Income Statement
Quarterly Data
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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- Common-Size Income Statement
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Total Asset Turnover since 2005
- Price to Sales (P/S) since 2005
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Lam Research Corp., consolidated income statement (quarterly data)
US$ in thousands
Based on: 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 performance exhibits a cyclical trend characterized by a period of steady expansion, a significant contraction in early 2023, and a subsequent aggressive growth phase extending through mid-2026. Revenue growth was consistent from late 2020, peaking in December 2022 at approximately 5.28 billion USD, before experiencing a sharp decline that bottomed in June 2023 at 3.21 billion USD. Following this trough, a sustained recovery is observed, with revenue reaching a peak of 6.72 billion USD by June 2026.
- Revenue and Gross Profitability
- Revenue trajectories show high volatility associated with industry cycles. The gross margin follows a similar pattern to revenue, peaking at 2.38 billion USD in December 2022 and reaching its highest point of 3.48 billion USD in June 2026. The relationship between revenue and the cost of goods sold remains proportional, though a temporary increase in costs relative to revenue occurred during the 2023 downturn, exacerbated by restructuring charges in the first half of that year.
- Operating Expense Analysis
- Research and development (R&D) expenses demonstrate a consistent upward trajectory, increasing from 355 million USD in September 2020 to 642 million USD by June 2026. This suggests a strategic commitment to innovation that persists independently of short-term revenue fluctuations. Selling, general, and administrative (SG&A) expenses remained relatively stable for several years but began to rise in alignment with the revenue recovery phase, ending at 322 million USD in June 2026. Operating expenses as a percentage of revenue decreased significantly during the 2025-2026 period, indicating improved operational leverage.
- Operating Income and Net Earnings
- Operating income experienced a volatile cycle, falling from 1.68 billion USD in December 2022 to 854 million USD in June 2023. The recovery phase was robust, with operating income accelerating to 2.51 billion USD by June 2026. Net income mirrored this progression, starting at 823 million USD in September 2020, dipping to 802 million USD in June 2023, and ultimately climbing to 2.28 billion USD by the end of the analyzed period. This growth in net income was supported by a general increase in operating efficiency and fluctuations in other net income and tax expenses.
Overall, the data indicates a company that has successfully navigated a significant downturn in 2023 to achieve record levels of revenue and profitability. The ability to maintain and increase R&D spending during revenue contractions suggests a long-term growth strategy that contributed to the rapid expansion observed in 2024, 2025, and 2026.