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. pages available for free this week:
- Balance Sheet: Assets
- Cash Flow Statement
- Analysis of Profitability Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
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Lam Research Corp., consolidated income statement (quarterly data)
US$ in thousands
Based on: 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), 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).
Revenue exhibited a cyclical growth pattern over the observed period. A sustained upward trajectory was evident from September 2019, where revenue stood at approximately 2.17 billion, peaking in December 2022 at 5.28 billion. This was followed by a significant contraction in the first half of 2023, reaching a trough of 3.21 billion in June 2023. Since that period, a consistent recovery phase has occurred, with revenue scaling to 5.84 billion by March 2026.
- Gross Profitability and Cost Management
- Gross margins tracked closely with revenue fluctuations. The absolute gross margin peaked at 2.38 billion in December 2022 before declining to 1.46 billion during the June 2023 downturn. The recovery phase saw gross margins expand to 2.91 billion by March 2026. Notably, restructuring charges were introduced within the cost of goods sold starting in March 2023, peaking at 66.7 million, which contributed to the temporary compression of margins during the cyclical low.
- Operating Expense Trends
- Research and development (R&D) expenditures demonstrated a consistent long-term increase, regardless of short-term revenue volatility. R&D spending rose from 286.8 million in September 2019 to 583.2 million by March 2026, signaling a commitment to continuous innovation. Selling, general, and administrative (SG&A) expenses remained more stable but showed a gradual increase from 157.4 million in 2019 to 280.3 million in 2026. Operating expenses were further impacted by restructuring charges in 2023, particularly in March 2023 when charges reached 40.4 million.
- Operating Income and Efficiency
- Operating income mirrored the revenue cycle, growing from 537.5 million in September 2019 to a peak of 1.69 billion in September 2022. The downturn in 2023 saw operating income drop to a low of 854.6 million in June 2023. Subsequent efficiency gains and revenue growth led to a new peak of 2.05 billion by March 2026, indicating improved operating leverage during the recovery phase.
- Net Income and Bottom-Line Performance
- Net income followed the trajectory of operating performance, with significant volatility introduced by fluctuations in income tax expenses and other net income/expenses. Net income grew from 465.8 million in September 2019 to a peak of 1.47 billion in December 2022. After the 2023 dip to approximately 802 million, net income recovered strongly, reaching 1.83 billion by March 2026. The period was marked by varying tax burdens, with a notable spike in tax expense in September 2025 totaling 290.5 million.
Overall, the financial data indicates a company characterized by strong cyclicality but consistent long-term expansion. The ability to maintain and increase R&D investment during revenue contractions suggests a strategic focus on maintaining a competitive technological edge, which likely facilitated the robust recovery and subsequent growth in both top-line and bottom-line figures through 2026.