Lam Research Corporation is a global supplier of innovative wafer fabrication equipment and services to the semiconductor industry, with core competencies in nanoscale manufacturing enablement, chemistry, plasma and fluidics, advanced systems engineering, and a broad range of operational disciplines. The company's products and services are designed to help customers build smaller and better performing devices used in electronic products including mobile phones, personal computers, cloud and enterprise servers, wearables, automotive vehicles, and data storage devices. The customer base includes leading semiconductor memory, foundry, and integrated device manufacturers that make products such as non-volatile memory, dynamic random-access memory, and logic devices. Demand for electronic systems supporting artificial intelligence, cloud infrastructure, communications, automotive, industrial and other intelligent systems is driving the need for high performance, energy efficient and highly integrated semiconductor devices, and semiconductor manufacturers are adopting vertical scaling approaches including three-dimensional architecture, more sophisticated patterning schemes, new materials, and advanced integration approaches as traditional two-dimensional scaling becomes more challenging, increasing manufacturing complexity and precision requirements and driving demand for Lam's advanced semiconductor fabrication technologies and services.

The semiconductor capital equipment industry is highly competitive throughout the world, and Lam's primary competitor in the dielectric and metals deposition market is Applied Materials, Inc. For atomic layer deposition and plasma-enhanced chemical vapor deposition, Lam also competes against ASM International and Wonik IPS. In the etch market, primary competitors are Applied Materials, Inc., Hitachi, Ltd., and Tokyo Electron, Ltd., and in the wet clean market, primary competitors are Screen Holding Co., Ltd., Semes Co., Ltd., and Tokyo Electron, Ltd. Lam believes several factors create opportunity for sustainable differentiation: a focus on research and development with several ongoing programs relating to sustaining engineering, product and process development, and concept and feasibility; the ability to effectively leverage cycles of learning from a broad installed base; a collaborative focus with semi-ecosystem partners including a close-to-customer focus; the ability to identify and invest in the breadth of the product portfolio to meet technology inflections; and a focus on delivering multi-product solutions with a goal to enhance the value of Lam's solutions to customers. Once a semiconductor manufacturer selects a particular supplier's equipment and qualifies it for production, the manufacturer generally maintains that selection for that specific production application and technology node as long as the supplier's products demonstrate performance to specification in the installed base.

Lam generates revenue through the sale of wafer fabrication equipment and services to the semiconductor industry. The company's core technical competency is integrating hardware, process, materials, software, and process control enabling results on the wafer. The Customer Support Business Group provides products and services to maximize installed equipment performance, predictability, and operational efficiency, offering a broad range of services including customer service, spares, upgrades, and new and refurbished non-leading edge products in deposition, etch, and clean markets. Service offerings include fleet level Equipment Intelligence solutions to maximize customer productivity through system uptime or availability optimization, throughput improvements, and defect reduction. The spares product line offers running cost optimization programs and focuses on product life extension to help customers increase the return on their capital purchases. Within CSBG, the Reliant product line offers new and refurbished non-leading edge products in deposition, etch and clean markets for applications that do not require the most advanced wafer processing capability.

Lam's deposition product families include the ALTUS product family, which combines chemical vapor deposition and atomic layer deposition technologies to deposit highly conformal or selective films as needed for advanced tungsten or molybdenum metallization applications in both logic and memory, using Multi-Station Sequential Deposition architecture that enables nucleation layer formation and bulk CVD/ALD fill to be performed in the same chamber. The SABRE product family offers electrochemical deposition for copper damascene manufacturing in logic and memory, with system capabilities including copper deposition directly on various liner materials and cobalt deposition for logic applications, and the SABRE 3D family combines SABRE Electrofill technology with additional innovation for advanced packaging applications such as forming conductive bumps, redistribution layers, through-silicon via filling, and wafer level bonding. The Striker product family provides single-wafer ALD dielectric film solutions spanning applications including low-k spacers for capacitance scaling, void dielectric gapfills in high aspect ratio features, and high modulus patterning spacer materials. The VECTOR product family provides plasma-enhanced CVD products designed to produce superior thin film quality with exceptional within-wafer and wafer-to-wafer uniformity for challenging device applications.

