What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-04-23 compared with 2026-01-29 · 116 added, 103 removed, 403 unchanged (35% of the section changed)

3 unchanged sentences

(in thousands, except per share data)

Three Months Ended Six Months Ended

2025 December 29,

2024 December 28,

2025 December 29,

Three Months Ended Nine Months Ended

2026 March 30,

2025 March 29,

2026 March 30,

Revenue $ 5,841,488 $ 4,720,175 $ 16,510,452 $ 13,264,198

20 unchanged sentences

(in thousands)

Three Months Ended Six Months Ended

2025 December 29,

2024 December 28,

2025 December 29,

Three Months Ended Nine Months Ended

2026 March 30,

2025 March 29,

2026 March 30,

Net income $ 1,825,460 $ 1,330,667 $ 4,988,114 $ 3,638,129

16 unchanged sentences

Cash and cash equivalents $ 4,750,936 $ 6,390,659

Accounts receivable, less allowance of $ 7,717 as of December 28, 2025, and $ 6,496 as of June 29, 2025

Accounts receivable, less allowance of $ 8,348 as of March 29, 2026, and $ 6,496 as of June 29, 2025

4,132,890 3,378,071

21 unchanged sentences

Common stock, at par value of $ 0.001 per share;

authorized, 4,000,000 shares as of December 28, 2025 and June 29, 2025;

issued and outstanding, 1,251,180 shares as of December 28, 2025, and 1,268,740 shares as of June 29, 2025

authorized, 4,000,000 shares as of March 29, 2026 and June 29, 2025;

issued and outstanding, 1,250,539 shares as of March 29, 2026, and 1,268,740 shares as of June 29, 2025

Additional paid-in capital 9,054,217 8,697,290

Treasury stock, at cost;

1,705,662 shares as of December 28, 2025, and 1,687,582 shares as of June 29, 2025

1,710,665 shares as of March 29, 2026, and 1,687,582 shares as of June 29, 2025

( 31,347,671 ) ( 27,763,430 )

9 unchanged sentences

(in thousands)

Six Months Ended

2025 December 29,

Nine Months Ended

2026 March 30,

CASH FLOWS FROM OPERATING ACTIVITIES:

30 unchanged sentences

Transfers of finished goods inventory to property and equipment 83,772 74,560

Reconciliation of cash, cash equivalents, and restricted cash December 28,

2025 December 29,

Reconciliation of cash, cash equivalents, and restricted cash March 29,

2026 March 30,

Cash and cash equivalents $ 4,750,936 $ 5,450,718

9 unchanged sentences

Three Months Ended

December 28, 2025

March 29, 2026

Shares Common

5 unchanged sentences

Earnings Total

Balance at September 28, 2025 1,259,176 $ 1,258 $ 8,794,531 $ ( 28,759,513 ) $ ( 73,591 ) $ 30,230,067 $ 10,192,752

Balance at December 28, 2025 1,251,180 $ 1,251 $ 8,948,439 $ ( 30,203,796 ) $ ( 98,701 ) $ 31,498,233 $ 10,145,426

Issuance of common stock 4,362 5 9,162 — — — 9,167

Purchase of treasury stock ( 5,003 ) ( 5 ) — ( 1,143,875 ) — — ( 1,143,880 )

Reissuance of treasury stock 1,102 1 61,516 5,668 — — 67,185

Equity-based compensation expense — — 96,616 — — — 96,616

3 unchanged sentences

— — — — — ( 325,319 ) ( 325,319 )

Balance at December 28, 2025 1,251,180 $ 1,251 $ 8,948,439 $ ( 30,203,796 ) $ ( 98,701 ) $ 31,498,233 $ 10,145,426

Six Months Ended

December 28, 2025

Balance at March 29, 2026 1,250,539 $ 1,251 $ 9,054,217 $ ( 31,347,671 ) $ ( 121,392 ) $ 32,998,374 $ 10,584,779

Nine Months Ended

March 29, 2026

Shares Common

14 unchanged sentences

— — — — — ( 978,654 ) ( 978,654 )

