Slide 1: June quarter 2026 financial results
Lam Research Corporation June quarter 2026 financial results July 29, 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 ~22,400 REVENUE* R&D* EMPLOYEES As of June 28, 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, India + O
Slide 4: Business review & industry outlook
Business review & industry outlook Tim Archer, President and Chief Executive Officer LAM RESEARCH
Slide 5: Strong momentum, stronger outlook
Strong momentum, stronger outlook June quarter: Record CY26: Expecting continued CY27+: Extraordinary set-up performance outperformance Record revenue, September guide of $8.1B, Customers have announced operating margin and EPS up >20% sequentially multi-year timelines for new fab projects NAND reve
Slide 6: AI progressing through distinct waves
AI progressing through distinct waves AI IS DRIVING + More flash storage demand + More advanced DRAM and foundry architectures + Larger and more complex advanced packages LAM SAM EXPANDING Faster trajectory toward high-30s SAM % of WFE LAM RESEARCH
Slide 7: More opportunities to expand SAM and share in foundry-logic and DRAM
More opportunities to expand SAM and share in foundry-logic and DRAM HAR STRUCTURES DRAM PITCH SCALING SURFACE ENGINEERING PACKAGE SCALING • Conductor etch installed • Leveraging foundry-logic • Surface treatment • A leader in TSV etch & base >40,000 chambers capabilities into DRAM applications roug
Slide 8: Customers leveraging Lam's Equipment Intelligence and Dextro solutions
Customers leveraging Lam’s Equipment Intelligence® and Dextro solutions Accelerating Dextro application development: Doubled preventive maintenance tasks that can be automated since start of CY26 Equipment Intelligence® and Dextro solutions now expanding from NAND into DRAM Very early stages of mult
Slide 9: An exciting time for industry and Lam
An exciting time for industry and Lam AI driving unprecedented Lam etch and deposition Well positioned to demand, greater technical technology leadership, outperform in CY26 and requirements, and customer partnerships, in the years ahead architectural scaling and increasing operational velocity LAM
Slide 10: June quarter 2026 financial results & September quarter 2026 outlook
June quarter 2026 financial results & September quarter 2026 outlook Doug Bettinger, Executive Vice President and Chief Financial Officer LAM RESEARCH
Slide 11: Fiscal year highlights
Fiscal year highlights FY2026 REVENUE $23.23B FY2025 revenue: $18.44B FY2026 EARNINGS PER SHARE* $5.82 FY2025 earnings per share*: $4.13 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. Based o
Slide 12: June quarter highlights
June quarter highlights QJUN'26 REVENUE $6.72B QMar'26 revenue: $5.84B QJUN'26 EARNINGS PER SHARE* $1.82 QMar'26 earnings per share*: $1.47 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. Base
Slide 13: June quarter revenue mix
June quarter revenue mix SYSTEMS REVENUE BY MARKET SEGMENT* REVENUE BY REGION Europe SEA 4% 5% US Taiwan 9% 27% Foundry 44% NVM 23% Japan 9% Memory 46% Korea Logic/other DRAM 20% China 10% 23% 26% LAM RESEARCH *Systems revenue includes equipment and equipment upgrade sales from etch, deposition, cle
Slide 14: Customer Support Business Group
Customer Support Business Group QJUN’26 CSBG REVENUE $2.47B QMar'26 CSBG revenue: $2.11B QJun'25 CSBG revenue: $1.73B LAM RESEARCH
Slide 15: June quarter financial results and capital return
June quarter financial results and capital return QJUN'26 QMAR'26 Revenue $6,722M $5,841M Non-GAAP Gross Margin* 52.0% 49.9% Non-GAAP Operating Expenses* $916M $866M Non-GAAP Operating Income* $2,581M $2,047M Non-GAAP Operating Income as a percentage of Revenue* 38.4% 35.0% Non-GAAP Other Income (Ex
Slide 16: Key balance sheet and financial metrics
Key balance sheet and financial metrics QJUN'26 QMAR'26 Total Consolidated Gross Cash Balance $5,598M $4,767M Account Receivables, Net $5,340M $4,133M Days Sales Outstanding 72 Days 64 Days Inventories $4,276M $4,000M Inventory Turns 3.0 2.9 Deferred Revenue* $2,434M $2,221M Equity Compensation Expe
Slide 17: September quarter 2026 guidance
$8.10B +/- $400M Revenue September % 52.0% +/- 1% Non-GAAP gross margin* 2026 quarter 39.5% +/- 1% Non-GAAP operating margin* guidance $2.15 +/- $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
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 June 28, March 29, 2026 2026 U.S. GAAP net income $ 2,277,282 $ 1,825,460 Pre-tax non-GAAP items: Amortization related to intangible assets acq
Slide 20: 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 June 28, June 29, 2026 2025 U.S. GAAP net income $ 7,265,396 $ 5,358,217 Pre-tax non-GAAP items: Amortization related to intangible assets acq
Slide 21: 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 28, March 29, June 28, June 29, 202
Slide 22: 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 28, March 29, 2026 2026 U.S. GAAP Other income (expense), net $ 41,654 $ (35,460) Pre-tax non-GAAP items: Amortization of note
Slide 23: Appendix – reconciliation
Appendix – reconciliation Calculation of Free Cash Flows (in thousands) (unaudited) Three Months Ended Calendar Year to Date June 28, June 28, 2026 2026 U.S. GAAP net cash provided by operating activities $ 1,457,228 $ 2,598,648 U.S. GAAP cash used for capital expenditures and intangible assets (188
Slide 24: 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 28, March 29, 2026 2026 U.S. GAAP income before income taxes $ 2,555,142 $ 2,011,556 U.S. GAAP income tax expense $ 277,860 $ 186,0
Slide 25: Appendix – reconciliation
Appendix – reconciliation Reconciliation of U.S. GAAP to Non-GAAP Guidance for the Quarter Ended September 27, 2026 U.S. GAAP Reconciling Items Non-GAAP Revenue $8.10 Billion +/- $400 Million — $8.10 Billion +/- $400 Million Gross margin as a percentage of revenue 52.0% +/- 1% $ 2.7 Million 52.0% +/
Slide 26: Glossary
Glossary ACRONYM DESCRIPTION AI Artificial intelligence ALD Atomic layer deposition CSBG Customer Support Business Group CY Calendar year CFET Complementary Field-Effect Transistor DRAM Dynamic random-access memory EPS Earnings per share FY Fiscal year GAA Gate - All - Around HAR High aspect ratio N
Slide 27: LAM RESEARCH
LAM RESEARCH