What changed in this filing

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Item 1. Business

2026-08-07 compared with 2025-08-11 · 127 added, 107 removed, 297 unchanged (44% of the section changed)

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Our Annual Report on Form 10-K, Quarterly Reports on Forms 10-Q, Current Reports on Forms 8-K, Proxy Statements and all other filings we make with the SEC are available on our website, free of charge, as soon as reasonably practical after we file them with or furnish them to the SEC and are also available online at the SEC’s website at www.sec.gov.

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

Demand from cloud computing (the “Cloud”) , artificial intelligence, 5G, the Internet of Things (“IoT”), and other markets is driving the need for increasingly powerful and cost - efficient semiconductors.

At the same time, there are growing technical challenges with traditional two-dimensional scaling.

These trends are driving significant inflections in semiconductor manufacturing, such as the increasing importance of vertical scaling strategies like three-dimensional (“3D”) architecture as well as multiple patterning to enable shrinks.

Demand for electronic systems supporting artificial intelligence, cloud infrastructure, communications, automotive, industrial and other intelligent systems is driving the need for high performance, energy efficient and highly integrated semiconductor devices.

To meet these requirements, semiconductor manufacturers are adopting vertical scaling approaches, including three-dimensional (“3D”) architecture, more sophisticated patterning schemes, new materials, and advanced integration approaches, as traditional two-dimensional scaling is becoming more challenging.

These technology inflections are increasing manufacturing complexity and precision requirements in the production of semiconductors driving demand for our advanced semiconductor fabrication technologies and services.

We believe we are in a strong position with our leadership and expertise in deposition , etch, and clean markets to facilitate some of the most significant innovations in semiconductor device manufacturing.

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(iii) our collaborative focus with semi-ecosystem partners, including our close-to-customer focus;

(iv) our ability to identify and invest in the breadth of our product portfolio to meet technology inflections;

(iv) our ability to

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identify and invest in the breadth of our product portfolio to meet technology inflections;

and (v) our focus on delivering our multi-product solutions with a goal to enhance the value of Lam’s solutions to our customers.

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Additionally, within CSBG, our Reliant ® product line offers new and refurbished non-leading edge products in deposition, etch and clean markets for those applications that do not require the most advanced wafer processing capability.

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Market Process/Application Technology Products

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Dielectric Films Plasma-enhanced CVD (“PECVD”)

Gapfill High-Density Plasma CVD (“HDP-CVD”) VECTOR ® family

VECTOR ® family

Striker ® family

SPEED ® family

Etch Conductor Etch Reactive Ion Etch Kiyo ® family

Versys ® Metal family

Akara ® family

Dielectric Etch Reactive Ion Etch Flex ® family

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Through-silicon Via (“TSV”) Etch Deep Reactive Ion Etch Syndion ® family

Selective Etch Selective Etch Argos ® family

Prevos ® family

Selis ® family

Clean Wafer Cleaning Wet Clean EOS ® , DV-Prime ® ,

Da Vinci ® , SP Series

Da Vinci ® , SP Series families

Bevel Cleaning Dry Plasma Clean Coronus ® family

Dry Resist Photoresist and

Pattern Transfer Extreme ultraviolet (“EUV”) lithography and Numerical Aperture EUV lithography Aether ® family

Deposition Processes and Product Families

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Lastly, post-deposition treatments such as ultraviolet thermal processing are used to improve dielectric film properties.

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ALTUS ® Product Family

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

Our ALD technologies are used in the deposition of barrier films to achieve high step coverage with reduced thickness at lower temperatures relative to a conventional process.

Our ALD technologies are used in the metal deposition of barrier films to achieve high step coverage with precise composition control relative to a conventional process.

SABRE ® Product Family

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The SABRE ® ECD product family, which helped pioneer the copper interconnect transition, offers the precision needed for copper damascene manufacturing in logic and memory.

System capabilities include cobalt deposition for logic applications and copper deposition directly on various liner materials, which is important for next-generation metallization schemes.

For advanced packaging applications, such as forming conductive bumps, redistribution layers, TSV filing, and wafer level bonding, the SABRE ® 3D family combines Lam’s SABRE Electrofill ® technology with additional innovation to deliver the high-quality films needed at high productivity.

