false000070754900007075492025-01-292025-01-29
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
 Current Report
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): January 29, 2025
  LAM RESEARCH CORPORATION
(Exact name of registrant as specified in its charter)
 
Delaware 0-12933 94-2634797
(State or Other Jurisdiction
of Incorporation)		 (Commission
File Number)		 (IRS Employer
Identification Number)
4650 Cushing Parkway
Fremont, California 94538
(Address of principal executive offices including zip code)
(510) 572-0200
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, Par Value $0.001 Per ShareLRCXThe Nasdaq Stock Market
(Nasdaq Global Select Market)
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company      ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.                      ☐

Table of Contents
 
Item 2.02.  Results of Operations and Financial Condition 
Item 9.01.  Financial Statements and Exhibits 
SIGNATURES 
EX-99.1

 Item 2.02.Results of Operations and Financial Condition
On January 29, 2025, Lam Research Corporation (the “Company”) issued a press release announcing its financial results for the fiscal quarter ended December 29, 2024, the text of which is attached hereto as Exhibit 99.1.
The information in this item of this Current Report on Form 8-K, including Exhibit 99.1, is furnished pursuant to Item 2.02 and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that Section. Furthermore, the information in this item of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933, as amended, or the Exchange Act.
 Item 9.01.Financial Statements and Exhibits
(d) Exhibits
99.1
104Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date:January 29, 2025
LAM RESEARCH CORPORATION
(Registrant)
 /s/ Douglas R. Bettinger
 Douglas R. Bettinger
 Executive Vice President and Chief Financial Officer
 (Principal Financial Officer)
 



Exhibit 99.1
FOR IMMEDIATE RELEASE        
Lam Research Corporation Reports Financial Results for the Quarter Ended December 29, 2024
FREMONT, Calif., January 29, 2025 - Lam Research Corporation (the "Company," "Lam," "Lam Research") today announced financial results for the quarter ended December 29, 2024 (the “December 2024 quarter”).
Highlights for the December 2024 quarter were as follows:
•Revenue of $4.38 billion.
•U.S. GAAP gross margin of 47.4%, U.S. GAAP operating income as a percentage of revenue of 30.5%, and U.S. GAAP diluted EPS of $0.92.
•Non-GAAP gross margin of 47.5%, non-GAAP operating income as a percentage of revenue of 30.7%, and non-GAAP diluted EPS of $0.91.
Key Financial Data for the Quarters Ended
December 29, 2024 and September 29, 2024
(in thousands, except per-share data, percentages, and basis points) 
U.S. GAAP
 December 2024September 2024Change Q/Q
Revenue$4,376,047 $4,167,976 + 5%
Gross margin as percentage of revenue47.4 %48.0 %- 60 bps
Operating income as percentage of revenue30.5 %30.3 %+ 20 bps
Diluted EPS$0.92 $0.86 + 7%
Non-GAAP
 December 2024September 2024Change Q/Q
Revenue$4,376,047 $4,167,976 + 5%
Gross margin as percentage of revenue47.5 % 48.2 %- 70 bps
Operating income as percentage of revenue30.7 % 30.9 %- 20 bps
Diluted EPS$0.91  $0.86 + 6%

U.S. GAAP Financial Results
For the December 2024 quarter, revenue was $4,376 million, gross margin was $2,073 million, or 47.4% of revenue, operating expenses were $739 million, operating income was 30.5% of revenue, and net income was $1,191 million, or $0.92 per diluted share on a U.S. GAAP basis. This compares to revenue of $4,168 million, gross margin of $2,003 million, or 48.0% of revenue, operating expenses of $738 million, operating income of 30.3% of revenue, and net income of $1,116 million, or $0.86 per diluted share, for the quarter ended September 29, 2024 (the “September 2024 quarter”).
Non-GAAP Financial Results
For the December 2024 quarter, non-GAAP gross margin was $2,077 million, or 47.5% of revenue, non-GAAP operating expenses were $735 million, non-GAAP operating income was 30.7% of revenue, and non-GAAP net income was $1,175 million, or $0.91 per diluted share. This compares to non-GAAP gross margin of $2,009 million, or 48.2% of revenue, non-GAAP operating expenses of $722 million, non-GAAP operating income of 30.9% of revenue, and non-GAAP net income of $1,122 million, or $0.86 per diluted share, for the September 2024 quarter.

