Lam Research reported a strong QQ3 2025 quarter highlighted by a record gross margin and a record-foundry revenue contribution, underscoring robust product momentum across ALD/ETCH and CSBG upgrades. Revenue of $4.72 billion rose 8% sequentially and 24% year over year, with gross margin at 49.0% and operating margin at roughly 33.1%, marking the highest quarterly gross margin since the Novelis merger. Management guided to roughly $5.0 billion in revenue for the June 2025 quarter (±$0.3b) with a gross margin of about 49.5% and an operating margin near 33.5%, implying further margin expansion and an all-time profit peak in the near term. The company continues to emphasize outperformance of the broader WFE market through served market expansion, market share gains in leading-edge technology, and CSBG upgrades, while remaining attentive to tariff dynamics and macro volatility. Lam also highlighted strategic product momentum in deposition (e.g., Halo molybdenum, Stryker Spark ALD), etch (ACARA), and equipment intelligence (Simulator 3D) as pillars of its growth trajectory. The balance sheet remains exceptionally solid with about $5.45 billion of cash and equivalents against $4.48 billion of debt, producing a net cash position, and a track record of strong free cash flow generation (~$1.02 billion in the quarter) that supports ongoing capital allocation including significant share repurchases and a debt retirement in the quarter.