What changed in this filing

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Item 1. Business

2025-08-11 compared with 2024-08-29 · 39 added, 53 removed, 365 unchanged (20% of the section changed)

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The Lam Research logo, Lam Research, and all product and service names used in this report are either registered trademarks or trademarks of Lam Research Corporation or its subsidiaries in the United States and/or other countries.

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We are a global supplier of innovative wafer fabrication equipment and services to the semiconductor industry.

We have built a strong global presence with core competencies in areas such as nanoscale applications enablement, chemistry, plasma and fluidics, advanced systems engineering, and a broad range of operational disciplines.

Our products and services are designed to help our customers build smaller and better performing devices that are used in a variety of electronic products, including mobile phones, personal computers, servers, wearables, automotive vehicles, and data storage devices.

We have built a strong global presence with core competencies in areas such as nanoscale manufacturing enablement, chemistry, plasma and fluidics, advanced systems engineering, and a broad range of operational disciplines.

Our products and services are designed to help our customers build smaller and better performing devices that are used in a variety of electronic products, including mobile phones, personal computers, cloud and enterprise servers, wearables, automotive vehicles, and data storage devices.

Our customer base includes leading semiconductor memory, foundry, and integrated device manufacturers (“IDMs”) that make products such as non-volatile memory (“NVM”), dynamic random-access memory (“DRAM”), and logic devices.

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Our core technical competency is integrating hardware, process, materials, software, and process control enabling results on the wafer.

Semiconductor manufacturing, our customers’ business, involves the complete fabrication of multiple dies or integrated circuits (“ICs”) on a wafer.

Semiconductor manufacturing, our customers’ business, involves the fabrication of multiple dies or integrated circuits (“ICs”) on a wafer.

This involves the repetition of a set of core processes and can require hundreds of individual steps.

Fabricating these devices requires highly sophisticated process technologies to integrate an increasing array of new materials with precise control at the atomic scale.

Fabricating these devices requires a sequence of highly sophisticated process technologies to integrate an increasing array of new materials with precise control at the atomic scale.

Along with meeting technical requirements, wafer processing equipment must deliver high productivity and be cost-effective.

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Market Process/Application Technology Products

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At these nanoscale dimensions, even slight imperfections can impact device performance or cause a chip to fail.

Our ALTUS ® systems combine CVD and ALD technologies to deposit the highly conformal or selective films as needed for advanced tungsten or molybdenum metallization applications in both logic and memory.

Our ALTUS ® systems combine CVD and ALD technologies to deposit the highly conformal or selective films as needed for advanced tungsten or molybdenum metallization (ALTUS ® Halo) applications in both logic and memory.

The Multi-Station Sequential Deposition architecture enables nucleation layer formation and bulk CVD/ALD fill to be performed in the same chamber (“in situ”).

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Striker ® Product Family

The latest memory, logic, and imaging devices require extremely thin, highly conformal dielectric films for continued device performance improvement and scaling.

For example, ALD films are critical for spacer-based multiple patterning schemes where the spacers help define critical dimensions, as well as for insulating liners and gapfill in high aspect ratio features, which have little tolerance for voids and even the smallest defect.

For example, ALD films are critical for low-k spacers for device power consumption/speed, dielectric gapfills in high aspect ratio features for isolation and device performance, as well as for spacer-based multiple patterning schemes where the spacers help define critical dimensions.

These applications have little tolerance for voids and even the smallest defect.

The Striker ® single-wafer ALD products provide dielectric film solutions for these challenging requirements through application-specific material, process and hardware options that deliver film technology and defect performance.

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Superior CD, profile uniformity, and uniformity control are enabled by a symmetrical chamber design with independent process tuning features.

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These efforts are supported by a team of product marketing and sales professionals as well as equipment and process engineers who work closely with individual customers to develop solutions for their wafer processing needs.

We maintain ongoing service relationships with our customers and have an extensive network of service engineers in place throughout the United States, China, Europe, India, Japan, Korea, Southeast Asia, and Taiwan.

We maintain ongoing service relationships with our customers and have an extensive network of service engineers in place throughout the United States (“U.S.”), China, Europe, India, Japan, Korea, Southeast Asia, and Taiwan.

We believe that comprehensive support programs and close working relationships with customers are essential to maintaining high customer satisfaction and our competitiveness in the marketplace.

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The warranty provides that systems will be free from defects in material and workmanship and will conform to agreed-upon specifications.

The warranty is limited to repair of the defect or replacement with new or like-new equivalent goods and is valid when the buyer provides prompt notification within the warranty period of the claimed defect

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Table of Content

or non-conformity and also makes the items available for inspection and repair.

We also offer extended warranty packages to our customers to purchase as desired.

International Sales

A significant portion of our sales and operations occur outside the United States (“U.S.”) and, therefore, may be subject to certain risks, including but not limited to compliance with U.S.

