← Research LibraryThe BriefFY2026 10-K · headline figures audited against SEC data
Lam Research grew revenue 26.0% to a record $23.23B on foundry spending and widened its operating margin 328 bps to 35.29%, while free cash flow fell 9.7% as receivables built up
The read at a glance✓ Audited against SEC data
- Growth — Revenue up 26.0% to $23.23B on systems and customer supportOK
- Profitability — Operating margin up 328 bps to 35.29%; net income up 35.6% to $7.27BOK
- Cash flow — Free cash flow down 9.7% to $4.89B as receivables rose $1.96 billionWatch
- Accounting quality — Balance-sheet screen safe; manipulation screen flagged; earnings quality greyWatch
- Capital allocation — Buybacks $3.85B and dividends $1.27B; total debt down 16.7%OK
- China exposure — China 34% of revenue under tightening U.S. export rulesWatch
Business
Lam Research makes the machines chipmakers use to deposit, etch and clean the layers of a semiconductor wafer, and services the installed base through its Customer Support Business Group. Its customers are memory makers, foundries and integrated device manufacturers; four of them each accounted for 12% to 16% of FY2026 revenue. The company says AI-driven demand and 3D chip architectures are driving equipment spending.
Where the revenue comes from
Fiscal 2026, as LAM RESEARCH CORP reports it. History and quarterly detail are in the app.
- Systems Revenue$14.9B
- Customer support-related revenue and other$8.3B
Latest filings
- DEF 14A · Annual proxy (pay & governance)2026-09-24
- 8-K · Company announcement2026-08-27
- 10-K · Annual report2026-08-07
- 8-K · Company announcement2026-07-29
- 10-Q · Quarterly report2026-04-23
In the full recordFree for 14 days
- What changed🔒
- Insider signal🔒
- Growth quality🔒
- Margins & accounting🔒
- Capital allocation🔒
- Real risks🔒
- The long arc🔒
- Company history🔒
- The filings, readable — with what changed vs the prior year highlighted🔒
- Full financial statements, industry-aware, sources cited throughout🔒
- Forensic score history & components — the trend, not one year🔒
- Ownership: insider buys/sells, clusters, activist stakes🔒
- Ana — ask about LAM RESEARCH CORP, every answer cited to the official filings🔒
Every figure comes from the company's filings, and analysis whose figures don't match SEC data is rejected before publication.
14-day free trial, no credit card. For research purposes only; not investment advice.