Lam Research Corp., adjusted current assets

US$ in thousands

	Jun 28, 2026	Jun 29, 2025	Jun 30, 2024	Jun 25, 2023	Jun 26, 2022	Jun 27, 2021
As Reported
Current assets	15,610,705)	14,516,995)	12,883,220)	13,228,412)	12,285,235)	11,652,387)
Adjustments
Add: Allowance	8,071)	6,496)	5,277)	5,344)	5,606)	5,255)
After Adjustment
Adjusted current assets	15,618,776)	14,523,491)	12,888,497)	13,233,756)	12,290,841)	11,657,642)

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).

An overall upward trajectory is observed in both current assets and adjusted current assets between June 2021 and June 2026. Total current assets increased from 11,652,387 thousand US$ to 15,610,705 thousand US$, representing a substantial expansion of short-term liquidity over the six-year period, despite a temporary contraction in 2024.

Asset Growth Patterns: A consistent increase was recorded from 2021 through 2023. A slight decline occurred in June 2024, with current assets decreasing to 12,883,220 thousand US$. This was followed by a sharp recovery in 2025 and continued growth into 2026, indicating a resilient liquidity profile and a return to an expansionary trend.
Analysis of Adjustments: The variance between reported current assets and adjusted current assets is consistently positive and remains remarkably stable. The adjustment amount fluctuates minimally, ranging from 5,071 thousand US$ to 5,606 thousand US$ throughout the analyzed period. Because these adjustments represent a negligible fraction of the total current assets, they do not materially alter the financial position or the interpretation of the liquidity ratios.
Significant Period Fluctuations: The most pronounced growth phase occurred between June 2024 and June 2025, during which current assets grew by approximately 1.63 billion US$. This acceleration follows the only period of decline in the dataset, suggesting a strategic shift or a cyclical recovery in the management of short-term assets.

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Lam Research Corp., adjusted total assets

US$ in thousands

	Jun 28, 2026	Jun 29, 2025	Jun 30, 2024	Jun 25, 2023	Jun 26, 2022	Jun 27, 2021
As Reported
Total assets	23,529,743)	21,345,260)	18,744,728)	18,781,643)	17,195,632)	15,892,152)
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)	—)
Add: Allowance	8,071)	6,496)	5,277)	5,344)	5,606)	5,255)
Less: Noncurrent deferred tax assets, net²	1,563,760)	1,275,039)	908,635)	712,349)	560,697)	307,594)
After Adjustment
Adjusted total assets	21,974,054)	20,076,717)	17,841,370)	18,074,638)	16,640,541)	15,589,813)

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).

¹ Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »

² Noncurrent deferred tax assets, net. See details »

The financial data indicates a sustained upward trajectory in the asset base from 2021 through 2026. Total assets increased from 15,892,152 thousand USD to 23,529,743 thousand USD, while adjusted total assets followed a parallel growth pattern, rising from 15,589,813 thousand USD to 21,974,054 thousand USD. A brief period of stagnation is observed in 2024, where both metrics experienced a slight contraction before resuming significant growth in 2025 and 2026.

Asset Growth Trends: Between June 2021 and June 2026, total assets expanded by approximately 48%. The most accelerated growth occurred in the final two years of the period, with total assets increasing by nearly 25% between 2024 and 2026.
Expansion of Adjustment Variances: The absolute difference between total assets and adjusted total assets has widened consistently throughout the reporting period. The adjustment amount grew from 302,339 thousand USD in 2021 to 1,555,689 thousand USD by 2026. This indicates that the specific asset components being adjusted have grown at a rate exceeding that of the overall asset base.
Proportional Impact of Adjustments: The relative impact of the adjustments on the balance sheet has increased over time. In 2021, the adjustment represented approximately 1.9% of total assets; by 2026, this proportion increased to approximately 6.6%. This shift suggests an evolving composition of the asset portfolio or an increase in the volume of items requiring adjustment relative to the total scale of the company.

