Lam Research Corporation: AI-driven NAND scaling to 500+ layers and doubling per-wafer SAM

Lam Research Corporation 2026 Q4: Financial Performance summary

• Customer support business group (CSBG) delivered a third consecutive quarter of record revenue at nearly $2.5 billion, up 17% sequentially and 43% higher than the same period in 2025.
• Deferred revenue increased to $2.43 billion, up $213 million sequentially, primarily driven by customer downpayments.
• June 2026 diluted EPS was a record $1.82, with diluted share count down to ~1.26B shares from the March quarter.
• June 2026 gross margin was 52%, above the top of guidance and up from 49.9% in the March quarter.
• June 2026 operating margin was 38.4%, above the top of guidance and up from 35% in the March quarter.
• June 2026 quarter revenue was $6.72 billion, up 15% sequentially and 30% year-over-year.
• Memory mix strengthened: Memory systems revenue was 46% of total (vs. 39% prior quarter), with NAND dollars more than doubling sequentially and non-volatile memory at 23% of systems revenue (vs. 12%).