Balance at December 28, 2025 1,251,180 $ 1,251 $ 8,948,439 $ ( 30,203,796 ) $ ( 98,701 ) $ 31,498,233 $ 10,145,426

Balance at March 29, 2026 1,250,539 $ 1,251 $ 9,054,217 $ ( 31,347,671 ) $ ( 121,392 ) $ 32,998,374 $ 10,584,779

See Notes to Condensed Consolidated Financial Statements

1 unchanged sentence

Three Months Ended

December 29, 2024

March 30, 2025

Shares Common

5 unchanged sentences

Earnings Total

Balance at September 29, 2024 1,291,958 $ 1,292 $ 8,303,014 $ ( 25,374,657 ) $ ( 87,803 ) $ 25,630,045 $ 8,471,891

Balance at December 29, 2024 1,284,956 $ 1,285 $ 8,439,903 $ ( 26,024,098 ) $ ( 134,085 ) $ 26,525,021 $ 8,808,026

Issuance of common stock 3,558 4 1,989 — — — 1,993

Purchase of treasury stock ( 5,557 ) ( 6 ) — ( 431,767 ) — — ( 431,773 )

Reissuance of treasury stock 1,162 1 55,124 5,432 — — 60,557

Equity-based compensation expense — — 87,115 — — — 87,115

Net income — — — — — 1,330,667 1,330,667

Other comprehensive loss — — — — ( 46,282 ) — ( 46,282 )

Other comprehensive income — — — — 10,174 — 10,174

Cash dividends declared ($ 0.23 per common share)

— — — — — ( 295,097 ) ( 295,097 )

Balance at December 29, 2024 1,284,956 $ 1,285 $ 8,439,903 $ ( 26,024,098 ) $ ( 134,085 ) $ 26,525,021 $ 8,808,026

Six Months Ended

December 29, 2024

Balance at March 30, 2025 1,282,957 $ 1,283 $ 8,529,007 $ ( 26,455,865 ) $ ( 123,911 ) $ 27,560,591 $ 9,511,105

Nine Months Ended

March 30, 2025

Shares Common

11 unchanged sentences

Net income — — — — — 3,638,129 3,638,129

Other comprehensive loss — — — — ( 3,657 ) — ( 3,657 )

Other comprehensive income — — — — 6,517 — 6,517

Cash dividends declared ($ 0.69 per common share)

— — — — — ( 888,853 ) ( 888,853 )

Balance at December 29, 2024 1,284,956 $ 1,285 $ 8,439,903 $ ( 26,024,098 ) $ ( 134,085 ) $ 26,525,021 $ 8,808,026

Balance at March 30, 2025 1,282,957 $ 1,283 $ 8,529,007 $ ( 26,455,865 ) $ ( 123,911 ) $ 27,560,591 $ 9,511,105

See Notes to Condensed Consolidated Financial Statements

2 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

December 28, 2025

March 29, 2026

NOTE 1 — BASIS OF PRESENTATION

8 unchanged sentences

The Company’s current fiscal year will end June 28, 2026 and includes 52 weeks.

The quarters ended December 28, 2025 (the “December 2025 quarter”) and December 29, 2024 included 13 weeks.

The six months ended December 28, 2025 and December 29, 2024 each included 26 weeks.

The quarters ended March 29, 2026 (the “March 2026 quarter”) and March 30, 2025 included 13 weeks.

The nine months ended March 29, 2026 and March 30, 2025 each included 39 weeks.

NOTE 2 — RECENT ACCOUNTING PRONOUNCEMENTS

Recently Adopted or Effective

The Company has not adopted any new accounting standards during the three and six months ended December 28, 2025 that have a material impact on the Company’s Condensed Consolidated Financial Statements.

The Company has not adopted any new accounting standards during the three and nine months ended March 29, 2026 that have a material impact on the Company’s Condensed Consolidated Financial Statements.

