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LRCXLam Research

Technology · Industrial Machinery · Nasdaq
LRCX quote by TradingView
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FY2026 at a glance

Sales up 26.0%, free cash flow down to $4.9B

XBRL, from each 10-K
RevenueStatements ↓
$23.2B
from $18.4B in FY2025
FY2017FY2026
Net incomeStatements ↓
$7.3B
from $5.4B in FY2025
FY2017FY2026
Free cash flowStatements ↓
$4.9B
from $5.4B in FY2025
FY2017FY2026
EPS (diluted)Statements ↓
$5.76
from $4.15 in FY2025
FY2017FY2026
Operating marginStatements ↓
35.3%
from 32.0% in FY2025
FY2017FY2026
Total debtStatements ↓
$3.7B
from $4.5B in FY2025
FY2017FY2026
Price and key numbers

The latest figures

All key numbers (40, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)6.71Sales (ttm)26.1BNet income (ttm)8.4BSales growth+26.0%EPS growth+38.8%Sales Q/Q+54.4%
Free cash flow6.5BGross margin51.1%Oper. margin37.0%Net margin32.3%FCF margin25.0%ROE60.8%
ROA32.1%R&D / sales10.2%Dividend1.04Debt/Eq0.27Curr. ratio2.48Cash7.4B
Op. cash flow (ttm)7.6BEBITDA8.6BEBITDA margin37.2%Net debt-3.7BQuick ratio1.89Interest cover52.27
ROIC40.9%Payout ratio18.1%Tax rate12.1%Stock pay / sales1.7%Shares out.1.2BShares Y/Y-2.3%
Book / share11.13Cash / share5.95Sales / share20.92Asset turnover0.99Inventory turns2.69Days sales out.84
Sales 3Y CAGR+10.0%Sales 5Y CAGR+9.7%EPS 3Y CAGR+20.1%EPS 5Y CAGR+16.4%

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2026 against FY2025
  • Operating margin widened to 35.3%32.0% → 35.3% · Operating income / revenue · 10-K ↗
What management wrote about it → · Every company →

LRCX against Technology peers

Ten years, side by side → · All 75 →
GrowthProfitBalanceCleanInsiders
LRCXPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 75 companies, the better end on the right. Hover a dot for the company.

Sales growth
+26.0%17th of 75 · median +14.1%
Net margin
32.3%15th of 75 · median 19.1%
Return on equity
60.8%13th of 69 · median 23.9%
Free cash flow margin
25.0%35th of 71 · median 22.3%
Debt / equity (less is better)
0.2717th of 61 · median 0.46
LRCX and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
LRCX Lam Research$26.1B +26.0%51.1%32.3%60.8%25.0%0.27
SNDK Sandisk$29.0B +175%80.0%67.0%107.1%59.9%0.00
ADBE Adobe Inc.$26.0B +10.5%89.3%28.0%61.9%40.8%0.54
CDW CDW Corporation$24.5B +6.8%21.0%4.5%41.7%3.8%2.70
CTSH Cognizant$21.9B +7.0%-11.8%17.5%10.8%0.11
INTU Intuit$21.4B +13.9%-21.3%24.0%40.4%0.40
Where each dollar goes

From $17.2B of sales to $4.6B of profit

FY2022, from the 10-K income statement
Revenue to Gross profit: $7.9BRevenue to Cost of revenue: $9.4BGross profit to Operating profit: $5.4BGross profit to Operating expenses: $2.5BOperating profit to Net profit: $4.6BOperating profit to Tax & other: $776.5MOperating expenses to R&D: $1.6BOperating expenses to SG&A: $885.7M Revenue: $17.2B Revenue$17.2B +18% Y/Y Gross profit: $7.9B · 46% margin Gross profit$7.9B46% margin +16% Y/Y Cost of revenue: $9.4B · 54% of revenue Cost of revenue$9.4B54% of revenue Operating profit: $5.4B · 31% margin Operating profit$5.4B31% margin +20% Y/Y Operating expenses: $2.5B · 14% of revenue Operating expenses$2.5B14% of revenue Net profit: $4.6B · 27% margin Net profit$4.6B27% margin +18% Y/Y Tax & other: $776.5M · 5% of revenue Tax & other$776.5M5% of revenue R&D: $1.6B · 9% of revenue R&D$1.6B9% of revenue SG&A: $885.7M · 5% of revenue SG&A$885.7M5% of revenue

