We are a global supplier of innovative wafer fabrication equipment and services to the semiconductor industry.
10-K, Aug 7, 2026
Source and method
In the company’s words: first descriptive sentence of 10-K Item 1, verbatim (extractive). Item 1 · Business · 10-K · 0000707549-26-000037 · filed Aug 7, 2026
Latest 10-K
Aug 7, 2026
Latest filing in Hollsteen
Aug 7, 2026
Data as of
Oct 15, 2026
Fiscal year ends
June · last on Jun 28, 2026
Voices · third-party opinions, not SEC data
Not investment advice. They could be wrong or outdated. See the original source and date; the view may have changed.
What do investors say about Lam Research?
Jeff KilburgInvestorOct 15, 2026Invests
Our summary: Kilburg, who already owns Lam in his ETF, sees the pullback as a buying opportunity, citing AI-driven equipment demand and a fast-growing services business, while warning of volatility.
Voice details · not SEC data. As stated on Oct 15, 2026; the view may have changed.
Philippe LaffontInvestorJun 23, 2026Invests
Our summary: Laffont said Coatue prefers owning semiconductor-equipment suppliers because every AI chip, whether from Nvidia, Amazon or Google, needs the same fab machines, so he need not pick the winner.
“That's sort of the reasons why we own the semi caps”
annual report FY2026 · 0000707549-26-000037 · shares derived = part / total revenue
Calculated: share = part revenue ÷ total revenue ($23.2B).
Systems: $14.9B · 64.1%
Customer Support: $8.3B · 35.9%
Latest 10-K
Aug 7, 2026
Latest filing in Hollsteen
Aug 7, 2026
Data as of
Oct 15, 2026
Fiscal year ends
June · last on Jun 28, 2026
What is left of every $100?
Of every $100 in revenue, $31 is net income.
Revenue$100
Gross profit$50
Operating income$35
Net income$31
Free cash flow$21
Source and method
Of every $100 of revenue, FY2026.
Calculated: amount ÷ revenue × 100.
Revenue: $23.2B
Gross profit: $11.7B
Operating income: $8.2B
Net income: $7.3B
Free cash flow: $4.9B
Latest 10-K
Aug 7, 2026
Latest filing in Hollsteen
Aug 7, 2026
Data as of
Oct 15, 2026
Fiscal year ends
June · last on Jun 28, 2026
Where do customers sit?
The region figures in the latest annual report overlap (regions and countries mixed) and do not add up to total revenue, so no chart is shown (nothing estimated).
In the company’s words ›
“We have built a strong global presence with core competencies in areas such as nanoscale manufacturing enablement, chemistry, plasma and fluidics, advanced systems engineering, and a broad range of operational disciplines.”
“Our products and services are designed to help our customers build smaller and better performing devices that are used in a variety of electronic products, including mobile phones, personal computers, cloud and enterprise servers, wearables, automotive vehicles, and data storage devices.”
“Our customer base includes leading semiconductor memory, foundry, and integrated device manufacturers (“IDMs”) that make products such as non-volatile memory (“NVM”), dynamic random-access memory (“DRAM”), and logic devices.”
Item 1 · Business · 10-K · 0000707549-26-000037 · filed Aug 7, 2026
Where did the growth actually come from?
Systems drove 62% of Lam Research’s growth.
Source & method
Counted
Segment revenue as filed, first and last fiscal year of the range.
Formulas
Change = segment revenue (to) − segment revenue (from); share of growth = change / total revenue change (calculated). Not allocated = total revenue − sum of reported segments (calculated, never filled in).
Guards
Segment break: if the company redrew its segments inside the range, no share of growth is claimed. No segment break reported for this company. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
Coverage
SEC filings only · 100 companies covered
As of
Oct 15, 2026
0$5B$10B$15B$20B
Revenue FY2019$9.7B
Systems+$8.4B
Customer Support+$5.1B
Revenue FY2026$23.2B
Thesis
Why do people invest?
2 reasons in the company’s own words.
Position (in the company’s words)›
“We offer a broad range of services to deliver value throughout the lifecycle of our equipment, including customer service, spares, upgrades, and new and refurbished non-leading edge products in our deposition, etch, and clean markets.”
“Fiscal year 2026 R&D expense increased versus fiscal year 2025, due to $131.4 million in employee-related costs from increased headcount and $69.8 million in higher engineering supplies expense.”
Verbatim · selection. Sentences selected by rules from the 10-K and checked word for word against it; no AI summary. Not investment advice, not a recommendation, no forecast.
