Selected Financial Data
since 2005
Income Statement
Lam Research Corp., selected items from income statement, long-term trends
US$ in thousands
| 12 months ended: | Revenue | Operating income (loss) | Net income (loss) |
|---|---|---|---|
| Jun 28, 2026 | 23,232,690) | 8,199,795) | 7,265,396) |
| Jun 29, 2025 | 18,435,591) | 5,900,968) | 5,358,217) |
| Jun 30, 2024 | 14,905,386) | 4,263,913) | 3,827,772) |
| Jun 25, 2023 | 17,428,516) | 5,174,860) | 4,510,931) |
| Jun 26, 2022 | 17,227,039) | 5,381,822) | 4,605,286) |
| Jun 27, 2021 | 14,626,150) | 4,482,023) | 3,908,458) |
| Jun 28, 2020 | 10,044,736) | 2,673,802) | 2,251,753) |
| Jun 30, 2019 | 9,653,559) | 2,464,732) | 2,191,430) |
| Jun 24, 2018 | 11,076,998) | 3,213,299) | 2,380,681) |
| Jun 25, 2017 | 8,013,620) | 1,902,132) | 1,697,763) |
| Jun 26, 2016 | 5,885,893) | 1,074,256) | 914,049) |
| Jun 28, 2015 | 5,259,312) | 788,039) | 655,577) |
| Jun 29, 2014 | 4,607,309) | 677,669) | 632,289) |
| Jun 30, 2013 | 3,598,916) | 118,071) | 113,879) |
| Jun 24, 2012 | 2,665,192) | 237,733) | 168,723) |
| Jun 26, 2011 | 3,237,693) | 804,285) | 723,748) |
| Jun 27, 2010 | 2,133,776) | 425,410) | 346,669) |
| Jun 28, 2009 | 1,115,946) | (281,243) | (302,148) |
| Jun 29, 2008 | 2,474,911) | 509,431) | 439,349) |
| Jun 24, 2007 | 2,566,576) | 778,660) | 685,816) |
| Jun 25, 2006 | 1,642,171) | 406,265) | 335,755) |
| Jun 26, 2005 | 1,502,453) | 391,002) | 299,341) |
Based on: 10-K (reporting date: 2026-06-28), 10-K (reporting date: 2025-06-29), 10-K (reporting date: 2024-06-30), 10-K (reporting date: 2023-06-25), 10-K (reporting date: 2022-06-26), 10-K (reporting date: 2021-06-27), 10-K (reporting date: 2020-06-28), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-24), 10-K (reporting date: 2017-06-25), 10-K (reporting date: 2016-06-26), 10-K (reporting date: 2015-06-28), 10-K (reporting date: 2014-06-29), 10-K (reporting date: 2013-06-30), 10-K (reporting date: 2012-06-24), 10-K (reporting date: 2011-06-26), 10-K (reporting date: 2010-06-27), 10-K (reporting date: 2009-06-28), 10-K (reporting date: 2008-06-29), 10-K (reporting date: 2007-06-24), 10-K (reporting date: 2006-06-25), 10-K (reporting date: 2005-06-26).
The long-term financial trajectory is characterized by substantial growth in scale and profitability, despite intermittent cyclical volatility. Revenue has increased from approximately 1.5 billion USD in 2005 to a projected 23.2 billion USD by 2026, representing a significant expansion of the business footprint over two decades.
- Revenue Growth Patterns
- A consistent upward trajectory is observed, punctuated by a severe contraction in 2009 where revenue fell to approximately 1.1 billion USD. A period of accelerated growth occurred between 2016 and 2018, with revenues nearly doubling from 5.9 billion USD to 11.1 billion USD. Although a dip occurred in 2024 to 14.9 billion USD, the subsequent projections indicate a strong recovery, with revenue expected to reach 23.2 billion USD by 2026.
