What changed in this filing

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Item 8. Financial Statements and Supplementary Data

2026-08-07 compared with 2025-08-11 · 217 added, 183 removed, 946 unchanged (30% of the section changed)

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Lam Research Corporation 2026 10-K 41

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LAM RESEARCH CORPORATION

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LAM RESEARCH CORPORATION

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Net unrealized gains during the period 24,908 20,758 20,370

Net losses (gains) reclassified into net income 7,173 ( 27,370 ) ( 9,411 )

Net (gains) losses reclassified into net income ( 49,492 ) 7,173 ( 27,370 )

( 24,584 ) 27,931 ( 7,000 )

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Defined benefit plans, net change in unrealized component ( 156 ) ( 4,208 ) 6,054

Other comprehensive income (loss), net of tax 68,005 ( 29,722 ) 9,276

Other comprehensive (loss) income, net of tax ( 64,665 ) 68,005 ( 29,722 )

Comprehensive income $ 7,200,731 $ 5,426,222 $ 3,798,050

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Lam Research Corporation 2026 10-K 44

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Capital expenditures and intangible assets ( 966,405 ) ( 759,186 ) ( 396,670 )

Business acquisitions, net of cash acquired — — ( 119,955 )

Proceeds from maturities of available-for-sale securities — — 34,336

3 unchanged sentences

Lam Research Corporation 2026 10-K 45

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2026 June 29,

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Cash payments for interest $ 150,101 $ 172,355 $ 173,094

Cash payments for income taxes, net 972,513 991,821 809,748

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

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LAM RESEARCH CORPORATION

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Net income — — — — — 3,827,772 3,827,772

Other comprehensive income — — — — 9,276 — 9,276

Other comprehensive loss — — — — ( 29,722 ) — ( 29,722 )

Cash dividends declared ($ 0.80 per common share)

6 unchanged sentences

Net income — — — — — 5,358,217 5,358,217

Other comprehensive loss — — — — ( 29,722 ) — ( 29,722 )

Other comprehensive income — — — — 68,005 — 68,005

Cash dividends declared ($ 0.92 per common share)

6 unchanged sentences

Net income — — — — — 7,265,396 7,265,396

Other comprehensive income — — — — 68,005 — 68,005

Other comprehensive loss — — — — ( 64,665 ) — ( 64,665 )

Cash dividends declared ($ 1.04 per common share)

3 unchanged sentences

Lam Research Corporation 2026 10-K 47

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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For these and other reasons, the Company’s results of operations for fiscal years 2026, 2025, and 2024 may not necessarily be indicative of future operating results.

Common Stock Split:

On October 2, 2024, the Company effected a ten -for-one stock split of its common stock and a proportionate increase in the number of authorized shares.

All share and per share amounts throughout this Annual Report on Form 10-K have been retroactively adjusted to reflect the stock split.

The par value per share remains unchanged at $ 0.001 per share after the stock split.

Reclassification:

Certain amounts for the fiscal year 2024 Consolidated Balance Sheet and notes to the financial statements have been reclassified to conform to the fiscal year 2025 presentation.

Summary of Significant Accounting Policies

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Revenue is recognized in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services.

The Company elects to use the practical expedient afforded in the accounting guidance and therefore does not disclose remaining performance obligations for contracts with a duration of less than one year.

Additionally, outstanding customer contracts with remaining durations more than one year are not material as of June 28, 2026.

Inventory Valuation:

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If future customer demand or market conditions are less favorable than the Company’s projections, additional inventory write-downs may be required and would be reflected in cost of goods sold in the period in which the revision is made.

Lam Research Corporation 2025 10-K 44

Typically, the sale of semiconductor capital equipment includes providing parts and service warranties to customers as part of the overall price of the system.

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All actual or estimated parts and labor costs incurred in subsequent periods are charged to those established reserves on a system-by-system basis.

Lam Research Corporation 2026 10-K 48

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While the Company periodically monitors the performance and cost of warranty activities, if actual costs incurred are different than its estimates, the Company may recognize adjustments to provisions in the period in which those differences arise or are identified.

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Assets to be disposed of are reported at the lower of the carrying amount or fair value.

For the periods presented,

Lam Research Corporation 2025 10-K 45

impairment of long-lived assets were no t material.

For the periods presented, impairment of long-lived assets were not material.

In addition, for fully amortized intangible assets, we derecognize the gross cost and accumulated amortization in the period we determine the intangible asset no longer enhances future cash flows.

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The Company’s fiscal years ending on June 28, 2026 and June 29, 2025 included 52 weeks, and the fiscal year ended June 30, 2024 included 53 weeks.

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Principles of Consolidation:

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Property and equipment is stated at cost, less recognized impairments, if any.

Equipment is depreciated by the straight-line method over the estimated useful lives of the assets, generally three to five years .

Equipment is depreciated by the straight-line method over the estimated useful lives of the assets, generally three to seven years .

Furniture and fixtures are depreciated by the straight-line method over the estimated useful lives of the assets, generally five years .

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If the underlying forecasted transaction does not occur, or it becomes probable that it will not occur, the related hedge gains and losses on the cash flow hedge are reclassified from Accumulated other comprehensive income (loss) to Other income (expense), net on the Consolidated Statement of Operations at that time.

Lam Research Corporation 2025 10-K 46

Lease expense for operating leases is recognized on a straight-line basis over the lease term.

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and (ii) lease and non-lease components of a contract are accounted for as a single lease component.

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The Company’s guarantees generally include certain indemnifications to its lessors for environmental matters, potential overdraft protection obligations to financial institutions related to one of the Company’s subsidiaries, indemnifications to the Company’s customers for certain infringement of third-party intellectual property rights by its products and services, indemnifications for its officers and directors, and the Company’s warranty obligations under sales of its products.

