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Lam Research Q1 F6/26 Earnings Review

Last updated on 
Lam Research Q1 F6/26 Earnings Review
Photo by Piret Ilver / Unsplash



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by JamsODonnell

Summary:

  • Lam Research reported record Q1 revenue of $5.3 billion and record gross margins.
  • AI-driven demand is a key tailwind, quantified as $8B in WFE for every $100B in data center spend.
  • 2026 China revenue decline is expected to be "more than offset" by growth from global multinationals.
  • Charts and options look favorable at least for the near future. Rating: Hold.

Fundamentals

Lam Research ($LRCX) reported record financial results for the September 2025 quarter (Q1). Revenue was $5.3 billion for the quarter, +3% vs. previous quarter and +28% YoY. TTM revenue was $19.6 billion. They reported record gross margin, but note we expect a bit of a slowdown next quarter, see below.