Slide 1: Lam Research Corporation September quarter 2025 financial results
Lam Research Corporation September quarter 2025 financial results October 22, 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 ~19,400 REVENUE* R&D* EMPLOYEES As of Septem ber 28, 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, In
Slide 4: Business review & industry outlook
Business review & industry outlook Tim Archer President and Chief Executive Officer LAM RESEARCH
Slide 5: September 2025: Strong company-wide execution
September 2025: Strong company-wide execution $5.3 billion 50.6% 35.0% Record revenue Record gross margin* Record operating post-Novellus merger margin* 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 prese
Slide 6: WFE: Higher 2025 outlook, robust 2026 set-up
WFE: Higher 2025 outlook, robust 2026 set-up CY 2025 WFE: Slightly higher than ~$105B prior forecast due to stronger HBM investments WFE outlook improving as CY 2026 WFE: Robust set-up driven by AI accelerates AI-related demand leading-edge device roadmaps Expecting sustained strength across all thr
Slide 7: AI growth creates significant opportunity for Lam
AI growth creates significant opportunity for Lam ~$100B ~$8B Lam etch Billions In incremental AI in WFE spending & deposition In potential SAM data center → → → expansion and investment share gain LAM RESEARCH SAM = Served available market
Slide 8: $40B in WFE conversion spending projected over the next several years
Continued NAND upgrades spending expected in 2026 $40B in WFE conversion spending projected over the next several years Fabs must scale for higher layer counts and performance; rising NAND demand from AI SSDs should accelerate conversions NAND bit demand looks to be trending higher than prior expect
Slide 9: Lam's NAND portfolio: Delivering industry-firsts
Lam’s NAND portfolio: Delivering industry-firsts CRYO 3.0 ALD FOR ALTUS® HALO FOR HAR ETCH GAPFILL MO ALD Winner of 2025 SEMI Award Critical deposition win at Tool of record for 3 consecutive major NAND customer nodes with leading customer HAR = High aspect ratio LAM RESEARCH ALD = Atomic layer depo
Slide 10: Product expansion investments paying off
Aether® dry resist EUV Helps resolve <15 nm patterning features Product expansion Low-k ALD film deposition investments Single-wafer plasma process deposits ≤5 nm conformal films paying off Panel packaging SABRE® 3D, Kallisto , Phoenix being engineered for large substrates EUV = Extreme ultraviolet
Slide 11: AI's technology requirements align well to Lam's product strengths
Expecting a record CY2025 and a strong CY2026 AI’s technology requirements align well to Lam’s product strengths LAM RESEARCH
Slide 12: September quarter 2025 financial results & December quarter 2025 outlook
September quarter 2025 financial results & December quarter 2025 outlook Doug Bettinger Executive Vice President and Chief Financial Officer LAM RESEARCH
Slide 13: September quarter highlights
September quarter highlights QSEP'25 REVENUE $5.32B QJun'25 revenue: $5.17B QSEP'25 EARNINGS PER SHARE* $1.26 QJun'25 earnings per share*: $1.33 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 14: September quarter revenue mix
September quarter revenue mix SYSTEM REVENUE SEGMENTS* REVENUE BY REGION Japan Korea 10% US 15% 6% NVM SEA 18% 5% Foundry Europe 60% 2% Memory Taiwan 34% 19% DRAM 16% Logic/other China 6% 43% NVM = Non-volatile memory LAM RESEARCH *Systems revenue includes equipment and equipment upgrade sales from
Slide 15: Customer Support Business Group (CSBG)
Customer Support Business Group (CSBG) QSEP'25 CSBG REVENUE $1,777M QJun'25 CSBG revenue: $1,734M QSep'24 CSBG revenue: $1,775M LAM RESEARCH
Slide 16: September quarter financial results
September quarter financial results QSEP'25 QJUN'25 Revenue $5,324M $5,171M Non-GAAP Gross Margin* 50.6% 50.3% Non-GAAP Operating Expenses* $832M $822M Non-GAAP Operating Income* $1,862M $1,779M Non-GAAP Operating Income as a percentage of Revenue* 35.0% 34.4% Non-GAAP Other Income (Expense), Net* $
Slide 17: Key balance sheet and financial metrics
Key balance sheet and financial metrics QSEP'25 QJUN'25 Total Consolidated Gross Cash Balance $6,712M $6,408M Account Receivables, Net $3,633M $3,378M Days sales outstanding 62 Days 59 Days Inventories $4,095M $4,308M Inventory Turns 2.6 2.4 Deferred Revenue* $2,769M $2,681M Capital Expenditures $18
Slide 18: December 2025 quarter guidance
5.20B +/- $300M Revenue 48.5% +/- 1% Non-GAAP gross margin* December 2025 quarter guidance 33.0% +/- 1% Non-GAAP operating margin* $1.15 +/- $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 19: Q&A
Q&A LAM RESEARCH
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) Three Months Ended September 28, June 29, 2025 2025 U.S. GAAP net income $ 1,568,660 $ 1,720,088 Pre-tax non-GAAP items: Amortization related to intangible assets
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 September 28, June 29, 2025 2025 U.S. GAAP gross margin $ 2,
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 September 28, June 29, 2025 2025 U.S. GAAP Other income (expense), net $ 30,074 $ 37,853 Pre-tax non-GAAP items: Amortization of not
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 28, June 29, 2025 2025 U.S. GAAP income before income taxes $ 1,859,162 $ 1,778,981 U.S. GAAP income tax expense $ 290,502 $ 5
Slide 24: Appendix – reconciliation
Appendix – reconciliation Reconciliation of U.S. GAAP to Non-GAAP Guidance for the quarter ended December 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 48.4% +/- 1% $ 2.7 Million 48.5% +/-
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