Slide 1: March quarter 2026 financial results
Lam Research Corporation March quarter 2026 financial results April 22, 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
$20.6B $2.3B ~20,600 REVENUE* R&D* EMPLOYEES As of March 29, 2026 15 PRIMARY LOCATIONS + Fremont, CA + Livermore, CA + Sherwood, OR + Tualatin, OR + Osan, Korea + Springfield, OH + Yongin, Korea + Eaton, OH + Hsinchu City, Taiwan + Villach, Austria + Taoyuan City, Taiwan + Kanagawa, Japan + Bengalur
Slide 4: Business review & industry outlook
Business review & industry outlook Tim Archer, President and Chief Executive Officer LAM RESEARCH
Slide 5: Solid start to CY26, with momentum building
Solid start to CY26, with momentum building March quarter financials Key milestones Strong momentum Revenues and profitability Record revenue and EPS Accelerating AI-driven at upper end of guidance semiconductor demand driving First $2B CSBG revenue strong June quarter guide EPS exceeded high end qu
Slide 6: Raising CY26 WFE outlook
Raising CY26 WFE outlook WFE: $140B with bias to upside Customer spending projections higher across all device segments Industry-wide constraints limiting supply Sets stage for compelling 2027 WFE growth outlook LAM RESEARCH
Slide 7: Set-up for continued outperformance
Set-up for continued outperformance GROWING OPPORTUNITY INCREASING OUTPERFORMANCE AI driving higher deposition and etch Increasing R&D velocity intensity Expect SAM % of WFE above mid-30% in Created broadest, most competitive CY26 → high-30s% longer-term goal product and services portfolio in the co
Slide 8: AI expanding Lam's opportunity across markets
AI expanding Lam’s opportunity across markets NAND DRAM FOUNDRY/LOGIC PACKAGING • Anticipate $40B conversion • Industry transitioning to 1c • Record CY25, carrying • AI driving increased advanced spending to >200 layers pulled nodes to meet AI’s power and momentum into CY26 packaging demand forward
Slide 9: CSBG: First $2B revenue quarter
CSBG: First $2B revenue quarter Equipment Intelligence® New deployment with leading customer for critical deposition applications Customer deploying into R&D to accelerate new NAND and DRAM nodes Dextro cobots Expanded to 8 tool types, first deposition cobot shipping this quarter Next-gen delivers 1
Slide 10: Lam delivering on the opportunity, with more to come
Lam delivering on the opportunity, with more to come AI-demand environment Early strategic investments driving rising deposition and focus on execution and etch intensity velocity paying off Second half CY26 Positioned for multi-year revenues expected to outperformance exceed first half LAM RESEARCH
Slide 11: March quarter 2026 financial results & June quarter 2026 outlook
March quarter 2026 financial results & June quarter 2026 outlook Doug Bettinger, Executive Vice President and Chief Financial Officer LAM RESEARCH
Slide 12: March quarter highlights
March quarter highlights QMAR'26 REVENUE $5.84B QDec'25 revenue: $5.34B QMAR'26 EARNINGS PER SHARE* $1.47 QDec'25 earnings per share*: $1.27 *Data is presented on a non-GAAP basis. Reconciliations of U.S. GAAP results to non-GAAP results can be found at the end LAM RESEARCH of this presentation. Bas
Slide 13: March quarter revenue mix
March quarter revenue mix SYSTEMS REVENUE SEGMENT* REVENUE BY REGION NVM Japan 12% 8% Taiwan US Memory 23% 6% 39% SEA 4% Europe 2% DRAM 27% Korea 23% China Foundry 34% 54% Logic/other 7% LAM RESEARCH *Systems revenue includes equipment and equipment upgrade sales from etch, deposition, clean, and ou
Slide 14: Customer Support Business Group
Customer Support Business Group QMAR’26 CSBG REVENUE $2.11B QDec'25 CSBG revenue: $1.99B QMar'25 CSBG revenue: $1.68B LAM RESEARCH
Slide 15: March quarter financial results and capital return
March quarter financial results and capital return QMAR'26 QDEC'25 Revenue $5,841M $5,345M Non-GAAP gross margin* 49.9% 49.7% Non-GAAP operating expenses* $866M $827M Non-GAAP operating income* $2,047M $1,831M Non-GAAP operating margin* 35.0% 34.3% Non-GAAP other income (expense), net* ($8M) $10M Sh
Slide 16: Key balance sheet and financial metrics
Key balance sheet and financial metrics QMAR'26 QDEC'25 Total consolidated gross cash balance $4,767M $6,196M Account receivables, net $4,133M $3,492M Days sales outstanding 64 Days 59 Days Inventories $4,000M $4,038M Inventory turns 2.9 2.7 Deferred revenue* $2,221M $2,250M Equity compensation expe
Slide 17: June 2026 quarter guidance
June 2026 $6.60B +/- $400M quarter guidance Revenue 50.5% +/- 1% Non-GAAP gross margin* 36.5% +/- 1% Non-GAAP operating margin* $1.65 +/- $0.15** 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 18: Q&A
Q&A LAM RESEARCH
Slide 19: 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 March 29, December 28, 2026 2025 U.S. GAAP gross margin $ 2,
Slide 20: 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 March 29, December 28, 2026 2025 U.S. GAAP income before income taxes $ 2,011,556 $ 1,836,613 U.S. GAAP income tax expense $ 186,096 $ 2
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 March 29, December 28, 2026 2025 U.S. GAAP Other income (expense), net $ (35,460) $ 26,410 Pre-tax non-GAAP items: Amortization of n
Slide 22: Appendix – reconciliation
Appendix – reconciliation Calculation of Free Cash Flows (in thousands) (unaudited) Three Months Ended March 29, 2026 U.S. GAAP net cash provided by operating activities $ 1,141,420 U.S. GAAP cash used for capital expenditures and intangible assets (331,604) Total free cash flow $ 809,816 LAM RESEAR
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) Three Months Ended March 29, December 28, 2026 2025 U.S. GAAP net income $ 1,825,460 $ 1,593,994 Pre-tax non-GAAP items: Amortization related to intangible assets
Slide 24: Appendix – reconciliation
Appendix – reconciliation Reconciliation of U.S. GAAP to Non-GAAP Guidance for the quarter ended June 28, 2026 U.S. GAAP Reconciling Items Non-GAAP Revenue $6.60 Billion +/- $400 Million — $6.60 Billion +/- $400 Million Gross margin 50.5% +/- 1% $ 2.7 Million 50.5% +/- 1% Operating margin 36.5% +/-
Slide 25: Glossary
Glossary ACRONYM DESCRIPTION AI Artificial intelligence ALD Atomic layer deposition CSBG Customer Support Business Group CY Calendar year DRAM Dynamic random-access memory EPS Earnings per share NAND Short for “NOT AND” flash memory NVM Non-volatile memory QLC Quad-level cell R&D Research and develo
Slide 26: LAM RESEARCH
LAM RESEARCH