LRCX · Lam Research · Q1 FY2027
Lam Research Accelerates Growth as Margins Widen
Revenue growth accelerated to 54.4% from 30.0%, and operating margin widened 560 basis points to 40.0%.
- Published
- Oct 22, 2026
- Event
- Oct 21, 2026
- Quarter ended
- Sep 27, 2026
- Data as of
- Oct 22, 2026
Published becauseQuarterly results were reported (Oct 21, 2026).
The Blockhaven read
Lam Research's quarter moved in one direction: revenue growth accelerated to 54.4% from 30.0% and operating margin widened 560 basis points to 40.0%. GAAP operating income rose 79.5% against 54.4% revenue growth, so profit grew faster than sales, with the wider margin accounting for the gap. A single quarter shows a direction, not yet a trend.
Latest reported quarter
13-week quarter · Earnings release filed Oct 21, 2026
RevenueGAAP
- Latest
- $8.22 billion
- Year ago
- $5.32 billion
- Change
- +54.4% (Up year over year)
From the earnings release
Operating incomeGAAP
- Latest
- $3.28 billion
- Year ago
- $1.83 billion
- Change
- +79.5% (Up year over year)
From the earnings release
Net incomeGAAP
- Latest
- $2.75 billion
- Year ago
- $1.57 billion
- Change
- +75.5% (Up year over year)
From the earnings release
Diluted EPSGAAP
- Latest
- $2.19
- Year ago
- $1.24
- Change
- +76.6% (Up year over year)
From the earnings release
Operating margin (GAAP)Derived
- Latest
- 40.0%
- Year ago
- 34.4%
- Change
- +560 bp (Up year over year)
Gross margin (GAAP)Derived
- Latest
- 52.3%
- Year ago
- 50.4%
- Change
- +187 bp (Up year over year)
| Measure | Basis | Latest quarter | Year ago | Change |
|---|---|---|---|---|
| RevenueFrom the earnings release | GAAP | $8.22 billion | $5.32 billion | +54.4% (Up year over year) |
| Operating incomeFrom the earnings release | GAAP | $3.28 billion | $1.83 billion | +79.5% (Up year over year) |
| Net incomeFrom the earnings release | GAAP | $2.75 billion | $1.57 billion | +75.5% (Up year over year) |
| Diluted EPSFrom the earnings release | GAAP | $2.19 | $1.24 | +76.6% (Up year over year) |
| Operating margin (GAAP) | Derived | 40.0% | 34.4% | +560 bp (Up year over year) |
| Gross margin (GAAP) | Derived | 52.3% | 50.4% | +187 bp (Up year over year) |
Revenue growth +54.4% against +30.0% in the prior quarter (year over year, GAAP).
Trend: Accelerating. Revenue growth accelerated, operating margin widened and GAAP operating income improved.
GAAP unless labelled. Non-GAAP and company-defined measures are labelled.
What changed
- Revenue growth accelerated to 54.4% from 30.0%.
- Operating margin widened 560 basis points year over year, to 40.0% from 34.4% (GAAP).
- GAAP operating income rose 79.5% year over year, with net income 75.5% and diluted EPS 76.6% moving the same way.
Why it matters
Operating income grew 79.5% on 54.4% revenue growth: the margin change accounts for the difference between the two rates.
Net income grew more slowly than operating income: the difference sits below the operating line; a 1.1% smaller diluted share count lifts EPS further.
Market reaction
At 8:15 AM ET on Oct 22, 2026, the quoted share price was down 7.8% from the prior close. This is a timed price observation, not an explanation of the move.
What to watch
- Operating margin at the next report against 40.0% this quarter: a further move in the same direction would confirm this reading, and a reversal would weaken it.
- Year-over-year revenue growth against 54.4% now and 30.0% before: holding above these levels would confirm the acceleration, and a slide back would weaken it.
- The quarterly report on Form 10-Q for Q1 FY2027, which confirms or revises the figures in the earnings release.
Data and sources
Figures come from the company's SEC filings and its own 8-K earnings release, filed Oct 21, 2026. GAAP figures are labelled as such. Blockhaven used no outside forecasts, so no figure here is measured against market expectations.
Descriptive company facts. Not investment advice, a rating or a recommendation.