NASDAQ : LRCX
Lam Research Corporation — Financial statements
Technology · Semiconductor Equipment & Materials · United States
Last price 239.11 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 298.69B
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Financial statements
Lam Research Corporation (LRCX) reported revenue of 26.13B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year July - June; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Revenue | 26.13B | 23.23B | 18.44B | 14.91B | 17.43B | 17.23B |
| Cost of Revenue | 12.79B | 11.51B | 9.46B | 7.81B | 9.57B | 9.36B |
| Gross Profit | 13.34B | 11.73B | 8.98B | 7.10B | 7.86B | 7.87B |
| Selling, General & Admin | 1.22B | 1.15B | 981.70M | 868.25M | 832.75M | 885.74M |
| Research & Development | 2.47B | 2.38B | 2.10B | 1.90B | 1.73B | 1.60B |
| Operating Expenses | 3.68B | 3.53B | 3.08B | 2.77B | 2.56B | 2.49B |
| Operating Income | 9.65B | 8.20B | 5.90B | 4.33B | 5.30B | 5.38B |
| Interest Expense | -151.17M | -156.88M | -178.20M | -185.24M | -186.46M | -184.76M |
| Interest & Investment Income | 182.11M | 196.19M | 231.33M | 251.94M | 138.98M | 15.21M |
| Currency Exchange Gain (Loss) | -20.66M | -30.08M | -26.41M | -4.84M | -7.08M | -723.00K |
| Other Non Operating Income (Expenses) | 50.82M | 53.45M | 30.45M | 34.44M | -11.09M | -18.43M |
| EBT Excluding Unusual Items | 9.72B | 8.26B | 5.96B | 4.42B | 5.23B | 5.19B |
| Merger & Restructuring Charges | -61.56M | -120.32M | ||||
| Pretax Income | 9.72B | 8.26B | 5.96B | 4.36B | 5.11B | 5.19B |
| Income Tax Expense | 1.27B | 997.08M | 599.91M | 532.45M | 598.28M | 587.83M |
| Net Income | 8.45B | 7.27B | 5.36B | 3.83B | 4.51B | 4.61B |
| Net Income to Common | 8.45B | 7.27B | 5.36B | 3.83B | 4.51B | 4.61B |
| Shares Outstanding (Basic) | 1.25B | 1.26B | 1.29B | 1.31B | 1.35B | 1.40B |
| Shares Outstanding (Diluted) | 1.26B | 1.26B | 1.29B | 1.32B | 1.36B | 1.41B |
| EPS (Basic) | 6.75 | 5.79 | 4.17 | 2.91 | 3.33 | 3.29 |
| EPS (Diluted) | 6.71 | 5.76 | 4.15 | 2.90 | 3.32 | 3.27 |
| Free Cash Flow | 6.54B | 4.89B | 5.41B | 4.26B | 4.68B | 2.55B |
| Free Cash Flow Per Share | 5.20 | 3.88 | 4.20 | 3.22 | 3.44 | 1.82 |
| Dividend Per Share | 1.11 | 1.04 | 0.92 | 0.80 | 0.69 | 0.60 |
| Gross Margin | 51.05% | 50.47% | 48.70% | 47.61% | 45.07% | 45.69% |
| Operating Margin | 36.95% | 35.29% | 32.01% | 29.02% | 30.38% | 31.24% |
| Profit Margin | 32.34% | 31.27% | 29.07% | 25.68% | 25.88% | 26.73% |
| Free Cash Flow Margin | 25.02% | 21.05% | 29.37% | 28.55% | 26.84% | 14.82% |
| EBITDA | 10.12B | 8.64B | 6.29B | 4.69B | 5.64B | 5.72B |
| EBITDA Margin | 38.72% | 37.20% | 34.10% | 31.43% | 32.35% | 33.18% |
| D&A For EBITDA | 461.96M | 441.53M | 386.28M | 359.70M | 342.43M | 333.74M |
| EBIT | 9.65B | 8.20B | 5.90B | 4.33B | 5.30B | 5.38B |
| EBIT Margin | 36.95% | 35.29% | 32.01% | 29.02% | 30.38% | 31.24% |
| Effective Tax Rate | 13.03% | 12.07% | 10.07% | 12.21% | 11.71% | 11.32% |
Balance sheet
