Earnings Call
Jul 29, 2026
Q2 FY2026
EPS Estimate
1.69
EPS Actual
1.27
Post-Earnings Close
$297.72
Earnings Reaction
+18.0%
Lam Research closed calendar year 2025 with record revenues of $20.6 billion, up 27% year over year, and capped it with a December quarter that beat on every line, revenue of $5.34 billion came in above the midpoint of guidance while gross margin of 49.7%, operating margin of 34.3%, and EPS of $1.27 all exceeded the high end of the guided range. The tenth consecutive quarter of revenue growth reflects both the breadth of Lam's product portfolio and the accelerating pace of semiconductor investment driven by AI infrastructure buildout. Full-year diluted EPS of $4.89 was up 49% year over year, and gross profit grew 31%, a demonstration of meaningful operating leverage that management was keen to highlight.
Report generated on Jul 29, 2026
AI-generated earnings analysis. Not investment advice.
Chief Executive Officer
The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.
The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.
The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.
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