Slide 1: Lam Research Corporation December quarter 2025 financial results
Lam Research Corporation December quarter 2025 financial results January 28, 2026 Confidential – Internal Use Only
Slide 2: Cautionary statement regarding forward-looking statements
Cautionary statement regarding forward- looking statements This presentation and the accompanying discussion contain “forward-looking statements” under U.S. securities laws. Forward-looking statements include any statements that are not statements of historical fact. Examples of forward-looking stat
Slide 3: A global leader in wafer fabrication equipment and services since 1980
$20.6B $2.3B ~19,700 REVENUE* R&D* EMPLOYEES As of Decem ber 28, 2025 14 PRIMARY LOCATIONS + Fremont, CA + Livermore, CA + Sherwood, OR + Tualatin, OR + Springfield, OH + Yongin, Korea + Eaton, OH + Hsinchu City, Taiwan + Villach, Austria + Taoyuan City, Taiwan + Hwaseong-si, Korea + Bengaluru, Indi
Slide 4: Business review & industry outlook
Business review & industry outlook Tim Archer President and Chief Executive Officer LAM RESEARCH
Slide 5: Delivered strong December 2025 quarter results
Delivered strong December 2025 quarter results Revenues over Gross margin, Solid execution mid-point of operating margin, in an accelerating guidance and EPS exceeding semiconductor high end of guidance demand range* environment LAM RESEARCH *Data on a non-GAAP basis. Reconciliations of U.S. GAAP re
Slide 6: Executing our Investor Day commitments
Executing our Investor Day commitments One year after Investor Day 2025, we are well on our way to our vision of >2x revenue and profit over 5 years Vertical scaling drives growth Every node expands opportunity Prepared for this moment with key investments LAM RESEARCH
Slide 7: Calendar year 2025 achievements
Calendar year 2025 achievements GROWING INSTALLED BASE UNITS ~102,000 >$20B revenue ~96,000 ~90,000 ~84,000 ~75,000 SAM mid-30s% of WFE Share of WFE grew over 1 percentage point Y/Y 2021 2022 2023 2024 2025 WFE = Wafer fabrication equipment LAM RESEARCH SAM = Served available market
Slide 8: WFE: Strong 2025, robust 2026 outlook
WFE: Strong 2025, robust 2026 outlook CY 2025 WFE: CY 2026 WFE: Cleanroom space remains key constraint ~$110B $135B range 2026 WFE is 2H weighted Robust investment growth across all 3 device segments LAM RESEARCH CY = Calendar year
Slide 9: AI driving advanced packaging growth
AI driving advanced packaging growth Advanced packaging critical for: + Foundry-logic customers integrating more functionality with advanced packaging + Transition to HBM4 and HBM4E Lam’s advanced packaging business to grow >40% in CY 2026, outperforming WFE growth in this space HBM = High bandwidth
Slide 10: Akara: Key enabler of advanced node scaling
Akara®: Key enabler of advanced node scaling Akara on Sense.i® platform with DirectDrive® Installed base doubled year-over-year, with production wins in advanced DRAM and foundry-logic nodes Shrinking critical dimensions and rising high-aspect ratio etch complexity favors Akara’s precision and profi
Slide 11: Lam increasing velocity of execution
Lam increasing velocity of execution Increased manufacturing Launched state-of- capacity ~2x over past the-art automated 4 years, with more coming warehouses in 2025 Received nearly 40 Expanded Dextro supplier awards for to 6 tool types fast installation and production ramp LAM RESEARCH
Slide 12: Elevating focus on scaling, delivering, and outperforming in the AI era
Elevating focus on scaling, delivering, and outperforming in the AI era LAM RESEARCH
Slide 13: December quarter 2025 financial results & March quarter 2026 outlook
December quarter 2025 financial results & March quarter 2026 outlook Doug Bettinger Executive Vice President and Chief Financial Officer LAM RESEARCH
Slide 14: Calendar year highlights
Calendar year highlights CY 2025 revenue $20.6B CY 2024 Revenue: $16.2B CY 2025 earnings per share* $4.89 CY 2024 earnings per share*: $3.36 ALTUS® Halo *Data is presented on a non-GAAP basis. Reconciliations of U.S. GAAP results to LAM RESEARCH non-GAAP results can be found at the end of this prese
Slide 15: December quarter highlights
December quarter highlights QDec'25 revenue $5.34B QSep'25 revenue: $5.32B QDec'25 earnings per share* $1.27 QSep'25 earnings per share*: $1.26 VECTOR® TEOS 3D *Data is presented on a non-GAAP basis. Reconciliations of U.S. GAAP results to LAM RESEARCH non-GAAP results can be found at the end of thi
Slide 16: December quarter revenue mix
December quarter revenue mix SYSTEM REVENUE SEGMENTS* REVENUE BY REGION Japan 10% SEA NVM 8% 11% Korea 20% US 5% Memory Foundry 34% Europe 2% 59% DRAM 23% Taiwan 20% China Logic/other 35% 7% NVM = Non-volatile memory LAM RESEARCH SEA = Southeast Asia *Systems revenue includes equipment and equipment
Slide 17: Customer Support Business Group (CSBG)
Customer Support Business Group (CSBG) QDec’25 CSBG revenue $1.99B QSep’25 CSBG revenue: $1.78B QDec'24 CSBG revenue: $1.75B LAM RESEARCH
Slide 18: December quarter financial results and capital return
December quarter financial results and capital return LAM RESEARCH *A reconciliation of U.S. GAAP results to non-GAAP results can be found at the end of this presentation.
