Lam Research Corporation earnings overview

LRCX FY2026 Q3 · Calendar Q2 2026

Lam Research Corporation

Lam Research delivered record Q3 FY2026 results with $5.84B revenue and $1.47 EPS, both exceeding guidance and consensus estimates. AI-driven demand for higher-layer NAND, 1C DRAM, and advanced packaging is the primary growth engine, pushing Lam's served available market share to the mid-30% range of a wafer-fab-equipment market now estimated at $140 billion with an upside bias. Gross margin guidance stepped up to 50.5% from the prior quarter's approximately 49%, and the Customer Support Business Group crossed $2 billion in a single quarter for the first time. The stock initially sold off 2.2% on the report but has since drifted plus 16.9%, suggesting the market progressively validated the growth narrative. The central question for investors is whether AI-driven memory and logic capex can sustain this trajectory into 2027, particularly given clean-room constraints and declining…