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Lam Research Corp. (NASDAQ:LRCX)

Common-Size Income Statement
Quarterly Data

Lam Research Corp., common-size consolidated income statement (quarterly data)

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3 months ended: Sep 27, 2026 Jun 28, 2026 Mar 29, 2026 Dec 28, 2025 Sep 28, 2025 Jun 29, 2025 Mar 30, 2025 Dec 29, 2024 Sep 29, 2024 Jun 30, 2024 Mar 31, 2024 Dec 24, 2023 Sep 24, 2023 Jun 25, 2023 Mar 26, 2023 Dec 25, 2022 Sep 25, 2022 Jun 26, 2022 Mar 27, 2022 Dec 26, 2021 Sep 26, 2021 Jun 27, 2021 Mar 28, 2021 Dec 27, 2020 Sep 27, 2020
Revenue 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Cost of goods sold -47.70 -48.25 -50.17 -50.40 -49.57 -49.92 -50.98 -52.63 -51.95 -52.33 -52.14 -52.84 -52.25 -54.18 -56.78 -54.97 -53.95 -54.69 -55.26 -53.20 -54.08 -53.80 -53.73 -53.60 -52.59
Restructuring charges, net, cost of goods sold 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.14 -0.40 -0.40 -0.23 -0.36 -1.72 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cost of goods sold -47.70% -48.25% -50.17% -50.40% -49.57% -49.92% -50.98% -52.63% -51.95% -52.47% -52.54% -53.24% -52.48% -54.54% -58.51% -54.97% -53.95% -54.69% -55.26% -53.20% -54.08% -53.80% -53.73% -53.60% -52.59%
Gross margin 52.30% 51.75% 49.83% 49.60% 50.43% 50.08% 49.02% 47.37% 48.05% 47.53% 47.46% 46.76% 47.52% 45.46% 41.49% 45.03% 46.05% 45.31% 44.74% 46.80% 45.92% 46.20% 46.27% 46.40% 47.41%
Research and development -8.11 -9.56 -9.98 -10.73 -10.83 -11.22 -11.14 -11.31 -11.88 -12.86 -13.50 -12.50 -12.14 -12.53 -11.10 -8.76 -8.54 -8.87 -10.03 -9.55 -8.88 -9.21 -9.91 -10.85 -11.19
Selling, general, and administrative -4.24 -4.79 -4.80 -5.01 -5.25 -5.19 -4.79 -5.58 -5.83 -5.59 -5.69 -6.09 -5.95 -6.23 -5.00 -4.43 -4.05 -4.53 -5.35 -5.59 -5.16 -5.25 -5.29 -6.33 -5.97
Restructuring charges, net, operating expenses 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.02 -0.40 -0.04 -0.06 -0.05 -1.04 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating expenses -12.35% -14.36% -14.78% -15.73% -16.07% -16.41% -15.93% -16.89% -17.72% -18.43% -19.60% -18.63% -18.14% -18.82% -17.14% -13.19% -12.59% -13.40% -15.38% -15.14% -14.04% -14.46% -15.20% -17.19% -17.16%
Operating income 39.95% 37.39% 35.04% 33.87% 34.35% 33.67% 33.09% 30.48% 30.33% 29.10% 27.87% 28.13% 29.38% 26.65% 24.35% 31.84% 33.46% 31.91% 29.36% 31.66% 31.88% 31.75% 31.07% 29.21% 30.25%
Other income (expense), net 0.35 0.62 -0.61 0.49 0.56 0.73 -0.53 0.33 0.72 0.72 0.95 0.79 0.07 0.28 -0.09 -0.53 -0.85 -2.60 -1.41 0.43 -0.67 -0.17 -0.92 -0.87 -1.22
Income before income taxes 40.30% 38.01% 34.44% 34.36% 34.92% 34.40% 32.56% 30.81% 31.05% 29.82% 28.82% 28.92% 29.45% 26.93% 24.26% 31.30% 32.61% 29.31% 27.95% 32.09% 31.21% 31.57% 30.15% 28.35% 29.03%
Income tax expense -6.80 -4.13 -3.19 -4.54 -5.46 -1.14 -4.37 -3.59 -4.27 -3.46 -3.36 -3.53 -3.97 -1.90 -3.23 -3.48 -4.51 -3.24 -2.78 -3.82 -3.80 -3.96 -2.31 -3.20 -3.11
Net income 33.50% 33.88% 31.25% 29.82% 29.46% 33.26% 28.19% 27.22% 26.79% 26.35% 25.46% 25.39% 25.48% 25.02% 21.04% 27.83% 28.10% 26.08% 25.16% 28.27% 27.41% 27.61% 27.84% 25.15% 25.92%

