Income Statement
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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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., consolidated income statement
US$ in thousands
Based on: 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), 10-K (reporting date: 2020-06-28).
The financial data over the analyzed periods reveal several significant trends across revenue, cost structure, operating results, and net income.
- Revenue
- Revenue exhibited an overall upward trend, rising from approximately 10.04 billion US dollars in 2020 to a peak near 17.43 billion in 2023. This was followed by a dip to 14.91 billion in 2024, and a strong recovery to 18.44 billion in 2025, indicating variability possibly due to market or operational factors.
- Cost of Goods Sold (COGS)
- COGS increased in absolute terms from about 5.44 billion in 2020 to nearly 9.57 billion in 2023, then decreased to approximately 7.85 billion in 2024 before rising again to 9.46 billion in 2025. The inclusion of restructuring charges in certain years caused slight fluctuations, notably in 2023 and 2024.
- Gross Margin
- Gross margin showed growth from roughly 4.61 billion in 2020 to a peak of 7.87 billion in 2022, followed by a slight decline in 2023 and 2024 to 7.78 billion and 7.05 billion respectively, before an increase to 8.98 billion in 2025. This pattern reflects the combined effects of revenue volatility and cost management.
- Operating Expenses
- Operating expenses, comprising research and development and selling, general, and administrative costs, increased steadily from about 1.93 billion in 2020 to 3.08 billion in 2025. Research and development expenses rose consistently, growing from 1.25 billion in 2020 to approximately 2.10 billion in 2025. Selling, general, and administrative expenses also increased, but with minor year-to-year fluctuations. Restructuring charges impacted operating expenses in 2023 and 2024, causing temporary spikes.
- Operating Income
- Operating income more than doubled from 2.67 billion in 2020 to over 5.38 billion in 2022, then decreased to 4.26 billion in 2024 before rebounding to nearly 5.90 billion in 2025. The decline between 2022 and 2024 correlates with lower revenues and higher operating expenses during that interval.
- Interest and Other Income/Expenses
- Interest income fluctuated but trended upwards overall, from 85 million in 2020 to 231 million in 2025. Interest expenses remained relatively stable across years, around 180-210 million. Gains and losses on deferred compensation plan assets were volatile, showing both positive and negative values without a clear trend. Foreign exchange losses generally worsened over time. The category "Other income (expense), net" showed negative figures in early years but turned positive in 2024 and 2025, bolstering total income.
- Income Before Income Taxes and Net Income
- Income before income taxes followed a pattern similar to operating income, increasing from 2.57 billion in 2020 to a peak over 5.19 billion in 2022, experiencing a reduction by 2024, and then rising again in 2025. Income tax expense generally trended upward in absolute terms but decreased proportionally relative to income in later years. Net income mirrored pre-tax income trends, growing substantially to 4.60 billion in 2022, dipping to 3.83 billion in 2024, and recovering to 5.36 billion in 2025, indicating resilience in profitability despite some volatility.