System capabilities include copper deposition directly on various liner materials, which is important for next-generation metallization schemes and cobalt deposition for logic applications.

For advanced packaging applications, such as forming conductive bumps, redistribution layers, TSV filling, and wafer level bonding, the SABRE ® 3D family combines Lam’s SABRE Electrofill ® technology with additional innovation to deliver the high-quality films needed at high productivity.

The modular architecture can be configured with multiple plating and pre/post-treatment cells, providing flexibility to address a variety of packaging applications, including HBM.

SPEED ® Product Family

Dielectric gapfill processes deposit critical insulation layers between conductive and/or active areas by filling openings of various aspect ratios between conducting lines and between devices.

With advanced devices, the structures being filled can be very tall and narrow.

As a result, high-quality dielectric films are especially important due to the ever-increasing possibility of cross-talk and device failure.

Our SPEED ® HDP-CVD products provide a multiple dielectric film solution for high-quality gapfill with industry-leading throughput and reliability.

SPEED ® products have excellent particle performance, and their design allows large batch sizes between cleans and faster cleans.

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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 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.

Advanced logic, memory, and imaging devices require high quality conformal dielectric films for continued device performance and area scaling, that can be addressed by ALD process.

The Striker ® single-wafer ALD products provide dielectric film solutions spanning a wide range of applications including low-k spacers for capacitance scaling tied to device speed, void dielectric gapfills in high aspect ratio features for isolation and device performance, high modulus patterning spacer materials that help define critical dimensions in the multiple patterning schemes.

Striker ® ALD products deliver targeted high quality dielectric films with excellent productivity and defect performance needed for these applications, through process and hardware innovations.

VECTOR ® Product Family

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Low temperature, cryogenic etching enables the use of new, novel chemistries to deliver increased high aspect ratio etch capability.

Akara ® Product Family

Advanced conductor etch processes enable precise patterning of complex 3D semiconductor structures at angstrom-scale dimensions.

Our Akara ® product family delivers a high degree of process control for next-generation logic and memory devices, including gate-all-around architectures and advanced DRAM and NAND nodes.

Akara ® incorporates proprietary plasma technologies, to enhance etch precision, selectivity, and defect control.

Integrated with Lam’s Sense.i ® platform and Equipment Intelligence ® solutions, Akara ® is designed to support high-volume manufacturing, improve yield, and reduce overall cost of ownership.

Argos ® , Prevos ® , and Selis ® Product Families

Selective etch processes enable the removal of targeted materials from wafer surfaces while preserving adjacent materials and are used in the fabrication of advanced logic and memory devices that require precise control at nanoscale dimensions.

Semiconductor device architectures continue to evolve to address increasing requirements for device density, performance, and energy efficiency, including transitions from FinFET‑based logic devices to gate‑all‑around and nanosheet structures, and from planar to three‑dimensional memory architectures.

These transitions require manufacturing processes capable of selectively and uniformly removing materials in three dimensions, increasing the importance of process control and selectivity to avoid damage to neighboring or underlying layers as device structures become more complex.

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Flex ® Product Family

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Flex ® offers in situ multi-step etch and continuous plasma capability that delivers high productivity with low defectivity.

Vantex ® Product Family

Dielectric etch processes remove non-conductive materials during the manufacturing of a semiconductor device.

Leading-edge memory devices have especially challenging structures, such as extremely deep holes and trenches, that must be manufactured with tight tolerances.

Our latest dielectric etch system, Vantex ® creates high aspect ratio device features while maintaining critical dimension (“CD”) uniformity and selectivity.

Vantex ® is part of our Sense.i ® platform and offers advanced RF technology and repeatable wafer-to-wafer performance enabled by Equipment Intelligence ® solutions to meet the needs of advanced memory manufacturing, primarily in 3D NAND high aspect ratio hole, trench, contact, and capacitor cell applications.

Kiyo ® Product Family

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Syndion ® Product Family

Plasma etch processes used to remove silicon and other materials deep into the wafer are collectively referred to as deep silicon etch.

These may be deep trenches for CMOS image sensors, trenches for power and other devices, TSVs for HBM and advanced packaging, and other high aspect ratio features.

These are created by etching through multiple materials sequentially, where each new material involves a change in the etch process.

Plasma etch processes used to remove silicon deep into the wafer are collectively referred to as deep silicon etch.

