Lam Research (LRCX) Fiscal Q3 2026 10-Q: Revenue Rises 24% Year-Over-Year to $5.84 Billion on Foundry and DRAM Demand
Lam Research's third-quarter fiscal 2026 filing discloses record quarterly revenue of $5.84 billion, a 9% sequential and 24% year-over-year increase, alongside $4.99 billion in nine-month net income, while the company flags material risks from export controls, tariffs, and Middle East supply-chain disruptions.
Sourced from the primary SEC filing. 10-Q filed April 23, 2026 · SEC EDGAR ↗
Summary
Lam Research Corporation's 10-Q for the quarter ended March 29, 2026 reports the company's strongest quarterly revenue on record at $5.84 billion, driven primarily by increased foundry and DRAM customer spending. Gross margin held near 49.8% for the quarter, while the company deployed $3.60 billion toward share repurchases and $945 million in dividends over the nine-month period. The filing also introduces notable new risk disclosures, including geopolitical disruption in the Middle East affecting commodity supply and ongoing uncertainty from U.S.-China export controls and tariffs.
Key metrics
Quarterly revenue for the period ended March 29, 2026, reported in the condensed consolidated statements of operations.
Prior-year comparable quarterly revenue for reference.
Nine-month year-to-date revenue.
Prior-year nine-month revenue for reference.
Reported gross margin in dollars.
Gross margin as a percentage of total quarterly revenue.
Gross margin as a percentage of nine-month revenue.
Prior-year nine-month gross margin percentage for reference.
Total operating income for the quarter.
Prior-year comparable quarterly operating income.
Nine-month year-to-date operating income.
Prior-year nine-month operating income.
Net income for the quarter as reported.
Prior-year comparable quarterly net income.
Nine-month year-to-date net income.
Prior-year nine-month net income.
Diluted net income per share for the quarter.
Prior-year comparable quarterly diluted EPS.
Nine-month year-to-date diluted EPS.
Prior-year nine-month diluted EPS.
Basic net income per share for the quarter.
Nine-month year-to-date basic EPS.
R&D expense for the quarter.
R&D spend as a share of quarterly revenue.
Nine-month year-to-date R&D expense.
R&D spend as a share of nine-month revenue.
SG&A expense for the quarter.
SG&A as a share of quarterly revenue.
Nine-month year-to-date SG&A expense.
SG&A as a share of nine-month revenue.
Revenue from new leading-edge equipment in deposition, etch, clean, and other wafer fabrication markets.
Prior-year comparable quarterly systems revenue.
Nine-month year-to-date systems revenue.
Prior-year nine-month systems revenue.
Revenue from customer service, spares, upgrades, and Reliant non-leading-edge equipment.
Prior-year comparable quarterly customer support-related revenue.
Nine-month year-to-date customer support-related revenue.
Prior-year nine-month customer support-related revenue.
Revenue attributed to customers with facilities in China.
China's share of total quarterly revenue.
China's share of nine-month revenue.
Revenue attributed to customers with facilities in Korea.
Korea's share of total quarterly revenue.
Revenue attributed to customers with facilities in Taiwan.
Taiwan's share of total quarterly revenue.
Revenue attributed to customers with facilities in Japan.
Revenue attributed to U.S.-based customers.
Revenue attributed to customers with facilities in Southeast Asia.
Revenue attributed to customers with facilities in Europe.
Percentage of leading- and non-leading-edge equipment and upgrade revenue from foundry customers.
Nine-month foundry revenue mix.
Percentage of equipment and upgrade revenue from memory customers.
Nine-month memory revenue mix.
Percentage of equipment and upgrade revenue from logic/integrated device manufacturing customers.
Nine-month logic/IDM revenue mix.
Effective income tax rate for the quarter; lower than the 21% U.S. federal statutory rate due to income earned in lower-tax jurisdictions.
Nine-month effective income tax rate.
Provision for income taxes for the quarter.
Nine-month income tax expense.
Gross margin for the reportable segment before reconciling items such as equity-based compensation and certain overhead allocations.
Stock-based compensation expense recognized in the period, including employee stock purchase plan.
Nine-month equity-based compensation expense.
Cash generated from operating activities for the nine-month period.
Prior-year nine-month operating cash flow for reference.
Capital expenditures and intangible asset purchases for the nine-month period.
Cash paid for share repurchases including excise tax over the nine-month period.
Cash dividends paid to stockholders over the nine-month period.
Cash and cash equivalents on the balance sheet at quarter-end.
Cash and cash equivalents at the prior fiscal year-end.
Total assets on the condensed consolidated balance sheet.
Total stockholders' equity at quarter-end.
Non-current portion of long-term debt and finance lease obligations.
Total inventories including raw materials, work-in-process, and finished goods.
Net accounts receivable after allowance for doubtful accounts.
Total transaction price for contracts not yet recognized as revenue, to be recognized within various time horizons.
Deferred profit reported as a current liability on the balance sheet.
Depreciation and amortization for the nine-month period.
Quarterly cash dividend declared per common share.
Cumulative cash dividends declared per common share for the nine-month period.
Common shares issued and outstanding at quarter-end.
Non-U.S. revenue as a percentage of total revenue, as disclosed by management.
Total employee headcount at quarter-end as disclosed in the executive summary.
Remaining authorization available under the company's share repurchase program at quarter-end.
Management-disclosed sequential increase in revenue from the December 2025 quarter to the March 2026 quarter.
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