Name: Lam Research Corp. (NASDAQ:LRCX) | Income Statement (Quarterly)
Creator: Stock Analysis on Net

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

US$ in thousands

3 months ended:	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	6,722,238)	5,841,488)	5,344,791)	5,324,173)	5,171,393)	4,720,175)	4,376,047)	4,167,976)	3,871,507)	3,793,558)	3,758,259)	3,482,062)	3,207,257)	3,869,569)	5,277,569)	5,074,121)	4,635,554)	4,060,416)	4,226,604)	4,304,465)	4,145,179)	3,847,654)	3,456,237)	3,177,080)
Cost of goods sold	(3,243,498)	(2,930,961)	(2,693,629)	(2,639,294)	(2,581,684)	(2,406,489)	(2,303,066)	(2,165,293)	(2,026,133)	(1,977,820)	(1,985,847)	(1,819,420)	(1,737,682)	(2,197,237)	(2,901,220)	(2,737,286)	(2,535,042)	(2,243,791)	(2,248,688)	(2,327,711)	(2,229,978)	(2,067,523)	(1,852,442)	(1,670,901)
Restructuring charges, net, cost of goods sold	—)	—)	—)	—)	—)	—)	—)	—)	(5,276)	(15,202)	(14,957)	(7,940)	(11,446)	(66,720)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Cost of goods sold	(3,243,498)	(2,930,961)	(2,693,629)	(2,639,294)	(2,581,684)	(2,406,489)	(2,303,066)	(2,165,293)	(2,031,409)	(1,993,022)	(2,000,804)	(1,827,360)	(1,749,128)	(2,263,957)	(2,901,220)	(2,737,286)	(2,535,042)	(2,243,791)	(2,248,688)	(2,327,711)	(2,229,978)	(2,067,523)	(1,852,442)	(1,670,901)
Gross margin	3,478,740)	2,910,527)	2,651,162)	2,684,879)	2,589,709)	2,313,686)	2,072,981)	2,002,683)	1,840,098)	1,800,536)	1,757,455)	1,654,702)	1,458,129)	1,605,612)	2,376,349)	2,336,835)	2,100,512)	1,816,625)	1,977,916)	1,976,754)	1,915,201)	1,780,131)	1,603,795)	1,506,179)
Research and development	(642,922)	(583,200)	(573,305)	(576,446)	(580,178)	(525,904)	(494,947)	(495,358)	(497,829)	(512,274)	(469,712)	(422,629)	(401,951)	(429,451)	(462,385)	(433,375)	(411,157)	(407,120)	(403,644)	(382,327)	(381,749)	(381,120)	(375,172)	(355,367)
Selling, general, and administrative	(322,330)	(280,311)	(267,654)	(279,345)	(268,403)	(226,023)	(244,150)	(243,128)	(216,477)	(215,904)	(228,843)	(207,023)	(199,831)	(193,500)	(233,802)	(205,620)	(210,002)	(217,408)	(236,133)	(222,194)	(217,525)	(203,703)	(218,899)	(189,748)
Restructuring charges, net, operating expenses	—)	—)	—)	—)	—)	—)	—)	—)	768)	(15,246)	(1,688)	(2,021)	(1,742)	(40,408)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Operating expenses	(965,252)	(863,511)	(840,959)	(855,791)	(848,581)	(751,927)	(739,097)	(738,486)	(713,538)	(743,424)	(700,243)	(631,673)	(603,524)	(663,359)	(696,187)	(638,995)	(621,159)	(624,528)	(639,777)	(604,521)	(599,274)	(584,823)	(594,071)	(545,115)
Operating income	2,513,488)	2,047,016)	1,810,203)	1,829,088)	1,741,128)	1,561,759)	1,333,884)	1,264,197)	1,126,560)	1,057,112)	1,057,212)	1,023,029)	854,605)	942,253)	1,680,162)	1,697,840)	1,479,353)	1,192,097)	1,338,139)	1,372,233)	1,315,927)	1,195,308)	1,009,724)	961,064)
Other income (expense), net	41,654)	(35,460)	26,410)	30,074)	37,853)	(25,035)	14,262)	30,081)	27,796)	36,073)	29,839)	2,601)	9,010)	(3,331)	(28,234)	(43,095)	(120,448)	(57,402)	17,999)	(28,857)	(7,166)	(35,320)	(29,941)	(38,792)
Income before income taxes	2,555,142)	2,011,556)	1,836,613)	1,859,162)	1,778,981)	1,536,724)	1,348,146)	1,294,278)	1,154,356)	1,093,185)	1,087,051)	1,025,630)	863,615)	938,922)	1,651,928)	1,654,745)	1,358,905)	1,134,695)	1,356,138)	1,343,376)	1,308,761)	1,159,988)	979,783)	922,272)
Income tax expense	(277,860)	(186,096)	(242,619)	(290,502)	(58,893)	(206,057)	(157,128)	(177,834)	(134,074)	(127,359)	(132,785)	(138,232)	(61,078)	(124,914)	(183,421)	(228,866)	(149,971)	(112,917)	(161,308)	(163,632)	(164,104)	(88,867)	(110,554)	(98,821)
Net income	2,277,282)	1,825,460)	1,593,994)	1,568,660)	1,720,088)	1,330,667)	1,191,018)	1,116,444)	1,020,282)	965,826)	954,266)	887,398)	802,537)	814,008)	1,468,507)	1,425,879)	1,208,934)	1,021,778)	1,194,830)	1,179,744)	1,144,657)	1,071,121)	869,229)	823,451)

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.

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Lam Research Corp. (NASDAQ:LRCX)

Income StatementQuarterly Data

Income Statement
Quarterly Data