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Remeasurement adjustments are recorded in Other income (expense), net, where the U.S.

dollar is the functional currency.

dollar is the functional currency and the Company transacts in a currency other than the functional currency.

Recent Accounting Pronouncements

Recently Adopted or Effective

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, “Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures,” which expands disclosures about a public entity’s reportable segments and requires more enhanced information about a reportable segment’s expenses, interim segment profit or loss, and how a public entity’s chief operating decision maker uses reported segment profit or loss information in assessing segment performance and allocating resources.

The guidance is effective for financial statements issued for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted.

The Company adopted this standard in fiscal year 2025 for the annual reporting period ending June 29, 2025, with retrospective disclosure of prior periods presented.

The adoption of ASU 2023-07 did not have an impact on the Company’s Consolidated Financial Statements other than additional footnote disclosures.

Refer to N ote 19:

Segment, Geographic Information, and Major Customers .

Updates Not Yet Effective

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740):

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The guidance is effective for financial statements issued for annual periods beginning after December 15, 2024, with early adoption permitted.

The Company is required to adopt this standard prospectively in fiscal year 2026 for the annual reporting period ending June 28, 2026.

The Company does not expect the adoption of ASU 2023-09 to have an impact on its Consolidated Financial Statements other than additional footnote disclosures.

In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40):

Disaggregation of Income Statement Expenses,” which requires disaggregation of certain expenses in the notes to the financial statements to provide enhanced transparency into the expense captions presented on the face of the income statement.

In January 2025, the FASB issued ASU 2025-01 which clarified the effective date for entities that do not have an annual reporting period that ends on December 31st.

The guidance is effective for annual periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted.

The Company is required to adopt this standard in fiscal year 2028 for the annual reporting period ending June 25, 2028 either (1) prospectively to financial statements issued for reporting periods after the effective date or (2) retrospectively to any or all prior periods presented in the financial statements.

The Company will apply the guidance prospectively and is currently in the process of evaluating the impact of adoption on its Consolidated Financial Statements.

Lam Research Corporation 2025 10-K 47

The Company adopted this standard prospectively in fiscal year 2026 for the annual reporting period ending June 28, 2026.

The adoption of ASU 2023-09 did not have an impact on the Company’s Consolidated Financial Statements other than expanded tax footnote disclosures.

Disaggregation of Revenue

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Segment, Geographic Information, and Major Customers for additional information regarding the Company’s evaluation of reportable business segments and the disaggregation of revenue by the geographic regions in which the Company operates.

Lam Research Corporation 2026 10-K 51

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Additionally, the Company serves three primary markets:

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Deferred Revenue

Revenue of $ 988.8 million included in deferred profit at June 30, 2024 was recognized during fiscal year 2025, representing 64 % of the $ 1,551.6 million of deferred revenue as of June 30, 2024.

Revenue of $ 2.09 billion included in deferred profit at June 29, 2025 was recognized during fiscal year 2026, representing 78 % 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 June 28, 2026 and when the Company expects to recognize the amounts as revenue:

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The Company also has an employee stock purchase plan that allows eligible employees to purchase its Common Stock at a discount through payroll deductions.

The Lam Research Corporation 2015 Stock Incentive Plan (the “Plan”) was approved by the stockholders and provides for the grant of non-qualified equity-based awards to eligible employees, consultants, advisors, and non-employee directors of the Company and its subsidiaries.

As of the date of stockholder approval, 192,320,680 authorized shares were available for issuance under the Plan;

as of June 29, 2025, 62,666,508 shar es remain available for future issuance to satisfy stock option exercises and vesting of awards.

Lam Research Corporation 2025 10-K 48

The Lam Research Corporation 2015 Stock Incentive Plan, as amended, and the Lam Research Corporation 2025 Stock Incentive Plan (collectively the “Stock Plans”) were approved by the stockholders and provide for the grant of non-qualified equity-based awards to eligible employees, consultants, advisors, and non-employee directors of the Company and its subsidiaries.

The 2025 Stock Incentive Plan was approved by shareholders on November 4, 2025 and authorizes up to 96.8 million shares available for issuance under the plan.

Additionally, 62.8 million shares that remained available for grant under the Company’s 2015 Stock Incentive plan, as amended were added to the shares available for issuance under the 2025 Stock Incentive plan.

As of June 28, 2026, 159.9 million sh ar es remain available for future issuance under the Stock Plans to satisfy stock option exercises and vesting of awards.

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

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Service-based RSUs typically vest annually over a period of 3 years or less.

Market-based PRSUs generally vest three years from the grant date if certain performance criteria are achieved and require continued employment.

For the majority of market-based PRSUs granted in the 2025 fiscal year, the number of shares that can be earned over the performance period is based on the Company’s total shareholder return (“TSR”) relative to other companies in the Philadelphia Semiconductor Index (“XSOX”), and ranges from 0 % to 150 % of target.

Market-based PRSUs generally vest three years from the grant date if certain performance and employment criteria are achieved.

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For the market-based PRSUs granted in the 2026 and 2025 fiscal years, the number of shares that can be earned over the performance period is based on the Company’s total shareholder return (“TSR”) relative to other companies in the Philadelphia Semiconductor Index (“XSOX”), and ranges from 0 % to 150 % of target.

Total shareholder return is a measure of stock price appreciation in the performance period, adjusted for the reinvestment of dividends.

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If the Company’s TSR is negative over the performance period, the payout will be capped at 100 %, regardless of the percentile ranking.

For market-based PRSUs granted in the 2024 and 2023 fiscal years, the number of shares that can be earned over the performance periods is based on the Company’s Common Stock price performance compared to the market price performance of the Philadelphia Semiconductor Total Return Index (“XSOX”), and ranges from 0 % to 150 % of target.

For market-based PRSUs granted in the 2024 fiscal year, the number of shares that can be earned over the performance periods is based on the Company’s Common Stock price performance compared to the market price performance of the Philadelphia Semiconductor Total Return Index (“XSOX”), and ranges from 0 % to 150 % of target.