These may be deep trenches for CMOS image sensors, trenches for power devices, TSVs for packaging, and other high aspect ratio features.

The Syndion ® etch product family is optimized for deep silicon etch, providing the fast process switching with depth and cross-wafer uniformity control required to achieve precision etch results.

The systems support both conventional single-step etch and rapidly alternating process, which minimizes damage and delivers precise depth uniformity.

Vantex ® Product Family

Dielectric etch processes remove non-conductive materials during the manufacturing of a semiconductor device.

Leading-edge memory devices have especially challenging structures, such as extremely deep holes and trenches, that must be manufactured with tight tolerances.

Our latest dielectric etch system, Vantex ® creates high aspect ratio device features while maintaining critical dimension (“CD”) uniformity and selectivity.

Versys ® Metal Product Family

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These processes can also be used to drill through metal hardmasks that are used to form the wiring for advanced devices.

To enable these critical etch steps, the Versys ® Metal product family provides high-productivity capability on a flexible

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To enable these critical etch steps, the Versys ® Metal product family provides high-productivity capability on a flexible platform.

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

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At the same time, these processes must selectively remove residues that are chemically similar to the device films.

For advanced WLP, the wet clean steps used between processes that form the package and external wiring have surprisingly complex requirements.

For advanced WLP, the wet clean steps used between processes that form the package and external wiring have surprisingly complex

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requirements.

These processes are called on to completely remove specific materials and leave other fragile structures undisturbed.

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With a broad range of process capability, our SP Series products deliver cost-efficient, production-proven wet clean and silicon wet etch solutions for challenging WLP and IoT applications.

Dry Resist Process and Product Family

Dry EUV resist technology is a patterning approach used in advanced semiconductor device manufacturing that enables both increases in device scaling and pattern density as well as reductions in cost and complexity.

In contrast to conventional wet-spin processing, dry resist films are formed through gas-phase deposition, resulting in superior molecular purity and image fidelity with less environmental impact.

An additional advantage, unique to dry resist technology, is its ability to create customized mixtures, layers, and gradients within the film itself, further enhancing pattern fidelity and device yield, and reducing overall lithography process running costs.

Following EUV exposure, latent device images in the dry resist film are also developed using a completely dry process, eliminating the possibility of pattern distortions and collapse which are common in wet spin processing.

By eliminating liquid chemicals, dry EUV resist processing provides the semiconductor device industry with the most capable and beneficial EUV patterning processes.

Aether ® Product Family

Aether® enables vacuum‑based formation of resist underlayers and films and utilizes dry development processes to improve pattern fidelity at small pitch dimensions.

Increasing demand for energy‑ and compute‑intensive applications continues to drive the need for higher memory density and lower cost per bit, for which industry adoption of EUV lithography is an important enabler.

Lam’s dry photoresist technologies support the patterning process from resist application and stack formation through pattern transfer, integrating with subsequent etch and cleaning steps used in device fabrication.

Dry processing also reduces the use of liquid chemicals and energy compared to conventional wet resist processes.

Fiscal Periods Presented

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International Sales

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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 29, 2025, June 30, 2024, and June 25, 2023 included Samsung Electronics Company, Ltd.

and Taiwan Semiconductor Manufacturing Company.

Our most significant customers during the fiscal years ending June 28, 2026, June 29, 2025, and June 30, 2024 included Micron Technology, Inc., Samsung Electronics Company, Ltd., SK hynix Inc., and Taiwan Semiconductor Manufacturing Company.

A material reduction in orders from our customers could adversely affect our results of operations and projected financial condition.

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Certain components and sub-assemblies that we include in our products may only be obtained from a single supplier.

We are engaged in efforts to obtain and qualify alternative sources to supply these products and in some circumstances protect against potential supply challenges by carrying inventory in excess of current need.

For certain of these products, we are engaged in efforts to obtain and qualify alternative sources of supply and in some circumstances, protect against potential supply challenges by carrying inventory in excess of current need.

Any prolonged inability to obtain these components could have an adverse effect on our operating results and could unfavorably impact our customer relationships.

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, 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.

Efforts to comply with new and changing regulations have resulted in, and are likely to continue to result in, decreased net income and increased capital expenditures.