“Lam is executing at a high level at a pivotal moment for semiconductor manufacturing. Increasing demands on chip performance play into Lam’s strengths, with advanced deposition and etch applications set to comprise a growing share of WFE,” said Tim Archer, Lam Research's President and Chief Executive Officer. “Our investments to win at key technology inflections are paying off, with more exciting opportunities ahead.”


Balance Sheet and Cash Flow Results
Cash, cash equivalents, and restricted cash balances decreased to $5.7 billion at the end of the December 2024 quarter compared to $6.1 billion at the end of the September 2024 quarter. The decrease was primarily the result of cash deployed for capital return activities and capital expenditures during the quarter, partially offset by cash generated from operating activities.
Deferred revenue at the end of the December 2024 quarter decreased to $2,032 million compared to $2,047 million as of the end of the September 2024 quarter. Lam's deferred revenue balance does not include shipments to customers in Japan, to whom control does not transfer until customer acceptance. Shipments to customers in Japan are classified as inventory at cost until the time of acceptance. The estimated future revenue from shipments to customers in Japan was approximately $453 million as of December 29, 2024 and $184 million as of September 29, 2024.
Revenue
The geographic distribution of revenue during the December 2024 quarter is shown in the following table:
RegionRevenue
China31%
Korea25%
Taiwan17%
United States9%
Japan8%
Southeast Asia7%
Europe3%
The following table presents revenue disaggregated between system and customer support-related revenue:
Three Months Ended
December 29,
2024		September 29,
2024		December 24,
2023
(In thousands)
Systems revenue$2,625,649 $2,392,730 $2,299,286 
Customer support-related revenue and other1,750,398 1,775,246 1,458,973 
$4,376,047 $4,167,976 $3,758,259 
Systems revenue includes sales of new leading-edge equipment in deposition, etch and clean markets.
Customer support-related revenue includes sales of customer service, spares, upgrades, and non-leading-edge equipment from our Reliant® product line.
Outlook
For the quarter ended March 30, 2025, Lam is providing the following guidance:
U.S. GAAPReconciling ItemsNon-GAAP
Revenue$4.65 Billion+/-$300 Million—$4.65 Billion+/-$300 Million
Gross margin as a percentage of revenue47.9%+/-1%$2.8 Million48.0%+/-1%
Operating income as a percentage of revenue31.9%+/-1%$3.4 Million32.0%+/-1%
Net income per diluted share$1.00+/-$0.10$3.9 Million$1.00+/-$0.10
Diluted share count1.29 Billion—1.29 Billion
The information provided above is only an estimate of what the Company believes is realizable as of the date of this release and does not incorporate the potential impact of any business combinations, asset acquisitions, divestitures, restructuring, balance sheet valuation adjustments, financing arrangements, other investments, or other significant arrangements that may be completed or realized after the date of this release, except as described below. U.S. GAAP to non-GAAP reconciling items provided include only those items that are known and can be estimated as of the date of this release. Actual results will vary from this model and the variations may be material. Reconciling items included above are as follows:

•Gross margin as a percentage of revenue - amortization related to intangible assets acquired through business combinations, $2.8 million.



•Operating income as a percentage of revenue - amortization related to intangible assets acquired through business combinations, $3.4 million.

