Earnings Call
Apr 22, 2026
Q1 FY2026
EPS Estimate
1.36
EPS Actual
1.26
Post-Earnings Close
$258.56
Earnings Reaction
-2.6%
Lam Research posted record September quarter revenue of $5.3 billion, up 3% sequentially, with gross margin reaching 50.6%, the highest in the post-Novellus era, and operating margin hitting a record 35% in both dollar and percentage terms. EPS of $1.26 came in above the midpoint of guidance. The results cap what is shaping up to be a record calendar year 2025, with three consecutive quarters above $5 billion in revenue inclusive of December guidance. Execution was broad-based, with record combined spares and services revenue and CSBG growth outpacing installed base expansion.
Report generated on Apr 21, 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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