NOTE 3 — REVENUE

6 unchanged sentences

The following table presents the Company’s revenues disaggregated between systems and customer support-related revenue:

Three Months Ended Six Months Ended

2025 December 29,

2024 December 28,

2025 December 29,

Three Months Ended Nine Months Ended

2026 March 30,

2025 March 29,

2026 March 30,

(In thousands)

6 unchanged sentences

The following table presents the Company’s revenues disaggregated by geographic region:

Three Months Ended Six Months Ended

2025 December 29,

2024 December 28,

2025 December 29,

Three Months Ended Nine Months Ended

2026 March 30,

2025 March 29,

2026 March 30,

(In thousands)

China $ 1,996,926 $ 1,467,299 $ 6,138,046 $ 4,368,501

Taiwan 1,069,093 737,674 2,096,307 1,353,042

Korea 1,352,538 1,150,480 3,189,325 3,002,825

Taiwan 1,317,304 1,125,955 3,413,611 2,478,997

Japan 470,727 474,935 1,548,335 1,139,597

Southeast Asia 413,905 287,318 716,159 532,107

United States 355,295 189,512 914,630 1,091,174

Southeast Asia 207,834 178,287 923,993 710,394

Europe 140,864 133,707 382,512 472,710

1 unchanged sentence

The following table presents the percentages of leading- and non-leading-edge equipment and upgrade revenue to each of the primary markets the Company serves:

Three Months Ended Six Months Ended

2025 December 29,

2024 December 28,

2025 December 29,

Three Months Ended Nine Months Ended

2026 March 30,

2025 March 29,

2026 March 30,

Foundry 54 % 48 % 58 % 42 %

2 unchanged sentences

Deferred Revenue

Revenue of $ 498.1 million and $ 1,494.7 million included in deferred profit at June 29, 2025 was recognized during the three and six months ended December 28, 2025, representing 19 % and 56 % of the $ 2,681.1 million of deferred revenue as of June 29, 2025.

The following table summarizes the transaction price for contracts that have not yet been recognized as revenue as of December 28, 2025 and when the Company expects to recognize the amounts as revenue:

Revenue of $ 420.1 million and $ 1.91 billion included in deferred profit at June 29, 2025 was recognized during the three and nine months ended March 29, 2026, representing 16 % and 71 % of the $ 2.68 billion of deferred revenue as of June 29, 2025.

The following table summarizes the transaction price for contracts that have not yet been recognized as revenue as of March 29, 2026 and when the Company expects to recognize the amounts as revenue:

Less than 1 Year 1-3 Years More than 3 Years Total

11 unchanged sentences

The Company recognized the following equity-based compensation expense (including expense related to the employee stock purchase plan) in the Condensed Consolidated Statements of Operations:

Three Months Ended Six Months Ended

2025 December 29,

2024 December 28,

2025 December 29,

Three Months Ended Nine Months Ended

2026 March 30,

2025 March 29,

2026 March 30,

(in thousands)

3 unchanged sentences

The significant components of other income (expense), net, are as follows:

Three Months Ended Six Months Ended

2025 December 29,

2024 December 28,

2025 December 29,

Three Months Ended Nine Months Ended

2026 March 30,

2025 March 29,

2026 March 30,

(in thousands)

1 unchanged sentence

Interest expense ( 39,333 ) ( 45,184 ) ( 122,681 ) ( 135,429 )

Gains on deferred compensation plan-related assets, net 16,628 4,502 39,716 21,922

(Losses) gains on deferred compensation plan-related assets, net ( 27,265 ) ( 16,903 ) 12,451 5,019

Foreign exchange losses, net ( 1,050 ) ( 4,702 ) ( 14,618 ) ( 19,505 )

3 unchanged sentences

The Company’s provision for income taxes and effective tax rate are as follows:

Three Months Ended Six Months Ended

2025 December 29,

2024 December 28,

2025 December 29,

Three Months Ended Nine Months Ended

2026 March 30,

2025 March 29,

2026 March 30,

(in thousands, except percentages)

2 unchanged sentences

The difference between the U.S.

federal statutory tax rate of 21% and the Company’s effective tax rate for the three and six months ended December 28, 2025, and December 29, 2024, was primarily due to income in lower tax jurisdictions.

federal statutory tax rate of 21% and the Company’s effective tax rate for the three and nine months ended March 29, 2026, and March 30, 2025, was primarily due to income in lower tax jurisdictions.