•Net income per diluted share - amortization related to intangible assets acquired though business combinations, $3.4 million; amortization of debt discounts, $0.8 million; and associated tax benefit for non-GAAP items ($0.3 million); totaling $3.9 million.
Use of Non-GAAP Financial Results
In addition to U.S. GAAP results, this press release also contains non-GAAP financial results. The Company’s non-GAAP results for both the December 2024 and September 2024 quarters exclude amortization related to intangible assets acquired through business combinations, the effects of elective deferred compensation-related assets and liabilities, amortization of note discounts, and the net income tax effect of non-GAAP items. Additionally, the non-GAAP results for the December 2024 quarter exclude the income tax benefit from a change in tax law.
Management uses non-GAAP gross margin, operating expense, operating income, operating income as a percentage of revenue, net income, and net income per diluted share to evaluate the Company’s operating and financial results. The Company believes the presentation of non-GAAP results is useful to investors for analyzing business trends and comparing performance to prior periods, along with enhancing investors’ ability to view the Company’s results from management’s perspective. Tables presenting reconciliations of non-GAAP results to U.S. GAAP results are included at the end of this press release and on the Company’s website at https://investor.lamresearch.com.
Caution Regarding Forward-Looking Statements
Statements made in this press release that are not of historical fact are forward-looking statements and are subject to the safe harbor provisions created by the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relate to, but are not limited to: our outlook and guidance for future financial results, including revenue, gross margin, operating income and net income; our operational execution; the prospects for semiconductor manufacturing and for demand for wafer fabrication equipment (“WFE”); chip performance demands; the competitive positioning of Lam’s products; growth in the significance of advanced deposition and etch applications as a proportion of wafer fabrication equipment spending; the success of our investments at key technology inflections; and the opportunities ahead of us. Some factors that may affect these forward-looking statements include: the actions of our customers and competitors may be inconsistent with our expectations; business, political and/or regulatory conditions in the consumer electronics industry, the semiconductor industry and the overall economy may deteriorate or change; trade regulations, export controls, trade disputes, and other geopolitical tensions may inhibit our ability to sell our products; supply chain cost increases and other inflationary pressures have impacted and may continue to impact our profitability; supply chain disruptions or manufacturing capacity constraints may limit our ability to manufacture and sell our products; and natural and human-caused disasters, disease outbreaks, war, terrorism, political or governmental unrest or instability, or other events beyond our control may impact our operations and revenue in affected areas; as well as the other risks and uncertainties that are described in the documents filed or furnished by us with the Securities and Exchange Commission, including specifically the Risk Factors described in our annual report on Form 10-K for the fiscal year ended June 30, 2024, and our quarterly report on Form 10-Q for the fiscal quarter ended September 29, 2024. These uncertainties and changes could materially affect the forward-looking statements and cause actual results to vary from expectations in a material way. The Company undertakes no obligation to update the information or statements made in this release.
Lam Research Corporation is a global supplier of innovative wafer fabrication equipment and services to the semiconductor industry. Lam's equipment and services allow customers to build smaller and better performing devices. In fact, today, nearly every advanced chip is built with Lam technology. We combine superior systems engineering, technology leadership, and a strong values-based culture, with an unwavering commitment to our customers. Lam Research (Nasdaq: LRCX) is a FORTUNE 500® company headquartered in Fremont, Calif., with operations around the globe. Learn more at www.lamresearch.com. (LRCX)
Consolidated Financial Tables Follow.
 ###




 
LAM RESEARCH CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data and percentages)
(unaudited) 
 Three Months EndedSix Months Ended
 December 29,
2024		September 29,
2024		December 24,
2023		December 29,
2024		December 24,
2023
Revenue$4,376,047 $4,167,976 $3,758,259 $8,544,023 $7,240,321 
Cost of goods sold2,303,066 2,165,293 1,985,847 4,468,359 3,805,267 
Restructuring charges, net - cost of goods sold— — 14,957 — 22,897 
Total cost of goods sold2,303,066 2,165,293 2,000,804 4,468,359 3,828,164 
Gross margin2,072,981 2,002,683 1,757,455 4,075,664 3,412,157 
Gross margin as a percent of revenue47.4 %48.0 %46.8 %47.7 %47.1 %
Research and development494,947 495,358 469,712 990,305 892,341 
Selling, general and administrative244,150 243,128 228,843 487,278 435,866 
Restructuring charges, net - operating expenses— — 1,688 — 3,709 
Total operating expenses739,097 738,486 700,243 1,477,583 1,331,916 
Operating income1,333,884 1,264,197 1,057,212 2,598,081 2,080,241 
Operating income as a percent of revenue30.5 %30.3 %28.1 %30.4 %28.7 %
Other income (expense), net14,262 30,081 29,839 44,343 32,440 
Income before income taxes1,348,146 1,294,278 1,087,051 2,642,424 2,112,681 
Income tax expense(157,128)(177,834)(132,785)(334,962)(271,017)
Net income$1,191,018 $1,116,444 $954,266 $2,307,462 $1,841,664 
Net income per share:
Basic$0.93 $0.86 $0.72 $1.78 $1.39 
Diluted$0.92 $0.86 $0.72 $1.78 $1.39 
Number of shares used in per share calculations:
Basic1,287,109 1,299,236 1,316,293 1,293,173 1,321,067 
Diluted1,291,469 1,304,066 1,322,201 1,297,767 1,326,933 
Cash dividend declared per common share$0.23 $0.23 $0.20 $0.46 $0.40 
 