A significant portion of our sales and operations occur outside the United States and, therefore, may be subject to certain risks, including but not limited to compliance with U.S.

and international laws and regulations, including U.S.

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Refer to Note 9 of our Consolidated Financial Statements, included in Part II, Item 8 of this report, for information concerning customer concentrations.

Our most significant customers during the fiscal years ending June 30, 2024, June 25, 2023, and June 26, 2022 included Micron Technology, Inc.;

Samsung Electronics Company, Ltd.;

SK hynix Inc.;

Our most significant customers during the fiscal years ending June 29, 2025, June 30, 2024, and June 25, 2023 included Samsung Electronics Company, Ltd.

and Taiwan Semiconductor Manufacturing Company.

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Compliance with Government Regulations

As a public company with global operations, we are subject to a variety of governmental regulations across multiple jurisdictions, including those related to export controls, financial and other disclosures, corporate governance, anti-trust, intellectual property, privacy, anti-bribery, anti-corruption, anti-boycott, tax, labor, health and safety, conflict minerals, human trafficking, the management of hazardous materials, and carbon emissions, among others.

As a public company with global operations, we are subject to a variety of governmental regulations across multiple jurisdictions, including those related to export controls, financial and other disclosures, corporate governance, anti-trust, intellectual property, privacy, anti-bribery, anti-corruption, anti-boycott, tax, tariffs, labor, health and safety, conflict minerals, human trafficking, the management of hazardous materials, and carbon emissions, among others.

Each of these regulations imposes costs on our business and has the potential to divert our management’s time and attention from revenue-generating and other profit maximizing activities to those associated with compliance.

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Risk Factors .

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Regulations that impact trade, including tariffs, export controls, taxes, trade barriers, sanctions, the termination or modification of trade agreements, trade zones, and other duty mitigation initiatives, have the potential to increase our manufacturing costs, decrease margins, reduce the competitiveness of our products, or inhibit our ability to sell products or purchase necessary equipment and supplies, which could have a material adverse effect on our business, results of operations, or financial condition.

For additional details regarding the impacts of compliance with trade laws and regulations, please refer to “Business and Operational Risks – Our Future Success Depends Heavily on International Sales and the Management of Global Operations” and “Legal, Regulatory and Tax Risks – Our Sales to Customers in China, a Significant Region for Us, Have Been Impacted, and are Likely to be Materially and Adversely Affected by Export License Requirements and Other Regulatory Changes, or Other Governmental Actions in the Course of the Trade Relationship Between the U.S.

For additional details regarding the impacts of compliance with trade laws and regulations, please refer to “Business and Operational Risks – Our

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Future Success Depends Heavily on International Sales and the Management of Global Operations” and “Legal, Regulatory and Tax Risks – Our Sales to Customers in China, a Significant Region for Us, Have Been Impacted, and are Likely to be Materially and Adversely Affected by Export License Requirements and Other Regulatory Changes, or Other Governmental Actions in the Course of the Trade Relationship Between the U.S.

and China” in Item 1A:

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We strive to incorporate environmental, social and governance ("ESG") consi derations into everything we do – from our operations and workplace practices, to how we source our materials and design our products.

Our ESG report for calendar year 2023 details, among other items, a number of ESG goals.

Our Global Impact Report for calendar year 2024 details, among other items, a number of ESG goals.

One such goal is to achieve net zero emissions by 2050, which we are working to achieve in part by meeting a number of interim targets related to our environmental impact.

There have been no material impacts to capital expenditures or our results of operations associated with this goal, and there are no material cash commitments associated with the goal as of the fiscal year ended June 29, 2025.

Information contained on our website or in our annual ESG Report is not incorporated by reference into this or any other report we file with the Securities and Exchange Commission, or the SEC.

Information contained on our website or in our annual Global Impact Report is not incorporated by reference into this or any other report we file with the Securities and Exchange Commission, or the SEC.

Refer to Item 1A:

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and Tokyo Electron, Ltd.

We face competition from a number of established and emerging companies in the industry.

We face competition from a number of established and emerging equipment companies in the industry.

We expect our competitors to continue to improve the design and performance of their current products and processes, to introduce new products and processes with enhanced price/performance characteristics, and to provide more comprehensive offerings of products.

If our competitors make

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acquisitions or enter into strategic relationships with leading semiconductor manufacturers, or other entities, covering products similar to those we sell, our ability to sell our products to those customers could be adversely affected.

Strategic investments to encourage local semiconductor manufacturing and supply chain in China could increase competition from domestic equipment manufacturers in China.

If our competitors make acquisitions or enter into strategic relationships with leading semiconductor manufacturers, or other entities, covering products similar to those we sell, our ability to sell our products to those customers could be adversely affected.

Government and other initiatives to encourage local semiconductor manufacturing and supply chain in countries outside of the U.S., including China, could increase competition from domestic equipment and spare parts manufacturers in those countries.

Additionally, the U.S.

Government has enacted a number of export controls regulating the sales of certain technologies to customers in China, which provides an advantage to our international competitors.