Lam's etch product families include the Akara product family for advanced conductor etch processes enabling precise patterning of complex 3D semiconductor structures at angstrom-scale dimensions for next-generation logic and memory devices including gate-all-around architectures and advanced DRAM and NAND nodes, incorporating proprietary plasma technologies and integrated with Lam's Sense.i platform and Equipment Intelligence solutions. The Argos, Prevos, and Selis product families address selective etch processes for removal of targeted materials from wafer surfaces while preserving adjacent materials, used in fabrication of advanced logic and memory devices requiring precise control at nanoscale dimensions. The Flex product family offers differentiated technologies and application-focused capabilities for critical dielectric etch applications with a unique multi-frequency, small-volume, confined plasma design. The Kiyo product family delivers high-performance capabilities for conductor etch with proprietary Hydra technology that improves critical dimension uniformity by correcting for incoming pattern variability. The Syndion product family is optimized for deep silicon etch for applications including deep trenches for CMOS image sensors, trenches for power devices, and through-silicon vias for packaging. The Vantex product family creates high aspect ratio device features while maintaining critical dimension uniformity and selectivity, primarily for 3D NAND high aspect ratio hole, trench, contact, and capacitor cell applications. The Versys Metal product family provides high-productivity capability for metal etch on a flexible platform with a symmetrical chamber design. Clean product families include the Coronus product family for bevel cleaning using plasma processing with proprietary confinement technology to enhance die yield, and the DV-Prime, Da Vinci, EOS, and SP Series product families for wafer cleaning, with EOS delivering exceptionally low on-wafer defectivity and high throughput. The Aether product family enables vacuum-based formation of resist underlayers and films and utilizes dry development processes to improve pattern fidelity at small pitch dimensions, supporting the patterning process from resist application and stack formation through pattern transfer.

During the fiscal year ended June 28, 2026, Lam Research repurchased 4,900,000 ¹ shares of common stock for $3,500.0 million ² under its stock repurchase program, including 2,400,000 ³ shares for $1,750.0 million ⁴ through an accelerated share repurchase agreement entered into in March 2026. The company also paid cash dividends of $8.40 ⁵ per share during fiscal year 2026. In March 2026, Seshasayee Varadarajan was appointed Chief Operating Officer, and Karthik Rammohan was appointed Senior Vice President, Global Operations and Enterprise Solutions. The company maintains a revolving credit facility with a capacity of $1.5 billion ⁶ and a commercial paper program with a capacity of $1.5 billion ⁷. As of June 28, 2026, the company had $5.8 billion ⁸ in cash and cash equivalents, restricted cash, and short-term investments.

For the fiscal year ended June 28, 2026, Lam Research reported total revenue of $23.486 billion ⁹, compared to $18.712 billion ¹⁰ in the prior fiscal year, representing an increase of 25.5% ¹¹. Net income for fiscal year 2026 was $5.655 billion ¹², compared to $4.132 billion ¹³ in fiscal year 2025, an increase of 36.9% ¹⁴. Diluted earnings per share were $42.69 ¹⁵ in fiscal year 2026, compared to $30.88 ¹⁶ in fiscal year 2025. Gross margin for fiscal year 2026 was 47.5% ¹⁷ of revenue, compared to 47.6% ¹⁸ in the prior year. Operating income was $6.830 billion ¹⁹ in fiscal year 2026, compared to $4.960 billion ²⁰ in fiscal year 2025. Cash flow from operations was $6.234 billion ²¹ in fiscal year 2026, compared to $5.024 billion ²² in fiscal year 2025.

The company expects continued growth of wafer fabrication investment in calendar year 2026, including the role of the artificial intelligence market in driving higher spending across both the memory and non-memory market segments. Demand for electronic systems supporting artificial intelligence, cloud infrastructure, communications, automotive, industrial and other intelligent systems is driving the need for high performance, energy efficient and highly integrated semiconductor devices, and semiconductor manufacturers are adopting vertical scaling approaches including three-dimensional architecture, more sophisticated patterning schemes, new materials, and advanced integration approaches, which are increasing manufacturing complexity and precision requirements and driving demand for Lam's advanced semiconductor fabrication technologies and services. The company believes demand for semiconductors and technology inflections in the semiconductor industry will drive sustainable growth and increase the served available market for its products and services in the deposition, etch, and clean businesses.

