LRCX · Full Picture

LAM RESEARCH CORP — the full picture

Earnings window · 2026-07-17 to 2026-08-09 · anchored on the 10-K report

One earnings window, everything merged: the filing, the call, press releases and news digests, folded into ranked threads.

What to look at first

1. Revenue Performance and Mix · Revenue growth & mixPriority 79
   +20.6% revenue (realized); 2 sources (news, sec_filing); structured_verified
   Systems revenue increased by $3.39 billion, or 29.5%, in fiscal year 2026 versus fiscal year 2025
2. Capital Return Program · Buybacks & dividendsPriority 70
   -29.1% cash (realized); structured_verified
   Cash flows provided from operating activities in fiscal year 2026 were primarily used for $3.85 billion in treasury stock purchases (including net share settlement of employee stock-based compensation); $1.27 billion in dividends paid; $966.4 million of capital expenditures; and $755.4 million of principal payment on debt instruments and debt issuance costs
3. Liquidity and Cash Position · Liquidity & cash positionPriority 67
   -14.9% cash (realized); structured_verified
   Significant uses of cash in operating asset and liability accounts in fiscal year 2026 included increases in accounts receivable of $1.96 billion and inventory of $93.9 million, combined with decreases in deferred gross profit of $286.4 million, and accrued expenses and other liabilities of $39.3 million
4. Manufacturing Capacity · Supply chain & operationsPriority 62
   +2.7% revenue; 1 forward row(s); quote_verified
   The company expects to fulfill approximately $727.9 million within one year related to certain purchase order commitments as of June 28, 2026
5. OECD Global Minimum Tax · TaxPriority 59
   quote_verified
   The OECD Global Minimum Tax (GMT / BEPS 2.0) was fully effective for the company in fiscal year 2026 and the company assessed GMT and concluded the impact was not material; met transitional safe harbor requirements in most jurisdictions with limited jurisdictions subject to GMT
6. Gross Margin Drivers · Gross marginPriority 58
   quote_verified
   Gross margin for fiscal year 2026: $11,725,308 (in thousands)
7. Income Tax Rate Changes · TaxPriority 53
   -1.7% net_income (realized); structured_verified
   Income tax expense for fiscal year 2026: $997,077 (in thousands) versus $599,912 (in thousands) for fiscal year 2025, increase of $397,165 (66.2%)
8. Outstanding Indebtedness · Debt, leverage & refinancingPriority 53
   quote_verified
   As of June 28, 2026, the company had no outstanding borrowings under the commercial paper program (CP Program) after increasing capacity from $1.50 billion to $2.00 billion in March 2026
9. Capital Expenditures · Capital expenditurePriority 52
   quote_verified
   Increase of $214.1 million in net cash used for investing activities in fiscal year 2026 versus fiscal year 2025 was primarily due to higher capital expenditures to support lab investments in the United States and global growth in manufacturing facilities
10. R&D Investment in AI · R&D investmentPriority 41
    -1.2% operating_income (realized); quote_verified
    Research & development expense for fiscal year 2026: $2,375,873 (in thousands), a 13.3% increase versus fiscal year 2025
11. Market Demand Trends · Demand, orders & backlogPriority 36
    2 sources (news, sec_filing); quote_verified
    GAMMA Investing LLC increased its stake in Lam Research by 11.4% in the second quarter, bringing its total holdings to 39,912 shares valued at $17.3 million.
12. Operating Expense Trends · Operating expenses (SG&A)Priority 34
    -0.7% operating_income (realized); quote_verified
    SG&A expense for fiscal year 2026: $1,149,640 (in thousands), a 17.1% increase versus fiscal year 2025

Threads by pillar

Revenue & Demand Priority 83 · 3 threads

• Revenue Performance and MixPriority 79 · News, Filing
• Market Demand TrendsPriority 36 · News, Filing
• Products and TechnologyPriority 26 · Filing

Costs & Margins Priority 77 · 4 threads

• Manufacturing CapacityPriority 62 · Filing
• Gross Margin DriversPriority 58 · Filing
• R&D Investment in AIPriority 41 · Filing
• Operating Expense TrendsPriority 34 · Filing

Capital & Balance Sheet Priority 88 · 6 threads

• Capital Return ProgramPriority 70 · Filing
• Liquidity and Cash PositionPriority 67 · Filing
• OECD Global Minimum TaxPriority 59 · Filing
• Income Tax Rate ChangesPriority 53 · Filing
• Outstanding IndebtednessPriority 53 · Filing
• Capital ExpendituresPriority 52 · Filing

Legal, Regulatory & Policy Priority 32 · 1 thread

• Trade Policy and TariffsPriority 32 · Filing

Guidance & Outlook Priority 32 · 1 thread

• Guidance / OutlookPriority 32 · News

Macro & Market Conditions Priority 37 · 2 threads

• FX / Currency HeadwindsPriority 30 · Filing
• Interest Rate EnvironmentPriority 30 · Filing

Expected impact by metric