Lam Research Corporation · NASDAQ:LRCX
Lam Research — Q2 2025 Earnings Presentation
27 slides from Lam Research's earnings presentation, Jul 30, 2025
Slide 1: Lam Research Corporation June quarter 2025 financial results
Lam Research Corporation June quarter 2025 financial results July 30, 2025
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 state
Slide 3: A global leader in wafer fabrication equipment and services since 1980
$18.44B $2.1B ~19,000 REVENUE* R&D* EMPLOYEES As of June 29, 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, India +
Slide 4: Business review & industry outlook
Business review & industry outlook Tim Archer President and Chief Executive Officer LAM RESEARCH
Slide 5: June 2025: Strong performance
June 2025: Strong performance June quarter revenues and Gross margin exceeds 50%; EPS hits Gaining momentum with profitability at upper end new record; foundry and upgrades our Equipment Intelligence®- of guided ranges business achieve new revenue highs enabled Dextro® cobots EPS = Earnings per shar
Slide 6: WFE spending drivers favor Lam
WFE spending drivers favor Lam Lam’s served market is expanding to ~mid 30’s% of WFE in 2025, supported by investment in GAA, advanced packaging, HBM and NAND layer conversions + CY 2025 WFE outlook increased to ~$105B range from prior view of ~$100B + Uptick in domestic China spending leads to slig
Slide 7: Delivering critical solutions on the path to expand long-term SAM
Atomic-level device scaling Delivering critical solutions on the path to expand long-term New materials SAM to high-30’s % of WFE innovation Lam in a strong position to win >50% share of incremental SAM Advanced packaging integration LAM RESEARCH SAM = Served available market
Slide 8: ALTUS Halo ALD Mo: Leading key materials transition
ALTUS® Halo ALD Mo: Leading key materials transition Ramping at multiple NAND customers in CY 2025, with adoption set to increase broadly as more customers convert capacity to ≥200 layers Ramping in Foundry/Logic as AI-related transistor performance requirements accelerate the inflection to GAA • Mo
Slide 9: SABRE 3D: Applying unmatched copper plating expertise to lead in advanced packaging
SABRE® 3D: Applying unmatched copper plating expertise to lead in advanced packaging Advanced packaging critical to addressing AI requirements - enables up to 100% memory density improvement 4x bandwidth improvement and 40% power efficiency gain Advanced packaging - significant SAM and share gain op
Slide 10: Driving memory momentum with new etch tools
Driving memory momentum with new etch tools Solidifying leadership in HAR dielectric etch Akara® conductor etch tool with direct power coupling for NAND through Vantex® with cryo and plasma pulsing generating multiple new DRAM wins HAR = High aspect ratio LAM RESEARCH DRAM = Dynamic random-access me
Slide 11: Opportunity, execution, expansion
Opportunity, execution, expansion Strong product positioning in Growth in etch and deposition Tremendous potential for Lam key technology inflections intensity with 3D scaling to expand SAM and increase share at successive nodes LAM RESEARCH
Slide 12: June quarter 2025 financial results & September quarter 2025 outlook
June quarter 2025 financial results & September quarter 2025 outlook Doug Bettinger Executive Vice President and Chief Financial Officer LAM RESEARCH
Slide 13: June quarter highlights
June quarter highlights QJUN'25 REVENUE $5.17B QMAR'25 revenue: $4.72B QJUN'25 EARNINGS PER SHARE* $1.33 QMAR'25 earnings per share*: $1.04 LAM RESEARCH *Data are presented on a non-GAAP basis. Reconciliations of U.S. GAAP results to non-GAAP results can be found at the end of this presentation.
Slide 14: Fiscal year highlights
Fiscal year highlights FY 2025 REVENUE $18.44B FY 2024 revenue: $14.91B LAM RESEARCH
Slide 15: June quarter revenue mix
June quarter revenue mix Memory 41% NVM = Non-volatile memory LAM RESEARCH *Systems revenue includes equipment and equipment upgrade sales from etch, deposition, clean, our Reliant® product line, and other wafer fabrication markets
Slide 16: Customer Support Business Group
Customer Support Business Group QJUN'25 CSBG REVENUE $1.73B QMAR'25 CSBG revenue: $1.68B QJUN'24 CSBG revenue: $1.70B LAM RESEARCH
Slide 17: June quarter financial results
June quarter financial results QJUN'25 QMAR'25 Revenue $5,171M $4,720M Non-GAAP Gross Margin* 50.3% 49.0% Non-GAAP Operating Expenses* $822M $763M Non-GAAP Operating Income* $1,779M $1,549M Non-GAAP Operating Income as a percentage of Revenue* 34.4% 32.8% Non-GAAP Other Income (Expense), Net* $4M ($
Slide 18: Key balance sheet and financial metrics
Key balance sheet and financial metrics QJUN'25 QMAR'25 Total Consolidated Gross Cash Balance $6,408M $5,463M Account Receivables, Net $3,378M $3,228M Days Sales Outstanding 59 Days 62 Days Inventories $4,308M $4,463M Inventory Turns 2.4 2.2 Deferred Revenue* $2,681M $2,011M Capital Expenditures $17
Slide 19: September 2025 quarter guidance
$5.20B +/- $300M Revenue 50.0% +/- 1% Non-GAAP gross margin* September 2025 quarter guidance 34.0% +/- 1% Non-GAAP operating margin* $1.20 +/- $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
Slide 20: Q&A
Q&A LAM RESEARCH
Slide 21: 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 June 29, March 30, 2025 2025 U.S. GAAP net income $ 1,720,088 $ 1,330,667 Pre-tax non-GAAP items: Amortization related to intangible assets acq
Slide 22: 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 Twelve Months Ended June 29, March 30, June 29, June 30, 202
Slide 23: 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 June 29, March 30, 2025 2025 U.S. GAAP Other income (expense), net $ 37,853 $ (25,035) Pre-tax non-GAAP items: Amortization of note
Slide 24: Appendix – reconciliation
Appendix – reconciliation Calculation of Free Cash Flows (in thousands) (unaudited) Twelve Months Ended June 29, 2025 U.S. GAAP net cash provided by operating activities $ 6,173,264 U.S. GAAP cash used for capital expenditures and intangible assets (759,186) Total free cash flow $ 5,414,078 LAM RESE
Slide 25: 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 June 29, March 30, 2025 2025 U.S. GAAP income before income taxes $ 1,778,981 $ 1,536,724 U.S. GAAP income tax expense $ 58,893 $ 206,05
Slide 26: Appendix – reconciliation
Appendix – reconciliation Reconciliation of U.S. GAAP to Non-GAAP Guidance for the Quarter Ended September 28, 2025 U.S. GAAP Reconciling Items Non-GAAP Revenue $5.20 Billion +/- $300 Million — $5.20 Billion +/- $300 Million Gross margin as a percentage of revenue 49.9% +/- 1% $ 2.7 Million 50.0% +/
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