If we are alleged or found by a court or regulatory agency not to be in compliance with regulations, we may be subject to fines, restrictions on our actions, reputational damage, and harm to our competitive position, and our business, financial condition, and/or results of operations could be adversely affected.

For additional details, please refer to “Legal, Regulatory and Tax Risks – We Are Exposed to Various Risks from Our Regulatory Environment” in Item 1A:

Risk Factors .

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

As a public company with global operations, we are subject to the laws of multiple jurisdictions and the rules and regulations of various governing bodies, including, but not limited to, those related to import and export controls and other trade restrictions, national and economic security (including receipt or use of designated technologies), intellectual property rights, taxes, financial and other disclosures, corporate governance, data protection, privacy, anti-corruption, such as the Foreign Corrupt Practices Act and other local laws prohibiting corrupt payments to governmental officials, anti-boycott, compliance, conflict minerals or other social responsibility legislation, immigration or travel regulations, antitrust regulations, foreign ownership and investment, employment and labor, product and manufacturing regulations, environmental, health, and safety requirements, human rights, and laws or regulations relating to carbon emissions, such as the recent reporting requirements imposed by the State of California that require companies to provide climate-related disclosures, as well as other laws or regulations imposed in response to climate change concerns, among others.

Each of these laws, rules, and regulations imposes costs on our business, including financial costs and our management’s attention associated with compliance.

Efforts to comply with new and changing regulations have resulted in, and are likely to continue to result in, reduced net income, increased capital expenditures, and a diversion of management’s time and attention from revenue-generating activities to compliance activities.

As we seek to expand our operations into new jurisdictions, grow our business in existing jurisdictions, or as laws, regulations, and standards, or the interpretation or enforcement of such laws, regulations, and standards, evolve, the scope and complexity of our compliance obligations may increase.

If we are alleged or found by a court or regulatory agency not to be in compliance with the laws, regulations, or standards, our business, financial condition, competitive position, and/or

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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.

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results of operations could be adversely affected.

For additional details, please refer to “Legal, Regulatory and Tax Risks – We Are Exposed to Various Risks from Our Regulatory Environment” and “Legal, Regulatory and Tax Risks – Intellectual Property, Indemnity, Misuse of Third-Party Information, and Other Claims Against Us Can Be Costly and We Could Lose Significant Rights That Are Necessary to Our Continued Business and Profitability” in Item 1A:

Risk Factors .

Regulations that impact trade, including tariffs, export controls, additional taxes, trade barriers, sanctions, the termination or modification of trade agreements, trade zones, and other duty mitigation initiatives, and any reciprocal retaliatory actions, can increase our manufacturing costs, decrease margins, reduce the competitiveness of our products, disrupt our supply chain operations, or inhibit our ability to sell products or provide services, all of which has had and in the future 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.

and China” in Item 1A:

Risk Factors .

Proposed regulations under consideration could require that we transition away from the usage of products containing a class of chemicals known as per- and polyfluoroalkyl substances (“PFAS”), which could adversely impact our business, operations, revenue, costs, and competitive position.

For additional details regarding the impacts of compliance with laws and regulations related to PFAS, please refer to “Business and Operational Risks – Disruptions to Our Supply Chain and Outsource Providers Could Impact Our Ability to Meet Demand, Increase Our Costs, and Adversely Impact Our Revenue and Results of Operations” in Item 1A:

Risk Factors .

We are subject to income, transaction, and other taxes in the United States and various foreign jurisdictions that impact our tax rate and profitability.

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Risk Factors .

Environmental, Social, and Governance

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.

Product, People and Planet

We seek to innovate at the atomic scale – plus help to create a sustainable world where our people, communities, and the environment thrive.

Our Global Impact Report for calendar year 2025 details, among other items, a number of ESG goals.

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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:

Risk Factors for a discussion of risks and uncertainties we face related to ESG.

The semiconductor capital equipment industry is characterized by rapid change and is highly competitive throughout the world.

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Accordingly, we may experience difficulty in selling to a given customer if that customer has qualified a competitor’s equipment.

We must also continue to meet the expectations of our installed base of customers through the delivery of high-quality and cost-efficient spare parts in the presence of competition from third-party spare parts providers.

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must also continue to meet the expectations of our installed base of customers through the delivery of high-quality and cost-efficient spare parts in the presence of competition from third-party spare parts providers.

