The headline miss vs consensus is overshadowed by raised guidance and record operating metrics. Watch for follow-through on Q2 guidance execution and any export control developments given China's 35% revenue concentration.
Price Chart
Executive Summary
Lam Research reported FQ1 2027 (Sep 2026) revenue of $8.22B and GAAP diluted EPS of $2.19, missing consensus estimates of $8.64B and $2.34. However, the company raised its Q2 guidance to $8.60B revenue midpoint and $2.33 EPS midpoint, signaling continued strong AI-driven demand for wafer fabrication equipment. The sequential growth (+22% revenue, +21% EPS) and expanding margins (GAAP gross margin 52.3%, operating margin 40.0%) underscore robust operational momentum.
Key Financial Metrics
Key Facts
- Revenue of $8.22B, up 22% QoQ and 54% YoY, a record quarter.
- GAAP diluted EPS of $2.19, up 21% QoQ and 77% YoY.
- GAAP gross margin expanded 60 bps QoQ to 52.3%; operating margin expanded 260 bps to 40.0%.
- Q2 FY2027 guidance: revenue $8.60B ± $400M, EPS $2.33 ± $0.15 — both above the just-reported quarter.
- Operating cash flow surged to $3.50B, up 140% QoQ.
- China remained the largest region at 35% of revenue; systems revenue grew 35% QoQ.
- Deferred revenue increased to $2.66B, up from $2.43B in the prior quarter.
Financial Impact
Revenue miss of ~$420M vs consensus ($8.22B actual vs $8.64B est) but guidance raised to $8.60B midpoint, implying strong forward demand.
Risk Factors
- China exposure (35% of revenue) creates geopolitical and export-control risk.
- Guidance midpoint of $8.60B implies deceleration from Q1's $8.22B if realized at the low end ($8.20B).
- Semiconductor capital equipment cycle remains cyclical; any demand pull-forward could reverse.
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000707549-26-000052 |
| Document: lrcx-20261021.htm | 0000707549-26-000052 |
| Document: 0000707549-26-000052-index-headers.html | 0000707549-26-000052 |
| Document: 0000707549-26-000052-index.html | 0000707549-26-000052 |
| Document: 0000707549-26-000052.txt | 0000707549-26-000052 |
| 8-K Data (Synthetic) | 0000707549-26-000052 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 21, 2026 5d ago | 8-K | $230.15 $230.10 | ▼ −0.02% | ▲ +0.50% | $240.45 (+4.48%) |
Oct 16, 2026 11d ago | Institutional Cluster | $263.94 $272.20 | ▲ +3.13% | ▲ +2.71% | $240.45 (−8.90%) |
Oct 15, 2026 12d ago | Court Ruling | $263.94 $272.20 | ▲ +3.13% | ▲ +2.71% | $240.45 (−8.90%) |
Oct 12, 2026 15d ago | Institutional Cluster | $309.56 $301.11 | ▼ −2.73% | ▼ −2.72% | $240.45 (−22.33%) |
Sep 30, 2026 26d ago | Press Release | $340.10 $347.49 | ▲ +2.17% | ▲ +1.43% | $240.45 (−29.30%) |
Sep 24, 2026 4w ago | DEFA14A | $315.08 $314.39 | ▼ −0.22% | ▲ +0.52% | $240.45 (−23.69%) |
Sep 10, 2026 6w ago | Insider Cluster | $298.01 $298.22 | ▲ +0.07% | ▼ −0.78% | $240.45 (−19.31%) |
Sep 10, 2026 6w ago | Insider Cluster | $298.01 $298.22 | ▲ +0.07% | ▼ −0.78% | $240.45 (−19.31%) |
Sep 3, 2026 7w ago | Insider Cluster | $292.66 $307.65 | ▲ +5.12% | ▲ +5.51% | $240.45 (−17.84%) |
Apr 27, 2026 26w ago | Insider Cluster | $259.38 $251.00 | ▼ −3.23% | ▼ −2.75% | $240.45 (−7.30%) |
US Market Status
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