Swipe sideways for the whole flow →

From $17.4B of sales to $4.5B of profit

FY2023, from the 10-K income statement and revenue by product
Systems Revenue to Revenue: $10.7BCustomer support-related revenue and other to Revenue: $6.7BRevenue to Gross profit: $7.8BRevenue to Cost of revenue: $9.7BGross profit to Operating profit: $5.2BGross profit to Operating expenses: $2.6BOperating profit to Net profit: $4.5BOperating profit to Tax & other: $663.9MOperating expenses to R&D: $1.7BOperating expenses to Sales, admin & other: $874.9M Systems Revenue: $10.7B · 61% Systems Revenue$10.7B61% Customer support-related revenue and other: $6.7B · 39% Customer support-relate…$6.7B39% Revenue: $17.4B Revenue$17.4B +1% Y/Y Gross profit: $7.8B · 45% margin Gross profit$7.8B45% margin −1% Y/Y Cost of revenue: $9.7B · 55% of revenue Cost of revenue$9.7B55% of revenue Operating profit: $5.2B · 30% margin Operating profit$5.2B30% margin −4% Y/Y Operating expenses: $2.6B · 15% of revenue Operating expenses$2.6B15% of revenue Net profit: $4.5B · 26% margin Net profit$4.5B26% margin −2% Y/Y Tax & other: $663.9M · 4% of revenue Tax & other$663.9M4% of revenue R&D: $1.7B · 10% of revenue R&D$1.7B10% of revenue Sales, admin & other: $874.9M · 5% of revenue Sales, admin & other$874.9M5% of revenue

Swipe sideways for the whole flow →

From $14.9B of sales to $3.8B of profit

FY2024, from the 10-K income statement and revenue by product
Systems Revenue to Revenue: $8.9BCustomer support-related revenue and other to Revenue: $6.0BRevenue to Gross profit: $7.1BRevenue to Cost of revenue: $7.9BGross profit to Operating profit: $4.3BGross profit to Operating expenses: $2.8BOperating profit to Net profit: $3.8BOperating profit to Tax & other: $436.1MOperating expenses to R&D: $1.9BOperating expenses to SG&A: $886.4M Systems Revenue: $8.9B · 60% Systems Revenue$8.9B60% Customer support-related revenue and other: $6.0B · 40% Customer support-relate…$6.0B40% Revenue: $14.9B Revenue$14.9B −14% Y/Y Gross profit: $7.1B · 47% margin Gross profit$7.1B47% margin −9% Y/Y Cost of revenue: $7.9B · 53% of revenue Cost of revenue$7.9B53% of revenue Operating profit: $4.3B · 29% margin Operating profit$4.3B29% margin −18% Y/Y Operating expenses: $2.8B · 19% of revenue Operating expenses$2.8B19% of revenue Net profit: $3.8B · 26% margin Net profit$3.8B26% margin −15% Y/Y Tax & other: $436.1M · 3% of revenue Tax & other$436.1M3% of revenue R&D: $1.9B · 13% of revenue R&D$1.9B13% of revenue SG&A: $886.4M · 6% of revenue SG&A$886.4M6% of revenue

Swipe sideways for the whole flow →

From $18.4B of sales to $5.4B of profit

FY2025, from the 10-K income statement and revenue by product
Systems Revenue to Revenue: $11.5BCustomer support-related revenue and other to Revenue: $6.9BRevenue to Gross profit: $9.0BRevenue to Cost of revenue: $9.5BGross profit to Operating profit: $5.9BGross profit to Operating expenses: $3.1BOperating profit to Net profit: $5.4BOperating profit to Tax & other: $542.8MOperating expenses to R&D: $2.1BOperating expenses to SG&A: $981.7M Systems Revenue: $11.5B · 62% Systems Revenue$11.5B62% Customer support-related revenue and other: $6.9B · 38% Customer support-relate…$6.9B38% Revenue: $18.4B Revenue$18.4B +24% Y/Y Gross profit: $9.0B · 49% margin Gross profit$9.0B49% margin +27% Y/Y Cost of revenue: $9.5B · 51% of revenue Cost of revenue$9.5B51% of revenue Operating profit: $5.9B · 32% margin Operating profit$5.9B32% margin +38% Y/Y Operating expenses: $3.1B · 17% of revenue Operating expenses$3.1B17% of revenue Net profit: $5.4B · 29% margin Net profit$5.4B29% margin +40% Y/Y Tax & other: $542.8M · 3% of revenue Tax & other$542.8M3% of revenue R&D: $2.1B · 11% of revenue R&D$2.1B11% of revenue SG&A: $981.7M · 5% of revenue SG&A$981.7M5% of revenue

