The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
Lam Research Corp., consolidated cash flow statement (quarterly data)
US$ in thousands
3 months ended:
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
Jun 28, 2020
Mar 29, 2020
Dec 29, 2019
Sep 29, 2019
Net income
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)
696,673)
574,781)
514,510)
465,789)
Depreciation and amortization
116,322)
103,925)
101,644)
98,439)
97,343)
96,200)
94,295)
88,357)
89,922)
90,941)
90,479)
89,604)
91,663)
85,414)
75,751)
87,932)
84,228)
81,705)
79,874)
78,397)
79,453)
76,389)
72,912)
71,083)
67,248)
65,530)
64,664)
Deferred income taxes
(19,478)
(30,957)
(62,875)
(151,679)
(19,992)
(82,854)
(108,722)
(61,375)
(24,621)
(88,747)
(24,238)
(38,960)
7,195)
(6,680)
(133,616)
(173,987)
(56,878)
(13,550)
(13,023)
(146,029)
(1,136)
(2,462)
(1,850)
(92,293)
—)
77,508)
(2,992)
Equity-based compensation expense
96,616)
88,539)
97,241)
94,286)
87,115)
81,959)
80,011)
79,092)
76,854)
69,901)
67,211)
68,495)
73,911)
73,084)
71,110)
69,588)
68,543)
62,834)
58,099)
56,321)
55,746)
52,109)
55,988)
53,153)
47,414)
45,725)
42,905)
Other, net
(2,855)
(19,961)
(1,890)
14,240)
1,654)
(8,592)
(457)
(3,999)
10,210)
4,182)
(150)
40,761)
1,559)
12,729)
(2,751)
33,574)
(3,121)
(66,514)
(8,690)
(27,786)
(635)
6,690)
4,339)
(9,493)
9,172)
1,248)
5,701)
Changes in operating assets and liabilities
(874,645)
(255,495)
76,184)
778,814)
(188,124)
(535,789)
386,900)
(259,927)
266,645)
423,297)
(69,537)
160,288)
738,102)
(492,867)
(246,785)
(782,107)
(356,840)
181,201)
(838,480)
330,375)
(39,469)
(657,318)
(312,329)
93,925)
(157,187)
(396,593)
(112,020)
Adjustments to reconcile net income to net cash provided by operating activities
(684,040)
(113,949)
210,304)
834,100)
(22,004)
(449,076)
452,027)
(157,852)
419,010)
499,574)
63,765)
320,188)
912,430)
(328,320)
(236,291)
(765,000)
(264,068)
245,676)
(722,220)
291,278)
93,959)
(524,592)
(180,940)
116,375)
(33,353)
(206,582)
(1,742)
Net cash provided by operating activities
1,141,420)
1,480,045)
1,778,964)
2,554,188)
1,308,663)
741,942)
1,568,471)
862,430)
1,384,836)
1,453,840)
951,163)
1,122,725)
1,726,438)
1,140,187)
1,189,588)
443,934)
757,710)
1,440,506)
457,524)
1,435,935)
1,165,080)
344,637)
642,511)
813,048)
541,428)
307,928)
464,047)
Capital expenditures and intangible assets
(331,604)
(260,879)
(185,121)
(172,191)
(288,058)
(188,349)
(110,588)
(100,748)
(103,654)
(115,276)
(76,992)
(78,670)
(119,457)
(163,378)
(140,063)
(125,746)
(145,368)
(138,493)
(136,427)
(104,622)
(89,596)
(92,072)
(62,806)
(50,554)
(51,375)
(62,054)
(39,256)
Business acquisitions, net of cash acquired
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
(119,955)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
Purchases of available-for-sale securities
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
(299,362)
(243,160)
(25,297)
(146,647)
(790,525)
(702,028)
(1,750,188)
(1,007,804)
(270,128)
(1,472,063)
(147,632)
Proceeds from maturities of available-for-sales securities
—)
—)
—)
—)
—)
—)
—)
—)
11,220)
15,841)
7,275)
26,280)
32,577)
17,743)
14,695)
23,146)
33,027)
27,260)
106,836)
430,721)
662,031)
691,754)
597,252)
483,824)
211,228)
351,980)
600,347)
Proceeds from sales of available-for-sale securities
—)
—)
—)
—)
—)
—)
—)
—)
3,430)
—)
—)
—)
6,837)
—)
—)
340)
345,519)
541,071)
656,504)
515,891)
362,023)
178,376)
415,862)
169,630)
270,059)
457,796)
337,763)
Other, net
(2,976)
3,096)
(927)
42,940)
(4,857)
12,974)
37)
(865)
(3,356)
(2,523)
(4,966)
(2,790)
(4,289)
(1,657)
(2,435)
26,323)
(28,380)
(595)
(4,923)
(6,282)
(27,997)
(6,090)
(1,786)
(25,305)
9,988)
(9,988)
(540)
Net cash (used for) provided by investing activities
(334,580)
(257,783)
(186,048)
(129,251)
(292,915)
(175,375)
(110,551)
(101,613)
(92,360)
(101,958)
(74,683)
(55,180)
(84,332)
(267,247)
(127,803)
(75,937)
(94,564)
186,083)
596,693)
689,061)
115,936)
69,940)
(801,666)
(430,209)
169,772)
(734,329)
750,682)
Principal payments on debt, including finance lease obligations and payments for debt issuance costs
(751,194)
(1,462)
(1,417)
(1,485)
(504,037)
(1,032)
(934)
(949)
(1,060)
(986)
(253,109)
(2,061)
(2,209)
(17,082)
(1,854)
(2,032)
(1,821)
(1,698)
(6,338)
(822,046)
(16,245)
(4,596)
(19,173)
(2,948)
(617,637)
(17,987)
(28,965)
Proceeds from borrowings on revolving credit facility
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
1,250,000)
—)
—)
Repayment of borrowings on revolving credit facility