- Operating Performance and Efficiency
- Operating income demonstrates a high correlation with revenue, though with notable margin expansion in the latter half of the period. The 2009 fiscal year marked a significant operational loss of 281 million USD. However, operating income surged from 1.1 billion USD in 2016 to a peak of 5.4 billion USD in 2022. The projected operating income of 8.2 billion USD for 2026 indicates an improvement in operating leverage and enhanced cost management relative to total sales.
- Net Income and Profitability
- Net income mirrors the operational volatility and growth patterns observed in revenue and operating income. Following a net loss of 302 million USD in 2009, the company entered a phase of sustained and accelerating profitability. Net income grew from 914 million USD in 2016 to a projected 7.3 billion USD by 2026. The steady increase in the ratio of net income to revenue suggests that the company has successfully scaled its operations while improving its overall bottom-line efficiency.
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Balance Sheet: Assets
Lam Research Corp., selected items from assets, long-term trends
US$ in thousands
| Current assets | Total assets | |
|---|---|---|
| Jun 28, 2026 | 15,610,705) | 23,529,743) |
| Jun 29, 2025 | 14,516,995) | 21,345,260) |
| Jun 30, 2024 | 12,883,220) | 18,744,728) |
| Jun 25, 2023 | 13,228,412) | 18,781,643) |
| Jun 26, 2022 | 12,285,235) | 17,195,632) |
| Jun 27, 2021 | 11,652,387) | 15,892,152) |
| Jun 28, 2020 | 10,853,535) | 14,559,047) |
| Jun 30, 2019 | 8,560,409) | 12,001,333) |
| Jun 24, 2018 | 9,149,911) | 12,479,478) |
| Jun 25, 2017 | 9,142,498) | 12,122,765) |
| Jun 26, 2016 | 9,214,911) | 12,271,528) |
| Jun 28, 2015 | 6,270,849) | 9,364,648) |
| Jun 29, 2014 | 4,783,662) | 7,993,306) |
| Jun 30, 2013 | 3,793,829) | 7,250,315) |
| Jun 24, 2012 | 4,415,109) | 8,004,652) |
| Jun 26, 2011 | 3,276,792) | 4,057,394) |
| Jun 27, 2010 | 1,756,661) | 2,487,392) |
| Jun 28, 2009 | 1,195,827) | 1,951,871) |
| Jun 29, 2008 | 1,917,707) | 2,806,755) |
| Jun 24, 2007 | 1,416,361) | 2,101,605) |
| Jun 25, 2006 | 1,706,369) | 2,313,344) |
| Jun 26, 2005 | 1,244,836) | 1,448,815) |
Based on: 10-K (reporting date: 2026-06-28), 10-K (reporting date: 2025-06-29), 10-K (reporting date: 2024-06-30), 10-K (reporting date: 2023-06-25), 10-K (reporting date: 2022-06-26), 10-K (reporting date: 2021-06-27), 10-K (reporting date: 2020-06-28), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-24), 10-K (reporting date: 2017-06-25), 10-K (reporting date: 2016-06-26), 10-K (reporting date: 2015-06-28), 10-K (reporting date: 2014-06-29), 10-K (reporting date: 2013-06-30), 10-K (reporting date: 2012-06-24), 10-K (reporting date: 2011-06-26), 10-K (reporting date: 2010-06-27), 10-K (reporting date: 2009-06-28), 10-K (reporting date: 2008-06-29), 10-K (reporting date: 2007-06-24), 10-K (reporting date: 2006-06-25), 10-K (reporting date: 2005-06-26).
The asset profile of the organization demonstrates substantial long-term growth, characterized by a significant expansion of both current and total assets over the twenty-one-year period from 2005 to 2026. The trajectory is marked by a transition from a relatively small asset base to a multi-billion dollar balance sheet, reflecting aggressive scale-up and capital accumulation.
- Total Asset Growth Trajectory
- Total assets increased from 1.45 billion in 2005 to 23.53 billion by 2026. While the growth was generally upward, volatility is observed between 2007 and 2010, with a notable contraction in 2009. A pivotal increase occurred between 2011 and 2012, where total assets nearly doubled from 4.06 billion to 8.00 billion, indicating a significant capital event or strategic acquisition. Since 2015, total assets have maintained a steady upward climb, surpassing the 20 billion mark by 2024.