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Lam Research Corp., adjusted current liabilities

US$ in thousands

	Jun 28, 2026	Jun 29, 2025	Jun 30, 2024	Jun 25, 2023	Jun 26, 2022	Jun 27, 2021
As Reported
Current liabilities	5,937,249)	6,568,425)	4,338,438)	4,184,918)	4,564,759)	3,527,867)
Adjustments
Less: Current product warranty reserves	270,044)	248,783)	228,060)	256,781)	232,248)	176,030)
Less: Current restructuring liability	—)	—)	607)	8,014)	—)	—)
After Adjustment
Adjusted current liabilities	5,667,205)	6,319,642)	4,109,771)	3,920,123)	4,332,511)	3,351,837)

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).

An analysis of current liabilities and their adjusted counterparts between June 2021 and June 2026 reveals a pattern of fluctuating short-term obligations characterized by a consistent downward adjustment applied to the reported figures.

Liability Trend Analysis: Current liabilities exhibited a general upward trajectory over the observed period, rising from 3.53 billion US$ in June 2021 to a peak of 6.57 billion US$ in June 2025. This progression was marked by a significant spike between 2024 and 2025, followed by a moderate reduction to 5.94 billion US$ by June 2026.
Adjustment Variance: Adjusted current liabilities consistently track below the reported current liabilities across all periods. The variance between the two figures remains relatively stable, ranging from a minimum of approximately 176 million US$ in 2021 to a maximum of approximately 270 million US$ in 2026, indicating a systematic approach to the adjustment process.
Comparative Growth and Volatility: The most substantial period of growth occurred between June 2024 and June 2025, during which current liabilities increased by approximately 51% and adjusted current liabilities increased by approximately 55%. The subsequent decline in 2026 reflects a contraction in short-term obligations for both reported and adjusted metrics.

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Lam Research Corp., adjusted total liabilities

US$ in thousands

	Jun 28, 2026	Jun 29, 2025	Jun 30, 2024	Jun 25, 2023	Jun 26, 2022	Jun 27, 2021
As Reported
Total liabilities	11,058,822)	11,483,641)	10,205,274)	10,571,471)	10,917,266)	9,864,964)
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)	—)
Less: Noncurrent deferred tax liabilities²	—)	—)	—)	—)	—)	—)
Less: Deferred revenue	2,433,996)	2,681,059)	1,551,596)	1,837,907)	2,198,099)	1,118,807)
Less: Product warranty reserves	289,713)	265,466)	250,404)	286,663)	256,258)	191,758)
Less: Restructuring liability	—)	—)	1,093)	8,235)	—)	—)
After Adjustment
Adjusted total liabilities	8,335,113)	8,537,116)	8,402,181)	8,438,666)	8,462,909)	8,554,399)

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).

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Noncurrent deferred tax liabilities. See details »

An analysis of the liability structure over the six-year period reveals a significant divergence between total liabilities and adjusted total liabilities. While total liabilities exhibit noticeable volatility, the adjusted figures remain remarkably stable, indicating that the drivers of overall liability fluctuations are concentrated within the components removed during the adjustment process.

Total Liabilities Trend: Total liabilities experienced cyclical fluctuations, reaching a peak of approximately 11.48 billion US dollars in June 2025. A trend of growth was observed from 2021 to 2022, followed by a period of gradual decline through June 2024. This was followed by a sharp increase in 2025 and a subsequent moderate correction by June 2026.
Adjusted Total Liabilities Stability: The adjusted total liabilities demonstrate minimal variance across the observed timeframe. Values remained within a narrow range, starting at 8.55 billion US dollars in 2021 and ending at 8.34 billion US dollars in 2026. This consistency suggests a stable core of long-term obligations that remains unaffected by the factors influencing the broader liability balance.
Analysis of the Adjustment Variance: The gap between total and adjusted liabilities expanded significantly over the period. The difference increased from approximately 1.31 billion US dollars in 2021 to a maximum of 2.94 billion US dollars in 2025. The fact that the adjusted balance remained nearly flat while the total balance shifted indicates that the volatility in the corporate liability profile is entirely attributable to the adjusted-out items.

