Common-Size Income Statement
Quarterly Data
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- Cash Flow Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Current Ratio since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
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Lam Research Corp., common-size consolidated income statement (quarterly data)
Based on: 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), 10-K (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29), 10-Q (reporting date: 2019-12-29), 10-Q (reporting date: 2019-09-29).
- Gross Margin and Cost of Goods Sold
- The gross margin exhibited a generally stable to slightly increasing trend from 45.33% in late 2019 to over 50% by mid-2024, peaking at 50.08% in June 2024. This improvement largely correlates with a steady decline in the cost of goods sold as a percentage of revenue, which decreased from around 54.67% in 2019 to below 50% by mid-2025, reflecting enhanced cost efficiency or improved pricing power. Notably, restructuring charges related to cost of goods sold occasionally impacted this line beginning in 2022, causing minor fluctuations but did not significantly alter the overall downward trend in COGS percentage.
- Operating Expenses
- Operating expenses as a percentage of revenue demonstrated a declining trend through 2019 and early 2021, improving from approximately 20.51% down to around 14%, indicating tighter expense management. However, from 2022 to early 2023, the ratio increased again, reaching as high as 18.82%, before decreasing into the mid to high teens by 2025. This rise coincided with increased restructuring charges within operating expenses starting in 2022, which added volatility. Within operating expenses, research and development costs showed a downward trend from over 13% in 2019 to near 8.5% in 2022, followed by a rebound into the 11-13% range by 2025. Selling, general and administrative expenses decreased consistently from over 7% in 2019 to near 4% by 2022, then fluctuated around 5%, suggesting cost control efforts tempered by recent increases.
- Operating Income
- Operating income as a percentage of revenue increased from about 24.8% in 2019 to peak around 33.5% in late 2022, reflecting operational leverage from improving gross margin and controlled operating expenses. It then dipped to about 24.3% in early 2023, likely impacted by the rise in operating expenses and restructuring charges, before rebounding steadily to approximately 33.7% by mid-2025. This overall strength in operating profitability underscores improving core business efficiency despite periodic expense headwinds.
- Other Income (Expense) and Income Before Taxes
- Other income and expense showed higher volatility throughout the period, with several quarters of notable negative impacts especially during 2020 and early 2022, but turning positive in multiple quarters during 2023 and 2024. This volatility resulted in fluctuations in income before income taxes, but the overall trend was an increase from about 24.2% of revenue in 2019 to over 34% by mid-2025, indicating strengthened earnings before tax largely driven by operational improvements.
- Income Tax Expense
- Income tax expense as a percentage of revenue was irregular with no clear trend, fluctuating between approximately -6% and near zero at times. The variability suggests differences in tax rates, credits, or accounting treatments across periods. The lower tax burden in some quarters supported net income growth despite higher pre-tax income.
- Net Income
- Net income margin fluctuated between roughly 19.9% and 28% for most of the period, with dips aligned with increased operating expenses and restructuring charges in early 2023, but it showed a marked increase reaching 33.3% by mid-2025. This indicates improved overall profitability and efficient cost management combined with favorable tax positioning in the latter part of the timeline.
- Summary
- Overall, the data reflect a company progressing toward higher profitability through improved gross margins, relatively controlled and variable operating expenses, and increased operating leverage. Restructuring charges introduced temporary expense pressures but did not impede long-term margin expansion. Despite fluctuations in other income and tax rates, net income margins expanded significantly over time, confirming effective financial and operational management strategies.