- Current Asset Evolution
- Current assets followed a similar growth pattern, rising from 1.24 billion in 2005 to 15.61 billion in 2026. This growth highlights a strong increase in short-term liquidity and working capital. Similar to total assets, a dip is noted in 2009, followed by a period of rapid acceleration between 2010 and 2016, during which current assets grew from 1.76 billion to 9.21 billion. The most recent figures show continued expansion, with assets reaching 15.61 billion by 2026.
- Asset Composition and Liquidity Ratio
- The proportion of current assets relative to total assets has fluctuated over the two decades. In the early period (2005), current assets represented the vast majority of the total asset base. The ratio decreased significantly in 2012, coinciding with the surge in total assets, suggesting an increase in non-current assets such as property, plant, and equipment or long-term investments. However, current assets have remained a dominant component of the balance sheet, representing approximately 66% of total assets by 2026, which indicates a consistently high level of liquidity.
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Balance Sheet: Liabilities and Stockholders’ Equity
Lam Research Corp., selected items from liabilities and stockholders’ equity, long-term trends
US$ in thousands
| Current liabilities | Total liabilities | Long-term debt and finance lease obligations | Stockholders’ equity | |
|---|---|---|---|---|
| Jun 28, 2026 | 5,937,249) | 11,058,822) | 3,734,563) | 12,470,921) |
| Jun 29, 2025 | 6,568,425) | 11,483,641) | 4,484,505) | 9,861,619) |
| Jun 30, 2024 | 4,338,438) | 10,205,274) | 4,983,334) | 8,539,454) |
| Jun 25, 2023 | 4,184,918) | 10,571,471) | 5,011,541) | 8,210,172) |
| Jun 26, 2022 | 4,564,759) | 10,917,266) | 5,005,830) | 6,278,366) |
| Jun 27, 2021 | 3,527,867) | 9,864,964) | 5,001,682) | 6,027,188) |
| Jun 28, 2020 | 3,162,442) | 9,375,558) | 5,810,725) | 5,172,494) |
| Jun 30, 2019 | 2,371,650) | 7,278,029) | 4,489,899) | 4,673,865) |
| Jun 24, 2018 | 3,150,308) | 5,899,435) | 2,416,592) | 6,501,851) |
| Jun 25, 2017 | 2,950,115) | 5,135,453) | 2,693,413) | 6,817,451) |
| Jun 26, 2016 | 2,419,802) | 6,169,459) | 4,333,075) | 5,894,517) |
| Jun 28, 2015 | 2,631,361) | 4,019,696) | 2,361,032) | 5,103,144) |
| Jun 29, 2014 | 1,582,001) | 2,780,222) | 1,335,469) | 5,029,735) |
| Jun 30, 2013 | 1,404,475) | 2,574,523) | 1,303,911) | 4,488,872) |
| Jun 24, 2012 | 1,426,928) | 2,682,528) | 1,272,922) | 5,131,781) |
| Jun 26, 2011 | 684,286) | 1,587,549) | 743,270) | 2,469,845) |
| Jun 27, 2010 | 558,657) | 719,257) | 22,612) | 1,768,135) |
| Jun 28, 2009 | 340,763) | 498,782) | 46,234) | 1,453,089) |
| Jun 29, 2008 | 637,679) | 1,022,811) | 306,330) | 1,778,597) |
| Jun 24, 2007 | 672,798) | 925,285) | 250,000) | 1,176,320) |
| Jun 25, 2006 | 566,226) | 917,195) | 350,000) | 1,396,149) |
| Jun 26, 2005 | 379,133) | 381,919) | —) | 1,066,896) |
Based on: 10-K (reporting date: 2026-06-28), 10-K (reporting date: 2025-06-29), 10-K (reporting date: 2024-06-30), 10-K (reporting date: 2023-06-25), 10-K (reporting date: 2022-06-26), 10-K (reporting date: 2021-06-27), 10-K (reporting date: 2020-06-28), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-24), 10-K (reporting date: 2017-06-25), 10-K (reporting date: 2016-06-26), 10-K (reporting date: 2015-06-28), 10-K (reporting date: 2014-06-29), 10-K (reporting date: 2013-06-30), 10-K (reporting date: 2012-06-24), 10-K (reporting date: 2011-06-26), 10-K (reporting date: 2010-06-27), 10-K (reporting date: 2009-06-28), 10-K (reporting date: 2008-06-29), 10-K (reporting date: 2007-06-24), 10-K (reporting date: 2006-06-25), 10-K (reporting date: 2005-06-26).
