Analysis of Debt
Total Debt (Carrying Amount)
Lam Research Corp., balance sheet: debt
US$ in thousands
Based on: 10-K (reporting date: 2026-06-28), 10-K (reporting date: 2025-06-29), 10-K (reporting date: 2024-06-30), 10-K (reporting date: 2023-06-25), 10-K (reporting date: 2022-06-26), 10-K (reporting date: 2021-06-27).
Analysis of the debt structure reveals a period of prolonged stability followed by a strategic reduction in total obligations and a temporary shift in maturity profiles.
- Overall Debt Trajectory
- Total long-term debt and finance lease obligations remained nearly constant from June 2021 through June 2023, hovering around 5 billion USD. A downward trend commenced in June 2024, with total carrying amounts declining to approximately 4.48 billion USD in 2025 and further decreasing to 3.73 billion USD by June 2026. This represents a significant reduction in the total debt burden over the latter half of the analyzed period.
- Current Liability Volatility
- A substantial shift in debt maturity is observed between 2023 and 2025. The current portion of long-term debt, which remained nominal (under 12 million USD) from 2021 to 2023, experienced a sharp increase to 504.8 million USD in June 2024 and peaked at 754.3 million USD in June 2025. This pattern indicates a concentration of maturing obligations within a specific two-year window. By June 2026, the current portion returned to a negligible level of 4.07 million USD, suggesting the successful settlement or refinancing of those obligations.
- Long-Term Debt Composition
- The non-current portion of debt remained stable at approximately 5 billion USD until 2023. Starting in 2024, a steady decline is evident, with the balance dropping to 4.48 billion USD in 2024 and settling at approximately 3.73 billion USD by June 2025 and 2026. The convergence of the total debt and the long-term portion in 2026 confirms that the company has minimized its immediate short-term debt pressures.
Total Debt (Fair Value)
| Jun 28, 2026 | |
|---|---|
| Selected Financial Data (US$ in thousands) | |
| 2060 Notes | 315,050) |
| 2050 Notes | 486,450) |
| 2049 Notes | 689,933) |
| 2030 Notes | 680,130) |
| 2029 Notes | 990,020) |
| 2026 Notes | —) |
| 2025 Notes | —) |
| Finance lease liabilities | 12,502) |
| Total long-term debt and finance lease obligations (fair value) | 3,174,085) |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | 0.85 |
Based on: 10-K (reporting date: 2026-06-28).
Weighted-average Interest Rate on Debt
Weighted-average effective interest rate on long-term debt: 3.49%
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| 3.18% | 500,000) | 15,900) | |
| 2.93% | 750,000) | 21,975) | |
| 4.93% | 750,000) | 36,975) | |
| 2.01% | 750,000) | 15,075) | |
| 4.09% | 1,000,000) | 40,900) | |
| Total | 3,750,000) | 130,825) | |
| 3.49% | |||
Based on: 10-K (reporting date: 2026-06-28).
1 US$ in thousands
2 Weighted-average interest rate = 100 × 130,825 ÷ 3,750,000 = 3.49%