Lam Research posts record fiscal fourth-quarter revenue, margins and earnings

1. **Core Financial Performance (Fiscal 2026 Fourth Quarter)** Lam Research reported fourth-quarter revenue of **$6.72 billion**, above the midpoint of guidance, up **15% sequentially** and **30% year over year**. This marked the **fourth consecutive quarter of record growth**. **Non-GAAP gross margin** was **52.0%**, above the top end of guidance and the **highest quarterly level in nearly 20 years** (versus **49.9%** in the prior quarter). **Non-GAAP operating margin** was **38.4%** (versus **35.0%** in the prior quarter), a **record high**. **Non-GAAP earnings per share** were **$1.82** (versus **$1.50** in the prior quarter), also a **record high**. Revenue in the **Customer Support Business Group (CSBG)** was nearly **$2.5 billion**, up **17% sequentially** and **43% year over year**, marking **three straight quarters of record highs**. The increase was mainly driven by upgrade business. For **fiscal 2026**, total revenue reached **$23.2 billion**, a **record**, with gross margin of **50.6%** and diluted EPS of **$5.82**, up **41% year over year**. In the most recent quarter, the company repurchased **$246 million** of stock and paid **$325 million** in dividends, equal to **45% of free cash flow**. For the full year, the company returned **81% of free cash flow**.