The financial data reveals a period of substantial balance sheet expansion between 2005 and 2026, characterized by a significant increase in both total liabilities and stockholders' equity. While liabilities grew aggressively during the mid-term of the period, the latter years show a strengthening of the equity position relative to total obligations.
- Liability Trends and Composition
- Total liabilities exhibited an aggressive upward trajectory, rising from 381.9 million USD in 2005 to a peak of approximately 11.48 billion USD in 2025. Current liabilities followed a similar growth pattern, increasing from 379.1 million USD in 2005 to 5.93 billion USD by 2026. A notable surge in current obligations occurred between 2023 and 2024, where values rose from 4.18 billion USD to 6.56 billion USD, indicating a potential shift in short-term funding requirements or operational accruals.
- Long-Term Debt Dynamics
- Long-term debt and finance lease obligations displayed significant volatility. After reaching historical lows in 2009 and 2010, debt levels surged, peaking at 5.81 billion USD in 2020. However, a consistent deleveraging trend is observable from 2021 through 2026, with long-term obligations decreasing from 5.00 billion USD to 3.73 billion USD. This suggests a strategic shift toward reducing long-term leverage or utilizing internal cash flows to retire debt.
- Stockholders' Equity Growth
- Stockholders' equity demonstrated robust long-term growth, increasing from 1.06 billion USD in 2005 to 12.47 billion USD in 2026. Although a significant contraction occurred in 2019, where equity fell to 4.67 billion USD from 6.50 billion USD in 2018, the subsequent recovery was rapid. Equity grew consistently from 2020 onward, reflecting strong retained earnings or capital contributions.
- Solvency and Capital Structure Analysis
- The relationship between total liabilities and stockholders' equity indicates a shift in the capital structure. In the early part of the period, the company maintained a low-leverage position. Leverage increased significantly between 2015 and 2020, as total liabilities grew faster than equity. By 2026, however, stockholders' equity (12.47 billion USD) exceeded total liabilities (11.05 billion USD), signaling an improved solvency profile and a more equity-heavy capital structure compared to the high-leverage period of 2020.
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Cash Flow Statement
Lam Research Corp., selected items from cash flow statement, long-term trends
US$ in thousands
| 12 months ended: | Net cash provided by (used for) operating activities | Net cash (used for) provided by investing activities | Net cash provided by (used for) financing activities |
|---|---|---|---|
| Jun 28, 2026 | 5,857,657) | (922,152) | (5,717,787) |
| Jun 29, 2025 | 6,173,264) | (708,092) | (4,936,643) |
| Jun 30, 2024 | 4,652,269) | (370,614) | (3,995,850) |
| Jun 25, 2023 | 5,178,938) | (534,562) | (2,830,667) |
| Jun 26, 2022 | 3,099,674) | 612,275) | (4,578,937) |
| Jun 27, 2021 | 3,588,163) | 73,271) | (4,166,982) |
| Jun 28, 2020 | 2,126,451) | (244,084) | (623,930) |
| Jun 30, 2019 | 3,176,013) | (1,637,054) | (2,390,080) |
| Jun 24, 2018 | 2,655,747) | 2,748,440) | (3,272,057) |
| Jun 25, 2017 | 2,029,282) | (2,058,613) | (2,632,394) |
| Jun 26, 2016 | 1,350,277) | 592,483) | 1,595,745) |
| Jun 28, 2015 | 785,503) | (1,106,096) | 378,472) |
| Jun 29, 2014 | 717,049) | (265,214) | (162,735) |
| Jun 30, 2013 | 719,933) | (238,637) | (887,790) |
| Jun 24, 2012 | 499,028) | 269,726) | (692,747) |