2 of 3 points met the selection rules (score, subject = the metric, quoted number within ±10% of the stored value).
Fiscal year 2026 revenue +26%: no stored value to check the quoted number against.
Latest 10-K
Aug 7, 2026
Latest filing in Hollsteen
Aug 7, 2026
Data as of
Oct 15, 2026
Fiscal year ends
June · last on Jun 28, 2026
KPIs
How fast is revenue growing?
Revenue grew 26% to $23.2B.
Revenue grew 30% YoY to $6.7B.
Source & method
Counted
Total revenue, as filed in 10-K / 20-F / 10-Q XBRL.
Formulas
Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
Guards
Gaps are shown as 'not reported', never interpolated.
Coverage
SEC filings only · 100 companies covered
As of
Oct 15, 2026
0$5B$10B$15B$20B
FY2017$8.0B
FY2018$11.1B
FY2019$9.7B
FY2020$10.0B
FY2021$14.6B
FY2022$17.2B
FY2023$17.4B
FY2024$14.9B
FY2025$18.4B
FY2026$23.2B
0$2B$4B$6B
FY2024 Q1$3.5B
FY2024 Q2$3.8B
FY2024 Q3$3.8B
FY2024 Q4$3.9B
FY2025 Q1$4.2B
FY2025 Q2$4.4B
FY2025 Q3$4.7B
FY2025 Q4$5.2B
FY2026 Q1$5.3B
FY2026 Q2$5.3B
FY2026 Q3$5.8B
FY2026 Q4$6.7B
Did the growth reach the shareholder?
Per share, revenue grew 43.6%.
Source & method
Counted
Revenue and weighted-average diluted shares, as filed, first and last fiscal year of the range.
Formulas
Revenue per diluted share = revenue / diluted shares; growth = (to / from) − 1. All three changes are calculated.
Guards
IPO: if the start year ended more than 365 days before the first SEC filing and diluted shares then rose ≥25%, the range is hidden by default (Options → Include IPO-distorted periods). Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
Coverage
SEC filings only · 100 companies covered
As of
Oct 15, 2026
0+20%+40%
Revenue+33.3%
Diluted shares−7.2%
Per share+43.6%
How profitable is it?
35.3% operating margin, up from 32.0%.
50.5% gross margin, up from 48.7%.
Operating income grew 39% to $8.2B.
Net income grew 36% to $7.3B.
R&D grew 13% to $2.4B.
SG&A grew 17% to $1.1B.
EPS diluted grew 39% to $5.76.
37.4% operating margin, up from 33.7%.
51.7% gross margin, up from 50.1%.
Operating income grew 44% YoY to $2.5B.
Net income grew 32% YoY to $2.3B.
R&D grew 11% YoY to $643M.
SG&A grew 20% YoY to $322M.
EPS diluted grew 34% YoY to $1.81.
Source & method
Counted
Income statement items, as filed.
Formulas
Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
Guards
Gaps are shown as 'not reported', never interpolated. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
Guards
Gaps are shown as 'not reported', never interpolated.
Coverage
SEC filings only · 100 companies covered
As of
Oct 15, 2026
0$2B$4B
FY2017$1.9B
