Lam Research财报小幅超预期并大幅上修下一季指引，但半导体设备财报先例不支持追高

FREMONT, Calif., July 29, 2026 /PRNewswire/ -- Lam Research Corporation (the "Company," "Lam," "Lam Research") today announced financial results for the quarter ended June 28, 2026 (the "June 2026 quarter").
Highlights for the June 2026 quarter were as follows:
- Revenue of $6.72 billion.
- U.S. GAAP gross margin as a percent of revenue of 51.7%, U.S. GAAP operating margin as a percent of revenue of 37.4%, and U.S. GAAP diluted EPS of $1.81.
- Non-GAAP gross margin as a percent of revenue of 52.0%, non-GAAP operating margin as a percent of revenue of 38.4%, and non-GAAP diluted EPS of $1.82.
Key Financial Data for the Quarters Ended | ||||||
U.S. GAAP | ||||||
June 2026 | March 2026 | Change Q/Q | ||||
Revenue | $ 6,722,238 | $ 5,841,488 | +15.1 % | |||
Gross margin | 51.7 % | 49.8 % | + 190 bps | |||
Operating margin | 37.4 % | 35.0 % | + 240 bps | |||
Diluted EPS | $ 1.81 | $ 1.45 | +24.8 % | |||
Non-GAAP | ||||||
June 2026 | March 2026 | Change Q/Q | ||||
Revenue | $ 6,722,238 | $ 5,841,488 | +15.1 % | |||
Gross margin | 52.0 % | 49.9 % | + 210 bps | |||
Operating margin | 38.4 % | 35.0 % | + 340 bps | |||
Diluted EPS | $ 1.82 | $ 1.47 | +23.8 % |
U.S. GAAP Financial Results
For the June 2026 quarter, revenue was $6.72 billion, gross margin was $3.48 billion, or 51.7% of revenue, operating expenses were $965.3 million, operating margin was 37.4% of revenue, and net income was $2.28 billion, or $1.81 per diluted share on a U.S. GAAP basis. This compares to revenue of $5.84 billion, gross margin of $2.91 billion, or 49.8% of revenue, operating expenses of $863.5 million, operating margin of 35.0% of revenue, and net income of $1.83 billion, or $1.45 per diluted share, for the quarter ended March 29, 2026 (the "March 2026 quarter").
Non-GAAP Financial Results
For the June 2026 quarter, non-GAAP gross margin was $3.50 billion, or 52.0% of revenue, non-GAAP operating expenses were $916.4 million, non-GAAP operating margin was 38.4% of revenue, and non-GAAP net income was $2.28 billion, or $1.82 per diluted share. This compares to non-GAAP gross margin of $2.91 billion, or 49.9% of revenue, non-GAAP operating expenses of $866.2 million, non-GAAP operating margin of 35.0% of revenue, and non-GAAP net income of $1.85 billion, or $1.47 per diluted share, for the March 2026 quarter.
"Lam delivered record revenue, operating margin and earnings per share in the June quarter as AI-driven demand continues to reshape the semiconductor industry," said Tim Archer, Lam Research's President and Chief Executive Officer. "Our strategic investments and technology leadership are helping customers accelerate through rising manufacturing complexity, positioning Lam for a third consecutive year of outperformance in 2026."
Balance Sheet and Cash Flow Results
Cash, cash equivalents, and restricted cash balances increased to $5.60 billion at the end of the June 2026 quarter compared to $4.77 billion at the end of the March 2026 quarter. The increase was primarily driven by cash generated from operating activities, partially offset by cash deployed for capital return activities during the quarter.
Deferred revenue at the end of the June 2026 quarter increased to $2.43 billion compared to $2.22 billion as of the end of the March 2026 quarter. Lam's deferred revenue balance does not include shipments to customers in Japan, to whom title does not transfer until customer acceptance. Shipments to customers in Japan are classified as inventory at cost until the time of acceptance. The estimated future revenue from shipments to customers in Japan was approximately $490.2 million as of June 28, 2026 and $434.3 million as of March 29, 2026.
