Analysis of Revenues
Revenues as Reported
Lam Research Corp., income statement, revenues
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).
Total revenue exhibits a cyclical trajectory characterized by an initial growth phase, a moderate contraction in 2024, and a subsequent period of aggressive expansion through 2026. Overall revenue increased from 14.63 billion US dollars in June 2021 to a projected 23.23 billion US dollars by June 2026, representing a significant long-term upward trend despite mid-period volatility.
- Systems Revenue Volatility
- Systems revenue serves as the primary driver of total turnover but demonstrates the highest degree of variance. After peaking at 11.32 billion US dollars in 2022, this segment experienced a decline, reaching a trough of 8.92 billion US dollars in June 2024. However, a strong recovery is observed in the following periods, with revenue accelerating to 14.89 billion US dollars by June 2026, indicating a cyclical rebound in capital equipment demand.
- Customer Support-Related Revenue Stability
- Revenue from customer support and other services exhibits a more stable growth pattern compared to systems sales. This segment grew steadily from 4.86 billion US dollars in 2021 to 6.73 billion US dollars in 2023. While a slight dip occurred in 2024, the segment maintained a higher floor than in previous years, ultimately rising to 8.35 billion US dollars by June 2026. This suggests a growing recurring revenue base that mitigates the impact of systems sales fluctuations.
- Revenue Mix and Composition
- The proportional contribution of customer support-related revenue to total revenue has generally increased over the analyzed period. In 2021, support services accounted for approximately 33% of total revenue; by 2026, this proportion is projected to reach approximately 36%. This shift indicates a strategic diversification of income streams, reducing the company's reliance on the more volatile systems market.
- Growth Acceleration Phase
- A significant inflection point is observed between June 2024 and June 2026. Total revenue is projected to grow from 14.91 billion US dollars to 23.23 billion US dollars within this two-year window. This acceleration is driven predominantly by the systems segment, which is expected to grow by approximately 67% during this specific timeframe.