Lam Research Corporation

Strong June quarter performance (beats + records): Revenue $6.72B, up 15% sequentially and +30% YoY; gross margin 52% (above the top end of guidance, up from 49.9% in March); operating margin 38.4% (above guidance, up from 35%); EPS $1.82 (record). Company also highlighted highest quarterly gross margin in 20 years and record operating margin / EPS.

Memory mix driving momentum (big NAND upgrade cycle): Systems revenue mix shifted materially—Memory rose to 46% of systems revenue from 39% (record Memory dollars). Within Memory, non-volatile memory reached 23% of systems revenue (up from 12% in March). NAND revenue more than doubled sequentially on conversions to 256-layer and above, mostly supporting enterprise SSDs. DRAM at 23% of systems revenue (down from 27% March), with DRAM revenue described as “flattish” on a record March base; spending directed to DDR5/LPDDR5/HBM-related upgrades.

September 2026 outlook (growth + margin resilience): Guidance for the September quarter: revenue $8.1B ± $400M; gross margin 52% ±1pp; operating margin 39.5% ±1pp; EPS $2.15 ± $0.15 on ~1.255B shares. Management said spend is growing in September but much slower than revenue, supporting margin stability. Key “why” investors should care: company sees >20% sequential quarter growth and expects continued relative outperformance vs WFE.