LAM RESEARCH CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data LAM RESEARCH CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	8,014	11,077	9,654	10,045	14,626	17,227	17,429	14,905	18,436	23,233
Cost of revenue	4,410	5,912	5,295	5,436	7,821	9,355	9,652	7,853	9,457	11,507
Gross profit	3,603	5,165	4,358	4,609	6,805	7,872	7,777	7,053	8,979	11,725
Research and development	1,034	1,190	1,191	1,252	1,493	1,604	1,727	1,902	2,096	2,376
Selling, general and administrative	667	762	702	682	830	886	833	868	982	1,150
Operating expenses	1,701	1,952	1,894	1,935	2,323	2,490	2,602	2,789	3,078	3,526
Operating income	1,902	3,213	2,465	2,674	4,482	5,382	5,175	4,264	5,901	8,200
Interest expense	118	97.4	117	177	209	185	186	185	178	157
Interest income	57.9	85.8	98.8	85.4	19.7	15.2	139	252	231	196
Other non-operating income	-90.5	-61.5	-18.2	-98.8	-111	-189	-65.7	96.3	57.2	62.7
Pre-tax income	1,812	3,152	2,447	2,575	4,371	5,193	5,109	4,360	5,958	8,262
Income tax	114	771	255	323	462	588	598	532	600	997
Net income	1,698	2,381	2,191	2,252	3,908	4,605	4,511	3,828	5,358	7,265
EBITDA	2,209	3,540	2,774	2,942	4,789	5,716	5,517	4,624	6,287	8,641
EPS, basic	1.05	1.47	1.44	1.55	2.72	3.29	3.33	2.91	4.17	5.79
EPS, diluted	0.92	1.32	1.37	1.51	2.69	3.27	3.32	2.90	4.15	5.76
Shares, basic (weighted)	1,623	1,617	1,525	1,449	1,437	1,399	1,355	1,314	1,286	1,255
Shares, diluted (weighted)	1,838	1,808	1,600	1,491	1,454	1,407	1,358	1,320	1,290	1,261
Dividend per share	0.17	0.25	0.44	0.46	0.52	0.60	0.69	0.80	0.92	1.04

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	2,378	4,512	3,658	4,915	4,418	3,522	5,337	5,848	6,391	5,579
Receivables	1,673	2,177	1,456	2,097	3,026	4,314	2,823	2,519	3,378	5,340
Inventory	1,233	1,876	1,540	1,900	2,689	3,966	4,816	4,218	4,308	4,276
Other current assets	195	147	134	146	208	347	252	298	440	416
Total current assets	9,142	9,150	8,560	10,854	11,652	12,285	13,228	12,883	14,517	15,611
Property, plant and equipment	686	903	1,059	1,053	1,259	1,605	1,803	2,130	2,406	2,936
Lease right-of-use assets				175	174	227	243	308	287	397
Goodwill	1,386	1,485	1,485	1,484	1,490	1,515	1,622	1,600	1,630	1,630
Intangible assets	411	318	217	169	132	102	168	139	182	269
Other non-current assets	242	368	425	727	1,061	1,394	1,906	1,942	2,591	3,067
Total assets	12,123	12,479	12,001	14,559	15,892	17,196	18,782	18,745	21,345	23,530
Accounts payable	465	511	377	592	830	1,011	471	614	854	1,302
Accrued liabilities	969	1,309	947	1,273	1,719	1,974	2,011	1,802	2,394	2,352
Deferred revenue		720	381	458	967	1,572	1,695	1,418	2,566	2,279
Short-term debt	908	610	667	840	0	0	0.42	501	750	0.15
Total current liabilities	2,950	3,150	2,372	3,162	3,528	4,565	4,185	4,338	6,568	5,937
Long-term debt	1,779	1,760	3,768	4,959	4,961	4,962	4,965	4,466	3,720	3,722
Lease liabilities				124	118	165	173	223	193	297
Other non-current liabilities	280	90.6	191	333	399	423	501	575	582	710
Total liabilities	5,135	5,899	7,278	9,376	9,865	10,917	10,571	10,205	11,484	11,059
Total debt	2,687	2,369	4,430	5,795	4,961	4,962	4,965	4,967	4,469	3,722
Paid-in capital	5,845	6,144	6,409	6,696	7,053	7,415	7,809	8,223	8,697	9,244
Retained earnings	6,250	8,261	9,931	11,521	14,685	18,455	22,032	24,811	28,989	34,950
Treasury stock	-5,216	-7,846	-11,603	-12,950	-15,647	-19,481	-21,530	-24,366	-27,763	-31,598
Other comprehensive income	-61.7	-57.4	-64	-94.2	-64.1	-110	-101	-130	-62.4	-127
Shareholders' equity	6,817	6,502	4,674	5,172	6,027	6,278	8,210	8,539	9,862	12,471
Total equity	6,817	6,502	4,674	5,172	6,027	6,278	8,210	8,539	9,862	12,471
Total liabilities and equity	12,123	12,479	12,001	14,559	15,892	17,196	18,782	18,745	21,345	23,530
Shares outstanding	1,618	1,569	1,445	1,454	1,425	1,370	133	1,304	1,269	1,251

