Lam Research FY2026 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Global supplier of advanced wafer fabrication equipment and services for semiconductor manufacturing focusing on deposition, etch, and clean processes
- New emphasis on advanced packaging solutions, including fan-out panel-level packaging and 3D stacking for high bandwidth memory (HBM)
- Strategic focus shift towards supporting 3D semiconductor architectures and increased manufacturing complexity driven by AI, cloud, and automotive demand
- R&D investment highlighted to sustain innovation and address complex wafer processing needs amid technology inflections
- Noteworthy advancement in dry EUV resist technology with Aether® product family for improved pattern fidelity and reduced environmental impact
Management Discussion & Analysis
- Revenue $23.23B, up 26.0% YoY ($4.80B increase), systems revenue up 29.5% to $14.89B, customer support revenue up 20.2% to $8.35B
- Gross margin 50.5% vs 48.7% (+180 bps), R&D expense 10.2% vs 11.4% (-120 bps), SG&A expense 4.9% vs 5.3% (-40 bps) of revenue
- Best segment: Foundry revenue increased 900 bps, driven by mature node and leading-edge equipment spending; Worst: Memory segment down 300 bps due to investment timing
- Operating cash flow $5.86B vs $6.17B, used $3.85B for stock repurchases, $1.27B dividends, $966M capex, $755M debt repayments; cash & equivalents $5.60B vs $6.41B
- Management cautious on near-term volatility from trade/tariffs, long-term growth driven by 3D device scaling, multiple patterning, advanced packaging chip integration and AI market demand
Risk Factors
- U.S. export controls and expanded license requirements on sales to Chinese entities, including Huawei, limiting total revenue from China (34% of fiscal 2026 revenue)
- Middle East conflict since Feb 2026 disrupting supply of critical commodities like aluminum and rare earth elements, impacting semiconductor industry inputs
- Supply chain dependency on single or limited suppliers for key parts, with risks from export restrictions on Chinese rare earths that could delay production
- Primary competitor Applied Materials, plus ASM International and Tokyo Electron, challenge product acceptance and customer loyalty in key semiconductor equipment markets
- $3.75B senior unsecured notes outstanding with additional $2B commercial paper program and $2B revolving credit, exposing company to leverage and covenant restrictions
Generated from the filing text; verify against the original. How to read a 10-K
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