Based on: 10-Q (reporting date: 2026-09-27), 10-K (reporting date: 2026-06-28), 10-Q (reporting date: 2026-03-29), 10-Q (reporting date: 2025-12-28), 10-Q (reporting date: 2025-09-28), 10-K (reporting date: 2025-06-29), 10-Q (reporting date: 2025-03-30), 10-Q (reporting date: 2024-12-29), 10-Q (reporting date: 2024-09-29), 10-K (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-24), 10-Q (reporting date: 2023-09-24), 10-K (reporting date: 2023-06-25), 10-Q (reporting date: 2023-03-26), 10-Q (reporting date: 2022-12-25), 10-Q (reporting date: 2022-09-25), 10-K (reporting date: 2022-06-26), 10-Q (reporting date: 2022-03-27), 10-Q (reporting date: 2021-12-26), 10-Q (reporting date: 2021-09-26), 10-K (reporting date: 2021-06-27), 10-Q (reporting date: 2021-03-28), 10-Q (reporting date: 2020-12-27), 10-Q (reporting date: 2020-09-27).

The financial trajectory over the observed period is characterized by a significant expansion in profitability and a disciplined reduction in the cost of goods sold as a percentage of revenue. While a period of volatility and margin compression occurred in early 2023, the subsequent trend demonstrates a strong recovery and an overall improvement in operational efficiency.

Gross Margin Performance
Gross margins remained relatively stable between 45% and 47% from late 2020 through 2022. A notable contraction occurred in March 2023, where the margin reached a period low of 41.49%, coinciding with a spike in cost of goods sold to 58.51% and the introduction of restructuring charges. Following this trough, a sustained upward trend is observed, with gross margins consistently exceeding 50% from March 2025 onward, ultimately reaching 52.30% by September 2026.
Operating Expense Trends
Operating expenses exhibited fluctuating patterns, primarily driven by research and development (R&D) spending. R&D as a percentage of revenue dipped to a low of 8.54% in September 2022 before increasing to a peak of 13.50% in March 2024. In the final stages of the period, R&D spending decreased to 8.11%. Selling, general, and administrative (SG&A) expenses remained more stable, generally fluctuating between 4% and 6%, with a gradual decline toward 4.24% by the end of the period. Total operating expenses decreased from 17.16% in September 2020 to 12.35% in September 2026.
Operating and Net Income
Operating income demonstrates a strong recovery and growth pattern. After dipping to 24.35% in March 2023, operating margins climbed steadily, reaching 39.95% by September 2026. Net income followed a similar trajectory, recovering from a low of 21.04% in March 2023 to end the period at 33.50%. This growth in bottom-line profitability is primarily attributed to the combined effect of expanding gross margins and reduced operating expenses as a percentage of revenue.
Non-Operating Items and Taxation
Other income and expenses remained a relatively small component of the common-size statement, though they shifted from generally negative values in 2020-2021 to predominantly positive values through 2025. Income tax expense as a percentage of revenue showed significant volatility, ranging from a low of 1.14% in June 2025 to a peak of 6.80% in September 2026.

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