Lam Research reports $8.22B revenue

Item 6. Exhibits

Signatures

41

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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q ("Form 10-Q ") contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact contained in this report are forward-looking statements. In some cases, forward-looking statements can be identified by words such as "anticipate," "assume," "become," "believe," "can," "commit," "continue," "could," "depend," "drive," "estimate," "expect," "focus," "forecast," "future," "goal," "grow," "increase," "intend," "likely," "maintain," "may," "objective," "ongoing," "opportunity," "plan," "possible," "potential," "predict," "probable," "project," "remain," "require," "seek," "should," "strategy," "sustain," "target," "transition," "will," "would," or variations of these words or other similar expressions. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. Forward-looking statements in this report include, but are not limited to, statements concerning: our future results of operations and financial condition; our commitment to driving semiconductor breakthroughs; trends related to demand for electronic systems, including for high performance, energy efficient and highly integrated semiconductor devices, semiconductor manufacturer adoption of vertical scaling and advanced integration approaches, technology inflections, including increasing manufacturing complexity and precision requirements, and demand for our technologies and services; our belief regarding our position in deposition, etch, and clean markets and perceived opportunities for sustainable differentiation for us due to several specified factors; our research and development strategy, and beliefs and expectations regarding perceived opportunities and continued investments in research and development; our stock repurchase program, including the performance of the September 2026 ASRs and the available amount under the program for repurchase⁷, our capital allocation strategy, including our intention to pay quarterly dividends, our focus to return a portion of our free cash flow to stockholders over time through dividends and share repurchases, and expected sources of funds for capital return activities; continued growth of wafer fabrication investment in calendar year 2026, including the role of the artificial intelligence ("AI") market in driving higher spending across both the memory and non-memory market segments; our belief regarding demand for semiconductors and technology inflections in the semiconductor industry driving sustainable growth and increasing market opportunities for our products and services in the deposition, etch, and clean businesses; customer investments driving demand for our products and services; beliefs, estimates, and assumptions relating to our significant accounting policies, including with respect to revenue recognition, inventory valuation, and income taxes; our expectations regarding the sufficiency of our liquidity to support our anticipated business activities through the next twelve months based on anticipated cash flows and our current business outlook; our ability to access the capital markets; the dependence of our liquidity on our future revenues and ability to manage costs; expectations regarding deferred revenue; our evaluation of uncertain tax positions and related effects if recognized; financial instruments and related fair value estimates and assumptions, and credit concentration risks; commitments and contingencies, including our beliefs regarding the materiality of legal proceedings and probability of a material loss ; a nd other statements included in Part I, Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations," Part II, Item 1A, "Risk Factors," and elsewhere in this Form 10-Q.

These forward-looking statements are not a guarantee of future performance and involve a number of risks, uncertainties, and other factors that could cause our actual results or outcomes, or the timing of our results or outcomes, to differ materially from those expressed or implied in this Form 10-Q. Such risks, uncertainties, and other factors include, among others, the following:

• our assumptions related to continued expansion of the wafer fabrication equipment market, growth of deposition and etch intensity, and scaling of our operations may prove invalid;

• business, economic, political, and/or regulatory conditions in the consumer electronics industry, the semiconductor industry and the overall economy, including wafer fabrication equipment spending or demand related to artificial intelligence ("AI"), may deteriorate or change;

• the actions, performance, or investment levels of our customers and competitors may be inconsistent with our expectations;

• customer and product mix, including across market segments and geographical regions, may change;

• we may be unable to realize the value of our products and technology, successfully commercialize new products and technologies, implement pricing initiatives, or execute on perceived opportunities;

• we may be unable to achieve anticipated operational, manufacturing, supply chain, procurement, and scale efficiencies;

• customer technology transitions, capacity expansions, and fab construction projects may have different timing or be less successful than we expect;

• we may be unable to manage operating expenses effectively while continuing to invest in research and development ("R&D"), product innovation, customer support, and future growth opportunities;

• trade regulations, export controls (including entity listings, end use/user controls, technology controls, and foreign direct product rules), tariffs, trade disputes, and other geopolitical developments may inhibit our ability to sell our products or services;