Government has enacted a number of export controls regulating the sales of certain technologies to customers in China, including entity listings of

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multiple customers, thus restricting the sales of equipment and spare parts by U.S.

equipment suppliers.

This provides an advantage to our international competitors that are not subject to these restrictions.

There can be no assurance that we will continue to compete successfully in the future.

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Human Capital

We endeavor to be a great place to work globally by investing in a multi-faceted strategy that is rooted in building an inclusive and diverse workplace.

We endeavor to be a great place to work globally by investing in a multi-faceted strategy that is rooted in building an inclusive workplace.

To support our employees, we tailor our programs to meet the unique cultural needs and priorities within different regions around the world.

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Approximately 43% of our regular full-time employees are located in the United States, 50% in Asia, and 7% in Europe.

Inclusion and Diversity

To achieve their full potential, we believe it is important for every employee to feel valued, included, and empowered.

We embrace inclusion and diversity (“I&D”) and proactively create opportunities to attract, retain, develop, and reward our employees.

I&D is one of our strategic focus areas for the company.

The three core pillars of our strategy include fostering inclusion, increasing diversity, and sharing our progress.

We employ an executive leader of I&D who is responsible for driving our I&D strategy, building partnerships, and aligning with best practices.

Employment, Recruitment and Development

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satisfaction) and voice are critical to Lam’s culture.

We conduct a global survey at a regular cadence to gather input from employees on culture, I&D, career opportunity, and manager effectiveness.

We also solicit employee feedback through in-person and online employee forums, engagement sessions, all-employee meetings, conversations with

managers, and our Human Resource Support and Employee Relations programs.

We conduct a global survey at a regular cadence to gather input from employees on culture, career opportunity, and manager effectiveness.

We also solicit employee feedback through in-person and online employee forums, engagement sessions, all-employee meetings, conversations with managers, and our Human Resource Support and Employee Relations programs.

Total Rewards

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Stock awards are offered to executives and select employees.

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We recognize the importance of time away from work, so we offer annual paid holidays and time off to relax and recharge or take care of personal business.

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We screen contractors’ safety performance and require contractor compliance with specified safety standards.

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We monitor our safety performance at the enterprise, regional, and site levels.

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Prior to joining the Company in 2013, Mr.

Bettinger served as senior vice president and chief financial officer of Avago Technologies from 2008 to 2013.

Bettinger served as senior vice president and chief financial officer of Avago Technologies (now Broadcom Inc.) from 2008 to 2013.

From 2007 to 2008, he served as vice president of Finance and corporate controller at Xilinx, Inc., and from 2004 to 2007, he was chief financial officer at 24/7 Customer, a privately held company.

Bettinger worked at Intel Corporation from 1993 to 2004, where he held several senior-level finance positions, including corporate planning and reporting controller and Malaysia site operations controller.

Bettinger currently serves on the Board of Directors of Lattice Semiconductor Corporation, the SEMI Board of Industry Leaders, and the Industrial Advisory Board of the University of Wisconsin School of Engineering.

Bettinger earned an M.B.A.

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Environmental Health and Safety;

Global Government Affairs and Trade;

Information Technology;

Cybersecurity;

and Global Resilience, Security, and Transformation.

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Prior to that, Dr.

Lord held the position of group vice president and deputy general

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manager of the Global Products Group from September 2013 to December 2016.

Lord held the position of group vice president and deputy general manager of the Global Products Group from September 2013 to December 2016.

He served as the head of the Direct Metals, GapFill, Surface Integrity Group, and Integrated Metals (“DGSI”) Business Units between June 2012 and September 2013.

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Previously, he was group vice president of Business Development and Sales Operations and held other senior sales and customer-focused leadership positions at Lam.

He joined the company in 2012 through the acquisition of Novellus, where he was the vice president of Sales Operations.

He joined the company in 2012 through the acquisition of Novellus, where he was the vice president of

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Sales Operations.

Prior to that role, he held range of management positions in product marketing and process engineering at Novellus, Gasonics and Watkins-Johnson.

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Harter is our senior vice president, chief legal officer and secretary.

She joined us in July 2024 and is responsible for global legal matters, ethics and compliance, global trade, and government affairs.

She joined us in July 2024 and is responsible for all global legal matters, ethics and compliance, and corporate secretary work.

Prior to joining us, she served as executive vice president and chief legal officer at Whirlpool Corporation, a home appliance and consumer products company, from December 2020 to March 2024, and as senior vice president, general counsel, and corporate secretary at Owens Corning, a building and construction materials company, from May 2015 to November 2020.

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in political science from Northwestern University.

Vahid Vahedi is our senior vice president and chief technology and sustainability officer, a position he has held since March 2024.

Vahid Vahedi is our senior vice president, chief technology and sustainability officer, a position he has held since March 2024.

Vahedi previously served as senior vice president and chief technology officer beginning March 2023;

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business