Slide 19: Key balance sheet and financial metrics
Key balance sheet and financial metrics LAM RESEARCH
Slide 20: March 2026 quarter guidance
$5.70B +/- $300M Revenue 49.0% +/- 1% Non-GAAP gross margin* 34.0% +/- 1% Non-GAAP operating margin* March 2026 quarter guidance $1.35 +/- $0.10 Non-GAAP earnings per share* A reconciliation of U.S. GAAP projected results to non-GAAP projected results can be found at the end of this presentation. LA
Slide 21: Q&A
Q&A LAM RESEARCH
Slide 22: Appendix – reconciliation
Appendix – reconciliation Reconciliation of U.S. GAAP Net Income to Non-GAAP Net Income (in thousands, except per share data) (unaudited) Three Months Ended December 28, September 28, 2025 2025 U.S. GAAP net income $ 1,593,994 $ 1,568,660 Pre-tax non-GAAP items: Amortization related to intangible as
Slide 23: Appendix – reconciliation
Appendix – reconciliation Reconciliation of U.S. GAAP Net Income to Non-GAAP Net Income (in thousands, except per share data) (unaudited) Twelve Months Ended December 28, December 29, 2025 2024 U.S. GAAP net income $ 6,213,409 $ 4,293,570 Pre-tax non-GAAP items: Amortization related to intangible as
Slide 24: Appendix – reconciliation
Appendix – reconciliation Reconciliation of U.S. GAAP Gross Margin, Operating Expenses and Operating Income to Non-GAAP Gross Margin, Operating Expenses and Operating Income (in thousands, except percentages) (unaudited) Three Months Ended December 28, September 28, 2025 2025 U.S. GAAP gross margin
Slide 25: Appendix – reconciliation
Appendix – reconciliation Reconciliation of U.S. GAAP Gross Margin, Operating Expenses and Operating Income to Non-GAAP Gross Margin, Operating Expenses and Operating Income (in thousands, except percentages) (unaudited) Twelve Months Ended December 28, December 29, 2025 2024 U.S. GAAP gross margin
Slide 26: Appendix – reconciliation
Appendix – reconciliation Reconciliation of U.S. GAAP Other Income (Expense), Net to Non-GAAP Other Income (Expense), Net (in thousands) (unaudited) Three Months Ended December 28, September 28, 2025 2025 U.S. GAAP Other income (expense), net $ 26,410 $ 30,074 Pre-tax non-GAAP items: Amortization of
Slide 27: Appendix – reconciliation
Appendix – reconciliation Calculation of Free Cash Flows (in thousands) (unaudited) Twelve Months Ended December 28, 2025 U.S. GAAP net cash provided by operating activities $ 7,121,860 U.S. GAAP cash used for capital expenditures and intangible assets (906,249) Total free cash flow $ 6,215,611 LAM
Slide 28: Appendix – reconciliation
Appendix – reconciliation Reconciliation of U.S. GAAP Income Tax Rate to Non-GAAP Income Tax Rate (in thousands, except percentages) (unaudited) Three Months Ended December 28, September 28, 2025 2025 U.S. GAAP income before income taxes $ 1,836,613 $ 1,859,162 U.S. GAAP income tax expense $ 242,619
Slide 29: Appendix – reconciliation
Appendix – reconciliation Reconciliation of U.S. GAAP to Non-GAAP Guidance for the quarter ending March 29, 2026 U.S. GAAP Reconciling Items Non-GAAP Revenue $5.70 Billion +/- $300 Million — $5.70 Billion +/- $300 Million Gross margin as a percentage of revenue 49.0% +/- 1% $ 2.7 Million 49.0% +/- 1
Slide 30: LAM RESEARCH
LAM RESEARCH