Fiscal year July - June; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 7.44B | 5.58B | 6.39B | 5.85B | 5.34B | 3.52B |
| Short-Term Investments | 135.73M | |||||
| Cash & Short-Term Investments | 7.44B | 5.58B | 6.39B | 5.85B | 5.34B | 3.66B |
| Receivables | 5.66B | 5.34B | 3.38B | 2.52B | 2.82B | 4.31B |
| Inventory | 4.55B | 4.28B | 4.31B | 4.22B | 4.82B | 3.97B |
| Prepaid Expenses | 477.81M | 415.74M | 440.27M | 298.19M | 251.79M | 347.39M |
| Total Current Assets | 18.12B | 15.61B | 14.52B | 12.88B | 13.23B | 12.29B |
| Property, Plant & Equipment | 3.13B | 3.35B | 2.72B | 2.46B | 2.10B | 1.87B |
| Long-Term Investments | 125.20M | |||||
| Goodwill | 1.63B | 1.63B | 1.63B | 1.62B | 1.52B | |
| Other Intangible Assets | 1.91B | 269.30M | 182.20M | 138.50M | 138.37M | 101.85M |
| Long-Term Deferred Charges | 30.08M | |||||
| Other Long-Term Assets | 3.19B | 2.67B | 2.30B | 1.63B | 1.66B | 1.29B |
| Total Assets | 26.35B | 23.53B | 21.35B | 18.74B | 18.78B | 17.20B |
| Accounts Payable | 1.59B | 1.30B | 854.21M | 613.97M | 470.70M | 1.01B |
| Accrued Expenses | 867.43M | 695.50M | 618.37M | 516.72M | 481.35M | 481.07M |
| Current Portion of Long-Term Debt | 3.49M | 147.00K | 749.67M | 501.32M | 421.00K | |
| Current Portion of Leases | 94.34M | 83.35M | 67.94M | 72.62M | 61.49M | |
| Current Income Taxes Payable | 800.78M | 263.20M | 541.43M | 186.70M | 460.63M | 465.60M |
| Current Unearned Revenue | 2.43B | 2.28B | 2.57B | 1.42B | 1.70B | 1.57B |
| Other Current Liabilities | 1.62B | 1.30B | 1.16B | 1.03B | 1.00B | 973.49M |
| Total Current Liabilities | 7.31B | 5.94B | 6.57B | 4.34B | 4.18B | 4.56B |
| Long-Term Debt | 3.73B | 3.72B | 3.72B | 4.47B | 4.96B | 4.96B |
| Long-Term Leases | 305.16M | 203.84M | 235.75M | 211.12M | 200.60M | |
| Other Long-Term Liabilities | 1.40B | 1.09B | 991.68M | 1.17B | 1.21B | 1.19B |
| Total Liabilities | 12.44B | 11.06B | 11.48B | 10.21B | 10.57B | 10.92B |
| Common Stock | 1.25M | 1.25M | 1.27M | 1.30M | 133.00K | 137.00K |
| Additional Paid-In Capital | 9.36B | 9.24B | 8.70B | 8.22B | 7.81B | 7.41B |
| Retained Earnings | 37.29B | 34.95B | 28.99B | 24.81B | 22.03B | 18.45B |
| Treasury Stock | -32.62B | -31.60B | -27.76B | -24.37B | -21.53B | -19.48B |
| Comprehensive Income & Other | -127.28M | -127.09M | -62.42M | -130.43M | -100.71M | -109.98M |
| Shareholders' Equity | 13.91B | 12.47B | 9.86B | 8.54B | 8.21B | 6.28B |
| Total Liabilities & Equity | 26.35B | 23.53B | 21.35B | 18.74B | 18.78B | 17.20B |
| Total Debt | 3.74B | 4.12B | 4.76B | 5.27B | 5.25B | 5.22B |
| Net Cash (Debt) | 3.70B | 1.46B | 1.63B | 576.81M | 87.95M | -1.57B |
| Net Cash Per Share | 2.94 | 1.16 | 1.27 | 0.44 | 0.06 | -1.11 |
| Filing Date Shares Outstanding | 1.25B | 1.25B | 1.27B | 1.30B | 1.33B | 1.37B |
| Total Common Shares Outstanding | 1.25B | 1.25B | 1.27B | 1.30B | 1.33B | 1.37B |
| Working Capital | 10.81B | 9.67B | 7.95B | 8.54B | 9.04B | 7.72B |