FY2018$2.4B
FY2019$2.9B
FY2020$1.9B
FY2021$3.2B
FY2022$2.6B
FY2023$4.7B
FY2024$4.3B
FY2025$5.4B
FY2026$4.9B
0$2B$4B$6B
FY2017$2.0B
FY2018$2.7B
FY2019$3.2B
FY2020$2.1B
FY2021$3.6B
FY2022$3.1B
FY2023$5.2B
FY2024$4.7B
FY2025$6.2B
FY2026$5.9B
0$200M$400M$600M$800M
FY2017$157M
FY2018$273M
FY2019$303M
FY2020$203M
FY2021$349M
FY2022$546M
FY2023$502M
FY2024$397M
FY2025$759M
FY2026$966M
0$1B$2B$3B
FY2017$812M
FY2018$2.7B
FY2019$3.8B
FY2020$1.4B
FY2021$2.7B
FY2022$3.9B
FY2023$2.0B
FY2024$2.8B
FY2025$3.4B
FY2026$3.9B
0$500M$1B
FY2017$243M
FY2018$308M
FY2019$678M
FY2020$657M
FY2021$727M
FY2022$815M
FY2023$908M
FY2024$1.0B
FY2025$1.1B
FY2026$1.3B
0$100M$200M$300M
FY2017$150M
FY2018$172M
FY2019$187M
FY2020$189M
FY2021$220M
FY2022$259M
FY2023$287M
FY2024$293M
FY2025$343M
FY2026$386M
0$500M$1B$1.5B$2B
FY2024 Q1$874M
FY2024 Q2$1.3B
FY2024 Q3$1.3B
FY2024 Q4$762M
FY2025 Q1$1.5B
FY2025 Q2$554M
FY2025 Q3$1.0B
FY2025 Q4$2.4B
FY2026 Q1$1.6B
FY2026 Q2$1.2B
FY2026 Q3$810M
FY2026 Q4$1.3B
0$1B$2B
FY2024 Q1$951M
FY2024 Q2$1.5B
FY2024 Q3$1.4B
FY2024 Q4$862M
FY2025 Q1$1.6B
FY2025 Q2$742M
FY2025 Q3$1.3B
FY2025 Q4$2.6B
FY2026 Q1$1.8B
FY2026 Q2$1.5B
FY2026 Q3$1.1B
FY2026 Q4$1.5B
0$100M$200M$300M
FY2024 Q1$77.0M
FY2024 Q2$115M
FY2024 Q3$104M
FY2024 Q4$101M
FY2025 Q1$111M
FY2025 Q2$188M
FY2025 Q3$288M
FY2025 Q4$172M
FY2026 Q1$185M
FY2026 Q2$261M
FY2026 Q3$332M
FY2026 Q4$189M
0$500M$1B
FY2024 Q1$843M
FY2024 Q2$645M
FY2024 Q3$981M
FY2024 Q4$374M
FY2025 Q1$997M
FY2025 Q2$698M
FY2025 Q3$435M
FY2025 Q4$1.3B
FY2026 Q1$976M
FY2026 Q2$1.5B
FY2026 Q3$1.2B
FY2026 Q4$247M
0$100M$200M$300M
FY2024 Q1$230M
FY2024 Q2$264M
FY2024 Q3$263M
FY2024 Q4$261M
FY2025 Q1$261M
FY2025 Q2$298M
FY2025 Q3$296M
FY2025 Q4$295M
FY2026 Q1$292M
FY2026 Q2$328M
FY2026 Q3$326M
FY2026 Q4$325M
0$25M$50M$75M$100M
FY2024 Q1$67.2M
FY2024 Q2$69.9M
FY2024 Q3$76.9M
FY2024 Q4$79.1M
FY2025 Q1$80.0M
FY2025 Q2$82.0M
FY2025 Q3$87.1M
FY2025 Q4$94.3M
FY2026 Q1$97.2M
FY2026 Q2$88.5M
FY2026 Q3$96.6M
FY2026 Q4$104M
How strong is the balance sheet?
$5.6B cash vs $3.7B debt.
Total debt fell 17% to $3.7B.
Interest expense fell 12% to $157M.
Total assets grew 10% to $23.5B.
Equity grew 26% to $12.5B.
Cash fell 13% YoY to $5.6B.
Total debt fell 17% YoY to $3.7B.
Interest expense fell 20% YoY to $34.2M.
Total assets grew 10% YoY to $23.5B.
Equity grew 26% YoY to $12.5B.
Source & method
Counted
Balance sheet items at fiscal year end, as filed; total debt is derived from reported components (excl. operating leases).
Formulas
Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
Guards
Gaps are shown as 'not reported', never interpolated.
