Stock Analysis on Net
Stock Analysis on Net

Lam Research Corp. (NASDAQ:LRCX)

Common-Size Income Statement 
Quarterly Data

Lam Research Corp., common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: Mar 30, 2025 Dec 29, 2024 Sep 29, 2024 Jun 30, 2024 Mar 31, 2024 Dec 24, 2023 Sep 24, 2023 Jun 25, 2023 Mar 26, 2023 Dec 25, 2022 Sep 25, 2022 Jun 26, 2022 Mar 27, 2022 Dec 26, 2021 Sep 26, 2021 Jun 27, 2021 Mar 28, 2021 Dec 27, 2020 Sep 27, 2020 Jun 28, 2020 Mar 29, 2020 Dec 29, 2019 Sep 29, 2019 Jun 30, 2019 Mar 31, 2019 Dec 23, 2018 Sep 23, 2018
Revenue 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Cost of goods sold -50.98 -52.63 -51.95 -52.33 -52.14 -52.84 -52.25 -54.18 -56.78 -54.97 -53.95 -54.69 -55.26 -53.20 -54.08 -53.80 -53.73 -53.60 -52.59 -54.14 -53.39 -54.34 -54.67 -54.22 -55.95 -54.61 -54.60
Restructuring charges, net, cost of goods sold 0.00 0.00 0.00 -0.14 -0.40 -0.40 -0.23 -0.36 -1.72 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cost of goods sold -50.98% -52.63% -51.95% -52.47% -52.54% -53.24% -52.48% -54.54% -58.51% -54.97% -53.95% -54.69% -55.26% -53.20% -54.08% -53.80% -53.73% -53.60% -52.59% -54.14% -53.39% -54.34% -54.67% -54.22% -55.95% -54.61% -54.60%
Gross margin 49.02% 47.37% 48.05% 47.53% 47.46% 46.76% 47.52% 45.46% 41.49% 45.03% 46.05% 45.31% 44.74% 46.80% 45.92% 46.20% 46.27% 46.40% 47.41% 45.86% 46.61% 45.66% 45.33% 45.78% 44.05% 45.39% 45.40%
Research and development -11.14 -11.31 -11.88 -12.86 -13.50 -12.50 -12.14 -12.53 -11.10 -8.76 -8.54 -8.87 -10.03 -9.55 -8.88 -9.21 -9.91 -10.85 -11.19 -12.14 -12.30 -12.34 -13.24 -12.52 -13.06 -11.32 -12.51
Selling, general, and administrative -4.79 -5.58 -5.83 -5.59 -5.69 -6.09 -5.95 -6.23 -5.00 -4.43 -4.05 -4.53 -5.35 -5.59 -5.16 -5.25 -5.29 -6.33 -5.97 -6.66 -6.59 -6.75 -7.27 -7.12 -7.80 -6.70 -7.50
Restructuring charges, net, operating expenses 0.00 0.00 0.00 0.02 -0.40 -0.04 -0.06 -0.05 -1.04 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating expenses -15.93% -16.89% -17.72% -18.43% -19.60% -18.63% -18.14% -18.82% -17.14% -13.19% -12.59% -13.40% -15.38% -15.14% -14.04% -14.46% -15.20% -17.19% -17.16% -18.79% -18.89% -19.09% -20.51% -19.64% -20.86% -18.02% -20.01%
Operating income 33.09% 30.48% 30.33% 29.10% 27.87% 28.13% 29.38% 26.65% 24.35% 31.84% 33.46% 31.91% 29.36% 31.66% 31.88% 31.75% 31.07% 29.21% 30.25% 27.07% 27.72% 26.57% 24.82% 26.13% 23.19% 27.37% 25.39%
Other income (expense), net -0.53 0.33 0.72 0.72 0.95 0.79 0.07 0.28 -0.09 -0.53 -0.85 -2.60 -1.41 0.43 -0.67 -0.17 -0.92 -0.87 -1.22 -0.27 -2.58 -0.54 -0.59 -0.32 0.84 -1.21 -0.02
Income before income taxes 32.56% 30.81% 31.05% 29.82% 28.82% 28.92% 29.45% 26.93% 24.26% 31.30% 32.61% 29.31% 27.95% 32.09% 31.21% 31.57% 30.15% 28.35% 29.03% 26.80% 25.14% 26.03% 24.23% 25.81% 24.03% 26.15% 25.37%
Income tax expense -4.37 -3.59 -4.27 -3.46 -3.36 -3.53 -3.97 -1.90 -3.23 -3.48 -4.51 -3.24 -2.78 -3.82 -3.80 -3.96 -2.31 -3.20 -3.11 -1.84 -2.19 -6.12 -2.72 -2.86 -1.59 -3.60 -2.49
Net income 28.19% 27.22% 26.79% 26.35% 25.46% 25.39% 25.48% 25.02% 21.04% 27.83% 28.10% 26.08% 25.16% 28.27% 27.41% 27.61% 27.84% 25.15% 25.92% 24.95% 22.96% 19.92% 21.51% 22.95% 22.44% 22.55% 22.88%