The stock price performance or market price performance is measured using the average closing price for the 50 -trading days prior to the dates the performance period begins and ends.

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As of June 28, 2026, the Company had $ 567.7 million of total unrecognized compensation expense which is expected to be recognized over a weighted-average remaining period of approximately 2.1 years.

Lam Research Corporation 2025 10-K 49

Stock Options

The Company granted stock options with a 7 -year maximum contractual term to a limited group of executive officers during fiscal years 2025 and 2024.

No stock options were granted during fiscal year 2026.

Stock options typically vest over a period of three years or less.

The Company had 916 thousand options outstanding at June 28, 2026 with a weighted-average exercise price of $ 60.48 per share, of which 822 thousand were exercisable with a weighted-average exercise price of $ 56.28 per share.

As of June 29, 2025, the Company had $ 8.8 million of total unrecognized compensation expense related to unvested stock options granted and outstanding which is expected to be recognized over a weighted-average remaining period of 1.6 years.

As of June 28, 2026, the Company had $ 2.6 million of total unrecognized compensation expense related to unvested stock options granted and outstanding which is expected to be recognized over a weighted-average remaining period of nine months .

The Company has an employee stock purchase plan (the “ESPP”) which allows employees to designate a portion of their base compensation to be deducted and used to purchase the Company’s Common Stock at a purchase price per share of the lower of 85 % of the fair market value of the Company’s Common Stock on the first or last day of the applicable purchase period.

1 unchanged sentence

During fiscal year 2026, approximately 2,552 thousand shares of the Company’s Common Stock were sold to employees under the ESPP.

At June 29, 2025, approximately 48.4 million shares were available for purchase, and the Company had $ 47.0 million of total unrecognized compensation cost, which is expected to be recognized over a remaining period of less than ten months .

At June 28, 2026, approximately 45.8 million shares were available for purchase, and the Company had $ 69.9 million of total unrecognized compensation cost, which is expected to be recognized over a remaining period of approximately ten months .

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Other Income (Expense), Net

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$ 62,678 $ 57,161 $ 96,309

Interest income in the year ended June 29, 2025 decreased compared to the year ended June 30, 2024 primarily due to lower interest rates, partially offset by higher cash balances.

Interest income in the year ended June 30, 2024 increased compared to the year ended June 25, 2023, primarily as a result of higher yields and higher cash balances.

Interest income in fiscal year 2026 decreased compared to fiscal year 2025 primarily due to lower interest rates as well as an impact from slightly lower average invested cash balances versus the prior year.

Interest income in fiscal year 2025 decreased compared to fiscal year 2024, primarily due to lower interest rates, partially offset by higher average cash balances.

Interest expense decreased in fiscal year 2026 compared to fiscal year 2025 primarily due to the maturity of $ 750.0 million of the Company’s Senior Notes in March 2026.

Interest expense was flat in fiscal year 2024 compared to fiscal year 2023.

Interest expense decreased in fiscal year 2025 compared to fiscal year 2024 primarily due to the maturity of $ 500.0 million of the Company’s Senior Notes in March 2025.

The gains on deferred compensation plan related assets, net in fiscal years 2026, 2025 and 2024 were driven by fluctuations in the fair market value of the underlying funds.

Foreign exchange fluctuations in fiscal years 2026, 2025 and 2024 were primarily due to currency movements against portions of our unhedged balance sheet exposures.

The variations in other, net for the year ended June 28, 2026 compared to the years ended June 29, 2025 and June 30, 2024 were primarily driven by fluctuations in the fair market value of equity investments.

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Significant components of the provision (benefit) for income taxes attributable to income before income taxes were as follows:

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Allowances and reserves 281,612 260,266

Equity-based compensation 10,813 9,981

Inventory valuation differences 61,484 64,135

Outside basis differences of foreign subsidiaries 1,250,897 1,002,861

1 unchanged sentence

Operating lease liabilities 72,236 50,722

Intangible assets 4,831 4,908

Other 61,039 54,749

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Capital assets ( 146,147 ) ( 129,145 )

Amortization of goodwill ( 11,102 ) ( 11,287 )

Right-of-use assets ( 72,236 ) ( 50,722 )

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Net deferred tax assets $ 1,563,760 $ 1,275,039

Lam Research Corporation 2025 10-K 51

Realization of the Company’s net deferred tax assets is based upon the weighting of available evidence, including such factors as the recent earnings history and expected future taxable income.

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Substantially all of these credits can be carried forward indefinitely.

A reconciliation of income tax expense provided at the federal statutory rate (21% in fiscal years 2025, 2024, and 2023) to actual income tax expense is as follows:

Lam Research Corporation 2026 10-K 55

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The Company adopted ASU 2023-09 on a prospective basis beginning with the fiscal year ended June 28, 2026.

The following table presents required disclosures pursuant to ASU 2023-09 and reconciles the U.S.

federal statutory tax amount and rate to the Company’s Consolidated effective amount and rate for the year ended June 28, 2026:

June 28, 2026

Amount Percent

(in thousands)

Income tax expense computed at federal statutory rate $ 1,735,119 21.0 %

State and local income taxes, net of federal income tax effect 12,265 0.2 %

Foreign tax effects

Statutory tax rate differential 223,945 2.7 %

Incentive agreement ( 1,682,441 ) ( 20.4 ) %

Other 2,784 — %

Other foreign jurisdictions 12,426 0.2 %

Effect of changes in tax laws or rates enacted in the current period 27,450 0.3 %

Effect of cross-border tax laws

Global intangible low-taxed income 305,392 3.7 %

Foreign income inclusions taxable at U.S.

statutory rate - Subpart F 413,370 5.0 %

Other ( 1,241 ) — %

Research and development ( 108,401 ) ( 1.3 ) %

Other ( 436 ) — %

Nontaxable or nondeductible items ( 82,024 ) ( 1.0 ) %

Changes in uncertain tax positions 136,674 1.7 %

Other adjustments 2,195 — %

Income tax expense, effective tax rate $ 997,077 12.1 %

At June 28, 2026, the state and local income taxes in Oregon and Minnesota comprised the majority of the state and local income taxes, net of federal tax effect category.