Coverage
SEC filings only · 100 companies covered
As of
Oct 15, 2026
0$2B$4B$6B
FY2017$2.4B
FY2018$4.5B
FY2019$3.7B
FY2020$4.9B
FY2021$4.4B
FY2022$3.5B
FY2023$5.3B
FY2024$5.8B
FY2025$6.4B
FY2026$5.6B
0$2B$4B
FY2017$2.7B
FY2018$2.4B
FY2019$4.4B
FY2020$5.8B
FY2021$5.0B
FY2022$5.0B
FY2023$5.0B
FY2024$5.0B
FY2025$4.5B
FY2026$3.7B
0$50M$100M$150M$200M
FY2017$118M
FY2018$97.4M
FY2019$117M
FY2020$177M
FY2021$209M
FY2022$185M
FY2023$186M
FY2024$185M
FY2025$178M
FY2026$157M
0$5B$10B$15B$20B
FY2017$12.1B
FY2018$12.5B
FY2019$12.0B
FY2020$14.6B
FY2021$15.9B
FY2022$17.2B
FY2023$18.8B
FY2024$18.7B
FY2025$21.3B
FY2026$23.5B
0$2.5B$5B$7.5B$10B
FY2017$6.8B
FY2018$6.5B
FY2019$4.7B
FY2020$5.2B
FY2021$6.0B
FY2022$6.3B
FY2023$8.2B
FY2024$8.5B
FY2025$9.9B
FY2026$12.5B
0$2B$4B$6B
FY2024 Q1$5.1B
FY2024 Q2$5.6B
FY2024 Q3$5.7B
FY2024 Q4$5.8B
FY2025 Q1$6.1B
FY2025 Q2$5.7B
FY2025 Q3$5.5B
FY2025 Q4$6.4B
FY2026 Q1$6.7B
FY2026 Q2$6.2B
FY2026 Q3$4.8B
FY2026 Q4$5.6B
0$1B$2B$3B$4B
FY2024 Q1$5.0B
FY2024 Q2$5.0B
FY2024 Q3$5.0B
FY2024 Q4$5.0B
FY2025 Q1$5.0B
FY2025 Q2$5.0B
FY2025 Q3$4.5B
FY2025 Q4$4.5B
FY2026 Q1$4.5B
FY2026 Q2$4.5B
FY2026 Q3$3.7B
FY2026 Q4$3.7B
0$10M$20M$30M$40M
FY2024 Q1$45.3M
FY2024 Q2$46.3M
FY2024 Q3$47.2M
FY2024 Q4$46.4M
FY2025 Q1$44.9M
FY2025 Q2$45.3M
FY2025 Q3$45.2M
FY2025 Q4$42.8M
FY2026 Q1$42.5M
FY2026 Q2$40.9M
FY2026 Q3$39.3M
FY2026 Q4$34.2M
0$5B$10B$15B$20B
FY2024 Q1$18.5B
FY2024 Q2$18.8B
FY2024 Q3$18.3B
FY2024 Q4$18.7B
FY2025 Q1$19.5B
FY2025 Q2$19.8B
FY2025 Q3$20.0B
FY2025 Q4$21.3B
FY2026 Q1$21.9B
FY2026 Q2$21.4B
FY2026 Q3$20.8B
FY2026 Q4$23.5B
0$2.5B$5B$7.5B$10B
FY2024 Q1$8.0B
FY2024 Q2$8.2B
FY2024 Q3$8.0B
FY2024 Q4$8.5B
FY2025 Q1$8.5B
FY2025 Q2$8.8B
FY2025 Q3$9.5B
FY2025 Q4$9.9B
FY2026 Q1$10.2B
FY2026 Q2$10.1B
FY2026 Q3$10.6B
FY2026 Q4$12.5B
What drives the business?
Systems revenue grew 30% to $14.9B.
Customer Support revenue grew 20% to $8.3B.
Systems revenue grew 24% YoY to $4.2B.
Customer Support revenue grew 43% YoY to $2.5B.
Source & method
Counted
Operating figures and sub-segments the company reports.
Formulas
Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
Guards
Gaps are shown as 'not reported', never interpolated.
Coverage
SEC filings only · 100 companies covered
As of
Oct 15, 2026
0$5B$10B
Before FY2019not reported
FY2019$6.5B
FY2020$6.6B
FY2021$9.8B
FY2022$11.3B
FY2023$10.7B
FY2024$8.9B
FY2025$11.5B
FY2026$14.9B
0$2B$4B$6B$8B
Before FY2019not reported
FY2019$3.2B
FY2020$3.4B
FY2021$4.9B
FY2022$5.9B
FY2023$6.7B
FY2024$6.0B
FY2025$6.9B
FY2026$8.3B
0$1B$2B$3B$4B
FY2024 Q1$2.1B
FY2024 Q2$2.3B
FY2024 Q3$2.4B
FY2024 Q4$2.2B
FY2025 Q1$2.4B
FY2025 Q2$2.6B
FY2025 Q3$3.0B
FY2025 Q4$3.4B
FY2026 Q1$3.5B
FY2026 Q2$3.4B
FY2026 Q3$3.7B
FY2026 Q4$4.2B
0$500M$1B$1.5B$2B
FY2024 Q1$1.4B
FY2024 Q2$1.5B
FY2024 Q3$1.4B
FY2024 Q4$1.7B
FY2025 Q1$1.8B
FY2025 Q2$1.8B
FY2025 Q3$1.7B
FY2025 Q4$1.7B
FY2026 Q1$1.8B
FY2026 Q2$2.0B
FY2026 Q3$2.1B
FY2026 Q4$2.5B
Dependencies
How much revenue hangs on one customer?
One customer: 16% of revenue.
Source & method
Counted
Largest customers as disclosed in the annual report (share of revenue).
