Lam Research Corporation (LAR.DE) Q1 2026 Earnings Report

Lam Research (Lam Research Corporation) delivered a strong QQ1 2026, underscoring durable demand for front-end semiconductor equipment. Revenue rose to $5.324B, up 37.5% year over year and 12.8% quarter over quarter, driven by broad-based strength across customers and end markets. Gross profit reached $2.684B with a gross margin of 50.4%, and operating income of $1.829B yielded an operating margin of 34.35%. Net income stood at $1.569B, translating to EPS of $1.24, up meaningfully from prior periods. The company generated robust cash flow, with operating cash flow of $1.779B and free cash flow of $1.593B, and ended the period with substantial liquidity ($6.712B cash) and a net cash position of approximately $2.21B. Lam also returned capital meaningfully through a large share repurchase program ($975.8M) and dividends ($292.0M). These dynamics reflect both the strength of Lam’s product portfolio (notably deposition and etch platforms) and its ability to convert scale into cash, supporting ongoing investments in R&D and shareholder value despite cyclicality in the semiconductor equipment cycle.