| Book Value Per Share | 11.13 | 9.97 | 7.77 | 6.55 | 6.16 | 4.58 |
| Tangible Book Value | 12.00B | 10.58B | 8.05B | 6.77B | 6.45B | 4.66B |
| Tangible Book Value Per Share | 9.60 | 8.45 | 6.35 | 5.20 | 4.84 | 3.40 |
| Land | 268.47M | 264.51M | 166.21M | 163.80M | 98.74M | 84.73M |
| Buildings | 2.42B | 2.29B | 1.91B | 1.61B | 1.29B | 1.12B |
| Machinery | 2.97B | 2.87B | 2.49B | 2.22B | 2.06B | 1.84B |
Cash flow statement
Fiscal year July - June; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Net Income | 8.45B | 7.27B | 5.36B | 3.83B | 4.51B | 4.61B |
| Depreciation & Amortization | 461.96M | 441.53M | 386.28M | 359.70M | 342.43M | 333.74M |
| Stock-Based Compensation | 403.84M | 386.38M | 343.37M | 293.06M | 286.60M | 259.06M |
| Other Operating Activities | -284.68M | -321.77M | -356.40M | -188.74M | -119.76M | -302.19M |
| Change in Accounts Receivable | -2.05B | -1.96B | -858.75M | 303.44M | 1.45B | -1.29B |
| Change in Inventory | -594.96M | -93.86M | -180.73M | 528.72M | -961.97M | -1.35B |
| Change in Accounts Payable | 702.21M | 417.51M | 212.00M | 125.94M | -522.20M | 167.88M |
| Change in Unearned Revenue | -217.07M | -286.37M | 1.15B | -277.44M | 163.47M | 604.57M |
| Change in Other Net Operating Assets | 704.38M | 10.95M | 121.52M | -320.19M | 27.18M | 70.34M |
| Operating Cash Flow | 7.58B | 5.86B | 6.17B | 4.65B | 5.18B | 3.10B |
| Capital Expenditures | -1.04B | -966.40M | -759.19M | -396.67M | -501.57M | -546.03M |
| Cash Acquisitions | -119.95M | |||||
| Investment in Securities | 37.77M | 98.13M | 1.17B | |||
| Other Investing Activities | 35.89M | 44.25M | 51.09M | -11.71M | -11.17M | -7.58M |
| Investing Cash Flow | -1.00B | -922.15M | -708.09M | -370.61M | -534.56M | 612.27M |
| Long-Term Debt Issued | 97.04M | 66.18M | 64.43M | |||
| Total Debt Issued | 97.04M | 66.18M | 64.43M | |||
| Long-Term Debt Repaid | -755.43M | -507.49M | -353.14M | -89.38M | -76.32M | |
| Lease Payments | -95.02M | -95.02M | -85.56M | -97.45M | -74.40M | -64.81M |
| Total Debt Repaid | -788.50M | -755.43M | -507.49M | -353.14M | -89.38M | -76.32M |
| Net Debt Issued (Repaid) | -788.50M | -755.43M | -507.49M | -256.10M | -23.21M | -11.89M |
| Issuance of Common Stock | 177.68M | 173.41M | 142.56M | 135.52M | 121.01M | 113.86M |
| Repurchase of Common Stock | -3.90B | -3.85B | -3.42B | -2.84B | -2.02B | -3.87B |
| Common Dividends Paid | -1.30B | -1.27B | -1.15B | -1.02B | -907.91M | -815.29M |
| Other Financing Activities | -3.13M | -13.79M | 143.00K | -13.54M | -3.55M | 45.00K |
| Financing Cash Flow | -5.82B | -5.72B | -4.94B | -4.00B | -2.83B | -4.58B |
| Foreign Exchange Rate Adjustments | -15.71M | -27.43M | 28.32M | -22.37M | 128.00K | -30.23M |
| Net Cash Flow | 739.01M | -809.71M | 556.85M | 263.43M | 1.81B | -897.22M |
| Free Cash Flow | 6.54B | 4.89B | 5.41B | 4.26B | 4.68B | 2.55B |
| Free Cash Flow Margin | 25.02% | 21.05% | 29.37% | 28.55% | 26.84% | 14.82% |
| Free Cash Flow Per Share | 5.20 | 3.88 | 4.20 | 3.22 | 3.44 | 1.82 |