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Lam Research Corp., adjusted stockholders’ equity

US$ in thousands

	Jun 28, 2026	Jun 29, 2025	Jun 30, 2024	Jun 25, 2023	Jun 26, 2022	Jun 27, 2021
As Reported
Stockholders’ equity	12,470,921)	9,861,619)	8,539,454)	8,210,172)	6,278,366)	6,027,188)
Adjustments
Less: Net deferred tax assets (liabilities)¹	1,563,760)	1,275,039)	908,635)	712,349)	560,697)	307,594)
Add: Allowance	8,071)	6,496)	5,277)	5,344)	5,606)	5,255)
Add: Deferred revenue	2,433,996)	2,681,059)	1,551,596)	1,837,907)	2,198,099)	1,118,807)
Add: Product warranty reserves	289,713)	265,466)	250,404)	286,663)	256,258)	191,758)
Add: Restructuring liability	—)	—)	1,093)	8,235)	—)	—)
After Adjustment
Adjusted stockholders’ equity	13,638,941)	11,539,601)	9,439,189)	9,635,972)	8,177,632)	7,035,414)

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).

¹ Net deferred tax assets (liabilities). See details »

A consistent upward trajectory is observed in the capital structure from 2021 through 2026. Both standard and adjusted stockholders' equity exhibit significant long-term growth, reflecting a substantial expansion of the net asset base over the analyzed period.

Growth Trajectory of Stockholders' Equity: Standard stockholders' equity increased from 6,027,188 thousand USD in 2021 to 12,470,921 thousand USD by 2026. The growth was characterized by a significant acceleration between 2022 and 2023 and a further substantial surge between 2025 and 2026.
Adjusted Stockholders' Equity Performance: Adjusted stockholders' equity remained consistently higher than standard equity throughout the period. While the general trend was positive, a divergence occurred in 2024, where adjusted equity experienced a slight contraction to 9,439,189 thousand USD, contrasting with the continued growth observed in the standard equity figure for the same year.
Analysis of Equity Adjustments: The positive variance between adjusted and standard equity indicates the presence of consistent upward adjustments to the balance sheet. This gap reached a notable peak in 2022 and again in 2025, while narrowing significantly in 2024, suggesting fluctuating impacts from the underlying adjustments used to derive the adjusted equity figure.

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Lam Research Corp., adjusted capitalization table

US$ in thousands

	Jun 28, 2026	Jun 29, 2025	Jun 30, 2024	Jun 25, 2023	Jun 26, 2022	Jun 27, 2021
As Reported
Current portion of long-term debt and finance lease obligations	4,073)	754,311)	504,814)	8,358)	7,381)	11,349)
Long-term debt and finance lease obligations, less current portion	3,730,490)	3,730,194)	4,478,520)	5,003,183)	4,998,449)	4,990,333)
Total reported debt	3,734,563)	4,484,505)	4,983,334)	5,011,541)	5,005,830)	5,001,682)
Stockholders’ equity	12,470,921)	9,861,619)	8,539,454)	8,210,172)	6,278,366)	6,027,188)
Total reported capital	16,205,484)	14,346,124)	13,522,788)	13,221,713)	11,284,196)	11,028,870)
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)	—)
Add: Current operating lease liabilities (included in Accrued expenses and other current liabilities)²	90,415)	78,707)	64,443)	64,682)	54,110)	45,310)
Add: Long-term operating lease liabilities (included in Other long-term liabilities)³	296,587)	193,343)	223,273)	172,886)	164,613)	118,385)
Adjusted total debt	4,121,565)	4,756,555)	5,271,050)	5,249,109)	5,224,553)	5,165,377)
Adjustments to Equity
Less: Net deferred tax assets (liabilities)⁴	1,563,760)	1,275,039)	908,635)	712,349)	560,697)	307,594)
Add: Allowance	8,071)	6,496)	5,277)	5,344)	5,606)	5,255)
Add: Deferred revenue	2,433,996)	2,681,059)	1,551,596)	1,837,907)	2,198,099)	1,118,807)
Add: Product warranty reserves	289,713)	265,466)	250,404)	286,663)	256,258)	191,758)
Add: Restructuring liability	—)	—)	1,093)	8,235)	—)	—)
Adjusted stockholders’ equity	13,638,941)	11,539,601)	9,439,189)	9,635,972)	8,177,632)	7,035,414)
After Adjustment
Adjusted total capital	17,760,506)	16,296,156)	14,710,239)	14,885,081)	13,402,185)	12,200,791)