The effect of cross-border tax laws category includes the benefit of foreign tax credits associated with foreign earnings subject to U.S.

The Company presents this category on a net basis as the foreign tax credits directly offset the related U.S.

tax liability.

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The following table presents the required disclosures prior to the Company’s adoption of ASU 2023-09 and reconciles income tax expense provided at the federal statutory rate (21% in fiscal years 2025 and 2024) to actual income tax expense for the fiscal years ended June 29, 2025 and June 30, 2024.

2025 June 30,

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The benefit of the tax incentive on diluted earnings per share was approximately $ 0.77 , $ 0.45 , and $ 0.32 in fiscal years 2026, 2025, and 2024, respectively.

Earnings of the Company’s foreign subsidiaries included in consolidated retained earnings that are indefinitely reinvested in foreign operations aggregated to approximately $ 1.3 billion at June 29, 2025.

If these earnings were remitted to the United States, they would be subject to foreign withholding taxes of approximately $ 152.1 million at the current statutory rates.

The potential tax expense associated with these foreign withholding taxes would be offset by $ 121.7 million of foreign tax credits that would be generated in the United States upon remittance.

Other potential tax consequences, such as state income inclusions of these earnings, cannot be estimated.

BEPS 2.0 GMT was fully effective for the Company this fiscal year.

The Company assessed GMT under currently enacted legislation and determined that it met transitional safe harbor requirements in most jurisdictions, with limited jurisdictions subject to GMT.

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

The impact has been included within income tax expense for the twelve months ended June 28, 2026.

On July 4, 2025, the OBBBA was signed into law by U.S.

President Donald Trump.

The impact on income taxes due to change in legislation is required, under ASC 740, Income Taxes, to be recognized in the period in which the law is enacted, which is during the Company’s fiscal year 2026.

In general, the OBBBA introduces changes to U.S.

The impact on income taxes due to change in legislation is required, under ASC 740, Income Taxes, to be recognized in the period in which the law is enacted, which was this fiscal year.

In general, the OBBBA introduced changes to U.S.

taxation, including changes in the taxation of non-U.S.

The Company is currently assessing the potential implications of these changes to its fiscal year 2026 Consolidated Financial Statements.

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

The impact has been included within income tax expense for the twelve months ended June 28, 2026.

The Company’s gross uncertain tax positions were $ 864.1 million, $ 720.3 million, and $ 723.8 million as of June 28, 2026, June 29, 2025, and June 30, 2024, respectively.

During fiscal year 2025, gross uncertain tax positions decreased by $ 3.5 million.

During fiscal year 2026, gross uncertain tax positions increased by $ 143.8 million.

The amount of uncertain tax positions that, if recognized, would impact the effective tax rate was $ 735.5 million, $ 604.6 million, and $ 622.6 million, as of June 28, 2026, June 29, 2025, and June 30, 2024, respectively.

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The aggregate changes in the balance of gross uncertain tax positions were as follows:

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Lapse of statute of limitations ( 10,114 )

Increases in balances related to tax positions taken during prior periods 5,841

Decreases in balances related to tax positions taken during prior periods ( 12,326 )

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Lapse of statute of limitations ( 211,696 )

Increases in balances related to tax positions taken during prior periods 69,016

Decreases in balances related to tax positions taken during prior periods ( 3,983 )

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As of June 28, 2026, tax years 2005-2026 remain subject to examination in the jurisdictions where the Company operates.

The IRS is examining the Company’s U.S.

The Internal Revenue Service (“IRS”) examined 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.

The Company is in various stages of examinations in connection with all of its tax audits worldwide, and it is difficult to determine when these examinations will be settled.

It is reasonably possible that over the next 12-month period the Company may experience an increase or decrease in its uncertain tax positions as a result of tax examinations or lapses of statutes of limitation.

The change in uncertain tax positions as a result of lapses of statutes of limitation may range up to $ 52.9 million, excluding interest and penalties.

As of June 2026, the IRS proposed adjustments that were not significant, which the Company agreed to and paid.

As a result of the adoption of ASU 2023-09, the Company has included the following table reconciling income taxes paid (net of refunds received):

Cash payment for income taxes (net of refunds received) (in thousands)

Federal $ 1,128,278

Total cash payments for income taxes (net of refunds received) $ 1,333,996

Total cash payments for income taxes (net of refunds received) was $ 972.5 million and $ 991.8 million, as of June 29, 2025 and June 30, 2024, respectively.

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Net Income per Share

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The Company accounts for its investment portfolio at fair value.

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Investments are recorded within Prepaid expenses and other current assets in the Company’s Consolidated Balance Sheets.

As of June 29, 2025 and June 30, 2024, the fair value, and associated unrealized loss positions, if any, of mutual funds and debt and equity investments were not material.

As of June 28, 2026 and June 29, 2025, the fair value, and associated unrealized loss positions, if any, of mutual funds and equity investments were not material.

Gross realized gains/(losses) from sales of investments were insignificant in fiscal years 2026, 2025, and 2024.

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The total notional value of cash flow hedge instruments outstanding as of June 28, 2026 included $ 615.4 million of buy contracts and $ 438.5 million of sell contracts.

Balance Sheet Hedges

As of June 29, 2025 and June 30, 2024, the fair value of outstanding balance sheet hedges was not material.

The effect of the Company’s balance sheet hedge derivative instruments on the Company’s Consolidated Statements of Operations were not material as of and for the twelve months ended June 29, 2025.