Formulas
One customer in dollars = disclosed share × total revenue of the same fiscal year (calculated), only where the filing text confirms the share is of total revenue.
Guards
Anonymous customers stay anonymous. Segment-based shares are never multiplied by total revenue.
Coverage
SEC filings only · 100 companies covered
As of
Oct 15, 2026
05%10%15%
Customer A16%
Customer B15%
Customers, suppliers, stakes and mentions ›
Only what filings state. Anonymous customers stay anonymous.
Largest customers (Lam Research annual report)
Customer A16%not named · FY2026 · share of revenue (basis not confirmed in the filing text)
Customer B15%not named · FY2026 · share of revenue (basis not confirmed in the filing text)
10-K · 0000707549-26-000037 · filed Aug 7, 2026
Suppliers named by Lam Research
No supplier among the covered companies is named in the filings.
Lam Research holds stakes in
No stake in a covered company found in SEC filings.
Others name Lam Research
1 other mention (e.g. ASE Technology) in covered companies’ filings. Mentions, not confirmed relationships.
Risks
What could go wrong?
4 of 32 risk factors, one per theme.
Customer concentration›
“Sales to a limited number of large customers constitute a significant portion of our overall shipments, revenue, cash flows, and profitability.”
“Rapid technological changes in semiconductor manufacturing processes subject us to increased pressure to develop technological advances that enable those processes.”
“We face significant competition from multiple competitors, and our competitors may be able to develop products comparable or superior to those we offer or may adapt more quickly to new technologies or evolving customer requirements.”
“Our ability to compete successfully depends in large part on our ability to attract, retain, and motivate key employees with the appropriate skills, experiences, and competencies.”
13G/A · filed Jan 25, 2024 · older than 18 months, current position unknown
Source and method
Holders above 5% from Schedule 13G/13D, SEC filings only. “(then)”: reported in a filing older than 18 months; the current position is not known from SEC 13G/13D data.
3 filings reporting a stake below 5% (e.g. after selling) not listed.
Latest 10-K
Aug 7, 2026
Latest filing in Hollsteen
Aug 7, 2026
Data as of
Oct 15, 2026
Fiscal year ends
June · last on Jun 28, 2026
13F holders and insider trades ›
Largest institutional holders, 13F, quarter ending Jun 30, 2026
BlackRock, Inc.12.3%
132.7M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Vanguard Capital Management LLC7.6%
81.7M shares · 13F filed Aug 13, 2026 · share of 13F-reported
State Street Corp5.6%
60.7M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Invesco Ltd.4.9%
52.3M shares · 13F filed Aug 14, 2026 · share of 13F-reported
Jpmorgan Chase & Co4.2%
45.3M shares · 13F filed Aug 12, 2026 · share of 13F-reported
3,126 13F filers report positions. 13F covers managers with over $100M in US equities; it is not a full shareholder list, and shares are not a percentage of shares outstanding. 1 large filing with inconsistent reported value per share left out.
Insiders, last 12 months (Form 4, open market)
0 purchases · 69 sales · $177M sold
Grants, gifts and tax withholding counted separately · window Oct 13, 2025 – Oct 13, 2026
All metrics
All metrics · 36 SEC metrics, FY2017–FY2026Income statement 10
Metric
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
FY2026
Cost of revenue
D&A
Gross profit
Income taxes
Interest expense
Net income
Operating income
Research and development
Revenue
SG&A
Balance sheet 10
Metric
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
FY2026
Cash and equivalents
Current liabilities
Current portion of long-term debt
Equity
Equity incl. NCI
Long-term debt
Short-term debt (balance sheet line)
–not reported
–not reported
–not reported
–not reported
–not reported
–not reported
Total assets
Total debt calc.
Total liabilities & equity
Cash flow 7
Metric
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
FY2026
Buybacks
Capex
Dividends
Free cash flow calc.
Interest paid
Operating cash flow
Stock-based compensation
Per share & shares 4
Metric
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
FY2026
EPS basic
EPS diluted
Wtd. shares basic
Wtd. shares diluted
Segments 1
Metric
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
FY2026
Revenue Systems
–not reported
–not reported
Customers 1
Metric
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
FY2026
Revenue Customer support
–not reported
–not reported
Other 3
Metric
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
FY2026
Other income (incl. interest) calc.
Pretax income
Total liabilities
Method
extractive: verbatim sentences selected by rules from Item 1, 1A and 7; no AI summary; every sentence matched verbatim against the filing text. Numbers: Hollsteen SEC dataset. Every value opens its SEC source · version history of all values