| Levered Free Cash Flow | 4.55B | 3.09B | 4.42B | 3.36B | 3.67B | 1.62B |
| Unlevered Free Cash Flow | 4.64B | 3.19B | 4.53B | 3.47B | 3.78B | 1.74B |
| Free Cash Flow After Leases | 6.44B | 4.80B | 5.33B | 4.16B | 4.60B | 2.49B |
| Cash Interest Paid | 150.10M | 150.10M | 172.35M | 173.09M | 174.75M | 175.53M |
| Cash Income Tax Paid | 1.33B | 1.33B | 972.50M | 991.80M | 809.75M | 807.67M |
| Change in Working Capital | -1.45B | -1.91B | 441.80M | 360.48M | 158.74M | -1.80B |
Ratios
Fiscal year July - June; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 298.69B | 474.08B | 124.33B | 139.22B | 81.78B | 62.45B |
| Enterprise Value | 294.99B | 473.06B | 123.36B | 138.53B | 81.42B | 63.10B |
| Last Close Price | 239.11 | 378.69 | 96.56 | 104.57 | 59.20 | 43.17 |
| PE Ratio | 35.63 | 65.25 | 23.20 | 36.37 | 18.13 | 13.56 |
| Forward PE | 23.26 | 50.20 | 23.70 | 31.65 | 25.81 | 12.42 |
| PS Ratio | 11.43 | 20.41 | 6.74 | 9.34 | 4.69 | 3.62 |
| PB Ratio | 21.47 | 38.02 | 12.61 | 16.30 | 9.96 | 9.95 |
| P/TBV Ratio | 24.90 | 44.83 | 15.44 | 20.55 | 12.68 | 13.40 |
| P/FCF Ratio | 45.69 | 96.92 | 22.96 | 32.71 | 17.48 | 24.45 |
| P/OCF Ratio | 39.42 | 80.93 | 20.14 | 29.93 | 15.79 | 20.15 |
| PEG Ratio | 0.77 | 2.27 | 1.59 | 2.35 | 12.29 | 1.19 |
| EV/Sales Ratio | 11.29 | 20.36 | 6.69 | 9.29 | 4.67 | 3.66 |
| EV/EBITDA Ratio | 29.16 | 54.74 | 19.62 | 29.57 | 14.44 | 11.04 |
| EV/EBIT Ratio | 30.55 | 57.69 | 20.91 | 32.03 | 15.38 | 11.72 |
| EV/FCF Ratio | 45.12 | 96.72 | 22.79 | 32.55 | 17.41 | 24.71 |
| Debt / Equity Ratio | 0.27 | 0.33 | 0.48 | 0.62 | 0.64 | 0.83 |
| Debt / EBITDA Ratio | 0.36 | 0.47 | 0.74 | 1.08 | 0.89 | 0.86 |
| Debt / FCF Ratio | 0.57 | 0.84 | 0.88 | 1.24 | 1.12 | 2.05 |
| Net Debt / Equity Ratio | -0.27 | -0.12 | -0.17 | -0.07 | -0.01 | 0.25 |
| Net Debt / EBITDA Ratio | -0.37 | -0.17 | -0.26 | -0.12 | -0.02 | 0.27 |
| Net Debt / FCF Ratio | -0.57 | -0.30 | -0.30 | -0.14 | -0.02 | 0.61 |
| Asset Turnover | 1.08 | 1.03 | 0.92 | 0.79 | 0.97 | 1.04 |
| Inventory Turnover | 2.96 | 2.68 | 2.22 | 1.73 | 2.18 | 2.81 |
| Quick Ratio | 1.79 | 1.84 | 1.49 | 1.93 | 1.95 | 1.75 |
| Current Ratio | 2.48 | 2.63 | 2.21 | 2.97 | 3.16 | 2.69 |
| Return on Equity (ROE) | 70.12% | 65.07% | 58.24% | 45.71% | 62.27% | 74.85% |
| Return on Assets (ROA) | 25.01% | 22.84% | 18.40% | 14.41% | 18.40% | 20.33% |
| Return on Invested Capital (ROIC) | 79.14% | 74.95% | 65.56% | 47.22% | 58.56% | 71.72% |
| Return on Capital Employed (ROCE) | 50.70% | 46.60% | 39.90% | 30.00% | 36.30% | 42.60% |
| Earnings Yield | 2.81% | 1.53% | 4.31% | 2.75% | 5.52% | 7.38% |
| FCF Yield | 2.19% | 1.03% | 4.35% | 3.06% | 5.72% | 4.09% |
| Dividend Yield | 0.55% | 0.27% | 0.94% | 0.75% | 1.12% | 1.32% |
| Payout Ratio | 16.54% | 17.49% | 21.45% | 26.62% | 20.13% | 17.70% |
| Buyback Yield / Dilution | 1.85% | 2.25% | 2.26% | 2.83% | 3.41% | 3.23% |
| Total Shareholder Return | 2.40% | 2.53% | 3.20% | 3.57% | 4.53% | 4.54% |