We face significant competition with all of our products and services.

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Additionally, the U.S.

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.

Government has enacted a number of export controls regulating the sales of certain technologies to customers in China, including entity listings of multiple customers, thus restricting the sales of equipment and spare parts by U.S.

equipment suppliers.

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and foreign patents and applications covering various aspects of our products and processes.

Our patents, which cover material aspects of our past and present core products, have current durations ranging from approximately one to twenty years.

Our patents, which cover innovative and valuable aspects of our past and present core products, have current durations ranging from approximately one to twenty years.

We believe that, although the patents we own and may obtain in the future will be of value, they alone will not determine our success.

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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 workplace.

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

Lam is proud to be a driving force in shaping the global semiconductor talent workforce.

In labs, manufacturing centers, and offices worldwide, our people combine deep technical expertise with connection and collaboration.

We promote continuous learning among employees at every level and offer resources to help people thrive inside and outside the workplace.

Beyond supporting professional development, we offer programs designed to enhance safety and well-being, foster teamwork and connection, and support future-ready communities worldwide.

As of August 4, 2026, we had approximately 23,300 regular full-time employees, of which over 26% were engaged in research and development.

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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.

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Total Rewards

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We invest in education, awareness, monitoring, and prevention programs to help recognize and control safety hazards.

Our goal is to apply our environmental health and safety (“EHS”) policies, programs, and response plans to anywhere we operate and to extend them to anyone who works on our sites with the intent to provide a safe environment during both routine and extraordinary circumstances.

Our goal is to apply our EHS policies, programs, and response plans to anywhere we operate and to extend them to anyone who works on our sites with the intent to provide a safe environment during both routine and extraordinary circumstances.

People managers in field support, manufacturing, R&D, warehouse, and logistics operations undergo formal safety leadership training biannually to enhance their skills in safety management and communication.

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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Bettinger 59 Executive Vice President, Chief Financial Officer

Lord 59 Executive Vice President, Chief Operating Officer

Seshasayee (Sesha) Varadarajan 51 Executive Vice President, Chief Operating Officer

Fernandes 59 Senior Vice President, Global Customer Operations

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Vahid Vahedi 60 Senior Vice President, Chief Technology and Sustainability Officer

Seshasayee (Sesha) Varadarajan 50 Senior Vice President, Global Products Group

Archer has been our president and chief executive officer since December 2018.

Karthikeyan (Karthik) Rammohan 57 Senior Vice President, Global Operations and Enterprise Solutions

Archer has served as our president and chief executive officer and as a member of our Board of Directors since December 2018.

Prior to this, he served as our president and chief operating officer, from January 2018 to November 2018.

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He started his career in 1989 at Tektronix, where he was responsible for process development for high-speed bipolar ICs.

Archer has served as a member of the board of directors of Johnson Controls International public limited company, a global provider of building technology, software, and services, since March 2024, where he is a member of the compensation and talent development committee.

He also serves on the International Board of Directors for SEMI, the global industry association representing the electronics manufacturing and design supply chain.

Archer has served as a member of the board of directors of Johnson Controls International plc since March 2024, where he is a member of the governance and sustainability committee.

He also serves on the International Board of Directors for SEMI.

From 2020 to 2022, Mr.

Archer served as chairman of the board for the National GEM Consortium, a nonprofit organization that is dedicated to increasing the participation of underrepresented groups at the master’s and doctoral levels in engineering and science.

Archer served as chair of the board for the National GEM Consortium.

Archer completed the Program for Management Development at the Harvard Graduate School of Business and earned a B.S.

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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.

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.

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 College of Engineering.

Bettinger currently serves on the Board of Directors of Lattice Semiconductor Corporation and the Industrial Advisory Board of the University of Wisconsin College of Engineering and from 2018 to 2025, he served on the SEMI Board of Industry Leaders.

Bettinger earned an M.B.A.

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degree in economics from the University of Wisconsin in Madison.

Lord is our executive vice president and chief operating officer, a position he has held since March 2023.

In this role, Dr.

Lord is responsible for several functions including, Global Operations;

Customer Support;

Global Quality;

Environmental Health and Safety;

Global Government Affairs and Trade;

Information Technology;

Cybersecurity;

and Global Resilience, Security, and Transformation.