• supply chai

ITEM 1. Financial Statements

LAM RESEARCH CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data) (unaudited)

Three Months Ended

September 27,

2026 September 28,

2025

See Notes to Condensed Consolidated Financial Statements

Lam Research Corporation 2027 Q1 10-Q 4

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LAM RESEARCH CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in thousands) (unaudited)

Three Months Ended

September 27,

2026 September 28,

2025

Cash flow hedges:

Net unrealized (losses) gains during the period ( 3,695 ) 8,570

Net gains reclassified into net income ( 6,421 ) ( 7,095 )

( 10,116 ) 1,475

Defined benefit plans, net change in unrealized component 90 83

Other comprehensive income (loss), net of tax ( 197 ) ( 11,168 )

Comprehensive income $ 2,752,941 $ 1,557,492

See Notes to Condensed Consolidated Financial Statements

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LAM RESEARCH CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)

September 27,

ASSETS

Prepaid expenses and other current assets 477,805 415,741

Goodwill and intangible assets, net 1,911,547 1,895,859

LIABILITIES AND STOCKHOLDERS' EQUITY

Trade accounts payable $ 1,592,208 $ 1,302,467

Accrued expenses and other current liabilities 3,287,463 2,351,541

Deferred profit 2,429,342 2,279,168

Current portion of long-term debt and finance lease obligations 3,486 4,073

Total current liabilities 7,312,499 5,937,249

Long-term debt and finance lease obligations 3,731,958 3,730,490

Commitments and contingencies (refer to Note 12)

Stockholders' equity:

Preferred stock, at par value of $ 0.001 per share; authorized, 5,000 shares, none outstanding

— —

Total liabilities and stockholders' equity $ 26,353,056 $ 23,529,743

(1) Derived from audited financial statements

See Notes to Condensed Consolidated Financial Statements

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LAM RESEARCH CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands) (unaudited)

Three Months Ended

September 27,

2026 September 28,

2025

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income $ 2,753,138 $ 1,568,660

Adjustments to reconcile net income to net cash provided by operating activities:

Changes in operating assets and liabilities 535,413 76,184

Net cash provided by operating activities 3,497,652 1,778,964³

CASH FLOWS FROM INVESTING ACTIVITIES:

Capital expenditures and intangible assets ( 257,697 ) ( 185,121 )

Other, net ( 9,292 ) ( 927 )

Net cash used for investing activities ( 266,989 ) ( 186,048 )

CASH FLOWS FROM FINANCING ACTIVITIES:

Principal payments on debt, including finance lease obligations and payments for debt issuance costs ( 34,489 ) ( 1,417 )

Treasury stock purchases, including excise tax payments ( 1,024,965 ) ( 975,791 )⁴

Dividends paid ( 325,402 ) ( 291,981 )⁴

Proceeds from issuance of common stock, net of issuance costs 4,263 —

Other, net ( 1,786 ) ( 12,449 )

Net cash used for financing activities ( 1,382,379 ) ( 1,281,638 )

Effect of exchange rate changes on cash, cash equivalents, and restricted cash 4,663 ( 7,059 )

Net change in cash, cash equivalents, and restricted cash 1,852,947 304,219

Cash, cash equivalents, and restricted cash at beginning of period (1)

5,597,943 6,407,656

Cash, cash equivalents, and restricted cash at end of period (1)

$ 7,450,890 $ 6,711,875

Schedule of non-cash transactions:

Accrued payables for stock repurchases, including applicable excise tax $ 31,512 $ 58,827

Accrued payables for capital expenditures 141,965 95,745

Dividends payable 412,218 327,507

Transfers of finished goods inventory to property and equipment 37,053 22,897

Reconciliation of cash, cash equivalents, and restricted cash September 27,

2026 September 28,

2025

Cash and cash equivalents $ 7,437,384 $ 6,693,046

Restricted cash and cash equivalents (1)

13,506 18,829

Total cash, cash equivalents, and restricted cash $ 7,450,890 $ 6,711,875

(1) Restricted cash is rep