The total notional value of balance sheet hedge instruments outstanding as of June 29, 2025 included $ 281.1 million of buy contracts and $ 121.5 million of sell contracts.

Balance Sheet Derivative Instruments

As of June 28, 2026 and June 29, 2025, the fair value of outstanding balance sheet derivative instruments was not material.

The effect of the Company’s balance sheet derivative instruments on the Company’s Consolidated Statements of Operations were not material as of and for the twelve months ended June 28, 2026.

The total notional value of balance sheet derivative instruments outstanding as of June 28, 2026 included $ 359.6 million of buy contracts and $ 576.2 million of sell contracts.

Concentrations of Credit Risk

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Management believes that the financial institutions that hold the Company’s cash are creditworthy and, accordingly, minimal credit risk exists with respect to these balances.

To ensure diversification and minimize concentration, the Company’s policy limits the amount of credit exposure with any one financial institution.

Lam Research Corporation 2026 10-K 60

The Company’s overall portfolio of available-for-sale securities must maintain an average minimum rating of “AA-” or “Aa3” as rated by Standard and Poor’s, Fitch Ratings, or Moody’s Investor Services.

To ensure diversification and minimize concentration, the Company’s policy limits the amount of credit exposure with any one financial institution or commercial issuer.

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The Company is exposed to credit losses in the event of nonperformance by counterparties on foreign currency and interest rate hedge contracts that are used to mitigate the effect of exchange rate and interest rate fluctuations and on contracts related to structured share repurchase arrangements.

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In general, the Company does not require collateral on sales.

As of June 29, 2025, three customers accounted for approximately 19 %, 15 % and 12 % of accounts receivable, respectively.

As of June 28, 2026, five customers accounted for approximately 20 %, 16 %, 15 %, 11 %, and 10 % of accounts receivable, respectively.

As of June 29, 2025, three customers accounted for approximately 19 %, 15 %, and 12 % of accounts receivable, respectively.

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Depreciation expense during fiscal years 2026, 2025, and 2024 was $ 383.9 million, $ 329.5 million, and $ 299.0 million, respectively.

Lam Research Corporation 2025 10-K 56

Goodwill and Intangible Assets

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No goodwill impairments were recognized in fiscal years 2026, 2025, or 2024.

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Intangible Assets

The balance of intangible assets as of June 29, 2025 and June 30, 2024 were $ 182.2 million and $ 138.5 million, respectively.

The balance of intangible assets as of June 28, 2026 and June 29, 2025 were $ 269.3 million and $ 182.2 million, respectively, consisting primarily of capitalized software.

The effect of intangible assets on the Company’s Consolidated Statement of Operations, including amortization and impairment, if any, was not material for fiscal years 2026, 2025, and 2024.

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(in thousands) Effective Interest Rate

Fixed-rate 3.80 % Senior Notes Due March 15, 2025 (“2025 Notes”)

Fixed-rate 3.125 % Senior Note Due June 15, 2060 ("2060 Notes")

$ 500,000 3.18 % $ 500,000 3.18 %

Fixed-rate 3.75 % Senior Notes Due March 15, 2026 ("2026 Notes")

Fixed-rate 2.875 % Senior Note Due June 15, 2050 ("2050 Notes")

750,000 2.93 % 750,000 2.93 %

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1,000,000 4.09 % 1,000,000 4.09 %

Fixed-rate 2.875 % Senior Note Due June 15, 2050 ("2050 Notes")

750,000 2.93 % 750,000 2.93 %

Fixed-rate 3.125 % Senior Note Due June 15, 2060 ("2060 Notes")

Fixed-rate 3.75 % Senior Notes Due March 15, 2026 ("2026 Notes")

— 3.86 % 750,000 3.86 %

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Long-term debt $ 3,721,914 $ 3,719,694

Lam Research Corporation 2025 10-K 57

The Company’s contractual cash obligations relating to its outstanding debt as of June 28, 2026, were as follows:

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Total $ 3,750,000 $ 2,042,213

Lam Research Corporation 2026 10-K 62

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On May 5, 2020, the Company completed a public offering of $ 750.0 million aggregate principal amount of the Company’s Senior Notes due June 15, 2030 (the “2030 Notes”), $ 750.0 million aggregate principal amount of the Company’s Senior Notes due June 15, 2050 (the “2050 Notes”), and $ 500.0 million aggregate principal amount of the Company’s Senior Notes due June 15, 2060 (the “2060 Notes”).

2 unchanged sentences

The Company pays interest at an annual rate of 4.00 % and 4.875 %, on the 2029 and 2049 Notes, respectively, on a semi-annual basis on March 15 and September 15 of each year.

On March 12, 2015, the Company completed a public offering of $ 500 million aggregate principal amount of the Company’s Senior Notes due March 15, 2025 (the “2025 Notes”).

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

The Company may redeem the 2026, 2029, 2030, 2049, 2050, and 2060 Notes (collectively the “Senior Notes”) at a redemption price equal to 100 % of the principal amount of such series (“par”), plus a “make whole” premium as described in the indenture in respect to the Senior Notes and accrued and unpaid interest before January 15, 2026 for the 2026 Notes, before December 15, 2028 for the 2029 Notes, before March 15, 2030 for the 2030 Notes, before September 15, 2048 for the 2049 Notes, before December 15, 2049 for the 2050 Notes, and before December 15, 2059 for the 2060 Notes.

The Company may redeem the Senior Notes at par, plus accrued and unpaid interest at any time on or after January 15, 2026 for the 2026 Notes, on or after December 15, 2028 for the 2029 Notes, on or after March 15, 2030 for the 2030 Notes, on or after September 15, 2048 for the 2049 Notes, on or after December 15, 2049 for the 2050 Notes, and on or after December 15, 2059 for the 2060 Notes.