Swipe sideways for the whole flow →

From $23.2B of sales to $7.3B of profit

FY2026, from the 10-K income statement and revenue by product
Systems Revenue to Revenue: $14.9BCustomer support-related revenue and other to Revenue: $8.3BRevenue 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 Systems Revenue: $14.9B · 64% Systems Revenue$14.9B64% Customer support-related revenue and other: $8.3B · 36% Customer support-relate…$8.3B36% Revenue: $23.2B Revenue$23.2B +26% Y/Y Gross profit: $11.7B · 50% margin Gross profit$11.7B50% margin +31% Y/Y Cost of revenue: $11.5B · 50% of revenue Cost of revenue$11.5B50% of revenue Operating profit: $8.2B · 35% margin Operating profit$8.2B35% margin +39% Y/Y Operating expenses: $3.5B · 15% of revenue Operating expenses$3.5B15% of revenue Net profit: $7.3B · 31% margin Net profit$7.3B31% margin +36% Y/Y Tax & other: $934.4M · 4% of revenue Tax & other$934.4M4% of revenue R&D: $2.4B · 10% of revenue R&D$2.4B10% of revenue SG&A: $1.1B · 5% of revenue SG&A$1.1B5% of revenue

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2022
FY2023
FY2024
FY2025
FY2026
  • Cost of revenue
  • R&D
  • Sales, admin & other
  • Tax, less other income
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

4 of 4
  • ✓
    Net margin above the peer median32.3% vs 19.1%
  • ✓
    Gross margin up over 5 years46.5% → 50.5%
  • ✓
    Return on equity above 15%60.8%
  • ✓
    A profit in every one of 10 years
Net margin, FY2017 to FY2026: 21.2% → 31.3%

Balance sheet

4 of 4
  • ✓
    Interest covered more than 5 timesOperating income is 52.3× interest expense
  • ✓
    Debt smaller than equityDebt / equity 0.27 on the latest balance sheet (peer median 0.46)
  • ✓
    Current assets cover current liabilitiesCurrent ratio 2.48
  • ✓
    More cash than debtNet cash $3.7B
Debt / equity at each year end, FY2017 to FY2026: 0.39 → 0.30
What the debt is made of ↓

Cash and shareholders

3 of 4
  • ✓
    Free cash flow positive in every one of 10 years$4.9B last year
  • ✓
    Share count down over 5 years−13.2%
  • ✓
    Dividend per share up over 5 years$0.52 → $1.04
  • !
    Cash from operations below net income$5.9B vs $7.3B
Free cash flow, FY2017 to FY2026: 1.9B → 4.9B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$3.8B of principal due, schedule of Jun 28, 2026

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2017 to FY2026

Revenue 23.2B Net income 7.3B
FY2017 revenue 8.0B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000707549-19-000124 FY2017 net income 1.7B · NetIncomeLoss, 0000707549-19-000124 8.0B FY2017 FY2018 revenue 11.1B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000707549-20-000138 FY2018 net income 2.4B · NetIncomeLoss, 0000707549-20-000138 11.1B FY2018 FY2019 revenue 9.7B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000707549-21-000136 FY2019 net income 2.2B · NetIncomeLoss, 0000707549-21-000136 9.7B FY2019 FY2020 revenue 10.0B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000707549-22-000107 FY2020 net income 2.3B · NetIncomeLoss, 0000707549-22-000107 10.0B FY2020 FY2021 revenue 14.6B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000707549-23-000102 FY2021 net income 3.9B · NetIncomeLoss, 0000707549-23-000102 14.6B FY2021 FY2022 revenue 17.2B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000707549-24-000106 FY2022 net income 4.6B · NetIncomeLoss, 0000707549-24-000106 17.2B FY2022 FY2023 revenue 17.4B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000707549-25-000075 FY2023 net income 4.5B · NetIncomeLoss, 0000707549-25-000075 17.4B FY2023 FY2024 revenue 14.9B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000707549-26-000037 FY2024 net income 3.8B · NetIncomeLoss, 0000707549-26-000037 14.9B FY2024 FY2025 revenue 18.4B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000707549-26-000037 FY2025 net income 5.4B · NetIncomeLoss, 0000707549-26-000037 18.4B FY2025 FY2026 revenue 23.2B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000707549-26-000037 FY2026 net income 7.3B · NetIncomeLoss, 0000707549-26-000037 23.2B FY2026