 LAM RESEARCH CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
 
December 29,
2024		September 29,
2024		June 30,
2024
(unaudited)(unaudited)(1)
ASSETS
Cash and cash equivalents$5,665,379 $6,067,471 $5,847,856 
Accounts receivable, net3,304,946 2,937,217 2,519,250 
Inventories4,358,152 4,209,878 4,217,924 
Prepaid expenses and other current assets284,370 277,802 298,190 
Total current assets13,612,847 13,492,368 12,883,220 
Property and equipment, net2,313,590 2,214,269 2,154,518 
Goodwill and intangible assets1,761,021 1,758,344 1,765,073 
Other assets2,152,458 2,067,508 1,941,917 
Total assets$19,839,916 $19,532,489 $18,744,728 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current portion of long-term debt and finance lease obligations$504,136 $504,682 $504,814 
Other current liabilities4,846,160 4,837,986 3,833,624 
Total current liabilities5,350,296 5,342,668 4,338,438 
Long-term debt and finance lease obligations4,478,148 4,479,087 4,478,520 
Income taxes payable669,747 664,717 813,304 
Other long-term liabilities533,699 574,126 575,012 
Total liabilities11,031,890 11,060,598 10,205,274 
Stockholders’ equity (2)8,808,026 8,471,891 8,539,454 
Total liabilities and stockholders’ equity$19,839,916 $19,532,489 $18,744,728 
 
(1)Derived from audited financial statements.
(2)
Common shares issued and outstanding were 1,284,956 as of December 29, 2024, 1,291,958 as of September 29, 2024, and 1,303,769 as of June 30, 2024.
 




 
LAM RESEARCH CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands, unaudited)
 Three Months EndedSix Months Ended
 December 29,
2024		September 29,
2024		December 24,
2023		December 29,
2024		December 24,
2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income$1,191,018 $1,116,444 $954,266 $2,307,462 $1,841,664 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization96,200 94,295 90,941 190,495 181,420 
Deferred income taxes(82,854)(108,722)(88,747)(191,576)(112,985)
Equity-based compensation expense81,959 80,011 69,901 161,970 137,112 
Other, net(8,592)(457)4,182 (9,049)4,032 
Changes in operating assets and liabilities(535,789)386,900 423,297 (148,889)353,760 
Net cash provided by operating activities741,942 1,568,471 1,453,840 2,310,413 2,405,003 
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures and intangible assets(188,349)(110,588)(115,276)(298,937)(192,268)
Net maturities and sales of available-for-sale securities— — 15,841 — 23,116 
Other, net12,974 37 (2,523)13,011 (7,489)
Net cash used for investing activities(175,375)(110,551)(101,958)(285,926)(176,641)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on debt, including finance lease obligations(1,032)(934)(986)(1,966)(254,095)
Treasury stock purchases, including excise tax payments(697,688)(997,035)(645,458)(1,694,723)(1,488,696)
Dividends paid(297,634)(260,985)(264,414)(558,619)(494,746)
Reissuance of treasury stock related to employee stock purchase plan60,557 — 53,081 60,557 53,081 
Proceeds from issuance of common stock, net issuance costs(194)(43)1,704 (237)4,522 
Other, net761 (324)(3,821)437 (5,972)
Net cash used for financing activities(935,230)(1,259,321)(859,894)(2,194,551)(2,185,906)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash(26,022)22,682 6,725 (3,340)(4,306)
Net change in cash, cash equivalents, and restricted cash(394,685)221,281 498,713 (173,404)38,150 
Cash, cash equivalents, and restricted cash at beginning of period (1)
6,072,084 5,850,803 5,126,809 5,850,803 5,587,372 
Cash, cash equivalents, and restricted cash at end of period (1)
$5,677,399 $6,072,084 $5,625,522 $5,677,399 $5,625,522 

