Key Takeaways for Lam Research Stock as of July 2026
- Fourth Consecutive Record Quarter: Revenue reached $6.72B, up 29.99% YoY and 15.08% QoQ, and adjusted EPS of $1.82 beat estimates by 8.10%, both fiscal-year records.
- September Guide Signals Reacceleration: Lam guided September revenue to $8.1B, plus or minus $400M, implying over 20% sequential growth, while raising its 2026 WFE outlook to the low $150B range from $140B.
- Memory Mix Flips: NAND revenue doubled sequentially, pushing memory to 46% of systems revenue from 39% in March.
- Archer Calls 2027 Setup Extraordinary: CEO Tim Archer said the company sees “an extraordinary setup for WFE growth” heading into 2027, with DRAM leading growth again next year.
Lam Research’s Q4 Earnings Show NAND Doubling and a 20% Guidance Jump
Lam Research (LRCX) closed its fiscal fourth quarter with $6.72 billion in revenue, beating the $6.67 billion street estimate by 0.76% and marking a fourth straight quarter of record revenue, up 29.99% year over year and 15.08% sequentially. Gross margin reached 52%, the highest level the company has posted in 20 years, up from 49.9% in March, and operating margin climbed to 38.4% from 35%. Adjusted earnings per share hit a record $1.82, an 8.10% beat against the $1.68 estimate and up 36.84% year over year, while full fiscal year 2026 revenue landed at a record $23.2 billion with diluted EPS of $5.82, up 41% from fiscal 2025.
NAND drove the swing. Nonvolatile memory revenue more than doubled sequentially as customers converted installed equipment to 256-layer and above devices for enterprise SSDs, and memory overall jumped to 46% of systems revenue from 39% in March. DRAM held essentially flat in dollar terms at 23% of systems revenue, still anchored to 1-alpha, 1-beta and 1-gamma node investment for DDR5, LPDDR5 and high-bandwidth memory.
Foundry slipped to 44% of systems revenue from 54%, largely because Chinese mature-node spending pulled back even as global multinational customers operating in China kept growing. For Lam Research stock, that mix shift matters because NAND carries the largest incremental served available market opportunity as layer counts climb toward 500-plus layer devices.
That surge is not a one-quarter story. CEO Tim Archer told investors on the fiscal fourth quarter earnings call that Lam now expects calendar 2026 wafer fab equipment spending, or WFE, to land in the low $150 billion range, “up from our prior outlook of $140 billion with upside bias.” That upgrade flows straight into the September guide of $8.1 billion in revenue, plus or minus $400 million, implying more than 20% sequential growth, with gross margin guided to 52% and operating margin to 39.5%.
Customer support revenue backed up the memory story, posting a third straight record quarter at nearly $2.5 billion, up 17% sequentially on record upgrade revenue tied directly to that NAND conversion cycle. Management now expects served available market to reach the high 30% range of total WFE faster than the 2025 Investor Day framework called for, and it reiterated long-term targets of mid-50% gross margin and mid-40% operating margin as pricing, product mix and Lam’s Malaysia-anchored manufacturing footprint keep compounding into 2027.
TIKR Prices Lam Research Stock at $469 on NAND-Driven Upside
TIKR’s mid-case model values Lam Research stock at $469 by mid-2031, implying an 86% total return from the current price of $252, or 13% annualized over roughly five years.
That 13% annualized path puts Lam Research stock ahead of typical semiconductor capital equipment names riding a single upgrade cycle, since the model is pricing in a multi-year run rather than a one-time NAND pop.
The target is reachable because Lam’s own guidance already points that direction: a raised WFE outlook, a 20%-plus sequential revenue guide and a doubling of NAND revenue are exactly the volume and mix dynamics management is using to justify its mid-50% gross margin ambition. With served available market expansion outpacing the original Investor Day timeline, Lam Research stock has more than one growth lever working at once heading into what management is calling an extraordinary setup for 2027.
Should You Invest in Lam Research Corporation?
The only way to really know is to look at the numbers yourself. TIKR gives you free access to the same institutional-quality financial data that professional analysts use to answer exactly that question.
Pull up Lam Research Corporation stock and you’ll see years of historical financials, what Wall Street analysts expect for revenue and earnings in the quarters ahead, how valuation multiples have moved over time, and whether price targets are trending up or down.
You can build a free watchlist to track Lam Research Corporation alongside every other stock on your radar. No credit card required. Just the data you need to decide for yourself.
Access Professional Tools to Analyze LRCX stock on TIKR for Free →
Looking for New Opportunities?
- See what stocks billionaire investors are buying so you can follow the smart money.
- Analyze stocks in as little as 5 minutes with TIKR’s all-in-one, easy-to-use platform.
- The more rocks you overturn… the more opportunities you’ll uncover. Search 100K+ global stocks, global top investor holdings, and more with TIKR.
Disclaimer:
Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any stocks mentioned. Thank you for reading, and happy investing!