The Internal Revenue Service (“IRS”) is examining the Company’s U.S.

federal income tax returns for the fiscal years ended June 30, 2019, June 28, 2020, and June 27, 2021.

To date, no significant adjustments have been proposed by the IRS.

The Company is unable to make a reasonable estimate as to when cash settlements, if any, with the IRS will occur.

To date, the IRS has not proposed any significant adjustments.

The Company expects to finalize the audit within the next 12 months and anticipates any related cash settlements will not be significant.

The Organization for Economic Co-operation and Development’s Base Erosion and Profit Shifting 2.0 (“BEPS 2.0”) Pillar Two Global Minimum Tax (“GMT”) is fully effective for the Company this fiscal year.

1 unchanged sentence

The Company assessed the impact and concluded that it was not material.

The impact has been included within income tax expense for the six months ended December 28, 2025.

The impact has been included within income tax expense for the nine months ended March 29, 2026.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law by U.S.

4 unchanged sentences

The Company assessed the changes and concluded that they were not material.

The impact has been included within income tax expense for the six months ended December 28, 2025.

The impact has been included within income tax expense for the nine months ended March 29, 2026.

Lam Research Corporation 2026 Q3 10-Q 11

3 unchanged sentences

The following table reconciles the inputs to the basic and diluted computations for net income per share.

Three Months Ended Six Months Ended

2025 December 29,

2024 December 28,

2025 December 29,

Three Months Ended Nine Months Ended

2026 March 30,

2025 March 29,

2026 March 30,

(in thousands, except per share data)

7 unchanged sentences

For purposes of computing diluted net income per share, weighted-average common shares do not include potentially dilutive securities that are anti-dilutive under the treasury stock method.

These anti-dilutive securities, including options and RSUs, were not material for the three and six months ended December 28, 2025 and December 29, 2024.

These anti-dilutive securities, including options and RSUs, were not material for the three and nine months ended March 29, 2026 and March 30, 2025.

NOTE 8 — FINANCIAL INSTRUMENTS

The Company’s investment strategies and investment and fair value policies are unchanged from those disclosed in Note 9, “Financial Instruments,” to the Consolidated Financial Statements in Part II, Item 8 of its 2025 Form 10-K.

As of December 28, 2025 and June 29, 2025, the fair value of mutual funds and equity investments were not material.

The Company had no debt security investments as of December 28, 2025 and June 29, 2025.

The financial statement impacts to the Condensed Consolidated Statement of Operations from debt and equity investments were not material as of and for the three and six months ended December 28, 2025 and December 29, 2024.

The financial instruments reported within Cash and Cash Equivalents in the Company’s Condensed Consolidated Balance Sheets as of December 28, 2025, and June 29, 2025 consisted of the following:

As of March 29, 2026 and June 29, 2025, the fair value of mutual funds and equity investments were not material.

The Company had no debt security investments as of March 29, 2026 and June 29, 2025.

The financial statement impacts to the Condensed Consolidated Statement of Operations from debt and equity investments were not material as of and for the three and nine months ended March 29, 2026 and March 30, 2025.

The financial instruments reported within Cash and Cash Equivalents in the Company’s Condensed Consolidated Balance Sheets as of March 29, 2026, and June 29, 2025 consisted of the following:

2026 June 29,

6 unchanged sentences

The Company’s hedging strategies and policies are unchanged from those disclosed in Note 9, “Financial Instruments,” to the Consolidated Financial Statements in Part II, Item 8 of its 2025 Form 10-K.

As of December 28, 2025 and June 29, 2025, the fair value of outstanding cash flow and balance sheet hedges were not material.

The financial statement impacts to the Condensed Consolidated Statement of Operations from derivative instruments and hedging activities were not material as of and for the three and six months ended December 28, 2025 and December 29, 2024.

As of March 29, 2026 and June 29, 2025, the fair value of outstanding cash flow and balance sheet hedges were not material.

The financial statement impacts to the Condensed Consolidated Statement of Operations from derivative instruments and hedging activities were not material as of and for the three and nine months ended March 29, 2026 and March 30, 2025.

