Short answer
Lam Research (LRCX) filed its Q1 2026 10-Q quarterly report on Apr 23, 2026 for the quarter ended Mar 29, 2026. Quarterly revenue was $5.8B (up 23.8% year over year) with net income of $1.8B.
Q1 2026 key financials · XBRL
- Revenue
- $5.8B
- +23.8% YoY · +9.3% QoQ
- Net income
- $1.8B
- +37.2% YoY · +14.5% QoQ
- Operating margin
- 35.0%
- Gross margin
- 49.8%
- EPS (diluted)
- $1.45
- +40.8% YoY · +15.1% QoQ
Source: XBRL data from the Lam Research (LRCX) Q1 2026 10-Q on SEC EDGAR. USD.
Lam Research Q1 2026 10-Q analysis
AI summary of MD&A and risk factor updates
Management Discussion & Analysis
- Revenue $5.84B in March quarter; quarterly YoY comparison not provided
- Gross margin 49.8% vs 49.6% in December quarter
- Memory mix 39% vs foundry 54%; memory investments strengthened across DRAM and non-volatile memory
- Cash $4.77B vs $6.20B in December; operating cash flow $1.14B
- $1.16B share repurchases, $751.2M debt payments, $331.6M capital expenditures, and $325.8M dividends
- 2026 spending growth outlook; trade restrictions, tariffs, and industry volatility remain headwinds
Risk Factors
- Newly emphasized technology risk: AI adoption may reduce customers’ reliance on Lam for process development and shrink addressable markets
- Competitive pressure: Regional competitors, industry consolidation, and AI could intensify competition for semiconductor-equipment sales
- Export-control risk: U.S. restrictions on China exports may limit sales opportunities unavailable to competitors in more favorable regulatory environments
- Near-term demand risk: Semiconductor capital-equipment spending can decline rapidly, pressuring shipments, revenue, margins, and earnings
- International concentration: Non-U.S. sales represented approximately 94% of nine-month revenue through March 29, 2026
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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