Lam Research Corporation
Lam Research Corporation Q2 FY26 Results — Earnings Call Analysis
Q2 FY26 earnings call: what management guided on revenue, margins and order book.
What the Q2 FY26 call signalled
2 of 4 strong
The short version
- Strong demand expected across all major product areas, with WFE (wafer fab equipment) growth continuing into 2026 and 2027 driven by expanded clean room capacity and advanced technology needs. - Forecasted record earnings per share (EPS) of $1.65 ± $0.15 for the year, based on approximately 1.255 billion shares.
From Lam Research Corporation's Q2 FY26 earnings-call transcript · updated 29 May 2026.
Revenue & Sales Performance
- Strong demand expected across all major product areas, with WFE (wafer fab equipment) growth continuing into 2026 and 2027 driven by expanded clean room capacity and advanced technology needs.
- NAND market sees increasing importance due to AI memory hierarchy, with anticipated demand ramp and capacity additions.
- DRAM side shows solid growth (45% YoY), with higher layer count in HBM4 expected to increase equipment content per wafer.
- Services and spares growth supported by high fab utilization, stable in near term with innovation in equipment intelligence and cobots enhancing productivity.
- Upgrade spending (~$40 billion) expected through end of 2027, including both upgrades and new equipment, sustaining business volume.
2 more points from Lam Research Corporation's call on revenue
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Profitability & Margins
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Capital Expenditure Plans
- Capital expenditures in the March quarter were $332 million, up $71 million from the prior quarter, supporting strong demand.
- Investments are focused on a second manufacturing facility in Malaysia, and lab-related investments in the U.S. and Taiwan.
- For the full year, capital expenditures are expected to be in the 4% to 5% of revenue range.
- Additional R&D investments will continue throughout the year to extend technology leadership.
2 more points from Lam Research Corporation's call on capex
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Fundraising & Capital Structure
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Order Book & Pipeline
- Deferred revenue balance at quarter end was $2.22 billion, flat sequentially (Page 3).
- Customer down payments decreased by roughly $300 million, now at the lowest level in nearly 4 years (Page 3).
- Longer visibility with customers due to long-term contracts and fab construction plans, aiding in capacity planning (Page 11).
- No down payments required from customers; ample free cash flow supports business (Page 11).
- Demand environment strong with accelerating investments, especially in memory segments like DRAM and NAND (Pages 3, 4, 15).
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Continue your research
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Frequently Asked Questions
What were Lam Research Corporation Q2 FY26 results?
- Strong demand expected across all major product areas, with WFE (wafer fab equipment) growth continuing into 2026 and 2027 driven by expanded clean room capacity and advanced technology needs. - Forecasted record earnings per share (EPS) of $1.65 ± $0.15 for the year, based on approximately 1.255 billion shares.
What is Lam Research Corporation share price analysis?
Lam Research Corporation currently shows a below-average growth signal. The stock trades at a P/E of 61.0 with a market cap of $397,682. Investors should review the full earnings analysis for detailed insights.
Is Lam Research Corporation planning capital expenditure?
- Capital expenditures in the March quarter were $332 million, up $71 million from the prior quarter, supporting strong demand.
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.