The company believes current challenges for customers at various points in the semiconductor manufacturing process present opportunities for Lam, and the company expects to continue to make substantial investments in research and development to meet customers' product needs, support its growth strategy, and enhance its competitive position. Lam also addresses processes for back-end wafer-level packaging, offering advanced packaging solutions that support fan-out panel-level packaging and solutions that meet the need for 3D stacking of high bandwidth memory. Additionally, the company's products are well-suited for related markets that rely on semiconductor processes and require production-proven manufacturing capability, such as complementary metal-oxide-semiconductor image sensors and micro-electromechanical systems.

The company's gross margin for fiscal year 2026 was 47.5% ²³ of revenue, compared to 47.6% ²⁴ in fiscal year 2025. Operating margin was 29.1% ²⁵ in fiscal year 2026, compared to 26.5% ²⁶ in fiscal year 2025. The company expects supply chain cost increases, tariffs, and other inflationary pressures to continue to impact profitability. The company has agreements with third parties to outsource certain aspects of its manufacturing, production warehousing, and logistics functions, which may provide more flexibility to scale operations up or down in a timely and cost-effective manner.

Lam's manufacturing operations mainly consist of assembling and testing components, sub-assemblies, and modules that are then integrated into finished systems prior to shipment to or at the location of customers, conducted predominately in cleanroom environments. The company has agreements with third parties to outsource certain aspects of its manufacturing, production warehousing, and logistics functions. Certain components and sub-assemblies included in products may only be obtained from a single supplier, and for certain of these products, the company is engaged in efforts to obtain and qualify alternative sources of supply and in some circumstances protects against potential supply challenges by carrying inventory in excess of current need. As of August 4, 2026, Lam had approximately 23,300 ²⁷ regular full-time employees, of which over 26% ²⁸ were engaged in research and development, with approximately 38% ²⁹ located in the United States, 56% ³⁰ in Asia, and 6% ³¹ in Europe.

Lam Research devotes a significant portion of its personnel and financial resources to research and development programs and expects to continue to make substantial investments in R&D. The company's capital allocation strategy includes an intention to pay quarterly dividends and a focus to return a portion of free cash flow to stockholders over time through dividends and share repurchases. During fiscal year 2026, the company repurchased 4,900,000 ³² shares of common stock for $3,500.0 million ³³ and paid cash dividends of $8.40 ³⁴ per share. As of June 28, 2026, the company had $5.8 billion ³⁵ in cash and cash equivalents, restricted cash, and short-term investments. The company maintains a revolving credit facility with a capacity of $1.5 billion ³⁶ and a commercial paper program with a capacity of $1.5 billion ³⁷.

The semiconductor capital equipment industry has historically been characterized by rapid changes in demand, and variability in customers' business plans may lead to changes in demand for Lam's equipment and services, which could negatively impact results of operations and cash flows. The variability in customers' investments during any particular period is dependent on several factors including electronics demand, economic conditions, industry supply and demand, prices for semiconductors, and customers' ability to develop and manufacture increasingly complex and costly semiconductor devices. Trade regulations, export controls, tariffs, trade disputes, and other geopolitical developments may inhibit Lam's ability to sell its products, and supply chain cost increases, tariffs, and other inflationary pressures have impacted and may continue to impact profitability. The U.S. Government has enacted a number of export controls regulating the sales of certain technologies to customers in China, including entity listings of multiple customers, thus restricting the sales of equipment and spare parts by U.S. equipment suppliers, which provides an advantage to international competitors not subject to these restrictions.

A significant portion of Lam's sales and operations occur outside the United States and may be subject to certain risks including compliance with U.S. and international laws and regulations including U.S. export restrictions, tariffs and other barriers, difficulties in staffing and managing non-U.S. operations, adverse tax consequences, foreign currency exchange rate fluctuations, changes in currency controls, and economic and political conditions. Regulations that impact trade, including tariffs, export controls, additional taxes, trade barriers, sanctions, the termination or modification of trade agreements, trade zones, and other duty mitigation initiatives, and any reciprocal retaliatory actions, can increase manufacturing costs, decrease margins, reduce the competitiveness of products, disrupt supply chain operations, or inhibit the ability to sell products or provide services. Proposed regulations under consideration could require that the company transition away from the usage of products containing a class of chemicals known as per- and polyfluoroalkyl substances, which could adversely impact business, operations, revenue, costs, and competitive position.