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

LRCX's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue23.2B
FY2017: 8.0BFY2018: 11.1BFY2019: 9.7BFY2020: 10.0BFY2021: 14.6BFY2022: 17.2BFY2023: 17.4BFY2024: 14.9BFY2025: 18.4BFY2026: 23.2B FY2018FY2020FY2022FY2024FY2026
Net income7.3B
FY2017: 1.7BFY2018: 2.4BFY2019: 2.2BFY2020: 2.3BFY2021: 3.9BFY2022: 4.6BFY2023: 4.5BFY2024: 3.8BFY2025: 5.4BFY2026: 7.3B FY2018FY2020FY2022FY2024FY2026
Free cash flow4.9B
FY2017: 1.9BFY2018: 2.4BFY2019: 2.9BFY2020: 1.9BFY2021: 3.2BFY2022: 2.6BFY2023: 4.7BFY2024: 4.3BFY2025: 5.4BFY2026: 4.9B FY2018FY2020FY2022FY2024FY2026
EPS (diluted)5.76
FY2017: 0.92FY2018: 1.32FY2019: 1.37FY2020: 1.51FY2021: 2.69FY2022: 3.27FY2023: 3.32FY2024: 2.90FY2025: 4.15FY2026: 5.76 FY2018FY2020FY2022FY2024FY2026
Dividend per share1.04
FY2017: 0.16FY2018: 0.26FY2019: 0.44FY2020: 0.46FY2021: 0.52FY2022: 0.60FY2023: 0.69FY2024: 0.80FY2025: 0.92FY2026: 1.04 FY2018FY2020FY2022FY2024FY2026
Diluted shares1.3B
FY2017: 1.8BFY2018: 1.8BFY2019: 1.6BFY2020: 1.5BFY2021: 1.5BFY2022: 1.4BFY2023: 1.4BFY2024: 1.3BFY2025: 1.3BFY2026: 1.3B FY2018FY2020FY2022FY2024FY2026

Revenue by product or service

year to Jun 28, 2026
RevenueSharevs year before
Systems Revenue 14.9B64.1% +29.5%
Customer support-related revenue and other 8.3B35.9% +20.2%

10-K 0000707549-26-000037, segment and revenue notes (XBRL).

Revenue by region

year to Jun 28, 2026
RevenueSharevs year before
China 7.9B33.8% +26.7%
Taiwan 5.2B22.5% +51.6%
Korea 4.5B19.4% +9.1%
Japan 2.2B9.3% +15.4%
United States 1.5B6.6% +11.0%
Southeast Asia 1.2B5.4% +48.8%
Europe 698.7M3.0% +24.2%

10-K 0000707549-26-000037, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Revenue8.0B11.1B9.7B10.0B14.6B17.2B17.4B14.9B18.4B23.2B
Cost of revenue4.4B5.9B5.3B5.4B7.8B9.4B9.7B7.9B9.5B11.5B
Gross profit3.6B5.2B4.4B4.6B6.8B7.9B7.8B7.1B9.0B11.7B
R&D1.0B1.2B1.2B1.3B1.5B1.6B1.7B1.9B2.1B2.4B
SG&A667.5M762.2M702.4M682.5M829.9M885.7M832.8M868.2M981.7M1.1B
Operating income1.9B3.2B2.5B2.7B4.5B5.4B5.2B4.3B5.9B8.2B
Interest expense117.7M97.4M117.3M177.4M208.6M184.8M186.5M185.2M178.2M156.9M
Pretax income1.8B3.2B2.4B2.6B4.4B5.2B5.1B4.4B6.0B8.3B
Income tax113.9M771.1M255.1M323.2M462.3M587.8M598.3M532.5M599.9M997.1M
Net income1.7B2.4B2.2B2.3B3.9B4.6B4.5B3.8B5.4B7.3B
EPS (diluted)0.921.321.371.512.693.273.322.904.155.76
Diluted shares1.8B1.8B1.6B1.5B1.5B1.4B1.4B1.3B1.3B1.3B
Depreciation & amortization306.9M326.4M309.3M268.5M307.2M333.7M342.4M359.7M386.3M441.5M
EBITDA2.2B3.5B2.8B2.9B4.8B5.7B5.5B4.6B6.3B8.6B
Gross margin45.0%46.6%45.1%45.9%46.5%45.7%44.6%47.3%48.7%50.5%
Operating margin23.7%29.0%25.5%26.6%30.6%31.2%29.7%28.6%32.0%35.3%
Net margin21.2%21.5%22.7%22.4%26.7%26.7%25.9%25.7%29.1%31.3%
Revenue growth-+38.2%-12.9%+4.1%+45.6%+17.8%+1.2%-14.5%+23.7%+26.0%
EPS growth-+42.5%+4.0%+10.2%+78.1%+21.7%+1.4%-12.7%+43.1%+38.8%

