Lam Research Corporation · NASDAQ:LRCX
Lam Research — Q3 2025 Earnings Presentation
24 slides from Lam Research's earnings presentation, Apr 23, 2025
Slide 1: Lam Research Corporation March quarter 2025 financial results
Lam Research Corporation March quarter 2025 financial results April 23, 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: Business review & industry outlook
Business review & industry outlook Tim Archer President and Chief Executive Officer LAM RESEARCH
Slide 4: Strong execution across the company
Strong execution across the company March quarter revenue, Record foundry revenues- Record gross margin** margins* , EPS* above solid product momentum in - investments in operations guidance midpoints leading-edge inflections contributing positively EPS = Earnings per share LAM RESEARCH *Non-GAAP ba
Slide 5: CY 2025 WFE spending in the ~$100B range
CY 2025 WFE spending in the ~$100B range • Global economic environment is dynamic – Lam is monitoring closely alongside customers and partners • Lam’s agile manufacturing and supply chain capability provide flexibility • Strategic focus on delivering on the growth and profitability outperformance go
Slide 6: Lam's expected outperformance drivers
Lam’s expected outperformance drivers Expand SAM Gain share with Grow CSBG faster than WFE new products revenue faster than installed base Capitalizing on rising Targeting billion-dollar Enhancing customer productivity deposition & etch intensity inflections and execution as they scale globally SAM
Slide 7: Incredible deposition & etch product momentum
Incredible deposition & etch product momentum Striker® SPARC ALD ALTUS® Halo Mo Akara® Multiple key wins for spacer Seeing increased adoption across Ultrafast plasma control enabling applications at leading-edge foundry leading 3D NAND customers multiple wins in DRAM ALD = Atomic layer deposition 3D
Slide 8: Strength in CSBG and Semiverse Solutions
Record upgrade revenues driven by NAND technology conversions, as well as DRAM and logic tool repurposing Signed a new multi-year Spares agreement Strength in CSBG with a large memory customer and Semiverse® Solutions In specialty technologies, displaced competitor in power device fabrication; PLD s
Slide 9: Executing to our outperformance strategy
Executing to our outperformance strategy New product momentum Installed base Innovations in & key customer wins value creation Equipment Intelligence® solutions and virtual process development LAM RESEARCH
Slide 10: March quarter 2025 financial results & June quarter 2025 outlook
March quarter 2025 financial results & June quarter 2025 outlook Doug Bettinger Executive Vice President and Chief Financial Officer LAM RESEARCH
Slide 11: March quarter highlights
March quarter highlights QMAR'25 REVENUE $4.72B QDec'24 revenue: $4.38B QMAR'25 EARNINGS PER SHARE* $1.04 QDec'24 earnings per share*: $0.91 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 12: March quarter revenue by segment and region
March quarter Record Foundry and Taiwan revenue dollars SYSTEM REVENUE SEGMENTS* REVENUE BY REGION Japan Logic/other NVM 10% 9% 20% Taiwan US 24% 4% SEA 4% Europe Memory 3% 43% DRAM Foundry 23% 48% Korea China 24% 31% NVM = Non-volatile memory LAM RESEARCH *System revenue includes equipment and equi
Slide 13: Customer Support Business Group
Customer Support Business Group QMAR'25 CSBG REVENUE $1.68B QDec'24 CSBG revenue: $1.75B QMar'24 CSBG revenue: $1.40B LAM RESEARCH
Slide 14: March quarter financial results
March quarter financial results QMAR'25 QDEC'24 Revenue $4,720M $4,376M Non-GAAP Gross Margin* 49.0% 47.5% Non-GAAP Operating Expenses* $763M $735M Non-GAAP Operating Income* $1,549M $1,343M Non-GAAP Operating Income as a percentage of Revenue* 32.8% 30.7% Non-GAAP Other Income (Expense), Net* ($7M)
Slide 15: Key balance sheet and financial metrics
Key balance sheet and financial metrics QMAR'25 QDEC'24 Total Consolidated Gross Cash Balance $5,463M $5,677M Account Receivables, Net $3,228M $3,305M Days sales outstanding 62 Days 69 Days Inventories $4,463M $4,358M Inventory Turns 2.2 2.1 Deferred Revenue* $2,011M $2,032M Capital Expenditures $28
Slide 16: June 2025 quarter guidance
$5.00B +/- $300M Revenue 49.5% +/- 1% June 2025 Non-GAAP gross margin* quarter guidance 33.5% +/- 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 LAM
Slide 17: Q&A
Q&A LAM RESEARCH
Slide 18: 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 30, December 29, 2025 2024 U.S. GAAP net income $ 1,330,667 $ 1,191,018 Pre-tax non-GAAP items: Amortization related to intangible assets
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 30, December 29, 2025 2024 U.S. GAAP gross margin $ 2,
Slide 20: 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 30, December 29, 2025 2024 U.S. GAAP Other income (expense), net $ (25,035) $ 14,262 Pre-tax non-GAAP items: Amortization of n
Slide 21: Appendix – reconciliation
Appendix – reconciliation Calculation of Free Cash Flows (in thousands) (unaudited) Three Months Ended March 30, 2025 U.S. GAAP net cash provided by operating activities $ 1,308,663 U.S. GAAP cash used for capital expenditures and intangible assets (288,058) Total free cash flow $ 1,020,605 LAM RESE
Slide 22: 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 30, December 29, 2025 2024 U.S. GAAP income before income taxes $ 1,536,724 $ 1,348,146 U.S. GAAP income tax expense $ 206,057 $ 1
Slide 23: Reconciliation to Non-GAAP Guidance for the quarter ended June 29, 2025
Appendix – reconciliation Reconciliation of U.S. GAAP to Non-GAAP Guidance for the quarter ended June 29, 2025 U.S. GAAP Reconciling Items Non-GAAP Revenue $5.00 Billion +/- $300 Million — $5.00 Billion +/- $300 Million Gross margin as a percentage of revenue 49.4% +/- 1% $ 2.7 Million 49.5% +/- 1%
Slide 24: Slide 24