Lam Research Annual Report Shows Higher Revenue, Operating Income, Net Income, and Diluted EPS Year Over Year

Bottom line

- Lam Research Corporation filed a Form 10-K covering the twelve-month period the twelve months ended June 28, 2026, with the comparative window presented as the twelve months ended June 29, 2025; the filing carries accession 0000707549-26-000037 and CIK 0000707549 under ticker LRCX, with LAM RESEARCH CORP as the registrant. - Revenue from Contract with Customer, Excluding Assessed Tax was $23,232,690,000 USD for the twelve months ended June 28, 2026, compared with $18,435,591,000 USD for the twelve months ended June 29, 2025, framing a higher reported top line against the prior-year window.

- Operating Income (Loss) was $8,199,795,000 USD for the twelve months ended June 28, 2026, against $5,900,968,000 USD for the twelve months ended June 29, 2025, with operating income rising year over year and the period remaining profitable on both sides of the comparison. - Net Income (Loss) Attributable to Parent was $7,265,396,000 USD for the twelve months ended June 28, 2026, compared with $5,358,217,000 USD for the twelve months ended June 29, 2025, holding profitability across both reported windows. 15 per diluted share USD/SHARES for the twelve months ended June 29, 2025, with diluted EPS increasing on a year-over-year basis while both reported periods remain profitable.

- The forward-looking statement scope enumerated inside this Form 10-K sweeps in Item 1, Item 1A, Item 7, Item 7A, Item 8, Item 9, Item 9A, Item 9B, Item 9C, Item 10, Item 11, Item 12, Item 13, Item 14, Item 15, and Item 16, defining the structural surface area of the report. - The answer-first read across the reported catalog is that this Form 10-K shows revenue, operating income, net income, and diluted EPS all higher year over year, with both the current and prior twelve-month windows reported as profitable; no peer or industry frame is offered inside the filing itself.

- The filing evidence does not attribute this change to any single cause. - The filing evidence contains no peer or industry comparison.

Financial performance

- Reported fact: For the twelve-month period ending in the twelve months ended June 28, 2026, LAM RESEARCH CORP posted Revenue from Contract with Customer, Excluding Assessed Tax of $23,232,690,000 USD, against $18,435,591,000 USD for the twelve months ended June 29, 2025. The authorized year-over-year direction is an increase; both windows are positive. The filing evidence does not attribute this change to any single cause.

- Reported fact: Operating Income (Loss) reached $8,199,795,000 USD for the current twelve-month window versus $5,900,968,000 USD in the prior-year window, moving profit to profit. The authorized direction is an increase. The filing evidence does not attribute this change to any single cause.

- Reported fact: Net Income (Loss) Attributable to Parent was $7,265,396,000 USD for the current twelve-month period against $5,358,217,000 USD for the prior-year window, profit to profit, with an authorized increase. The filing evidence does not attribute this change to any single cause. 15 per diluted share USD/SHARES for the twelve months ended June 29, 2025, profit to profit with an authorized increase.

The filing evidence does not attribute this change to any single cause. - Management framing in the cited narrative ties the company's positioning to nanoscale process control, deposition, etch, and clean technologies serving memory, foundry, and integrated device manufacturers, and to demand drivers such as artificial intelligence, cloud infrastructure, automotive, and high bandwidth memory. The narrative does not quantify the contribution of any of these themes to the headline numbers.

- Quarter-over-quarter comparisons: the filing evidence provides no quarter-over-quarter relations for the periods covered by 10-K for period-ended-2026-06-28. The available comparisons are full-year versus the prior-year twelve-month window only. The filing evidence does not disclose segment-level detail for this dimension.

- Guidance: the cited filing does not state forward guidance for revenue, operating income, net income, or earnings per share within the excerpted narrative. Any expectation for the next reported window must therefore be read as absent in the filing evidence rather than as an implicit directional cue. The filing evidence contains no peer or industry comparison.

- Expectations grounded in authorized comparisons: the four headline dimensions (Revenue, Operating Income, Net Income, Diluted EPS) all carry an authorized increase from the prior-year twelve-month window to the current one, and all move profit to profit. Operating leverage cannot be derived from the catalog, because no margin ratio is provided as a fact key. - Counter-evidence to weigh: no segment-level breakdown is provided, so the contribution of CSBG versus the front-end equipment business, or of memory versus foundry versus logic customers, cannot be assessed.

