Lam Research Corporation · NASDAQ:LRCX
Lam Research — Q1 2027 Earnings Presentation
26 slides from Lam Research's earnings presentation, Oct 21, 2026
Slide 1: Lam Research Corporation September quarter 2026 financial results
Lam Research Corporation September quarter 2026 financial results October 21, 2026
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
$23.2B $2.4B ~24,300 REVENUE* R&D* EMPLOYEES As of Septem ber 27, 2026 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, Ind
Slide 4: Business review & industry outlook
Business review & industry outlook Tim Archer, President and Chief Executive Officer LAM RESEARCH
Slide 5: Record revenue and profitability
Record revenue and profitability September quarter: CY26: Expect third CY27: Rapid AI adoption Another record consecutive year of WFE underpinning WFE outperformance growth Gross margin*, operating Expect systems revenue to Agentic workflows expanding margin*, EPS* all at record grow well over 40% f
Slide 6: NAND: AI driving demand for multiple storage tiers
NAND: AI driving demand for multiple storage tiers Expect QLC, TLC, and SLC-class storage tiers, each optimized for different AI workloads, to all grow SLC storage tier adoption could become a meaningful driver of NAND wafer capacity, requiring more capacity for the same bit demand Lam well position
Slide 7: Foundry/Logic & DRAM: Winning at key inflections
Foundry/Logic & DRAM: Winning at key inflections Advanced patterning Backside power Akara® conductor etch More deposition, plating & etch steps • Adopted by multiple chipmakers • Production-proven VECTOR®, SABRE®, Flex® • Halo gaining traction in emerging Moly Aether® dry resist applications • Rampi
Slide 8: Advanced packaging: A major growth driver for Lam
Advanced packaging: A major growth driver for Lam TSV & bonding • Syndion®: four new positions across multiple customers in advanced logic & HBM TSV applications • Striker® ALD: multiple TSV liner wins • VECTOR® and TEOS 3D: wins for high-energy bonding films & inter-die gap fill applications Panel-
Slide 9: CSBG: Exiting CY26 with solid momentum
CSBG: Exiting CY26 with solid momentum + CY26 revenue expected to grow >30% YoY + Broad-based growth across upgrades, spares, services, supported by high fab utilization and customers’ focus on installed base efficiency + Equipment Intelligence® and Dextro cobots recently helped secure performance-b
Slide 10: Positioned for sustained outperformance
Positioned for sustained outperformance Early stages of a multiyear Manufacturing complexity, new Technology leadership, investment cycle, with materials integration, and growing installed base, and customer visibility extending advanced packaging driving strategic investments in through 2028 higher
Slide 11: September quarter 2026 financial results & December quarter 2026 outlook
September quarter 2026 financial results & December quarter 2026 outlook Doug Bettinger, Executive Vice President and Chief Financial Officer LAM RESEARCH
Slide 12: September quarter highlights
September quarter highlights QSEP’26 REVENUE $8.22B QJun’26 revenue: $6.72B QSEP’26 EARNINGS PER SHARE* $2.20 QJun’26 earnings per share*: $1.82 LAM RESEARCH *Data is 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 13: September quarter revenue mix
September quarter revenue mix SYSTEMS REVENUE BY MARKET SEGMENT* REVENUE BY REGION Memory 46% LAM RESEARCH *Systems revenue includes equipment and equipment upgrade sales from etch, deposition, clean, and our Reliant® product line.
Slide 14: Customer Support Business Group
Customer Support Business Group QSEP’26 CSBG REVENUE $2.49B QJun’26 CSBG revenue: $2.47B QSep’25 CSBG revenue: $1.78B LAM RESEARCH
Slide 15: September quarter financial results
September quarter financial results QSEP’26 QJUN’26 Revenue $8,219M $6,722M Non-GAAP Gross Margin* 52.4 % 52.0 % Non-GAAP Operating Expenses* $1,004M $916M Non-GAAP Operating Income* $3,301M $2,581M Non-GAAP Operating Income as a percentage of Revenue* 40.2 % 38.4 % Non-GAAP Other Income (Expense),
Slide 16: Capital return and key financial metrics
Capital return and key financial metrics QSEP’26 QJUN’26 Share Repurchases $1,011M $246M Cash Dividends $325M $325M Total Consolidated Gross Cash Balance $7,451M $5,598M Account Receivables, Net $5,658M $5,340M Days Sales Outstanding 63 Days 72 Days Inventories $4,551M $4,276M Inventory Turns 3.4 3.
Slide 17: December 2026 quarter guidance
December 2026 quarter guidance $8.60B +/- $400M Revenue 52.5% +/- 1% Non-GAAP gross margin* 40.5% +/- 1% Non-GAAP operating margin* $2.33 +/- $0.15** Non-GAAP earnings per share* LAM RESEARCH *A reconciliation of U.S. GAAP projected results to non-GAAP projected results can be found at the end of th
Slide 18: Q&A
Q&A LAM RESEARCH
Slide 19: 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 September 27, June 28, 2026 2026 U.S. GAAP net income $ 2,753,138 $ 2,277,282 Pre-tax non-GAAP items: Amortization related to intangible assets
Slide 20: 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 September 27, June 28, 2026 2026 U.S. GAAP gross margin $ 4,
Slide 21: 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 September 27, June 28, 2026 2026 U.S. GAAP Other income (expense), net $ 28,493 $ 41,654 Pre-tax non-GAAP items: Amortization of not
Slide 22: Appendix – reconciliation
Appendix – reconciliation Calculation of Free Cash Flows (in thousands) (unaudited) Three Months Ended Calendar Year to Date September 27, September 27, 2026 2026 U.S. GAAP net cash provided by operating activities $ 3,497,652 $ 6,096,300 U.S. GAAP cash used for capital expenditures and intangible a
Slide 23: 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 September 27, June 28, 2026 2026 U.S. GAAP income before income taxes $ 3,312,220 $ 2,555,142 U.S. GAAP income tax expense $ 559,082 $ 2
Slide 24: Appendix – reconciliation
Appendix – reconciliation Reconciliation of U.S. GAAP to Non-GAAP Guidance for the quarter ended December 27, 2026 U.S. GAAP Reconciling Items Non-GAAP Revenue $8.60 Billion +/- $400 Million — $8.60 Billion +/- $400 Million Gross margin as a percentage of revenue 52.5% +/- 1% $ 2.7 Million 52.5% +/-
Slide 25: Glossary
Glossary ACRONYM DEFINITION ACRONYM DEFINITION AI Artificial intelligence NAND Short for “NOT AND” flash memory ALD Atomic layer deposition NVM Non-volatile memory CSBG Customer Support Business Group QLC Quad-level cell CY Calendar year R&D Research and development DRAM Dynamic random-access memory
Slide 26: LAM RESEARCH
LAM RESEARCH