Lord previously served as executive vice president of CSBG and Global Operations from September 2020 to February 2023;

and senior vice president and general manager of CSBG from December 2016 to September 2020.

Prior to that, Dr.

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.

Prior to our acquisition of Novellus in June 2012, Dr.

Lord was senior vice president and general manager of the DGSI Business Units at Novellus.

Additionally, Dr.

Lord held the position of senior vice president of Business Development and Strategic Planning.

He joined Novellus in 2001 and held a number of other positions, including senior vice president and general manager of the CMP Business Unit, senior director of Business Development, senior director of Strategic Marketing, and acting vice president of Corporate Marketing.

Before joining Novellus, Dr.

Lord spent six years at KLA-Tencor in various product marketing and management roles.

He earned his Ph.D., M.S., and B.S.

degrees in mechanical engineering from the Massachusetts Institute of Technology.

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Sesha Varadarajan is our chief operating officer, a position he has held since March 2026.

Varadarajan previously served as senior vice president of the Global Products Group beginning March 2023;

senior vice president and general manager of the Deposition Business Unit beginning February 2018;

and group vice president of the Deposition product group beginning September 2013.

Previously, he served as the head of the PECVD/Electrofill Business Unit between June 2012 and September 2013.

Prior to our acquisition of Novellus in June 2012, Mr.

Varadarajan was senior vice president and general manager of Novellus’ PECVD and Electrofill Business Units.

He joined Novellus in 1999 as a process engineer with the Electrofill Business Unit and held various roles in that business unit before being appointed director of technology in 2004.

Between 2006 and 2008, he worked in the PECVD Business Unit, initially as director of technology, until being promoted to product general manager.

In 2009, he returned to the Electrofill Business Unit as vice president and general manager.

In mid-2011, he was promoted to senior vice president and general manager, where he was also responsible for the PECVD Business Unit.

Varadarajan earned an M.S.

degree in manufacturing engineering and material science from Boston University and a B.S.

degree in mechanical engineering from the University of Mysore.

Fernandes is our senior vice president of Global Customer Operations, a position he has held since March 2023.

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

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Sales Operations.

He joined the company in 2012 through the acquisition of Novellus, where he was the vice president of 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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degrees in electrical engineering and computer science from the University of California at Berkeley.

Sesha Varadarajan is our senior vice president of the Global Products Group, a position he has held since March 2023.

Varadarajan previously served as senior vice president and general manager of the Deposition Business Unit beginning February 2018;

and group vice president of the Deposition product group beginning September 2013.

Previously, he served as the head of the PECVD/Electrofill Business Unit between June 2012 and September 2013.

Prior to our acquisition of Novellus in June 2012, Mr.

Varadarajan was senior vice president and general manager of Novellus’ PECVD and Electrofill Business Units.

He joined Novellus in 1999 as a process engineer with the Electrofill Business Unit and held various roles in that business unit before being appointed director of technology in 2004.

Between 2006 and 2008, he worked in the PECVD Business Unit, initially as director of technology, until being promoted to product general manager.

In 2009, he returned to the Electrofill Business Unit as vice president and general manager.

In mid-2011, he was promoted to senior vice president and general manager, where he was also responsible for the PECVD Business Unit.

Varadarajan earned an M.S.

degree in manufacturing engineering and material science from Boston University and a B.S.

degree in mechanical engineering from the University of Mysore.

Karthik Rammohan has served as senior vice president, global operations and enterprise solutions since March 2026.

He previously served as group vice president, global operations, beginning May 2022;

group vice president and general manager of the customer support business group, beginning September 2020;

corporate vice president and deputy general manager of the customer support business group, beginning June 2018;

and vice president, global business operations and customer support business group, beginning March 2015.

Earlier in his tenure with the Company, Dr.

Rammohan held various finance roles.

Prior to joining the Company, Dr.

Rammohan spent 10 years at Novellus in finance, treasury, and business development roles.

He previously served as a staff process engineer at National Semiconductor and as a product engineer at International Rectifier.

Rammohan holds an M.B.A.

from Cornell University, a Ph.D.

in materials science and engineering from the University of Southern California, and a B.S.

in metallurgical engineering from the Indian Institute of Technology, Bombay.

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