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	1,698	2,381	2,191	2,252	3,908	4,605	4,511	3,828	5,358	7,265
Depreciation and amortization	307	326	309	269	307	334	342	360	386	442
Stock-based compensation	150	172	187	189	220	259	287	293	343	386
Deferred income tax	105	3.05	-4.98	-17.8	-151	-257	-172	-199	-363	-289
Change in receivables	-411	-502	732	-642	-929	-1,288	1,452	303	-859	-1,962
Change in inventory	-308	-701	281	-412	-793	-1,351	-962	529	-181	-93.9
Cash from operations	2,029	2,656	3,176	2,126	3,588	3,100	5,179	4,652	6,173	5,858
Capital expenditures	-157	-273	-303	-203	-349	-546	-502	-397	-759	-966
Acquisitions	0	-116	0	0	0	0	-120	0	0
Purchases of investments			-2,930	-2,898	-3,389	-568	0	0
Sales and maturities of investments	891	650	467	1,647	2,382	190	91.3	34.3	0	0
Cash from investing	-2,053	2,749	-1,637	-244	73.3	612	-535	-371	-708	-922
Debt issued	0	0	2,477	1,975	0	0
Stock issued	12.9	9.26	6.81	8.08	24.1	5.68	11.1	15.6	2.45	17.4
Share buybacks	-812	-2,653	-3,781	-1,370	-2,698	-3,866	-2,017	-2,843	-3,422	-3,851
Dividends paid	-243	-308	-678	-657	-727	-815	-908	-1,019	-1,150	-1,271
Cash from financing	-2,632	-3,272	-2,390	-624	-4,167	-4,579	-2,831	-3,996	-4,937	-5,718
Exchange rate effect	-0.06	2.59	-4.04	-2.75	7.22	-30.2	0.13	-22.4	28.3	-27.4
Net change in cash	-2,656	2,135	-855	1,256	-498	-897	1,814	263	557	-810
Free cash flow	1,872	2,382	2,873	1,923	3,239	2,554	4,677	4,256	5,414	4,891
Interest paid	105	84.4	76.9	172	204	176	175	173	172	150
Income taxes paid	28.1	143	300	223	519	808	810	992	973	1,334

Key metrics

Worked out from the statements above. Latest values use fiscal 2026. Valuation uses the share price of $315.21 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	50.5%	Gross profit / revenue.
Operating margin	35.3%	Operating income / revenue.
EBITDA margin	37.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	35.6%	Pre-tax income / revenue.
Net margin	31.3%	Net income / revenue.
FCF margin	21.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	25.2%	Cash from operations / revenue.
Effective tax rate	12.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	65.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	32.4%	Net income / average total assets.
Return on invested capital (ROIC)	77.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	10.2%	Research and development expense / revenue.
SG&A / revenue	4.9%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	4.2%	Capital expenditures / revenue.
D&A / revenue	1.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	26.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	10.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	9.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	30.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	14.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	11.5%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	39.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	16.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	12.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	37.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	16.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	12.5%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	35.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	17.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	13.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	38.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	20.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	16.5%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-5.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	4.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	10.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-9.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	1.5%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	8.6%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	13.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	14.7%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	14.9%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	26.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	15.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	15.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	10.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	7.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	8.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-2.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-2.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-2.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.63x	Current assets / current liabilities.
Quick ratio	1.84x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.94x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.30x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	15.8%	Total debt / total assets.
Liabilities / assets	47.0%	Total liabilities / total assets.
Net debt	-$1.86B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.21x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	52.3x	Operating income / interest expense.
Working capital	$9.67B	Current assets - current liabilities.
Goodwill and intangibles / assets	8.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$10.57B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.04x	Revenue / average total assets.
Fixed asset turnover	8.70x	Revenue / average property, plant and equipment.
Inventory turnover	2.68x	Cost of revenue / average inventory.
Days inventory	136 days	365 x average inventory / cost of revenue.
Receivables turnover	5.33x	Revenue / average receivables.
Days sales outstanding	68 days	365 x average receivables / revenue.
Days payables	34 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	170 days	Days inventory + days sales outstanding - days payables.
FCF conversion	67.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	16.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$5.76	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$5.79	Net income per basic share, as reported (split-adjusted).
Revenue per share	$18.42	Revenue / diluted weighted shares.
FCF per share	$3.88	Free cash flow / diluted weighted shares.
Operating cash flow per share	$4.64	Cash from operations / diluted weighted shares.
Book value per share	$9.97	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$8.45	Tangible book value / shares outstanding.
Cash per share	$4.46	(Cash + short-term investments) / shares outstanding.
Dividend per share	$1.04	Dividend declared per common share (paid, when declared is not tagged).
Payout ratio	17.5%	Dividends paid / net income, when net income is positive.
Dividends / FCF	26.0%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	78.7%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$394.43B	Share price x shares outstanding.
Enterprise value	$392.57B	Market cap + total debt - cash - short-term investments.
P/E	54.3x	Market cap / net income. Only when net income is positive.
P/S	17.0x	Market cap / revenue.
P/B	31.6x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	37.3x	Market cap / tangible book value, when positive.
P/FCF	80.6x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	67.3x	Market cap / cash from operations, when positive.
EV/Sales	16.9x	Enterprise value / revenue.
EV/EBIT	47.9x	Enterprise value / operating income, when both are positive.
EV/EBITDA	45.4x	Enterprise value / EBITDA, when both are positive.
EV/FCF	80.3x	Enterprise value / free cash flow, when both are positive.
FCF yield	1.2%	Free cash flow / market cap.
Earnings yield	1.8%	Net income / market cap (the inverse of P/E).
Dividend yield	0.3%	Dividends paid over the period / market cap.
Shareholder yield	1.3%	(Dividends paid + share buybacks) / market cap.
PEG	2.69x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was LAM RESEARCH CORP's revenue in fiscal 2026?

LAM RESEARCH CORP reported revenue of $23.23B for fiscal 2026, 26% higher than the year before.

Was LAM RESEARCH CORP profitable in fiscal 2026?

Yes. Net income was $7.27B, a net margin of 31.3%.

How much free cash flow did LAM RESEARCH CORP generate in fiscal 2026?

Cash from operations of $5.86B minus capital expenditures of $966.4M left free cash flow of $4.89B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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