Based on: 10-Q (reporting date: 2025-03-30), 10-Q (reporting date: 2024-12-29), 10-Q (reporting date: 2024-09-29), 10-K (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-24), 10-Q (reporting date: 2023-09-24), 10-K (reporting date: 2023-06-25), 10-Q (reporting date: 2023-03-26), 10-Q (reporting date: 2022-12-25), 10-Q (reporting date: 2022-09-25), 10-K (reporting date: 2022-06-26), 10-Q (reporting date: 2022-03-27), 10-Q (reporting date: 2021-12-26), 10-Q (reporting date: 2021-09-26), 10-K (reporting date: 2021-06-27), 10-Q (reporting date: 2021-03-28), 10-Q (reporting date: 2020-12-27), 10-Q (reporting date: 2020-09-27), 10-K (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29), 10-Q (reporting date: 2019-12-29), 10-Q (reporting date: 2019-09-29), 10-K (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-23), 10-Q (reporting date: 2018-09-23).

Revenue and Cost of Goods Sold (COGS)
Revenue remained constant at 100% across all periods. The Cost of Goods Sold (COGS) as a percentage of revenue exhibited a gradual overall decline from around -54.6% in late 2018 to approximately -51.0% by early 2025, indicating an improvement in cost efficiency. Sporadic increases in COGS occurred, notably around early 2023 where it peaked at -58.51% including restructuring charges. Restructuring charges related to COGS were recorded from early 2023 to mid-2024, contributing negatively by up to -1.72% in one quarter but tended to diminish over subsequent periods.
Gross Margin
Gross margin showed a generally positive trend, improving from approximately 45.4% in late 2018 to above 49.0% by the first quarter of 2025. There was a notable dip around the first quarter of 2023 to about 41.5%, likely influenced by increased COGS and restructuring costs. Post that period, gross margin steadily recovered and strengthened, reflecting enhanced profitability at the gross level.
Research and Development (R&D) Expenses
R&D expenses as a percentage of revenue showed fluctuations but an overall downward trend from around -12.5% in late 2018 to near -11.1% in early 2025, despite some intermittent increases, particularly near 2023 and 2024 quarters. The lowest relative R&D spending was recorded in mid-2021 at under -8.9%. The data suggests a relative stabilization of R&D investment after a period of decline followed by modest increases.
Selling, General, and Administrative (SG&A) Expenses
SG&A expenses steadily declined as a percentage of revenue from approximately -7.5% in late 2018 to less than -5.0% during several periods between late 2020 and 2022, signifying improved operational efficiency. However, there was some increase around early 2023 with SG&A fluctuating between -5.0% and -6.2%, partially associated with restructuring charges on operating expenses recorded during this time. By early 2025, SG&A showed a moderate recovery to around -4.8% of revenue.
Operating Expenses
Operating expenses as a percentage of revenue decreased from roughly -20.0% in late 2018 to a low near -12.6% in mid-2022, aligning with the trends in R&D and SG&A costs. The period around early 2023 saw an upward adjustment to approximately -17.1%, before gradually decreasing again toward -15.9% in early 2025. This increase coincides with the recorded restructuring charges within operating expenses during the early 2023 to mid-2024 timeframe.
Operating Income
Operating income demonstrated a generally positive trend, rising from about 25.4% of revenue in late 2018 to exceed 33.0% in early 2025. The trajectory included a dip to 24.3% in early 2023, likely due to higher operating expenses and restructuring costs, followed by consistent recovery and growth, indicating strengthening operational profitability.
Other Income (Expense), Net
Other income and expenses fluctuated, with negative impacts observed during 2019 and early 2020, including a notable -2.58% in early 2020. The metric improved in later periods, showing occasional positive contributions from 2022 onward, peaking at around 0.95% in early 2024, before a slight decline to -0.53% by early 2025. This suggests some volatility and intermittent gains in non-operating financial activities.
Income Before Income Taxes and Net Income
Income before income taxes closely mirrored the trend in operating income, with values increasing from around 25.4% in late 2018 to over 32.5% by early 2025. Net income followed a similar pattern, reflecting consistent profitability improvement with periodic dips around early 2023 where net income decreased to approximately 21.0%, aligned with operational cost increases and restructuring impacts. Subsequent periods show recovery and marginal growth, with net income reaching 28.2% near the end of the data horizon.
Income Tax Expense
The income tax expense as a percentage of revenue demonstrated variability ranging from roughly -1.6% to -6.1%, without a clearly defined trend. Spikes in tax expense were observed in late 2019 and early 2023. More recent periods show fluctuations around -3.5% to -4.3%, suggesting changing tax impacts but no sustained directional movement.