| Jun 26, 2011 | 881,028) | (479,913) | 526,986) |
| Jun 27, 2010 | 350,713) | (103,356) | (72,664) |
| Jun 28, 2009 | (78,129) | 6,005) | (260,830) |
| Jun 29, 2008 | 590,319) | (495,805) | 65,810) |
| Jun 24, 2007 | 823,559) | (82,846) | (1,078,335) |
| Jun 25, 2006 | 360,687) | (244,292) | 310,685) |
| Jun 26, 2005 | 425,930) | (58,728) | (52,319) |
Based on: 10-K (reporting date: 2026-06-28), 10-K (reporting date: 2025-06-29), 10-K (reporting date: 2024-06-30), 10-K (reporting date: 2023-06-25), 10-K (reporting date: 2022-06-26), 10-K (reporting date: 2021-06-27), 10-K (reporting date: 2020-06-28), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-24), 10-K (reporting date: 2017-06-25), 10-K (reporting date: 2016-06-26), 10-K (reporting date: 2015-06-28), 10-K (reporting date: 2014-06-29), 10-K (reporting date: 2013-06-30), 10-K (reporting date: 2012-06-24), 10-K (reporting date: 2011-06-26), 10-K (reporting date: 2010-06-27), 10-K (reporting date: 2009-06-28), 10-K (reporting date: 2008-06-29), 10-K (reporting date: 2007-06-24), 10-K (reporting date: 2006-06-25), 10-K (reporting date: 2005-06-26).
The cash flow profile exhibits a transition from moderate volatility and growth in the early 2000s to a period of substantial cash generation and aggressive capital distribution in more recent years. The overall trajectory is characterized by a significant scaling of operational efficiency and a shift in how capital is deployed and returned.
- Operating Cash Flow Trends
- Net cash provided by operating activities shows a long-term upward trajectory with a notable disruption in 2009, where cash flow turned negative. Following this contraction, a steady recovery occurred, with values climbing from approximately 350 million in 2010 to over 6 billion by 2024. This indicates a massive expansion in the company's ability to generate liquidity from its core business operations, particularly after 2016.
- Investing Activities and Capital Allocation
- Cash flows from investing activities are characterized by high volatility. While typically negative—reflecting ongoing capital expenditures—there are several periods of significant positive inflows, most notably in 2016, 2018, and 2022. These spikes suggest periods of asset divestiture or the liquidation of investments. From 2023 through 2026, a consistent pattern of increasing net outflows is observed, suggesting a renewed and intensifying focus on long-term infrastructure or strategic investments.
- Financing Activities and Shareholder Returns
- A profound shift is evident in financing activities. In the first decade of the period, financing flows fluctuated between inflows and outflows. However, starting in 2017, there is a sustained and accelerating trend of net cash outflows. These outflows have escalated from 2.6 billion in 2017 to 5.7 billion by 2026. This pattern strongly suggests that the surplus cash generated from operations is being aggressively utilized for shareholder returns, such as dividends and share repurchases, or the repayment of significant debt.
- Integrated Cash Flow Analysis
- The relationship between the three cash flow components reveals a mature financial lifecycle. The company has moved from a phase of reliance on mixed funding sources to a phase where operating cash flows fully fund both investing requirements and massive financing outflows. The scale of the operating cash flow increasingly dwarfs both investing and financing activities, providing a substantial cushion for strategic pivots and capital redistribution.