The Company may redeem the 2029, 2030, 2049, 2050, and 2060 Notes (collectively the “Senior Notes”) at a redemption price equal to 100 % of the principal amount of such series (“par”), plus a “make whole” premium as described in the indenture in respect to the Senior Notes and accrued and unpaid interest before December 15, 2028 for the 2029 Notes, before March 15, 2030 for the 2030 Notes, before September 15, 2048 for the 2049 Notes, before December 15, 2049 for the 2050 Notes, and before December 15, 2059 for the 2060 Notes.

The Company may redeem the Senior Notes at par, plus accrued and unpaid interest at any time on or after December 15, 2028 for the 2029 Notes, on or after March 15, 2030 for the 2030 Notes, on or after September 15, 2048 for the 2049 Notes, on or after December 15, 2049 for the 2050 Notes, and on or after December 15, 2059 for the 2060 Notes.

In addition, upon the occurrence of certain events, as described in the indenture, the Company will be required to make an offer to repurchase the Senior Notes at a price equal to 101 % of the principal amount of the respective note, plus accrued and unpaid interest.

7 unchanged sentences

2029 Notes 2.7 $ 990,020

2060 Notes 35.0 $ 308,895

Revolving Credit Facility

1 unchanged sentence

This agreement was amended on November 10, 2015 (the “Amended and Restated Credit Agreement”), October 13, 2017 (the “2nd Amendment”), February 25, 2019 (the “3rd Amendment”), June 17, 2021 (the “Second Amended and Restated Credit Agreement”), December 7, 2022 (“Amendment No.1 to Second Amended and Restated Credit Agreement”), and January 27, 2025 (the “Third Amended and Restated Credit Agreement”).

The Third Amended and Restated Credit Agreement provides for a $ 2.0 billion revolving credit facility with a syndicate of lenders,

Lam Research Corporation 2025 10-K 58

along with an expansion option that will allow the Company, subject to certain requirements, to request an increase in the facility of up to an additional $ 750.0 million, for a potential total commitment of $ 2.75 billion.

The Third Amended and Restated Credit Agreement provides for a $ 2.00 billion revolving credit facility with a syndicate of lenders, along with an expansion option that will allow the Company, subject to certain requirements, to request an increase in the facility of up to an additional $ 750.0 million, for a potential total commitment of $ 2.75 billion.

The facility matures on January 25, 2030.

4 unchanged sentences

Commercial Paper Program

On November 13, 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 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.

In March 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.

2 unchanged sentences

As of June 28, 2026, the Company had no outstanding borrowings under the CP Program.

Lam Research Corporation 2026 10-K 63

Tab le o f Content s

Interest Cost

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While the majority of the Company’s lease arrangements are operating leases, the Company has certain leases that qualify as finance leases.

The Company leases some of its administrative, research and development and manufacturing facilities, regional sales/service offices, and certain equipment under non-cancelable leases.

Certain of the Company’s facility leases provide the Company with options to extend the leases for additional periods, to purchase the facilities, or provide for periodic rent increases based on the general rate of inflation.

Variable lease payments are expensed as incurred and are not included within the right of use asset and lease liability calculation.

6 unchanged sentences

and operating lease costs were immaterial for fiscal years 2026, 2025, and 2024, respectively.

Lam Research Corporation 2025 10-K 59

Supplemental cash flow information related to leases was as follows as of June 28, 2026, June 29, 2025, and June 30, 2024:

8 unchanged sentences

Finance leases 3,308 2,884 226,519

Lam Research Corporation 2026 10-K 64

Tab le o f Content s

Supplemental balance sheet information related to leases was as follows as of June 28, 2026 and June 29, 2025:

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Total $ 387,002

Selected Leases and Related Guarantees

The Company leases some of its administrative, research and development and manufacturing facilities, regional sales/service offices, and certain equipment under non-cancelable leases.

Certain of the Company’s facility leases are for buildings located at its Tualatin, Oregon campus;

and certain other facility leases provide the Company with options to extend the leases for additional periods or to purchase the facilities.

Certain of the Company’s facility leases provide for periodic rent increases based on the general rate of inflation.

Lam Research Corporation 2025 10-K 60

The Company elected to exercise purchase options available under its finance leases for certain improved properties in Fremont and Livermore, California (the “California Facility Leases”) in the three months ended September 24, 2023.

As a result, the Company released cash collateral in an aggregate of approximately $ 250 million of restricted cash that was reported in Other assets in the Company’s Consolidated Balance Sheet.

Additionally, guarantees made to the lessor that each property would have a certain minimum residual value totaling $ 298.4 million as of June 25, 2023 in the aggregate were eliminated with the extinguishment of the California Facility Leases.

As a result of the purchase of the improved properties, $ 250.5 million of additions were made to Property and equipment, net in the Company’s Consolidated Balance Sheets primarily comprised of land ($ 40.5 million) and buildings and improvements ($ 210.0 million).

Deferred Compensation Plans

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Income Taxes for further discussion) as of the end of the fiscal year because the Company is unable to reasonably estimate the ultimate amount or time of settlement.

Lam Research Corporation 2026 10-K 65

Tab le o f Content s

Other Guarantees

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

As of June 29, 2025, the Company had not recorded any liability on its 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 June 28, 2026, the Company had not recorded any liability on its 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 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 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.

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Actual expenditures will vary based on the volume of transactions and length of contractual service provided.

Lam Research Corporation 2025 10-K 61

The Company’s commitments related to these agreements as of June 28, 2026, were as follows:

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During fiscal year 2023, this one-time tax was adjusted, resulting in a total tax liability increase of approximately $ 50.0 million, which was spread over the same 8-year period.

The remaining obligation related to this arrangement totals $ 229.6 million and is expected to be paid in fiscal year 2026.

The Company may choose to apply existing tax credits, thereby reducing the actual cash payment.

The remaining obligation related to this arrangement was settled in fiscal year 2026.

