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Screener / SEC EDGAR /CIK 0000707549 /10-K filed Aug 7, 2026, compared with Aug 11, 2025 /Numbers from the XBRL of the 10-Ks
Technology peers:
SNDKLRCXCDWADBECTSHINTU
Nasdaq Technology · Industrial Machinery

Lam Research LRCX

LRCX quote by TradingView

Incorporated in 1980, Lam Research Corporation (“Lam Research,” “Lam,” “we,” “our,” “us,” or the “Company”) is a Delaware corporation, headquartered in Fremont, California. 10-K, Item 1

Headquarters
Fremont, CA
CEO
Timothy Archer
Next results
around Jan 27, 2027
Compare with peers Embed

Where each dollar of revenue went, FY2026

Revenue of $23.2B through the costs to a net profit of $7.3B · income statement of the 10-K

35% operating margin
Revenue to Gross profit: $11.7BRevenue to Cost of revenue: $11.5BGross profit to Operating profit: $8.2BGross profit to Operating expenses: $3.5BOperating profit to Net profit: $7.3BOperating profit to Tax & other: $934.4MOperating expenses to R&D: $2.4BOperating expenses to SG&A: $1.1B Revenue: $23.2B REVENUE $23.2B +26% Y/Y Gross profit: $11.7B · 50% margin GROSS PROFIT $11.7B 50% margin · +31% Y/Y Cost of revenue: $11.5B · 50% of revenue COST OF REVENUE $11.5B 50% of revenue Operating profit: $8.2B · 35% margin OPERATING PROFIT $8.2B 35% margin · +39% Y/Y Operating expenses: $3.5B · 15% of revenue OPERATING EXPENSES $3.5B 15% of revenue Net profit: $7.3B · 31% margin NET PROFIT $7.3B 31% margin · +36% Y/Y Tax & other: $934.4M · 4% of revenue TAX & OTHER $934.4M 4% of revenue R&D: $2.4B · 10% of revenue R&D $2.4B 10% of revenue SG&A: $1.1B · 5% of revenue SG&A $1.1B 5% of revenue
Gross profit $11.7B 50% margin · +31% Y/Y
Operating profit $8.2B 35% margin · +39% Y/Y
Net profit $7.3B 31% margin · +36% Y/Y
The full income statement, year by year

LRCX among Technology peers

Six ratios from the latest 10-K. Each corner is the share of 74 peers the company is above, not a score.

Compare
Revenue growth: 26.0%, above 78% of 74 peers (their median 14.0%) REVENUE GROWTH 26.0% · above 78% Gross margin: 51.1%, above 37% of 67 peers (their median 58.0%) GROSS MARGIN 51.1% · above 37% Operating margin: 37.0%, above 79% of 70 peers (their median 22.2%) OPERATING MARGIN 37.0% · above 79% Net margin: 32.3%, above 81% of 74 peers (their median 18.9%) NET MARGIN 32.3% · above 81% FCF margin: 25.0%, above 51% of 70 peers (their median 22.3%) FCF MARGIN 25.0% · above 51% Return on capital: 40.9%, above 90% of 61 peers (their median 12.6%) RETURN ON CAPITAL 40.9% · above 90%
LRCX Peer median Below the median

What changed

19 new risk paragraphs and 4 accounting facts worth reading about. 10-K filed Aug 7, 2026 against Aug 11, 2025.

Risk factors
19 new paragraphs, nothing like them in the previous 10-K
10-K Item 1A
Receivables growing faster than revenue
Receivables +58.1% vs revenue +26.0% (+32.0 pts)
10-K · XBRL
Cash from operations lower than net income
Cash from operations $5.9B vs net income $7.3B (FY ending Jun 28, 2026)
10-K · XBRL
Auditor change
8-K item 4.01 (change in certifying accountant) filed Sep 11, 2025
10-K · XBRL
Critical audit matters changed
New this year: Tab le o f Content s (“As discussed in Notes 2, 4, and 19 to the consolidated financial statements, the Company recorded $23,232,690 thousand in revenue for the year ended June 28, 2026. The Company generates revenue by designing, manufacturing, refurbishing, and servicing semiconductor processing equipment used in the fa”); Evaluation of sufficiency of audit evidence over revenue (“As discussed in Notes 2, 4, and 19 to the consolidated financial statements, the Company recorded $23,232,690 thousand in revenue for the year ended June 28, 2026. The Company generates revenue by designing, manufacturing, refurbishing, and servicing semiconductor processing equipment used in the fa”). No longer listed: Inventory - Valuation. Same as last year: Lam Research Corporation 2026 10-K 71
10-K · XBRL
Accounting checks
7 other checks clear, 4 worth a look
10-K · XBRL
Insiders
No open-market buys in the last 90 days
Form 4
Filings
3 in the last 30 days
EDGAR

Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.

Accounting checks

11 checks on the latest 10-K. Checks, not verdicts.

