Lam Research reports March quarter revenue of $5.84 billion, up 9% from December quarter

Lam Research reported results for the quarter ended March 29, 2026, on April 22, 2026. Revenue was $5.84 billion, up 9% from $5,345 million in the quarter ended December 28, 2025. U.S. GAAP gross margin was 49.8% of revenue and operating margin was 35.0%, up from 33.9% in the prior quarter. U.S. GAAP net income was $1.825 billion, or $1.45 per diluted share.

On a non-GAAP basis, gross margin was 49.9% of revenue, operating margin was 35.0% and net income was $1.851 billion, or $1.47 per diluted share. The non-GAAP results exclude amortization of acquired intangible assets, the effects of elective deferred compensation-related assets and liabilities, amortization of note discounts and the related income tax effect. For the March quarter, they also exclude expenses for workforce optimization activities and their tax effect.

Lam Research said it expects revenue of $6.60 billion, plus or minus $400 million, for the quarter ending June 28, 2026. It expects U.S. GAAP net income per diluted share of $1.65, plus or minus $0.15, on a diluted share count of 1.255 billion. The company said the outlook is only an estimate of what it believes is realizable as of April 22, 2026, and that actual results will vary from it.

Cash, cash equivalents and restricted cash balances decreased to $4.77 billion at the end of the March quarter from $6.20 billion at the end of the December quarter. Lam Research attributed the decrease mainly to cash used for capital return activities, principal payments on debt and capital expenditures, partly offset by cash from operating activities. Deferred revenue decreased slightly to $2.22 billion from $2.25 billion.