Lam Research — 2026Q3 財報

“U.S. GAAP gross margin as a percent of revenue of 51.7%, U.S. GAAP operating margin as a percent of revenue of 37.4%, and U.S. GAAP diluted EPS of $1.81.”

June-quarter GAAP gross margin was 51.7% of revenue, GAAP operating margin 37.4%, and GAAP diluted EPS $1.81.

“For the June 2026 quarter, non-GAAP gross margin was $3.50 billion, or 52.0% of revenue, non-GAAP operating expenses were $916.4 million, non-GAAP operating margin was 38.4% of revenue, and non-GAAP net income was $2.28 billion, or $1.82 per diluted share. This compares to non-GAAP gross margin of $2.91 billion, or 49.9% of revenue, non-GAAP operating expenses of $866.2 million, non-GAAP operating margin of 35.0% of revenue, and non-GAAP net income of $1.85 billion, or $1.47 per diluted share, for the March 2026 quarter.”

Non-GAAP operating margin was 38.4% of revenue and non-GAAP net income was $2.28 billion, or $1.82 per diluted share, up from $1.47 in the March quarter.

“Lam delivered record revenue, operating margin and earnings per share in the June quarter as AI-driven demand continues to reshape the semiconductor industry”

The CEO tied the record quarter directly to AI-driven demand reshaping the semiconductor industry.

“Our strategic investments and technology leadership are helping customers accelerate through rising manufacturing complexity, positioning Lam for a third consecutive year of outperformance in 2026.”

Management framed rising manufacturing complexity as the mechanism positioning Lam for a third consecutive year of outperformance in 2026.

“Deferred revenue at the end of the June 2026 quarter increased to $2.43 billion compared to $2.22 billion as of the end of the March 2026 quarter.”

Deferred revenue rose to $2.43 billion from $2.22 billion at the end of the March quarter.

“Cash, cash equivalents, and restricted cash balances increased to $5.60 billion at the end of the June 2026 quarter compared to $4.77 billion at the end of the March 2026 quarter.”

Cash, cash equivalents and restricted cash rose to $5.60 billion from $4.77 billion at the end of the March quarter.

“As we enter the second half of the year, we expect calendar 2026 wafer fab equipment spending or WFE to be in the low $150 billion range up from our prior outlook of $140 billion with upside bias.”

Calendar-2026 wafer fab equipment spending was raised to the low $150 billion range from a prior outlook of $140 billion, with upside bias.

“Our $8.1 billion September quarter revenue guide represents more than 20% growth quarter-on-quarter. And we see 2026 shaping up to be our third consecutive year of relative outperformance to WFE.”

The $8.1 billion September-quarter guide represents more than 20% sequential growth, and management sees 2026 as a third consecutive year of outperformance versus WFE.

“Sequential top line growth was led by a doubling of NAND revenue from the prior quarter underscoring the growing importance of storage to AI system performance.”

Sequential growth was led by a doubling of NAND revenue, which management linked to storage's role in AI system performance.

“We expect Lam's served available market or SAM per wafer in NAND to double from the 128-layer node to 500-plus layer devices.”

Management expects Lam's served available market per NAND wafer to double from the 128-layer node to 500-plus layer devices.

“We just finished fiscal year 2026, and we had record revenue of $23.2 billion and gross margin of 50.6%. Our diluted earnings per share in fiscal year 2026 was also a record, coming in at $5.82, which was up 41% from fiscal year 2025.”

Fiscal 2026 closed at record revenue of $23.2 billion with gross margin of 50.6% and record diluted EPS of $5.82, up 41% from fiscal 2025.

“We were pleased with our continued strong execution in the June quarter, resulting in our fourth consecutive quarter of record revenue, our highest quarterly gross margin in 20 years, record operating margin and record earnings per share.”

The CFO said the June quarter produced the company's highest quarterly gross margin in twenty years alongside a fourth consecutive quarter of record revenue.

“From a market segment perspective, June quarter systems revenue in Memory was 46%, an increase from 39% in the prior quarter. On a dollar basis, this represented a record level for us in total Memory.”

Memory rose to 46% of systems revenue from 39% in the prior quarter, a record level in dollar terms.