LAM RESEARCH CORP Earnings Summary — Q3 2026

• Revenue grew 23.8% YoY to $5.84 billion, marking the fifth consecutive quarter of sequential growth.
• Net income increased by a robust 37.1% YoY, outpacing revenue growth and demonstrating high operating leverage.
• Operating income reached $2.05 billion, with margins expanding to over 35% during the quarter.
• The company continues to benefit from the recovery in the semiconductor capital equipment cycle since the 2024 trough.
• Advanced 3D NAND and logic node transitions remain primary secular tailwinds for the etch and deposition business.
• Management has successfully transitioned the balance sheet to a net-liquidity position over the long term.
• Shareholder returns remain aggressive, supported by a shrinking share count (down 2.39% YoY).

Management maintains a focus on the long-term 'WFE opportunity' and high-quality free cash flow generation, smoothing cyclicality through its digital services business (CSBG).

Improving

Acceleration in growth rates (YoY revenue and Net Income) compared to previous quarters indicates a strengthening semiconductor equipment market.

The company is well-positioned to capitalize on AI-driven hardware demand and the transition to advanced logic nodes. Despite geopolitical risks in China, the fundamental demand for etch and deposition tools remains strong across all major chipmakers.