Concentrations of Credit Risk

33 unchanged sentences

$ 2,075,421 $ 2,394,366

NOTE 12 — LONG-TERM DEBT AND OTHER BORROWINGS

On March 4, 2019, the Company completed a public offering of $ 750.0 million aggregate principal amount of the Company’s Senior Notes due March 15, 2026 (the “2026 Notes”).

The 2026 Notes were settled upon maturity during the three months ended March 29, 2026.

The remaining outstanding Senior Notes are unchanged from those disclosed in Note 14, “Long-term Debt and Other Borrowings,” to the Consolidated Financial Statements in Part II, Item 8 of the Company’s 2025 Form 10-K.

Lam Research Corporation 2026 Q3 10-Q 13

Commercial Paper Program

In November 2017, the Company established a commercial paper program (the “CP Program”) under which the Company may issue unsecured commercial paper notes on a private placement basis up to a maximum aggregate principal amount of $ 1.25 billion.

In July 2021, the Company amended the CP Program size to a maximum aggregate amount outstanding at any time of $ 1.50 billion.

On March 10, 2026, the CP Program size was further amended to a maximum aggregate amount outstanding at any time of $ 2.00 billion.

The net proceeds from the CP Program may be used for general corporate purposes, including repurchases of the Company’s Common Stock from time to time under the Company’s stock repurchase program.

Amounts available under the CP Program may be re-borrowed.

The CP Program is backstopped by the Company’s Revolving Credit Arrangement.

As of March 29, 2026, the Company had no outstanding borrowings under the CP Program.

NOTE 13 — COMMITMENTS AND CONTINGENCIES

1 unchanged sentence

The Company has entered into insurance contracts that are intended to limit its exposure to such indemnifications.

As of December 28, 2025, the Company had not recorded any liability on its Condensed Consolidated Financial Statements in connection with these indemnifications, as it does not believe that it is probable that any material amounts will be paid under these guarantees.

As of March 29, 2026, the Company had not recorded any liability on its Condensed Consolidated Financial Statements in connection with these indemnifications, as it does not believe, based on historical experience and information currently available, that it is probable that any material amounts will be paid under these guarantees.

Generally, the Company indemnifies, under pre-determined conditions and limitations, its customers for infringement of third-party intellectual property rights by the Company’s products or services.

The Company seeks to limit its liability for such indemnity to an

Lam Research Corporation 2025 Q3 10-Q 13

amount not to exceed the sales price of the products or services subject to its indemnification obligations.

The Company does not believe that it is probable that any material amounts will be paid under these guarantees.

The Company seeks to limit its liability for such indemnity to an amount not to exceed the sales price of the products or services subject to its indemnification obligations.

The Company does not believe, based on historical experience and information currently available, that it is probable that any material amounts will be paid under these guarantees.

The Company provides guarantees and standby letters of credit to certain parties as required for certain transactions initiated during the ordinary course of business.

As of December 28, 2025, the maximum potential amount of future payments that the Company could be required to make under these arrangements and letters of credit was $ 239.4 million.

As of March 29, 2026, the maximum potential amount of future payments that the Company could be required to make under these arrangements and letters of credit was $ 241.6 million.

The Company does not believe, based on historical experience and information currently available, that it is probable that any material amounts will be required to be paid.

5 unchanged sentences

The liability amount is based on actual historical warranty spending activity by type of system, customer, and geographic region, modified for any known differences such as the impact of system reliability improvements.

As of December 28, 2025, warranty reserves totaling $ 13.3 million were reported in Other long-term liabilities, and the remainder were included in Accrued expenses and other current liabilities in the Company’s Condensed Consolidated Balance Sheets.

As of March 29, 2026, warranty reserves totaling $ 13.4 million were reported in Other long-term liabilities, and the remainder were included in Accrued expenses and other current liabilities in the Company’s Condensed Consolidated Balance Sheets.