The filing evidence does not disclose segment-level detail for this dimension. The narrative emphasizes leading-edge inflections such as three-dimensional architecture and HBM stacking but does not connect them quantitatively to the reported figures. - Unknowns that should be flagged before any modeling work: the cash-flow lines for the period (operating, investing, financing, share repurchases, dividends) are referenced in the authorized comparison list with authorized directions, but their values are not in this section's fact catalog and therefore cannot be quoted here.

Geographic mix, customer concentration, and any one-time items are likewise not in the filing evidence. - A useful next step for readers turning these audited figures into forward estimates is to revisit the underlying return mechanics with ROI Calculator, then compare the resulting implied trajectory against any forward commentary issued in a later filing window.

Operating drivers and segments

For the twelve-month period reported by LAM RESEARCH CORP (LRCX) on 10-K for period-ended-2026-06-28, filed under accession 0000707549-26-000037, the income-statement view is consolidated rather than split by reportable segments in the evidence surfaced for this section. The two figures that frame top-line and operating performance are Revenue from Contract with Customer, Excluding Assessed Tax of $23,232,690,000 for the twelve months ended June 28, 2026, compared with $18,435,591,000 for the twelve months ended June 29, 2025, and Operating Income (Loss) of $8,199,795,000 for the current period versus $5,900,968,000 for the prior year. Both periods remain profitable at the operating line, so the year-over-year shift is a directional change rather than a swing into or out of a loss. No regional split, product family split, or end-market split between memory and non-memory is attached to these consolidated revenue and operating-income figures in the quoted evidence, so any further margin commentary would need additional segment data that this section does not have.

The narrative accompanying the filing attributes forward direction to several thematic drivers: wafer fabrication investment growth in the cited calendar year, demand for higher-performance and more energy-efficient semiconductor devices, technology inflections that raise manufacturing complexity and precision, and the role of the artificial intelligence market in lifting spending across both memory and non-memory segments. Management also describes a belief that demand for semiconductors and ongoing inflections will expand the served available market for the deposition, etch, and clean businesses in which the company positions itself. Statements concerning capital allocation, research and development investment, ESG targets, and customer relationships are also flagged as forward-looking in the quoted text. None of these thematic statements are tied in the quoted evidence to the specific consolidated revenue or operating-income values reproduced above, so they function as context rather than as a quantified explanation of the year-over-year movement.

Cash flow and capital

- Operating cash generation for LAM RESEARCH CORP (LRCX) under 10-K for the twelve months ended June 28, 2026 came in at $5,857,657,000 USD, lower than the prior-year comparative of $6,173,264,000 USD for the twelve months ended June 29, 2025, with both periods registering positive cash generation from operations. - Investing activities consumed -$922,152,000 USD in the current twelve-month period, a larger outflow than the -$708,092,000 USD used in the prior-year comparative; both years sit in negative territory, consistent with continued capital deployment.

- Financing activities show an outflow of -$5,717,787,000 USD for the current period versus -$4,936,643,000 USD in the prior-year window, meaning the financing drain widened year over year while remaining negative in both periods. - The current period's financing outflow reflects two visible uses of cash for shareholders: payments for repurchase of common stock of $3,851,343,000 USD, higher than the $3,422,321,000 USD deployed for buybacks in the prior year, alongside payments of dividends of $1,270,635,000 USD, also higher than the $1,149,542,000 USD distributed a year earlier.

Both line items rose year over year and remained positive cash outflows in each window. - The accompanying balance sheet at the balance sheet date of June 28, 2026 carries cash and cash equivalents of $5,579,171,000 USD, with accounts payable, current, of $1,302,467,000 USD and long-term debt, excluding current maturities, of $3,721,914,000 USD outstanding. - Because the cited filing does not break the investing outflow into specific categories such as capex, M&A, or securities activity, the reader cannot tell from this section alone which driver pushed the investing line deeper into outflow territory.

- The wider financing outflow combined with higher buyback and dividend spending is consistent with an active shareholder-return posture, but the financing cash-flow line also captures debt activity, so the standalone dividend and repurchase totals do not fully explain the change. The filing evidence does not attribute this change to any single cause. - Free cash flow — defined here simply as operating cash flow less the investing outflow — is not labelled separately in the filing evidence, so a precise residual cannot be read from the catalog without further disclosure.

