Income Statement
Quarterly Data
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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- Statement of Comprehensive Income
- Common-Size Income Statement
- Analysis of Profitability Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
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Lam Research Corp., consolidated income statement (quarterly data)
US$ in thousands
Based on: 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), 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).
The financial performance, as indicated by the income statement, demonstrates a period of significant growth followed by a notable deceleration and subsequent recovery. Revenue exhibited a consistent upward trajectory from September 2019 through December 2021, peaking at US$4,304.465 thousand. However, a decline in revenue commenced in March 2022, reaching a low point in June 2023 before initiating a recovery towards the end of the observed period.
Gross margin generally increased alongside revenue, suggesting effective cost management during the growth phase. However, the margin experienced some volatility, particularly during the revenue decline in 2022 and 2023. The most recent quarters show a strengthening of the gross margin, indicating improved profitability as revenue recovers.
- Revenue Trends
- Revenue increased from US$2,165,746 thousand in September 2019 to US$4,304,465 thousand in September 2021, representing substantial growth. A subsequent decrease was observed, falling to US$3,207,257 thousand in June 2023. Revenue then began to recover, reaching US$5,344,791 thousand by December 2025.
- Cost of Goods Sold (COGS)
- COGS mirrored the revenue trend, increasing consistently until June 2023, then decreasing. Restructuring charges were applied to COGS in several quarters beginning in March 2023, impacting the overall cost structure. The relationship between revenue and COGS suggests a relatively stable cost structure, though the impact of restructuring charges should be considered.
- Operating Expenses
- Operating expenses, encompassing research and development and selling, general, and administrative expenses, steadily increased throughout the period. While R&D remained a significant and relatively consistent portion of revenue, SG&A expenses showed a more pronounced increase, particularly in later quarters. Restructuring charges also impacted operating expenses in several periods.
- Profitability
- Operating income followed the revenue trend, peaking in September 2021 and declining through June 2023 before recovering. Net income exhibited a similar pattern, with a peak of US$1,194,830 thousand in December 2021 and a low of US$802,537 thousand in June 2023. The recovery in net income in the later periods aligns with the revenue rebound. Income tax expense fluctuated, impacting the overall net income figures.
The period under review demonstrates a cyclical pattern of growth, decline, and recovery. The company experienced strong growth up to the end of 2021, followed by a challenging period in 2022 and the first half of 2023. The recent quarters indicate a positive trend, with revenue, gross margin, and net income all showing signs of improvement. Continued monitoring of these trends, along with a detailed analysis of the factors driving the fluctuations, will be crucial for assessing the company’s future performance.