Lam Research (NASDAQ:LRCX) Issues Quarterly Earnings Results, Beats Estimates By $0.11 EPS

Lam Research (NASDAQ:LRCX) announced its quarterly earnings results on Wednesday. The semiconductor company reported $1.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.36 by $0.11, FiscalAI reports. Lam Research had a net margin of 30.94% and a return on equity of 67.07%. The firm had revenue of $5.84 billion during the quarter, compared to the consensus estimate of $5.70 billion. During the same period last year, the firm posted $1.04 EPS. The firm’s quarterly revenue was up 23.8% on a year-over-year basis. Lam Research updated its Q4 2026 guidance to 1.500-1.800 EPS.

Here are the key takeaways from Lam Research’s conference call:

• WFE outlook raised to $140 billion+ with a bias to the upside, and Lam expects its served available market (SAM) to expand to slightly above the mid?thirties percent of WFE, moving toward its high?thirties % target over the next few years.
• Lam reported a record March quarter with $5.84 billion revenue and $1.47 EPS (above guidance), and guided June quarter revenue of $6.6 billion ±$400M with expanding gross and operating margins and record EPS guidance of $1.65 ±$0.15.
• Customer Support Business Group delivered its 1st $2.1 billion quarter, with mid?teens services growth and accelerating adoption of Equipment Intelligence and Dextro cobots (next?gen Dextro ships with 10× more compute), driving recurring revenue and productivity upgrades.
• AI is pulling NAND/DRAM conversion spending forward (majority of a previously cited ~$40B conversion now expected before end?2027) and increasing etch/deposition intensity—Lam says its breadth of etch/dep tools positions it to capture elevated SAM and share gains.
• Customer down payments fell by roughly $300 million to the lowest level in nearly four years, cash declined to about $4.8 billion after buybacks and debt paydown, and the company expects China revenue to be lower in the June quarter.

Lam Research Stock Performance

NASDAQ LRCX traded up $12.55 on Friday, hitting $271.11. 3,113,869 shares of the stock were exchanged, compared to its average volume of 11,203,346. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.26 and a quick ratio of 1.61. The business’s fifty day moving average is $234.34 and its 200 day moving average is $197.02. Lam Research has a 52 week low of $68.53 and a 52 week high of $275.84. The company has a market capitalization of $338.55 billion, a PE ratio of 51.13, a P/E/G ratio of 2.83 and a beta of 1.78.

Lam Research Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 8th. Stockholders of record on Wednesday, March 4th were given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date of this dividend was Wednesday, March 4th. Lam Research’s payout ratio is currently 21.31%.

Key Stories Impacting Lam Research

Here are the key news stories impacting Lam Research this week:

• Positive Sentiment: Earnings beat and strong guidance — LRCX reported Q3 FY26 results that topped EPS and revenue estimates and issued Q4 EPS and revenue guidance above Street consensus, giving near?term visibility into continued demand. Lam Research Reports Financial Results
• Positive Sentiment: AI demand and revenue/margin expansion — Management and analysts point to AI chip buildouts as the driver of record revenue, higher margins and stronger multi?quarter WFE (wafer?fab equipment) outlook, supporting a bullish multi?year thesis. LRCX Q1 Deep Dive: AI Demand Fuels Revenue Growth
• Positive Sentiment: Broad analyst upgrade cycle — Dozens of firms raised price targets (examples: TD Cowen $340, Susquehanna $385, JPMorgan $315, BofA $330, Deutsche Bank $325), reflecting fresh conviction in Lam’s leadership in the WFE cycle and adding buying pressure. Lam Research Stock Rockets to Record on Strong Earnings and Analyst Momentum
• Neutral Sentiment: Market context: broad tech/AI names are rallying today (Nasdaq strength, rotation in chip names) which amplifies LRCX’s move but also ties performance to wider market flows. Stock Market Today: Dow Slips, Nasdaq Gains
• Neutral Sentiment: Detailed disclosures and call materials available — earnings call transcript and slide deck give color on backlog, customer cadence and supply?chain improvements for investors doing diligence. LRCX Q3 2026 Earnings Call Transcript
• Negative Sentiment: Valuation concerns — some analysts/commentators note the AI upcycle thesis is real but that LRCX’s stock already reflects much of the upside after a steep run, flagging potential near?term valuation risk. The AI Upcycle Is Real, But The Price Is Too Expensive
• Negative Sentiment: “Is it too late?” coverage — broader commentary questions whether the near?term rally leaves limited upside for new buyers and suggests watching multiples and execution risk. Is It Too Late To Consider Lam Research?

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. Royal Bank Of Canada boosted their price target on shares of Lam Research from $290.00 to $310.00 and gave the stock an “outperform” rating in a research note on Thursday. Morgan Stanley boosted their price target on shares of Lam Research from $260.00 to $293.00 and gave the stock an “equal weight” rating in a research note on Thursday. UBS Group set a $300.00 price target on shares of Lam Research in a research note on Thursday, January 29th. New Street Research boosted their price target on shares of Lam Research from $140.00 to $235.00 and gave the stock a “neutral” rating in a research note on Tuesday, March 31st. Finally, KeyCorp reissued a “sector weight” rating on shares of Lam Research in a research note on Thursday, January 29th. Twenty-six research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $283.65.

Insider Activity

In other news, insider Ava Harter sold 4,000 shares of the stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $232.50, for a total value of $930,000.00. Following the transaction, the insider directly owned 54,705 shares of the company’s stock, valued at $12,718,912.50. This represents a 6.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Douglas R. Bettinger sold 50,057 shares of the stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $224.03, for a total transaction of $11,214,269.71. Following the completion of the transaction, the chief financial officer directly owned 1,081,705 shares in the company, valued at $242,334,371.15. The trade was a 4.42% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 130,886 shares of company stock valued at $29,658,802 over the last ninety days. 0.31% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Lam Research

Institutional investors and hedge funds have recently modified their holdings of the business. Triumph Capital Management acquired a new position in shares of Lam Research in the third quarter valued at about $27,000. Mcguire Capital Advisors Inc. acquired a new stake in Lam Research during the fourth quarter worth about $27,000. Strategic Wealth Investment Group LLC acquired a new position in shares of Lam Research in the 2nd quarter valued at approximately $29,000. Wilkerson Advisory Group LLC acquired a new position in shares of Lam Research in the 4th quarter valued at approximately $33,000. Finally, Jessup Wealth Management Inc bought a new stake in shares of Lam Research during the 4th quarter worth approximately $38,000. 84.61% of the stock is currently owned by institutional investors and hedge funds.

About Lam Research

Lam Research Corporation (NASDAQ: LRCX) is a global supplier of wafer fabrication equipment and services to the semiconductor industry. Founded in 1980 by David K. Lam and headquartered in Fremont, California, the company develops and manufactures systems used in multiple stages of semiconductor device production, including thin film deposition, plasma etch, wafer cleaning and related process modules and automation.

Lam’s product portfolio covers core process technologies employed by logic and memory manufacturers, with equipment designed to support advanced-node patterning, 3D NAND and other emerging device architectures.