The Company provides standard warranties on its systems.

1 unchanged sentence

As of June 28, 2026, warranty reserves totaling $ 19.7 million were reported in Other long-term liabilities, and the remainder were included in Accrued expenses and other current liabilities in the Company’s Consolidated Balance Sheets.

Lam Research Corporation 2026 10-K 66

Tab le o f Content s

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

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Balance at end of period $ 289,713 $ 265,466

Lam Research Corporation 2025 10-K 62

Government Assistance

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Quarter ended June 28, 2026 811 (3) $ 245,941 $ 325.14 $ 4,042,724

(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 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 initial settlement of accelerated share repurchase agreements;

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

see additional disclosures 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.

Lam Research Corporation 2026 10-K 67

Tab le o f Content s

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 received under the March 2026 ASR 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 March 2026 ASRs occurred in June 2026, resulting in the receipt of approximately 55 thousand additional shares, which yielded a weighted-average share price of $ 270.71 for the transaction period, including the effects of a 1% excise tax under the Inflation Reduction Act

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 total number of shares received under the April 2025 ASRs 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.

Final settlement of the April 2025 ASRs will occur no later than September 8, 2025.

The Company recorded the April 2025 ASRs as equity transactions;

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 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.

The Company reflects shares received as a repurchase of common stock in the weighted average common shares outstanding calculation for basic and diluted earnings per share.

Lam Research Corporation 2025 10-K 63

Segment, Geographic Information, and Major Customers

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

Lam Research Corporation 2026 10-K 68

Tab le o f Content s

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

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are attributed to the geographic locations in which the assets are located.

Lam Research Corporation 2025 10-K 64

Revenues and long-lived assets by geographic region were as follows:

3 unchanged sentences

China $ 7,859,811 $ 6,205,062 $ 6,293,990

Korea 4,127,766 2,874,015 3,551,742

Taiwan 5,222,915 3,445,220 1,671,815

Korea 4,505,327 4,127,766 2,874,015

Japan 2,171,088 1,880,882 1,460,429

3 unchanged sentences

Total revenue $ 23,232,690 $ 18,435,591 $ 14,905,386

Lam Research Corporation 2026 10-K 69

Tab le o f Content s

2026 June 29,

5 unchanged sentences

Korea 346,247 299,497 262,405

Europe 134,707 115,316 93,732

Taiwan 176,537 96,458 98,268

Europe 152,702 134,707 115,316

Japan 16,512 8,638 7,858

1 unchanged sentence

$ 3,353,831 $ 2,715,724 $ 2,462,854

In fiscal year 2025, two customers accounted for approximately 17 % and 15 % of total revenues, respectively.

In fiscal year 2024, one customer accounted for approximately 17 % of total revenues.

In fiscal year 2023, two customers accounted for approximately 22 % and 16 % of total revenues, respectively.

In fiscal year 2026, four customers accounted for approximately 16 %, 15 %, 12 %, and 12 % of total revenues, respectively.

In fiscal year 2025, two customer accounted for approximately 17 % and 15 % of total revenues.

In fiscal year 2024, one customer accounted for approximately 17 % of total revenues, respectively.

No other customers accounted for 10% or more of total revenues.

6 unchanged sentences

The majority of restructuring charges that have been incurred but not yet paid are recorded in Accrued expenses and other current liabilities in the Consolidated Balance Sheets.

Lam Research Corporation 2025 10-K 65

During the fiscal year ended June 25, 2023, the Company initiated a restructuring plan designed to better align the Company’s cost structure with its outlook for the economic environment and business opportunities.

2 unchanged sentences

Additionally, the Company made a strategic decision to relocate certain manufacturing activities to pre-existing facilities and incurred charges to move inventory and equipment and exit selected supplier arrangements.

No restructuring costs were recorded during the fiscal year ended June 29, 2025.

No restructuring costs were recorded during the fiscal year ended June 28, 2026 or June 29, 2025.

During the fiscal year ended June 30, 2024, net restructuring costs of $ 43.4 million and $ 18.2 million were recorded in Restructuring charges, net - cost of goods sold, and Restructuring charges, net - operating expenses, respectively in the Consolidated Statements of Operations.

The restructuring plan was substantially completed as of June 30, 2024, and cumulative costs as of June 30, 2024 totaled $ 181.9 million .

The restructuring liability reported as of June 30, 2024 totaling $ 1.1 million was substantially satisfied in the three months ended September 29, 2024.

The following table is a summary of the activity related to the restructuring plan:

Severance and Benefits Other Total

(in thousands)

Restructuring liability as of June 25, 2023 $ 7,989 $ 246 $ 8,235

Restructuring expense 29,926 31,636 61,562

Cash payments ( 36,684 ) ( 24,045 ) ( 60,729 )

Non-cash activities ( 1,034 ) ( 6,941 ) ( 7,975 )

Restructuring liability as of June 30, 2024 $ 197 $ 896 $ 1,093

The associated restructuring liability was substantially satisfied in the three months ended September 29, 2024.

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Tab le o f Content s

Report of Independent Registered Public Accounting Firm

To the Stockholders and Board of Directors

Lam Research Corporation:

Opinions on the Consolidated Financial Statements and Internal Control Over Financial Reporting

We have audited the accompanying consolidated balance sheet of Lam Research Corporation (the Company) as of June 28, 2026, the related consolidated statements of operations, comprehensive income, stockholders’ equity, and cash flows for the year then ended, and the related notes (collectively, the consolidated financial statements).

We also have audited the Company’s internal control over financial reporting as of June 28, 2026, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of June 28, 2026, and the results of its operations and its cash flows for the year then ended, in conformity with U.S.

generally accepted accounting principles.

Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of June 28, 2026 based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

Basis for Opinions

The Company’s management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control over Financial Reporting.

Our responsibility is to express an opinion on the Company’s consolidated financial statements and an opinion on the Company’s internal control over financial reporting based on our audits.

