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)

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3 months ended: Jun 28, 2026 Mar 29, 2026 Dec 28, 2025 Sep 28, 2025 Jun 29, 2025 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
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
Cost of goods sold -48.25 -50.17 -50.40 -49.57 -49.92 -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
Restructuring charges, net, cost of goods sold 0.00 0.00 0.00 0.00 0.00 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
Cost of goods sold -48.25% -50.17% -50.40% -49.57% -49.92% -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%
Gross margin 51.75% 49.83% 49.60% 50.43% 50.08% 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%
Research and development -9.56 -9.98 -10.73 -10.83 -11.22 -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
Selling, general, and administrative -4.79 -4.80 -5.01 -5.25 -5.19 -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
Restructuring charges, net, operating expenses 0.00 0.00 0.00 0.00 0.00 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
Operating expenses -14.36% -14.78% -15.73% -16.07% -16.41% -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%
Operating income 37.39% 35.04% 33.87% 34.35% 33.67% 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%
Other income (expense), net 0.62 -0.61 0.49 0.56 0.73 -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
Income before income taxes 38.01% 34.44% 34.36% 34.92% 34.40% 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%
Income tax expense -4.13 -3.19 -4.54 -5.46 -1.14 -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
Net income 33.88% 31.25% 29.82% 29.46% 33.26% 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%

Based on: 10-K (reporting date: 2026-06-28), 10-Q (reporting date: 2026-03-29), 10-Q (reporting date: 2025-12-28), 10-Q (reporting date: 2025-09-28), 10-K (reporting date: 2025-06-29), 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).

The financial performance over the analyzed period demonstrates a long-term expansion in profitability, characterized by improving gross margins and a significant increase in operating efficiency toward the end of the period. While there was a period of margin compression and increased restructuring costs between early 2023 and early 2024, the subsequent trajectory shows strong recovery and margin expansion across all primary income levels.

Gross Profitability and Cost Structure
Gross margins remained relatively stable between 44% and 48% from September 2020 through December 2022, before experiencing a notable decline to 41.49% in March 2023. This dip coincided with the introduction of restructuring charges within the cost of goods sold. Following this trough, a consistent upward trend is observed, with gross margins climbing to a peak of 51.75% by June 2026. This improvement is driven by a steady reduction in the cost of goods sold as a percentage of revenue, which fell from a high of 58.51% in March 2023 to 48.25% by the end of the period.
Operating Expense Analysis
Research and development (R&D) expenditures showed significant fluctuation, moving from roughly 9% to 11% of revenue in the early years to a peak of 13.50% in March 2024. This suggests a period of intensified investment in product development. Subsequently, R&D costs trended downward to 9.56% by June 2026. Selling, general, and administrative (SG&A) expenses remained more consistent, generally fluctuating between 4% and 6%, indicating tight control over overhead costs. Total operating expenses peaked at 19.60% in March 2024 before receding to 14.36% by June 2026.
Operating and Net Income Trends
Operating income margins exhibit a strong recovery and growth pattern. After a decline to 24.35% in March 2023, the margin expanded steadily, reaching 37.39% by June 2026. This suggests significant operating leverage as revenue growth outpaced the growth of operating expenses. Net income margins followed a similar trajectory, starting at 25.92% in September 2020 and ending at 33.88% in June 2026. A notable spike in net margin to 33.26% occurred in June 2025, primarily influenced by a significant decrease in the income tax expense ratio to 1.14% during that specific quarter.

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