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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- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Geographic Areas
- Enterprise Value to EBITDA (EV/EBITDA)
- Present Value of Free Cash Flow to Equity (FCFE)
- Operating Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Total Asset Turnover since 2005
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Lam Research Corp., consolidated income statement (quarterly data)
US$ in thousands
Based on: 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 Trend
- Revenue exhibited a general upward trend from September 2019 to December 2022, reaching a peak at around 5,277,569 thousand USD. However, a significant decline followed in early 2023, with revenue dropping to approximately 3,209,257 thousand USD in June 2023. Subsequently, revenue demonstrated a recovery pattern, increasing steadily towards June 2025, reaching 5,171,393 thousand USD. This pattern indicates cyclical fluctuations with a strong rebound after mid-2023.
- Cost of Goods Sold (COGS)
- COGS generally increased in line with revenue growth until December 2022, peaking at nearly 2,901,220 thousand USD. A sudden drop occurred in the first half of 2023, weakening rapidly to about 1,737,682 thousand USD in June 2023, paralleling the revenue decline. Following this period, COGS increased steadily, reaching approximately 2,581,684 thousand USD by June 2025. Restructuring charges embedded within COGS were reported from December 2022 to June 2024, reflecting additional operational costs during restructuring phases.
- Gross Margin
- Gross margin grew consistently from September 2019 through December 2022, culminating at roughly 2,376,349 thousand USD, affirming efficiency despite rising costs. The margin decreased notably from early 2023, dipping to around 1,458,129 thousand USD by June 2023, before recovering steadily up to 2,589,709 thousand USD by June 2025. This pattern aligns with the revenue and COGS fluctuations, reflecting short-term margin pressure followed by improvement.
- Research and Development (R&D)
- R&D expenses showed a steady increase over the entire period, rising from 286,827 thousand USD in late 2019 to 580,178 thousand USD by mid-2025. Despite some fluctuations, the consistent rise indicates sustained investment in innovation and development, with a slight dip occurring around mid-2023.
- Selling, General, and Administrative Expenses (SG&A)
- SG&A expenses fluctuated moderately but maintained a general upward direction over the timeframe, increasing from 157,428 thousand USD in September 2019 to 268,403 thousand USD by June 2025. Minor reductions occurred intermittently, but overall, SG&A costs reveal ongoing management and selling expense growth.
- Operating Expenses
- Operating expenses showed an upward trajectory from 444,255 thousand USD in late 2019 to a peak near 848,581 thousand USD by mid-2025. Restructuring charges contributed to expense spikes in late 2022 and early 2023 before stabilizing. This trend reflects growing operational costs corroborating the periods of increased investment and restructuring activities.
- Operating Income
- Operating income rose steadily from 537,455 thousand USD in September 2019 to a high point of 1,687,840 thousand USD by December 2022. However, a pronounced decline occurred in early 2023, reaching about 854,605 thousand USD in December 2023, followed by progressive recovery through mid-2025, where it achieved around 1,741,128 thousand USD. This pattern suggests an operational challenge in early 2023, later overcome through improved efficiency and revenue recovery.
- Other Income (Expense), Net
- Other income and expenses displayed volatility, with significant periodic losses particularly in 2020 and parts of 2021 and 2022, including a large negative swing in December 2021 (-120,448 thousand USD). By contrast, 2023 and 2024 showed predominantly positive income contributions, maximizing at over 37,853 thousand USD in June 2025, suggesting better financial management or favorable non-operating events.
- Income Before Income Taxes
- Income before taxes reflected the general pattern of operating income, rising steadily to highs of around 1,654,745 thousand USD in December 2022, then declining sharply in early 2023, and recovering to approximately 1,778,981 thousand USD by June 2025. This correlation emphasizes operational performance impact on pre-tax earnings.
- Income Tax Expense
- Income tax expense varied considerably, with high tax charges recorded between late 2019 and 2022, peaking at 228,866 thousand USD in September 2022. A notable decline appeared in early to mid-2023 alongside declining income, reflecting lower taxable income. Later tax expenses rebounded partially by mid-2025, tracking income before taxes movements, yet remained irregular.
- Net Income
- Net income rose substantially from 465,789 thousand USD in September 2019 to an apex of approximately 1,468,507 thousand USD in December 2022. Corresponding to revenue and operating income trends, net income declined steeply in early 2023 to a low of around 802,537 thousand USD in December 2023. An ensuing steady recovery occurred, with net income exceeding 1,720,088 thousand USD by June 2025. This development signals resilience and effective management through mid-2020s challenges.