Lam Research (LRCX) financial statements
Lam Research reported revenue of $23.2B in fiscal 2026, up 12.6% a year over 9 years.
Net income was $7.3B and the operating margin 35.3%, against 23.7% in 2017.
Free cash flow was $4.9B, and the company returned $1.3B in dividends and $3.9B in net buybacks.
The diluted share count fell 31% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Lam Research's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.0B | $11.1B | $9.7B | $10.0B | $14.6B | $17.2B | $17.4B | $14.9B | $18.4B | $23.2B |
| Cost of revenue | $4.4B | $5.9B | $5.3B | $5.4B | $7.8B | $9.4B | $9.7B | $7.9B | $9.5B | $11.5B |
| Gross profit | $3.6B | $5.2B | $4.4B | $4.6B | $6.8B | $7.9B | $7.8B | $7.1B | $9.0B | $11.7B |
| Research and development | $1.0B | $1.2B | $1.2B | $1.3B | $1.5B | $1.6B | $1.7B | $1.9B | $2.1B | $2.4B |
| Selling, general and admin | $667M | $762M | $702M | $682M | $830M | $886M | $833M | $868M | $982M | $1.1B |
| Operating income | $1.9B | $3.2B | $2.5B | $2.7B | $4.5B | $5.4B | $5.2B | $4.3B | $5.9B | $8.2B |
| Interest expense | $118M | $97M | $117M | $177M | $209M | $185M | $186M | $185M | $178M | $157M |
| Pre-tax income | $1.8B | $3.2B | $2.4B | $2.6B | $4.4B | $5.2B | $5.1B | $4.4B | $6.0B | $8.3B |
| Income tax | $114M | $771M | $255M | $323M | $462M | $588M | $598M | $532M | $600M | $997M |
| Net income | $1.7B | $2.4B | $2.2B | $2.3B | $3.9B | $4.6B | $4.5B | $3.8B | $5.4B | $7.3B |
| EPS (diluted) | $0.92 | $1.32 | $1.37 | $1.51 | $2.69 | $3.27 | $3.32 | $2.90 | $4.15 | $5.76 |
| Diluted shares | 1.84B | 1.81B | 1.60B | 1.49B | 1.45B | 1.41B | 1.36B | 1.32B | 1.29B | 1.26B |
| Gross margin | 45.0% | 46.6% | 45.1% | 45.9% | 46.5% | 45.7% | 44.6% | 47.3% | 48.7% | 50.5% |
| Operating margin | 23.7% | 29.0% | 25.5% | 26.6% | 30.6% | 31.2% | 29.7% | 28.6% | 32.0% | 35.3% |
| Net margin | 21.2% | 21.5% | 22.7% | 22.4% | 26.7% | 26.7% | 25.9% | 25.7% | 29.1% | 31.3% |
Balance sheet
Fiscal years, from Lam Research's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $2.4B | $4.5B | $3.7B | $4.9B | $4.4B | $3.5B | $5.3B | $5.8B | $6.4B | $5.6B |
| Receivables | $1.7B | $2.2B | $1.5B | $2.1B | $3.0B | $4.3B | $2.8B | $2.5B | $3.4B | $5.3B |
| Inventory | $1.2B | $1.9B | $1.5B | $1.9B | $2.7B | $4.0B | $4.8B | $4.2B | $4.3B | $4.3B |
| Total current assets | $9.1B | $9.1B | $8.6B | $10.9B | $11.7B | $12.3B | $13.2B | $12.9B | $14.5B | $15.6B |
| Property, plant and equipment | $686M | $903M | $1.1B | $1.1B | $1.3B | $1.6B | $1.9B | $2.2B | $2.4B | $3.0B |
| Goodwill | $1.4B | $1.5B | $1.5B | $1.5B | $1.5B | $1.5B | $1.6B | $1.6B | $1.6B | $1.6B |
| Total assets | $12.1B | $12.5B | $12.0B | $14.6B | $15.9B | $17.2B | $18.8B | $18.7B | $21.3B | $23.5B |
| Total current liabilities | $3.0B | $3.2B | $2.4B | $3.2B | $3.5B | $4.6B | $4.2B | $4.3B | $6.6B | $5.9B |
| Long-term debt | $1.8B | $1.8B | $3.8B | $5.0B | $5.0B | $5.0B | $5.0B | $4.5B | $3.7B | $3.7B |
| Total liabilities | $5.1B | $5.9B | $7.3B | $9.4B | $9.9B | $10.9B | $10.6B | $10.2B | $11.5B | $11.1B |
| Shareholders' equity | $6.8B | $6.5B | $4.7B | $5.2B | $6.0B | $6.3B | $8.2B | $8.5B | $9.9B | $12.5B |
| Net debt | $316M | -$2.1B | $832M | $896M | $572M | $1.5B | -$333M | -$868M | -$1.9B | -$1.8B |
Cash flow
Fiscal years, from Lam Research's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.0B | $2.7B | $3.2B | $2.1B | $3.6B | $3.1B | $5.2B | $4.7B | $6.2B | $5.9B |
| Capital spending | $157M | $273M | $303M | $203M | $349M | $546M | $502M | $397M | $759M | $966M |
| Free cash flow | $1.9B | $2.4B | $2.9B | $1.9B | $3.2B | $2.6B | $4.7B | $4.3B | $5.4B | $4.9B |
| Stock-based compensation | $150M | $172M | $187M | $189M | $220M | $259M | $287M | $293M | $343M | $386M |
| Dividends paid | $243M | $308M | $678M | $657M | $727M | $815M | $908M | $1.0B | $1.1B | $1.3B |
| Share buybacks (net) | -$812M | -$2.7B | -$3.8B | -$1.4B | -$2.7B | -$3.9B | -$2.0B | -$2.8B | -$3.4B | -$3.9B |
| Net borrowing | $0 | $360M | $2.1B | $2.0B | $0 | $0 | — | — | — | — |
| Free cash flow margin | 23.4% | 21.5% | 29.8% | 19.1% | 22.1% | 14.8% | 26.8% | 28.6% | 29.4% | 21.1% |
| Dividends per share | $0.13 | $0.17 | $0.42 | $0.44 | $0.50 | $0.58 | $0.67 | $0.77 | $0.89 | $1.01 |
Questions
What was Lam Research's revenue in 2026?
$23.2B in fiscal 2026, from its 10-K filing.
How much free cash flow does Lam Research generate?
$4.9B in fiscal 2026 (operating cash flow minus capital spending).
From Lam Research's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.