- The liquidity position at the balance sheet date sits alongside a meaningful long-term debt balance; together those figures suggest the company funds its capital return program out of operating cash plus balance-sheet capacity rather than new long-term borrowing, but the filing does not state that explicitly here. The filing evidence does not attribute this change to any single cause. - Management discussion of capital allocation, dividend cadence, and share-repurchase authorization typically lives in the liquidity and capital resources section of Item 7; the reader should cross-reference that section for any forward-looking posture.

- Peer or industry comparisons for capital intensity and capital-return ratios are not present in this filing. The filing evidence contains no peer or industry comparison. - A reader modeling the gap between operating cash flow and total shareholder returns can quickly size the spread using an ROI Calculator once the audited values are populated.

Peer and historical context

- The 10-K filed by LAM RESEARCH CORP for period-ended-2026-06-28 allows a year-over-year reading of the four headline P&L and cash-flow lines, but the document does not compare those figures against any named wafer-fab equipment peer, index, or industry benchmark. - The product-family narrative in the filing (Akara®, Argos®, Prevos®, Selis®, Flex®, Kiyo®, Syndion®, Vantex®, Versys® Metal, Coronus®) builds a self-referential picture of Lam's etch and clean franchises and does not introduce any rival's market share, tool install base, or pricing so the peer reference frame is absent rather than contradicted. - The revenue, operating income, net income, and operating cash flow lines are stated only for the current twelve-month period and the prior twelve-month period, so the only direction this section can defensibly describe is the firm's own internal trajectory.

For the twelve-month period the twelve months ended June 28, 2026, LAM RESEARCH CORP reported revenue of $23,232,690,000 USD, up from $18,435,591,000 USD in the twelve months ended June 29, 2025; operating income of $8,199,795,000 USD versus $5,900,968,000 USD; net income attributable to the parent of $7,265,396,000 USD versus $5,358,217,000 USD; and net cash provided by operating activities of $5,857,657,000 USD versus $6,173,264,000 USD. Each of those four lines improved relative to the prior year, with the income-statement measures moving from one profit level to a higher profit level and the operating cash-flow line stepping up while remaining positive.

Set against the firm's own prior-year footprint, the twelve-month story is therefore one of broad-based growth: the top line, both operating profit and bottom-line profit, and the cash that those profits generated all moved higher in the same direction. Reading the operating cash-flow figure alongside the net income figure is informative because net income grew more sharply than cash from operations, which leaves the cash-conversion gap as a residual that The filing evidence does not attribute this change to any single cause.; the filing does not ascribe the change to working-capital movements, customer deposits, or any other single driver.

Beyond the company's own windows, the evidence is silent: The filing evidence contains no peer or industry comparison. and The filing evidence does not disclose segment-level detail for this dimension.. No wafer-fab equipment peer, no semiconductor capital-equipment index, and no segment-level split are disclosed in the cited material, so any broader market-share or relative-pricing context for Lam's etch and clean platforms cannot be drawn from this filing alone. Readers who want to translate the four headline ratios into investment-return terms can do so with the ROI Calculator once the machine-supplied numbers are in place, but the document itself does not provide the benchmark needed for a like-for-like peer judgment.

Scenario analysis

- Anchored in reported twelve-month revenue and net income; both lines move higher than the prior-year comparative on the reported relations, so the central case continues to be one of top-line growth carried into higher earnings, with the operating income line also higher year over year and remaining in profit on both sides.

- The reported twelve-month revenue continues to expand relative to the twelve months ended June 29, 2025 and the corresponding rise in net income versus the prior comparative widens, with both operating income and diluted EPS retaining their higher-year-over-year readings; cash returned to shareholders through repurchases and dividends is also higher than in the prior period, supporting a constructive reading without crossing into forecast.

- A softer reading would see the still-higher twelve-month revenue lines and profit transition extending only narrowly above the prior comparative, while operating cash flow, financing cash flow and investing cash flow each register a year-over-year decrease on the reported relations; buybacks and dividends are also described as higher year over year, which would compress financial flexibility under that branch without the catalog authorizing a causal link.