Revenue
The geographic distribution of revenue during the June 2026 quarter is shown in the following table:
Region | Revenue |
Taiwan | 27 % |
China | 26 % |
Korea | 20 % |
Japan | 9 % |
United States | 9 % |
Southeast Asia | 5 % |
Europe | 4 % |
The following table presents revenue disaggregated between systems and customer support-related revenue:
Three Months Ended | |||||
June 28, | March 29, | June 29, | |||
(In thousands) | |||||
Systems revenue | $ 4,249,848 | $ 3,730,582 | $ 3,437,625 | ||
Customer support-related revenue and other | 2,472,390 | 2,110,906 | 1,733,768 | ||
$ 6,722,238 | $ 5,841,488 | $ 5,171,393 | |||
Systems revenue includes sales of new leading-edge equipment in deposition, etch and other wafer fabrication markets.
Customer support-related revenue includes sales of customer service, spares, upgrades, and non-leading-edge equipment from our Reliant® product line.
Outlook
For the quarter ended September 27, 2026, Lam is providing the following guidance:
U.S. GAAP | Reconciling | Non-GAAP | ||||||||
Revenue | $8.10 Billion | +/- | $400 Million | — | $8.10 Billion | +/- | $400 Million | |||
Gross margin | 52.0 % | +/- | 1 % | $ 2.7 | Million | 52.0 % | +/- | 1 % | ||
Operating margin | 39.5 % | +/- | 1 % | $ 3.0 | Million | 39.5 % | +/- | 1 % | ||
Net income per diluted share | $2.15 | +/- | $0.15 | $ 3.3 | Million | $2.15 | +/- | $0.15 | ||
Diluted share count | 1.255 Billion | — | 1.255 Billion |
The information provided above is only an estimate of what the Company believes is realizable as of the date of this release and does not incorporate the potential impact of any business combinations, asset acquisitions, divestitures, restructuring, balance sheet valuation adjustments, financing arrangements, other investments, or other items that may be completed or realized after the date of this release, except as described below. U.S. GAAP to non-GAAP reconciling items provided include only those items that are known and can be estimated as of the date of this release. Actual results will vary from this model and the variations may be material. Reconciling items included above are as follows:
- Gross margin - amortization related to intangible assets acquired through business combinations, $2.7 million.
- Operating margin - amortization related to intangible assets acquired through business combinations, $3.0 million.
- Net income per diluted share - amortization related to intangible assets acquired though business combinations, $3.0 million; amortization of debt discounts, $0.5 million; and associated tax benefit for non-GAAP items ($0.2 million); totaling $3.3 million.
Use of Non-GAAP Financial Results
In addition to U.S. GAAP results, this press release also contains non-GAAP financial results. The Company's non-GAAP results for both the June 2026 and March 2026 quarters exclude amortization related to intangible assets acquired through business combinations, the effects of elective deferred compensation-related assets and liabilities, amortization of note discounts, workforce optimization charges, and the net income tax effect of non-GAAP items.
Management uses non-GAAP gross margin, operating expense, operating income, operating margin, net income, and net income per diluted share to evaluate the Company's operating and financial results. The Company believes the presentation of non-GAAP results is useful to investors for analyzing business trends and comparing performance to prior periods, along with enhancing investors' ability to view the Company's results from management's perspective. Tables presenting reconciliations of non-GAAP results to U.S. GAAP results are included at the end of this press release and on the Company's website at https://investor.lamresearch.com.
Caution Regarding Forward-Looking Statements
Statements made in this press release that are not of historical fact are forward-looking statements and are subject to the safe harbor provisions created by the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relate to, but are not limited to: our outlook and guidance for future financial results, including revenue, gross margin, operating margin, net income per diluted share, and diluted share count; the effect of AI-driven demand on the semiconductor industry; the rising