Lam Research reports fiscal Q1 2027 results (quarter ended Sep 27, 2026)

Item 2.02. Results of Operations and Financial Condition

On October 21, 2026, Lam Research Corporation (the "Company") issued a press release announcing its financial results for the fiscal quarter ended September 27, 2026.¹ A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K² and is incorporated herein by reference.

The information contained in this item 2.02, including Exhibit 99.1, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934³, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits

Exhibit Number Description

99.1 Press Release dated October 21, 2026 announcing financial results for the fiscal quarter ended September 27, 2026⁴

104 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document⁴

Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: October 21, 2026 LAM RESEARCH CORPORATION

(Registrant)

/s/ Douglas R. Bettinger⁵

Douglas R. Bettinger

Executive Vice President and Chief Financial Officer⁵

(Principal Financial Officer)

FOR IMMEDIATE RELEASE

Lam Research Corporation Reports Financial Results for the Quarter Ended September 27, 2026

FREMONT, Calif., October 21, 2026 - Lam Research Corporation (the "Company," "Lam," "Lam Research") today announced financial results for the quarter ended September 27, 2026 (the "September 2026 quarter").

Highlights for the September 2026 quarter were as follows:

• Revenue of $8.22 billion.⁶

• U.S. GAAP gross margin as a percent of revenue of 52.3%, U.S. GAAP operating margin as a percent of revenue of 40.0%, and U.S. GAAP diluted EPS of $2.19.⁶

• Non-GAAP gross margin as a percent of revenue of 52.4%, non-GAAP operating margin as a percent of revenue of 40.2%, and non-GAAP diluted EPS of $2.20.

Key Financial Data for the Quarters Ended

September 27, 2026 and June 28, 2026

(in thousands, except per share data, percentages, and basis points)

U.S. GAAP

Non-GAAP

U.S. GAAP Financial Results

For the September 2026 quarter, revenue was $8.22 billion, gross margin was $4.30 billion, or 52.3% of revenue, operating expenses were $1.02 billion, operating margin was 40.0%, and net income was $2.75 billion, or $2.19 per diluted share on a U.S. GAAP basis.⁷ This compares to revenue of $6.72 billion, gross margin of $3.48 billion, or 51.7% of revenue, operating expenses of $965.3 million, operating margin of 37.4%, and net income of $2.28 billion, or $1.81 per diluted share, for the quarter ended June 28, 2026⁸ (the "June 2026 quarter").

Non-GAAP Financial Results

For the September 2026 quarter, non-GAAP gross margin was $4.31 billion, or 52.4% of revenue, non-GAAP operating expenses were $1.00 billion, non-GAAP operating margin was 40.2%, and non-GAAP net income was $2.77 billion, or $2.20 per diluted share. This compares to non-GAAP gross margin of $3.50 billion, or 52.0% of revenue, non-GAAP operating expenses of $916.4 million, non-GAAP operating margin of 38.4%, and non-GAAP net income of $2.28 billion, or $1.82 per diluted share, for the June 2026 quarter.

"With AI driving higher semiconductor demand and greater device complexity, our focus on operational execution helped Lam deliver record revenue, profit, and earnings per share in the September quarter," said Tim Archer, Lam Research's President and Chief Executive Officer. "Our strategic investments in technology inflections and manufacturing capacity are paying off, strengthening our ability to outgrow the wafer fabrication equipment market as the industry expands."

Balance Sheet and Cash Flow Results

Cash, cash equivalents, and restricted cash balances increased to $7.45 billion at the end of the September 2026 quarter¹⁰ compared to $5.60 billion at the end of the June 2026 quarter. The increase was primarily the result of cash generated from operating activities during the quarter partially offset by cash deployed for capital return activities and capital expenditures.

Deferred revenue at the end of the September 2026 quarter increased to $2.66 billion¹⁰ compared to $2.43 billion as of the end of the June 2026 quarter. Lam's deferred revenue balance does not include shipments to customers in Japan, to whom control does not transfer until customer acceptance. Shipments to customers in Japan are classified as inventory at cost until the time of acceptance. The estimated future revenue from shipments to customers in Japan was approximately $468.3 million as of September 27, 2026 and $490.2 million as of June 28, 2026.

Revenue

The geographic distribution of revenue during the September 2026 quarter is shown in the following table:

Region Revenue

China 35%

Korea 20%

Taiwan 18%

Japan 9%

United States 8%

Southeast Asia 6%

Europe 4%

The following table presents revenue disaggregated between systems and customer support-related revenue:

Three Months Ended

September 27,

2025 (in thousands)

Systems revenue includes sales of new leading-edge equipment in deposition, etch, clean, and other wafer fabrication markets.

Customer support-related revenue includes sales of customer services, spares, upgrades, and non-leading-edge equipment from our Reliant® product line.

Outlook

For the quarter ending December 27, 2026, Lam is providing the following guidance:

U.S. GAAP Reconciling Items Non-GAAP

Diluted share count 1.253 Billion — 1.253 Billion

The information provided above is only an estimate of what the Company believes is realizable as of the date of this release and does not incorporate