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
(1,250,000)
—)
—)
—)
Proceeds from issuance of long-term debt, net of issuance costs
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
1,974,651)
—)
—)
—)
Treasury stock purchases, including excise tax payments
(1,162,837)
(1,466,155)
(975,791)
(1,292,277)
(435,321)
(697,688)
(997,035)
(373,550)
(980,561)
(645,458)
(843,238)
(869,014)
(581,943)
(456,276)
(109,779)
(876,089)
(1,338,006)
(414,815)
(1,236,753)
(431,255)
(1,094,571)
(723,297)
(448,581)
(41,017)
(245,433)
(1,005,067)
(78,132)
Dividends paid
(325,829)
(327,507)
(291,981)
(295,207)
(295,716)
(297,634)
(260,985)
(261,462)
(262,707)
(264,414)
(230,332)
(232,335)
(233,977)
(235,980)
(205,615)
(208,056)
(210,587)
(211,216)
(185,431)
(185,385)
(186,551)
(187,927)
(167,129)
(167,739)
(163,510)
(166,721)
(158,868)
Reissuance of treasury stock related to employee stock purchase plan
—)
67,185)
—)
79,556)
—)
60,557)
—)
66,885)
—)
53,081)
—)
64,903)
—)
44,996)
—)
61,798)
—)
46,380)
—)
56,330)
—)
41,434)
—)
46,992)
—)
38,447)
—)
Proceeds from issuance of common stock, net issuance costs
9,167)
3,854)
—)
696)
1,993)
(194)
(43)
2,796)
8,235)
1,704)
2,818)
3,438)
—)
877)
6,796)
997)
492)
3,451)
742)
851)
9,626)
8,108)
5,538)
1,869)
1,714)
632)
3,869)
Other, net
55)
(1,117)
(12,449)
(820)
526)
761)
(324)
(7,871)
300)
(3,821)
(2,151)
(2,917)
(1,399)
1,253)
(489)
(152)
214)
(205)
188)
(269)
(665)
961)
(2,140)
1,592)
328)
—)
—)
Net cash used for financing activities
(2,230,638)
(1,725,202)
(1,281,638)
(1,509,537)
(1,232,555)
(935,230)
(1,259,321)
(574,151)
(1,235,793)
(859,894)
(1,326,012)
(1,037,986)
(819,528)
(662,212)
(310,941)
(1,023,534)
(1,549,708)
(578,103)
(1,427,592)
(1,381,774)
(1,288,406)
(865,317)
(631,485)
563,400)
225,462)
(1,150,696)
(262,096)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash
(4,979)
(13,337)
(7,059)
29,284)
2,380)
(26,022)
22,682)
(9,616)
(8,452)
6,725)
(11,031)
1,477)
(2,302)
17,878)
(16,925)
(16,683)
(5,090)
(4,678)
(3,776)
702)
(5,756)
8,187)
4,082)
7,103)
(10,715)
5,055)
(4,193)
Net change in cash, cash equivalents, and restricted cash
The financial data reveals a long-term growth trajectory in profitability and operating cash generation, punctuated by periods of volatility in working capital and aggressive shareholder return strategies.
Operating Performance and Cash Generation
Net income exhibited a strong upward trend from September 2019 ($465.8 million) through December 2022 ($1.47 billion), followed by a cyclical dip in 2023 and a subsequent recovery reaching $1.83 billion by March 2026. Net cash provided by operating activities generally mirrored this growth, although it was frequently impacted by significant fluctuations in operating assets and liabilities. For instance, a peak in operating cash flow was observed in June 2025 at $2.55 billion, driven by positive adjustments in working capital.
Capital Investment Trends
There is a clear and consistent increase in capital expenditures and intangible asset investments. Expenditures rose from $39.3 million in September 2019 to $331.6 million by March 2026. This steady escalation suggests a sustained commitment to expanding infrastructure and technological capabilities to support long-term growth.
Investing Activity Shifts
A fundamental shift in investing strategy is evident. From 2019 through 2021, investing activities were dominated by the purchase and sale of available-for-sale securities, often involving billions of dollars in liquidity movements. By 2022, these security transactions diminished substantially, leaving capital expenditures as the primary driver of cash outflows from investing activities.
Shareholder Return and Financing Strategy
Financing activities are characterized by a consistent and aggressive return of capital to shareholders. Dividend payments grew steadily from $158.9 million per quarter in late 2019 to $325.8 million by March 2026. Simultaneously, treasury stock purchases remained a primary use of cash, frequently exceeding $1 billion in a single quarter, such as the $1.47 billion spent in December 2025.
Liquidity and Cash Flow Volatility
The net change in cash shows high quarterly variance, largely attributable to the timing of large-scale share repurchases and volatile swings in operating assets and liabilities. Despite this volatility, the company maintained the ability to fund both increasing capital expenditures and substantial shareholder distributions through its operating cash flows.