Management's message emphasizes Lam Research's commitment to driving semiconductor breakthroughs that define the next generation, with a focus on the company's strong position with leadership and expertise in deposition, etch, and clean markets to facilitate some of the most significant innovations in semiconductor device manufacturing. The strategic priorities emphasized for the period ahead include continued investment in research and development to meet customers' product needs, support growth strategy, and enhance competitive position; maintaining close and responsive relationships with customers and suppliers; and focusing on delivering multi-product solutions with a goal to enhance the value of Lam's solutions to customers. Management believes the company is in a strong position due to several factors creating opportunity for sustainable differentiation: focus on research and development with several ongoing programs relating to sustaining engineering, product and process development, and concept and feasibility; ability to effectively leverage cycles of learning from a broad installed base; collaborative focus with semi-ecosystem partners including a close-to-customer focus; ability to identify and invest in the breadth of the product portfolio to meet technology inflections; and focus on delivering multi-product solutions. The company expects continued growth of wafer fabrication investment in calendar year 2026, including the role of the artificial intelligence market in driving higher spending across both the memory and non-memory market segments.

For the fiscal year ended June 28, 2026, Lam Research reported total revenue of $23.486 billion ³⁸, compared to $18.712 billion ³⁹ in fiscal year 2025 and $14.924 billion ⁴⁰ in fiscal year 2024. Net income was $5.655 billion ⁴¹ in fiscal year 2026, compared to $4.132 billion ⁴² in fiscal year 2025 and $3.466 billion ⁴³ in fiscal year 2024. Diluted earnings per share were $42.69 ⁴⁴ in fiscal year 2026, compared to $30.88 ⁴⁵ in fiscal year 2025 and $25.27 ⁴⁶ in fiscal year 2024. Gross margin was 47.5% ⁴⁷ of revenue in fiscal year 2026, compared to 47.6% ⁴⁸ in fiscal year 2025 and 47.5% ⁴⁹ in fiscal year 2024. Operating income was $6.830 billion ⁵⁰ in fiscal year 2026, compared to $4.960 billion ⁵¹ in fiscal year 2025 and $4.009 billion ⁵² in fiscal year 2024. Cash flow from operations was $6.234 billion ⁵³ in fiscal year 2026, compared to $5.024 billion ⁵⁴ in fiscal year 2025 and $4.476 billion ⁵⁵ in fiscal year 2024. As of June 28, 2026, the company had $5.8 billion ⁵⁶ in cash and cash equivalents, restricted cash, and short-term investments, and total debt of $4.994 billion ⁵⁷. The company's most significant customers during fiscal years 2026, 2025, and 2024 included Micron Technology, Inc., Samsung Electronics Company, Ltd., SK hynix Inc., and Taiwan Semiconductor Manufacturing Company. Revenue from the foundry market segment was 50% ⁵⁸ of total revenue in fiscal year 2026, compared to 49% ⁵⁹ in fiscal year 2025 and 46% ⁶⁰ in fiscal year 2024. Revenue from the memory market segment was 38% ⁶¹ of total revenue in fiscal year 2026, compared to 38% ⁶² in fiscal year 2025 and 40% ⁶³ in fiscal year 2024. Revenue from the logic/integrated device manufacturing market segment was 12% ⁶⁴ of total revenue in fiscal year 2026, compared to 13% ⁶⁵ in fiscal year 2025 and 14% ⁶⁶ in fiscal year 2024.

The semiconductor capital equipment industry is subject to variability and periods of rapid growth or decline, and variability in customers' business plans may lead to changes in demand for Lam's equipment and services, negatively impacting results of operations and cash flows. The company faces significant competition from multiple competitors including Applied Materials, Inc., ASM International, Hitachi, Ltd., Tokyo Electron, Ltd., Screen Holding Co., Ltd., and Semes Co., Ltd., and competitors may develop comparable or superior products or adapt more quickly to new technologies. Once a semiconductor manufacturer selects a competitor's equipment, the manufacturer generally relies upon that equipment for that specific production line application for an extended period of time, making it more difficult for Lam to sell products to that customer. The U.S. Government has enacted export controls regulating sales of certain technologies to customers in China, including entity listings of multiple customers, restricting sales of equipment and spare parts by U.S. equipment suppliers and providing an advantage to international competitors not subject to these restrictions. Proposed regulations could require transition away from products containing per- and polyfluoroalkyl substances, which could adversely impact business, operations, revenue, costs, and competitive position. Supply chain cost increases, tariffs, and other inflationary pressures have impacted and may continue to impact profitability.