(1)Restricted cash is reported within Other assets in the Condensed Consolidated Balance Sheets




 
Non-GAAP Financial Summary
(in thousands, except percentages and per share data)
(unaudited)
Three Months Ended
December 29,
2024		September 29,
2024
Revenue$4,376,047 $4,167,976 
Gross margin$2,077,151 $2,009,022 
Gross margin as percentage of revenue47.5 %48.2 %
Operating expenses$734,501 $722,148 
Operating income$1,342,650 $1,286,874 
Operating income as a percentage of revenue30.7 %30.9 %
Net income$1,175,000 $1,121,507 
Net income per diluted share$0.91 $0.86 
Shares used in per share calculation - diluted1,291,469 1,304,066 

Reconciliation of U.S. GAAP Net Income to Non-GAAP Net Income
(in thousands, except per share data)
(unaudited) 
Three Months Ended
December 29,
2024		September 29,
2024
U.S. GAAP net income$1,191,018 $1,116,444 
Pre-tax non-GAAP items:
Amortization related to intangible assets acquired through certain business combinations - cost of goods sold2,817 3,076 
Elective deferred compensation ("EDC") related liability valuation increase - cost of goods sold1,353 3,263 
EDC related liability valuation increase - research and development2,432 8,136 
Amortization related to intangible assets acquired through certain business combinations - selling, general and administrative538 692 
EDC related liability valuation increase - selling, general and administrative1,626 7,510 
Amortization of note discounts - other income (expense), net772 765 
Gain on EDC related asset - other income (expense), net(4,502)(17,420)
Net income tax benefit on non-GAAP items(276)(959)
Income tax benefit from a change in tax law(20,778)— 
Non-GAAP net income$1,175,000 $1,121,507 
Non-GAAP net income per diluted share$0.91 $0.86 
U.S. GAAP net income per diluted share$0.92 $0.86 
U.S. GAAP and non-GAAP number of shares used for per diluted share calculation1,291,469 1,304,066 

 




Reconciliation of U.S. GAAP Gross Margin, Operating Expenses and Operating Income to Non-GAAP Gross Margin, Operating Expenses and Operating Income
(in thousands, except percentages)
(unaudited) 
Three Months Ended
December 29,
2024		September 29,
2024
U.S. GAAP gross margin$2,072,981 $2,002,683 
Pre-tax non-GAAP items:
Amortization related to intangible assets acquired through certain business combinations2,817 3,076 
EDC related liability valuation increase1,353 3,263 
Non-GAAP gross margin$2,077,151 $2,009,022 
U.S. GAAP gross margin as a percentage of revenue47.4 %48.0 %
Non-GAAP gross margin as a percentage of revenue47.5 %48.2 %
U.S. GAAP operating expenses$739,097 $738,486 
Pre-tax non-GAAP items:
Amortization related to intangible assets acquired through certain business combinations(538)(692)
EDC related liability valuation increase(4,058)(15,646)
Non-GAAP operating expenses$734,501 $722,148 
U.S. GAAP operating income$1,333,884 $1,264,197 
Non-GAAP operating income$1,342,650 $1,286,874 
U.S. GAAP operating income as percent of revenue 30.5 %30.3 %
Non-GAAP operating income as a percent of revenue30.7 %30.9 %
 
Lam Research Corporation Contacts:
Ram Ganesh, Investor Relations, phone: 510-572-1615, e-mail: investor.relations@lamresearch.com


v3.24.4
Cover page
Jan. 29, 2025
Cover [Abstract]  
Document Type 8-K
Document Period End Date Jan. 29, 2025
Entity Registrant Name LAM RESEARCH CORPORATION
Entity Incorporation, State or Country Code DE
Entity File Number 0-12933
Entity Tax Identification Number 94-2634797
Entity Address, Address Line One 4650 Cushing Parkway
Entity Address, City or Town Fremont
Entity Address, State or Province CA
Entity Address, Postal Zip Code 94538
City Area Code 510
Local Phone Number 572-0200
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, Par Value $0.001 Per Share
Trading Symbol LRCX
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Amendment Flag false
Entity Central Index Key 0000707549
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