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).

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Current operating lease liabilities (included in Accrued expenses and other current liabilities). See details »

³ Long-term operating lease liabilities (included in Other long-term liabilities). See details »

⁴ Net deferred tax assets (liabilities). See details »

An analysis of the capitalization trends from June 2021 to June 2026 reveals a strategic shift toward deleveraging and a significant strengthening of the equity base.

Debt Obligations: Reported debt remained relatively stable at approximately 5 billion USD between 2021 and 2024, followed by a marked reduction to 3.73 billion USD by June 2026. Adjusted total debt mirrors this trajectory, although it maintains a higher valuation than reported figures; it peaked in 2024 at 5.27 billion USD before declining to 4.12 billion USD by the end of the analyzed period.
Equity Expansion: Stockholders' equity demonstrates a consistent and accelerating upward trajectory, increasing from 6.03 billion USD in 2021 to 12.47 billion USD in 2026. Adjusted stockholders' equity consistently exceeds reported equity, rising from 7.04 billion USD to 13.64 billion USD, which indicates a substantial increase in the adjusted net asset value of the organization.
Total Capitalization and Adjustments: Total reported capital rose from 11.03 billion USD in 2021 to 16.21 billion USD in 2026. The adjusted total capital reflects a similar growth pattern, ending at 17.76 billion USD in 2026. The persistent variance between reported and adjusted figures suggests the inclusion of off-balance sheet obligations or capitalization adjustments that systematically increase both the debt and equity components of the capital structure.

The overall progression indicates a transition toward a more conservative financial position. The simultaneous reduction of total debt and the aggressive expansion of equity suggest a deliberate move to lower financial leverage and improve long-term solvency.

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Lam Research Corp., adjusted revenue

US$ in thousands

12 months ended:	Jun 28, 2026	Jun 29, 2025	Jun 30, 2024	Jun 25, 2023	Jun 26, 2022	Jun 27, 2021
As Reported
Revenue	23,232,690)	18,435,591)	14,905,386)	17,428,516)	17,227,039)	14,626,150)
Adjustment
Add: Increase (decrease) in deferred revenue	(247,063)	1,129,463)	(286,311)	(360,193)	1,079,292)	581,380)
After Adjustment
Adjusted revenue	22,985,627)	19,565,054)	14,619,075)	17,068,323)	18,306,331)	15,207,530)

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).

The revenue trajectory exhibits cyclical volatility characterized by a period of moderate growth, a sharp contraction, and a subsequent aggressive recovery. Reported revenue increased steadily from 2021 through 2023, before experiencing a significant decline in 2024. However, a strong upward trend is evident in 2025 and 2026, with figures reaching their highest levels at the end of the analyzed period.

