Lam Research Reports Record Q1 Fiscal 2027 Revenue of $8.22B, Non-GAAP EPS $2.20
Lam Research Corporation reported record quarterly revenue of $8.22 billion for the quarter ended September 27, 2026, representing a 22% sequential increase and a 54% year-over-year increase from $5.32 billion in the same period last year. Non-GAAP diluted EPS of $2.20 beat the prior guidance midpoint of $1.82 by $0.38 or approximately 21%, while GAAP diluted EPS was $2.19. The company provided December quarter guidance of $8.60 billion revenue, 52.5% gross margin, 40.5% operating margin, and $2.33 diluted EPS.
Forward guidance
Key takeaways
AI-driven demand: CEO Tim Archer attributed record revenue, profit, and EPS to AI driving higher semiconductor demand and greater device complexity, with strategic investments in technology inflections and manufacturing capacity paying off.
Revenue performance: Systems revenue increased to $5.73 billion from $4.25 billion sequentially, while customer support-related revenue remained relatively flat at $2.49 billion versus $2.47 billion.
Operating margins expanded: GAAP operating margin increased 260 basis points sequentially to 40.0%, while non-GAAP operating margin expanded 180 basis points to 40.2%.
Geographic concentration: China represented 35% of revenue, Korea 20%, Taiwan 18%, Japan 9%, United States 8%, Southeast Asia 6%, and Europe 4%.
Balance sheet strengthening: Cash, cash equivalents, and restricted cash increased to $7.45 billion from $5.60 billion sequentially, driven by $3.50 billion in operating cash flow partially offset by $1.02 billion in treasury stock purchases and $325 million in dividends paid.
Dividend increase: Quarterly cash dividend increased to $0.33 per share from $0.26 per share sequentially.
Key metrics
Primary source
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