Lam Research reported a solid December quarter (Q2 2025 calendar), delivering revenue of $4.376 billion, gross margin of 47.5%, and operating margin of 30.7%, with net income of $1.191 billion and diluted EPS of $0.92–$0.93. The company continued to outpace WFE trends through its strategic mix shift toward higher-growth end markets, including NAND upgrade cycles, gate-all-around (GAA) nodes, and advanced packaging. Management highlighted early signs of a favorable upgrade cycle in NAND driven by carbon gapfill and molybdenum (Moly) technologies, as well as the expansion of CIS (CSBG) offerings and AI-era process innovations. Lam also emphasized meaningful margin improvements in calendar 2024, driven in part by Asia manufacturing expansion, and guided for continued incremental margin expansion in 2025 despite ongoing investments in R&D and digital transformation initiatives. The March 2025 quarter guide and the February Investor Day cadence underscore the company’s strategy to outgrow WFE spend through product leadership, strategic capacity scaling, and a broader addressable market.