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Lam Research
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Updated Oct 22, 2026
Lam Research Q1 FY2027 revenue of $8.22B surges 54% YoY as memory re-emerges to match foundry at 46% each, with gross margin expanding to 52.3%
Lam Research's September 2026 quarter delivered $8.22 billion in revenue versus $5.32 billion in the prior-year period, with memory and foundry each comprising 46% of segment mix — a structural rotation from the prior-year's 60% foundry / 34% memory split that signals accelerating DRAM and NAND investment cycles. Systems revenue of $5.73 billion rose 62% year-over-year, driven by both memory and non-memory capital intensity increases, while gross margin expanded to 52.3% on favorable product and customer mix. China remained the single largest geography at 35% of revenue, up from 26% the prior sequential quarter, primarily driven by mature node foundry timing — a concentration that export control escalation risk now directly threatens.
Tone: bullishRevenue
$23.2B
LRCX 10-K · FY 2026
Employees
23,300
Revenue growth YoY
+26%
Founded
1980
Profile
LRCX 10-K Item 1 · Aug 7, 2026Lam Research is a global supplier of wafer fabrication equipment and services to the semiconductor industry, with core competencies in deposition, etch, and clean processes. The company serves leading memory, foundry, and integrated device manufacturers, enabling advanced semiconductor device manufacturing at nanoscale dimensions. Its Customer Support Business Group provides aftermarket services, spares, upgrades, and non-leading-edge equipment to maximize installed base performance.
Read filing description ↓ Collapse description ↑
We are a global supplier of innovative wafer fabrication equipment and services to the semiconductor industry. We have built a strong global presence with core competencies in areas such as nanoscale manufacturing enablement, chemistry, plasma and fluidics, advanced systems engineering, and a broad range of operational disciplines. Our products and services are designed to help our customers build smaller and better performing devices that are used in a variety of electronic products, including mobile phones, personal computers, cloud and enterprise servers, wearables, automotive vehicles, and data storage devices. Our customer base includes leading semiconductor memory, foundry, and integrated device manufacturers that make products such as non-volatile memory, dynamic random-access memory, and logic devices. Our core technical competency is integrating hardware, process, materials, software, and process control enabling results on the wafer. Demand for electronic systems supporting artificial intelligence, cloud infrastructure, communications, automotive, industrial and other intelligent systems is driving the need for high performance, energy efficient and highly integrated semiconductor devices. To meet these requirements, semiconductor manufacturers are adopting vertical scaling approaches, including three-dimensional architecture, more sophisticated patterning schemes, new materials, and advanced integration approaches, as traditional two-dimensional scaling is becoming more challenging. We believe we are in a strong position with our leadership and expertise in deposition, etch, and clean markets to facilitate some of the most significant innovations in semiconductor device manufacturing. Our Customer Support Business Group provides products and services to maximize installed equipment performance, predictability, and operational efficiency, including customer service, spares, upgrades, and new and refurbished non-leading edge products.
Primary products
- SABRE family
- ALTUS family
- VECTOR family
- Striker family
- Kiyo family
- Versys Metal family
Business segments
End markets
Geographies
Named customers
Named competitors
“We believe we are in a strong position with our leadership and expertise in deposition, etch, and clean markets to facilitate some of the most significant innovations in semiconductor device manufacturing.” Competitive position, as stated in the filing
Revenue commentary · FY 2026
Fiscal year 2026 revenue increased 26.0% compared to fiscal year 2025, driven by strong customer demand for semiconductor equipment systems, particularly from customers within the foundry market segment, as well as customer support-related revenues.
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Analysis, signals, diligence answers, M&A activity and every quote, each citing the filing it came from.