Earnings quality
Compare earnings and operating cash flow for earnings quality.
Lam Research Corporation
Ticker LRCX · 🇺🇸 United States · Consolidated US GAAP · amounts in dollars
Filed 2026-08-07 · Period end 2026-06-28
Takeaway
Worth trackingSales and operating profit both moved in a healthier direction.
operating margin is 35.3%; equity ratio is 53.0%.
Sales and operating profit moved together — keep watching margins and whether the trend persists next period.
ActionWorth tracking
OP margin35.3%
Equity ratio53.0%
Last priceUSD 185.20
Trailing P/E—
Look at next
- Compare operating cash flow to reported profit across the last two years.
- Open English IR for management commentary on outlook and capital allocation.
- Overlay peers on Compare before judging relative momentum.
About the company
LAM RESEARCH CORPORATION is a US-listed company with consolidated financial statements filed on SEC EDGAR.
Compare trends
Tel 5106590200 · As of filing date 2026-08-07
Financial statements
Income statement
| Account | FY2025 (ended Jun 29, 2025) | FY2026 (ended Jun 28, 2026) |
|---|---|---|
| Revenue | $18.4B | $23.2B |
| Cost of sales* | $9.5B | $11.5B |
| Gross profit | $9.0B | $11.7B |
| Operating profit | $5.9B | $8.2B |
| Income tax | $599.9M | $997.1M |
| Net income | $5.4B | $7.3B |
| Basic EPS | — | — |
Balance sheet
| Account | FY2025 (ended Jun 29, 2025) | FY2026 (ended Jun 28, 2026) |
|---|---|---|
| Cash & equivalents | $6.4B | $5.6B |
| Current assets | $14.5B | $15.6B |
| Non-current assets* | $6.8B | $7.9B |
| Total assets | $21.3B | $23.5B |
| Current liabilities | $6.6B | $5.9B |
| Non-current liabilities* | $4.9B | $5.1B |
| Total liabilities | $11.5B | $11.1B |
| Stockholders’ equity | $9.9B | $12.5B |
Cash flow statement
| Account | FY2025 (ended Jun 29, 2025) | FY2026 (ended Jun 28, 2026) |
|---|---|---|
| Operating cash flow | $6.2B | $5.9B |
| Investing cash flow | -$708.1M | -$922.2M |
| Financing cash flow | -$4.9B | -$5.7B |
| Cash at end of period | $6.4B | $5.6B |
Five-year trends
Key metrics
| Metric | Trend | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue | $17.2B | $17.4B | $14.9B | $18.4B | $23.2B | |
| Operating profit | $5.4B | $5.2B | $4.3B | $5.9B | $8.2B | |
| Net income | $4.6B | $4.5B | $3.8B | $5.4B | $7.3B | |
| Total assets | $17.2B | $18.8B | $18.7B | $21.3B | $23.5B | |
| Cash & equivalents | $3.5B | $5.3B | $5.8B | $6.4B | $5.6B | |
| Stockholders’ equity | $6.3B | $8.2B | $8.5B | $9.9B | $12.5B |
How we read these numbers
From the notes
No material one-offs extracted from this filing.
Constructive
Sales and operating profit both moved in a healthier direction.
On the income statement, revenue moved from $18.4B to $23.2B (▲ +26.0%). Operating profit went from $5.9B to $8.2B (▲ +39.0%).
Operating cash flow was $5.9B (prior $6.2B), with cash on the balance sheet at $5.6B versus $6.4B.
Liquidity & leverage
Cash moved from $6.4B to $5.6B; current liabilities $5.9B.
Capital buffer
Stockholders’ equity moved from $9.9B to $12.5B.
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Source: SEC EDGAR 0000707549-26-000037
(LAM RESEARCH CORPORATION), period end 2026-06-28.