The reported twelve-month revenue is captured at $23,232,690,000 for the twelve months ended June 28, 2026, with the prior comparative at $18,435,591,000 for the twelve months ended June 29, 2025, and the twelve-month net income attributable to parent is captured at $7,265,396,000 alongside the prior reading of $5,358,217,000; the only year-over-year directions the catalog authorizes for this section are higher revenue, higher net income, higher operating income with a profit-to-profit transition, and higher diluted EPS with a profit-to-profit transition. The filing evidence does not attribute this change to any single cause. The filing evidence does not disaggregate the equipment and service product families named in Item 1A into segment-level revenue or operating income, so this section cannot allocate the upside or downside between Kiyo, Syndion, Vantex, Versys Metal, Coronus, DV-Prime, Da Vinci, EOS, SP Series or the dry resist technology cited above. The filing evidence does not disclose segment-level detail for this dimension. There is no peer or industry comparison inside the filing evidence, which limits cross-checking of whether a base, upside or downside branch is in line with the wafer fabrication equipment cycle. The filing evidence contains no peer or industry comparison. Within Item Seven's quantitative and qualitative market risk disclosure, the catalog does not authorize any new direction, so foreign exchange, interest rate or counterparty sensitivities are not used here to widen or narrow the conditional ranges. Risk factor language under Item 1A is referenced for scope only; this section does not translate it into a probability for any branch. Capital return direction is itself a reported outcome rather than a management commitment, so a scenario that assumes the dividend and repurchase pace tapers is not supported by the catalog and is left out rather than invented. Likewise, any scenario in which the report reverts to a loss is not authorized, because both the current and prior net income entries are profit and the authorized transition is profit to profit. The reach of this section is therefore intentionally narrow: it states the base, upside and downside cases only along the dimensions the catalog permits, and leaves the rest as either machine-owned notes or simply outside the filing evidence.

Risks and what to watch

- Reported facts: The full-year $23,232,690,000 figure sits alongside the prior comparative $18,435,591,000, and the full-year $7,265,396,000 sits next to $5,358,217,000. On the authorized year-over-year view, both revenue and net income move higher against the prior window. Authorized financing- and investing-cash directions are negative on both sides; authorized operating cash direction is positive on both sides but lower than the prior period.

- Management explanations: The narrative focuses on the technology portfolio — clean processes, the Coronus bevel-clean family, wet-clean platforms such as DV-Prime, Da Vinci, EOS, and the SP Series, and the dry-resist patterning story tied to EUV. None of the cited narrative ties those product themes directly to a swing in revenue, net income, or operating cash, so the filing offers no in-line management attribution for the year-over-year movements. Where the cited note would normally carry an explanation, the only reported statement available here is The filing evidence does not attribute this change to any single cause..

- Analyst inference: Because the filed narrative does not link product families to the headline numbers, any inference about which wafer-cleaning, dry-resist, or packaging application drove the top- or bottom-line is out of scope. Comparing results to peers also falls outside the evidence: The filing evidence contains no peer or industry comparison.. Segment-level read-through is similarly off-limits: The filing evidence does not disclose segment-level detail for this dimension..

Readers should treat the authorized year-over-year direction statements as the only confirmed analytical observations. - Counter-evidence: The authorized direction set shows that operating cash flow is still positive but lower than a year ago, while financing and investing flows remain negative on both sides. That mix — a softer operating-cash contribution alongside outflows for financing and investing — is the principal counterweight to the higher revenue and net income readings, and it is the read readers should weigh most carefully when stress-testing the headline profitability story.

No causal link between the cash-flow shape and the income-statement movement is authorized. - Unknowns: The filing does not give an order book, a foundry utilization rate, a regional mix, an export-control exposure figure, or a customer-concentration ratio, so those dimensions cannot be evaluated here. Inventory, accounts-reivable aging, and capital-spend cadence beyond the authorized investing-cash direction are likewise not supported by the filing evidence.

- Metrics to watch next period: Revenue trend versus the prior comparative, the gap between net income and operating cash, and the absolute level of operating cash inflow against the continuing outflows in financing and investing. A useful side exercise for readers is running return-on-invested-capital sensitivities through an ROI Calculator once the next filing lands, but that is a personal follow-up, not a forecast from this document.