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Highlights

  • Lam Research reported Q4FY25 non-GAAP EPS of US$1.33, up from US$1.04 sequentially.
  • Non-GAAP gross margins improved to 50.3%, marking a key profitability milestone.
  • September-quarter guidance projects ~US$5.20 billion revenue with margins steady at ~50%.

Lam Research Corporation (NASDAQ:LRCX) reported results for the quarter ended June 29, 2025, showing sequential and year-on-year growth across revenue, earnings, and margins. Quarterly revenue reached US$5.171 billion, representing a 9.6% increase from the March quarter and a 33.6% rise compared to the same period last year.

Earnings performance also improved. GAAP diluted EPS came in at US$1.35, up from US$1.03 in the prior quarter, while non-GAAP EPS was US$1.33, compared to US$1.04 previously. Gross margin on a non-GAAP basis surpassed the 50% threshold, rising to 50.3%, while operating income margin expanded to about 34.4%. Net income for the quarter was reported at US$1.72 billion.

On a trailing twelve-month basis, Lam Research generated annual revenue of US$18.44 billion and net income of approximately US$5.36 billion. Diluted EPS for the period stood near US$4.17–4.20, giving the company a trailing P/E ratio of roughly 28–29×.

The company also approved a 13% dividend increase, raising its quarterly payout from US$0.23 to US$0.26 per share. Looking ahead, Lam Research guided for September-quarter revenue of about US$5.20 billion ± US$300 million, with non-GAAP gross margins expected at 50.0% ±1%. Non-GAAP EPS was forecast at US$1.20 ± US$0.10 per share, indicating flat to slightly lower profitability compared to the June quarter.