How it works

4facts worth reading about the other 7 checks found nothing to note

  • Receivables growing faster than revenue
    Receivables +58.1% vs revenue +26.0% (+32.0 pts)
  • Cash from operations lower than net income
    Cash from operations $5.9B vs net income $7.3B (FY ending Jun 28, 2026)
  • Auditor change
    8-K item 4.01 (change in certifying accountant) filed Sep 11, 2025
  • Critical audit matters changed
    New this year: Tab le o f Content s (“As discussed in Notes 2, 4, and 19 to the consolidated financial statements, the Company recorded $23,232,690 thousand in revenue for the year ended June 28, 2026. The Company generates revenue by designing, manufacturing, refurbishing, and servicing semiconductor processing equipment used in the fa”); Evaluation of sufficiency of audit evidence over revenue (“As discussed in Notes 2, 4, and 19 to the consolidated financial statements, the Company recorded $23,232,690 thousand in revenue for the year ended June 28, 2026. The Company generates revenue by designing, manufacturing, refurbishing, and servicing semiconductor processing equipment used in the fa”). No longer listed: Inventory - Valuation. Same as last year: Lam Research Corporation 2026 10-K 71
  • Inventory -0.7% vs revenue +26.0% (-26.8 pts)
6 more checks with nothing to note
  • No statement of substantial doubt about going concern
  • No 8-K item 4.02 in the last 2 years
  • No NT 10-K or NT 10-Q in the last 2 years
  • No sentence in the 10-K concludes that controls were not effective because of a material weakness
  • No 8-K item 2.06 in the last 2 years
  • No 8-K item 1.03 in the last 2 years

In their words

19 paragraphs in Risk Factors that were not in the 10-K filed Aug 11, 2025. Quoted as filed.

All 19 new paragraphs
  1. Item 1A · new paragraph · not in the 10-K filed Aug 11, 2025 10-K, ITEM 1A
    Our business depends on the capital equipment expenditures of semiconductor manufacturers, which in turn depend on the current and anticipated market demand for integrated circuits. With the consolidation of customers within the industry, the semiconductor
  2. Item 1A · new paragraph · not in the 10-K filed Aug 11, 2025 10-K, ITEM 1A
    For example, the growth of AI technologies and related infrastructure has been and is expected to continue to be a significant driver of capital equipment expenditures of semiconductor manufacturers across both the memory and non-memory market segments we serve. However, customer decisions regarding the amount and timing of capital…
  3. Item 1A · new paragraph · not in the 10-K filed Aug 11, 2025 10-K, ITEM 1A
    While we have implemented International Organization for Standardization (“ISO”) 27001 compliant security procedures and virus protection software, intrusion prevention systems, identity and access control, and emergency recovery processes, and we carefully
  4. Item 1A · new paragraph · not in the 10-K filed Aug 11, 2025 10-K, ITEM 1A
    We Use Artificial Intelligence in Our Business, and Challenges with Properly Managing Its Use Could Result in Reputational Harm, Competitive Harm, and Legal Liability, and Materially and Adversely Affect Our Results of Operations. We are increasingly using AI tools as part of our business, including internally developed machine learning…

New risk paragraphs, against peers

Latest 10-K of each, Technology companies closest in revenue

Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.

From the same starting line, FY2017 to FY2026

Revenue, net income and free cash flow, each set to 100 in FY2017. What happened, from the 10-Ks. Not a forecast.

FY2017 = 100
100 200 300 400 Revenue: $8.0B in FY2017, $23.2B in FY2026 REVENUE $23.2B · 2.9x Net income: $1.7B in FY2017, $7.3B in FY2026 NET INCOME $7.3B · 4.3x Free cash flow: $1.9B in FY2017, $4.9B in FY2026 FREE CASH FLOW $4.9B · 2.6x FY2017 = 100FY2022FY2026
Revenue 2.9x $8.0B to $23.2B
Net income 4.3x $1.7B to $7.3B
Free cash flow 2.6x $1.9B to $4.9B

Financial performance

Last 4 fiscal years · 10-K XBRL

All years
MetricFY2023FY2024FY2025FY2026
Revenue$17.4B$14.9B$18.4B$23.2B
Net income$4.5B$3.8B$5.4B$7.3B
Operating cash flow$5.2B$4.7B$6.2B$5.9B
Free cash flow$4.7B$4.3B$5.4B$4.9B

Revenue, FY2017 to FY2026

Ten fiscal years, each from its own 10-K · XBRL · USD

$23.2B ▲ 26.0% in FY2026

FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Every number, year by year

Recent filings

3 filings in the last 30 days · SEC EDGAR

All filings

About the company

Lam Research, Fremont, CA · from the 10-K filed Aug 7, 2026

Incorporated in 1980, Lam Research Corporation (“Lam Research,” “Lam,” “we,” “our,” “us,” or the “Company”) is a Delaware corporation, headquartered in Fremont, California. We maintain a network of facilities throughout Asia, Europe, and the United States in order to meet the needs of our dynamic customer base. Additional information about Lam Research is available on our website at www.lamresearch.com. The content on any website referred to in this Form 10-K is not a part of or incorporated by reference in this Form 10-K unless expressly noted.

Headquarters
Fremont, CA
Country
United States
Reports in
USD
Listed on
Nasdaq
Fiscal year ends
June 27
Last results
Oct 21, 2026
Incorporated in
DE

Email alerts

Sources

The 10-K filed Aug 7, 2026 (open at SEC), compared with the 10-K filed Aug 11, 2025. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.

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