We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S.

federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB.

Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audit of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks.

Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements.

Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.

Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk.

Our audits also included performing such other procedures as we considered necessary in the circumstances.

We believe that our audits provide a reasonable basis for our opinions.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.

A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company;

and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.

Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that:

(1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments.

The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Lam Research Corporation 2026 10-K 71

Tab le o f Content s

Evaluation of sufficiency of audit evidence over revenue

As discussed in Notes 2, 4, and 19 to the consolidated financial statements, the Company recorded $23,232,690 thousand in revenue for the year ended June 28, 2026.

The Company generates revenue by designing, manufacturing, refurbishing, and servicing semiconductor processing equipment used in the fabrication of integrated circuits.

The Company’s process to account for and recognize revenue differs across revenue streams.

We identified the evaluation of the sufficiency of audit evidence obtained over revenue as a critical audit matter.

Evaluating the sufficiency of audit evidence required subjective auditor judgment due to the number of revenue streams and separate processes to account for and recognize revenue.

This included determining the nature and extent of audit evidence obtained over each revenue stream.

The following are the primary procedures we performed to address this critical audit matter.

We applied auditor judgment to determine the revenue streams over which procedures were performed as well as the nature and extent of such procedures.

For revenue streams where procedures were performed, we:

• evaluated the design and tested the operating effectiveness of certain internal controls over the Company’s revenue recognition processes, including the Company’s controls over the accurate recording of revenue

• evaluated the Company’s revenue recognition accounting policies

• evaluated, for a sample of revenue transactions, (1) the accounting for consistency with the Company’s accounting policies, as applicable, including timing of revenue recognition, and (2) the recorded amounts by comparing them for consistency to underlying documentation, including the customer contracts.

In addition, we evaluated the sufficiency of audit evidence obtained by assessing the results of the procedures performed, including the appropriateness of the nature and extent of audit effort over revenue.

We have served as the Company’s auditor since 2025.

Santa Clara, California

August 7, 2026

Lam Research Corporation 2026 10-K 72

Tab le o f Content s

Report of Independent Registered Public Accounting Firm

To the Stockholders and the Board of Directors of Lam Research Corporation

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Lam Research Corporation (the Company) as of June 29, 2025 and June 30, 2024, the related consolidated statements of operations, comprehensive income, stockholders’ equity and cash flows for each of the three years in the period ended June 29, 2025, and the related notes (collectively referred to as the “consolidated financial statements”).

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at June 29, 2025 and June 30, 2024, and the results of its operations and its cash flows for each of the three years in the period ended June 29, 2025, in conformity with U.S.

We have audited the accompanying consolidated balance sheet of Lam Research Corporation (the Company) as of June 29, 2025, the related consolidated statements of operations, comprehensive income, stockholders' equity and cash flows for each of the two years in the period ended June 29, 2025, and the related notes (collectively referred to as the “consolidated financial statements”).

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at June 29, 2025 and the results of its operations and its cash flows for each of the two years in the period ended June 29, 2025, in conformity with U.S.

generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of June 29, 2025, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated August 11, 2025 expressed an unqualified opinion thereon.

Basis for Opinion

9 unchanged sentences

We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that:

(1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments.

The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the account or disclosure to which it relates.

Lam Research Corporation 2025 10-K 67

Inventory - Valuation

Description of the Matter The Company’s inventories totaled $4.3 billion as of June 29, 2025, representing 20% of total assets.

As explained in Note 2 to the consolidated financial statements, the Company assesses the valuation of all inventories including manufacturing raw materials, work-in-process, finished goods, and spare parts in each reporting period.

Inventory in excess of management’s estimated usage requirement and obsolete inventory is written down to its estimated net realizable value if less than cost.

Auditing management’s estimates for certain excess and obsolete inventory involved subjective auditor judgment because management’s assessment of whether a write down is required and the measurement of any excess of cost over net realizable value is judgmental and considers a number of qualitative factors that are affected by market and economic conditions outside the Company’s control.

How We Addressed the Matter in Our Audit We evaluated and tested the Company’s processes and the design and operating effectiveness of internal controls addressing the identified audit risks.

This included controls over management’s assessment of inventory valuation, including the development of forecasted usage of inventories and consideration of how factors outside of the Company’s control might affect management’s judgment related to the valuation of excess and obsolete inventory.

Our audit procedures included, among others, evaluating the significant assumptions (e.g., forecasts related to the Company’s future manufacturing schedules, customer demand, technological obsolescence, and possible alternative uses) and the underlying data used in management’s excess and obsolete inventory valuation assessment.

We evaluated inventory levels compared to forecasted demand, historical sales and specific product considerations.

We also assessed the historical accuracy of management’s estimates.

/s/ Ernst & Young LLP

We have served as the Company’s auditor since 1981.

San Jose, California

August 11, 2025

Lam Research Corporation 2025 10-K 68

Report of Independent Registered Public Accounting Firm

To the Stockholders and the Board of Directors of Lam Research Corporation

Opinion on Internal Control Over Financial Reporting

We have audited Lam Research Corporation’s internal control over financial reporting as of June 29, 2025, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria).

In our opinion, Lam Research Corporation (the Company) maintained, in all material respects, effective internal control over financial reporting as of June 29, 2025, based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of June 29, 2025 and June 30, 2024, the related consolidated statements of operations, comprehensive income, stockholders’ equity and cash flows for each of the three years in the period ended June 29, 2025, and the related notes and our report dated August 11, 2025 expressed an unqualified opinion thereon.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Report on Internal Control over Financial Reporting.

Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit.

We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S.

federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB.

Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.

Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances.

We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control Over Financial Reporting

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.

/s/ Ernst & Young LLP

We served as the Company’s auditor from 1981 to 2025.

San Jose, California

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Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

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 8. Financial Statements and Supplementary Data