Balance sheet

From EDGAR
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Cash2.4B4.5B3.7B4.9B4.4B3.5B5.3B5.8B6.4B5.6B
Receivables1.7B2.2B1.5B2.1B3.0B4.3B2.8B2.5B3.4B5.3B
Inventory1.2B1.9B1.5B1.9B2.7B4.0B4.8B4.2B4.3B4.3B
Current assets9.1B9.1B8.6B10.9B11.7B12.3B13.2B12.9B14.5B15.6B
Property & equipment685.6M902.5M1.1B1.1B1.3B1.6B1.8B2.1B2.4B2.9B
Goodwill1.4B1.5B1.5B1.5B1.5B1.5B1.6B1.6B1.6B1.6B
Total assets12.1B12.5B12.0B14.6B15.9B17.2B18.8B18.7B21.3B23.5B
Accounts payable464.6M511.0M376.6M592.4M829.7M1.0B470.7M614.0M854.2M1.3B
Current liabilities3.0B3.2B2.4B3.2B3.5B4.6B4.2B4.3B6.6B5.9B
Total debt2.7B2.4B4.4B5.8B5.0B5.0B5.0B5.0B4.5B3.7B
Total liabilities5.1B5.9B7.3B9.4B9.9B10.9B10.6B10.2B11.5B11.1B
Shareholders' equity6.8B6.5B4.7B5.2B6.0B6.3B8.2B8.5B9.9B12.5B
Retained earnings6.2B8.3B9.9B11.5B14.7B18.5B22.0B24.8B29.0B35.0B

Cash flow

From EDGAR
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Operating cash flow2.0B2.7B3.2B2.1B3.6B3.1B5.2B4.7B6.2B5.9B
Capital spending157.4M273.5M303.5M203.2M349.1M546.0M501.6M396.7M759.2M966.4M
Free cash flow1.9B2.4B2.9B1.9B3.2B2.6B4.7B4.3B5.4B4.9B
Stock-based pay (added back)150.0M172.2M187.2M189.2M220.2M259.1M286.6M293.1M343.4M386.4M
Dividends paid243.5M307.6M678.3M656.8M727.0M815.3M907.9M1.0B1.1B1.3B
Buybacks811.7M2.7B3.8B1.4B2.7B3.9B2.0B2.8B3.4B3.9B
Acquisitions0115.7M0000120.0M00-
Debt raised002.5B2.0B00----
Investing cash flow-2.1B2.7B-1.6B-244.1M73.3M612.3M-534.6M-370.6M-708.1M-922.2M
Financing cash flow-2.6B-3.3B-2.4B-623.9M-4.2B-4.6B-2.8B-4.0B-4.9B-5.7B
Dividend per share0.160.260.440.460.520.600.690.800.921.04

Stock-based pay and leases

From EDGAR
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Stock-based pay (expense)150.0M172.2M187.2M189.2M220.2M259.1M286.6M293.1M343.4M386.4M
Stock-based pay / revenue1.9%1.6%1.9%1.9%1.5%1.5%1.6%2.0%1.9%1.7%
Operating lease cost---46.1M51.5M69.2M75.7M83.5M--
Operating lease cash paid---50.2M63.9M64.8M74.4M97.4M85.6M95.0M
Finance lease principal paid---3.5M6.0M11.5M15.0M255.7M4.1M5.0M
Right-of-use assets---174.6M173.8M226.6M242.7M308.3M287.0M397.4M
Operating lease liabilities---173.4M163.7M218.7M237.6M287.7M272.1M387.0M
Finance lease liabilities---15.2M40.7M43.4M46.2M16.0M--

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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