Revenue Growth and Contraction: Reported revenue rose from $14.63 billion in 2021 to $17.43 billion in 2023. A notable contraction occurred in 2024, where revenue fell to $14.91 billion. This decline was followed by a rapid acceleration, with revenue climbing to $18.44 billion in 2025 and peaking at $23.23 billion in 2026.
Adjusted Revenue Variance: Adjusted revenue closely mirrors the reported revenue trend but reveals fluctuations in the nature of the adjustments. Positive adjustments were observed in 2021, 2022, and 2025, where adjusted figures exceeded reported revenue. Conversely, negative adjustments were recorded in 2023, 2024, and 2026. The most substantial positive variance occurred in 2025, with adjusted revenue exceeding reported revenue by approximately $1.13 billion.
Comparative Trend Analysis: The divergence between reported and adjusted revenue is most pronounced in 2022 and 2025, suggesting periods of significant non-standard financial impacts. Despite these adjustments, both metrics confirm a cyclical trough in 2024 and a powerful recovery phase starting in 2025, leading to a projected high of $22.99 billion in adjusted revenue by 2026.

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Lam Research Corp., adjusted net income

US$ in thousands

12 months ended:	Jun 28, 2026	Jun 29, 2025	Jun 30, 2024	Jun 25, 2023	Jun 26, 2022	Jun 27, 2021
As Reported
Net income	7,265,396)	5,358,217)	3,827,772)	4,510,931)	4,605,286)	3,908,458)
Adjustments
Add: Deferred income tax expense (benefit)¹	(289,061)	(363,249)	(197,332)	(172,061)	(257,438)	(151,477)
Add: Increase (decrease) in allowance	1,575)	1,219)	(67)	(262)	351)	(210)
Add: Increase (decrease) in deferred revenue	(247,063)	1,129,463)	(286,311)	(360,193)	1,079,292)	581,380)
Add: Increase (decrease) in product warranty reserves	24,247)	15,062)	(36,259)	30,405)	64,500)	62,561)
Add: Increase (decrease) in restructuring liability	—)	(1,093)	(7,142)	8,235)	—)	—)
Add: Other comprehensive income (loss), net of tax	(64,665)	68,005)	(29,722)	9,276)	(45,854)	30,083)
After Adjustment
Adjusted net income	6,690,429)	6,207,624)	3,270,939)	4,026,331)	5,446,137)	4,430,795)

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).

¹ Deferred income tax expense (benefit). See details »

An analysis of the financial results from 2021 to 2026 reveals an overall growth trajectory in profitability, characterized by a period of volatility between 2023 and 2024 followed by a sharp acceleration in the final two years.

Reported Net Income Trends: Net income exhibited an initial increase from 3,908,458 thousand US$ in 2021 to a peak of 4,605,286 thousand US$ in 2022. A subsequent decline occurred over the next two years, reaching a low of 3,827,772 thousand US$ in 2024. However, a strong recovery is evident in the subsequent period, with income rising to 5,358,217 thousand US$ in 2025 and reaching a maximum of 7,265,396 thousand US$ by 2026.
Adjusted Net Income Trends: Adjusted net income followed a similar but more volatile pattern. Starting at 4,430,795 thousand US$ in 2021, it grew to 5,446,137 thousand US$ in 2022 before entering a significant downward trend, bottoming out at 3,270,939 thousand US$ in 2024. A substantial rebound occurred in 2025, with figures rising to 6,207,624 thousand US$, and continuing to 6,690,429 thousand US$ in 2026.
Variance Between Reported and Adjusted Income: The relationship between reported and adjusted income shifted periodically. In 2021 and 2022, adjusted net income exceeded reported net income, suggesting the exclusion of non-recurring expenses or losses. This trend reversed in 2023 and 2024, where reported net income remained higher than adjusted figures, indicating the presence of non-operating gains or one-time credits that were stripped out for the adjusted calculation. By 2025, a significant positive adjustment returned, with adjusted income exceeding reported income by approximately 849 million US$. In 2026, the trend shifted again, as reported net income surpassed adjusted net income by 574,967 thousand US$, signaling a return to non-recurring gains in the reported figures.

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Lam Research Corp. (NASDAQ:LRCX)

Adjustments to Financial Statements

Adjustments to Current Assets

Adjustments to Total Assets

Adjustments to Current Liabilities

Adjustments to Total Liabilities

Adjustments to Stockholders’ Equity

Adjustments to Capitalization Table

Adjustments to Revenues

Adjustments to Reported Income