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Per Share Data
Lam Research Corp., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Jun 28, 2026 | 5.79 | 5.76 | 1.04 |
| Jun 29, 2025 | 4.17 | 4.15 | 0.92 |
| Jun 30, 2024 | 2.91 | 2.90 | 0.80 |
| Jun 25, 2023 | 3.33 | 3.32 | 0.69 |
| Jun 26, 2022 | 3.29 | 3.28 | 0.60 |
| Jun 27, 2021 | 2.72 | 2.69 | 0.52 |
| Jun 28, 2020 | 1.56 | 1.51 | 0.46 |
| Jun 30, 2019 | 1.44 | 1.37 | 0.44 |
| Jun 24, 2018 | 1.47 | 1.32 | 0.26 |
| Jun 25, 2017 | 1.05 | 0.92 | 0.17 |
| Jun 26, 2016 | 0.58 | 0.52 | 0.12 |
| Jun 28, 2015 | 0.41 | 0.37 | 0.08 |
| Jun 29, 2014 | 0.38 | 0.36 | 0.02 |
| Jun 30, 2013 | 0.07 | 0.07 | 0.00 |
| Jun 24, 2012 | 0.14 | 0.14 | 0.00 |
| Jun 26, 2011 | 0.59 | 0.58 | 0.00 |
| Jun 27, 2010 | 0.27 | 0.27 | 0.00 |
| Jun 28, 2009 | -0.24 | -0.24 | 0.00 |
| Jun 29, 2008 | 0.35 | 0.35 | 0.00 |
| Jun 24, 2007 | 0.49 | 0.49 | 0.00 |
| Jun 25, 2006 | 0.24 | 0.23 | 0.00 |
| Jun 26, 2005 | 0.22 | 0.21 | 0.00 |
Based on: 10-K (reporting date: 2026-06-28), 10-K (reporting date: 2025-06-29), 10-K (reporting date: 2024-06-30), 10-K (reporting date: 2023-06-25), 10-K (reporting date: 2022-06-26), 10-K (reporting date: 2021-06-27), 10-K (reporting date: 2020-06-28), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-24), 10-K (reporting date: 2017-06-25), 10-K (reporting date: 2016-06-26), 10-K (reporting date: 2015-06-28), 10-K (reporting date: 2014-06-29), 10-K (reporting date: 2013-06-30), 10-K (reporting date: 2012-06-24), 10-K (reporting date: 2011-06-26), 10-K (reporting date: 2010-06-27), 10-K (reporting date: 2009-06-28), 10-K (reporting date: 2008-06-29), 10-K (reporting date: 2007-06-24), 10-K (reporting date: 2006-06-25), 10-K (reporting date: 2005-06-26).
1, 2, 3 Data adjusted for splits and stock dividends.
The per-share financial metrics exhibit a long-term trajectory of growth characterized by an initial period of volatility followed by a sustained acceleration in earnings and the implementation of a progressive dividend policy.
- Earnings Performance and Volatility
- Basic and diluted earnings per share remained relatively low and volatile between 2005 and 2013. A notable contraction occurred in 2009, where earnings fell to -0.24 US$, marking the only period of negative profitability in the analyzed timeframe. Following a recovery period, earnings entered a phase of consistent expansion starting in 2014. This growth accelerated significantly after 2017, with basic earnings per share rising from 1.05 US$ in 2016 to a peak of 5.79 US$ by 2026, representing a substantial increase in per-share profitability over the final decade of the period.
- Dividend Distribution Strategy
- The company maintained a zero-dividend policy from 2005 through 2013. Dividend distributions were initiated in 2014 at a modest 0.02 US$ per share. Since the inception of the dividend, there has been an uninterrupted annual increase in the payout. The dividend grew from 0.02 US$ in 2014 to 1.04 US$ in 2026. This consistent upward trend indicates a strategic shift toward returning capital to shareholders in alignment with the overall growth in earnings.
- Dilution Analysis
- A high degree of correlation is observed between basic and diluted earnings per share throughout the entire period. The variance between the two metrics remains minimal, suggesting that the impact of potentially dilutive securities, such as stock options or convertible instruments, has been limited. The narrow gap between basic and diluted figures indicates a stable share capital structure that has not significantly diluted shareholder value during the period of earnings expansion.
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