Changes in the Company’s product warranty reserves were as follows:

Three Months Ended Six Months Ended

2025 December 29,

2024 December 28,

2025 December 29,

Three Months Ended Nine Months Ended

2026 March 30,

2025 March 29,

2026 March 30,

(in thousands)

4 unchanged sentences

Balance at end of period $ 254,973 $ 265,819 $ 254,973 $ 265,819

Lam Research Corporation 2026 Q3 10-Q 14

Legal Proceedings

8 unchanged sentences

This repurchase program has no termination date and may be suspended or discontinued at any time.

Lam Research Corporation 2025 Q3 10-Q 14

Repurchases under the repurchase program were as follows during the periods indicated.

8 unchanged sentences

Quarter ended December 28, 2025 9,387 $ 1,442,095 $ 153.62 $ 5,085,043

Quarter ended March 29, 2026 3,516 (3) $ 796,378 $ 210.57 $ 4,288,665

(1) The Company’s net share repurchases are subject to a 1% excise tax under the Inflation Reduction Act.

Excise tax incurred reduces the amount available under the repurchase program, as applicable, and is included in the cost of shares repurchased in the Condensed Consolidated Statement of Stockholders’ Equity and the calculation of the average price paid per share.

(2) Average price paid per share excludes the effect of accelerated share repurchase activities.

See additional disclosure below regarding the Company’s accelerated share repurchase activity during the fiscal year.

(2) Includes shares received at final settlement of accelerated share repurchase agreements.

(3) Includes shares received at initial or final settlement of accelerated share repurchase agreements.

See additional disclosure below regarding the Company’s accelerated share repurchase activity during the fiscal year.

(3) The Company’s net share repurchases are subject to a 1% excise tax under the Inflation Reduction Act.

Accelerated Share Repurchase Agreements

On March 11, 2026, the Company entered into an accelerated share repurchase agreement (the “March 2026 ASR”) with a financial institution to repurchase a total of $ 200.0 million of Common Stock.

The Company took an initial delivery of approximately 685 thousand shares, which represented 75 % of the prepayment amount divided by the Company’s closing stock price on March 11, 2026.

The total number of shares to be received under the March 2026 ASR will be based upon the average daily volume weighted average price of the Company’s Common Stock during the repurchase period, less an agreed upon discount.

On April 30, 2025, the Company entered into accelerated share repurchase agreements (the "April 2025 ASRs") with two financial institutions to repurchase a total of $ 500.0 million of Common Stock.

The Company took an initial delivery of approximately 5.2 million shares, which represented 75 % of the prepayment amount divided by our closing stock price on April 30, 2025.

The Company took an initial delivery of approximately 5.2 million shares, which represented 75 % of the prepayment amount divided by the Company’s closing stock price on April 30, 2025.

The total number of shares received under the April 2025 ASRs was based upon the average daily volume weighted average price of the Company’s Common Stock during the repurchase period, less an agreed upon discount.

Final settlement of the April 2025 ASRs occurred in September 2025, resulting in the receipt of approximately 317 thousand additional shares, which yielded a weighted-average share price of $ 91.00 for the transaction period, including the effects of a 1% excise tax under the Inflation Reduction Act.

The Company recorded the April 2025 ASRs as equity transactions;

The Company recorded each of the ASRs as equity transactions;

as such, at the time of receipt, shares were included in treasury stock at fair market value as of the corresponding trade date.

4 unchanged sentences

The Company’s material operating segments qualify for aggregation due to their customer base and similarities in economic characteristics, nature of products and services, and processes for procurement, manufacturing, and distribution.

Lam Research Corporation 2026 Q3 10-Q 15

Segment information is prepared and managed on the same basis as described in Note 19, “Segment, Geographic Information, and Major Customers,” to the Consolidated Financial Statements in Part II, Item 8 of the Company’s 2025 Form 10-K.

4 unchanged sentences

Consequently, the chief operating decision maker does not regularly review or receive discrete asset information by operating segment.

Lam Research Corporation 2025 Q3 10-Q 15

The table below reconciles the Company's reportable segment to income before income taxes:

Three Months Ended Six Months Ended

2025 December 29

2024 December 28,

2025 December 29,

Three Months Ended Nine Months Ended

2026 March 30,

2025 March 29,

2026 March 30,

(In thousands)

15 unchanged sentences

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-Q

Item 1. Financial Statements