Lam Research (LRCX) Earnings: Q1 Fiscal 2027 Results and Next Report Date

The quarter ended September 27, 2026 and Lam Research published the results on October 21, 2026. Revenue and diluted EPS are shown against Q1 fiscal 2026, the same quarter a year earlier, which takes seasonal swings out of the comparison. Lam Research reports EPS two ways: GAAP, under the accounting rules every US filer follows, and non-GAAP, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Lam's fiscal year ends on the last Sunday of June; Q1 fiscal 2027 is the quarter ended September 27, 2026.
• Lam reports in thousands of dollars. Lam's release compares non-GAAP results with the prior quarter only; the year-ago non-GAAP EPS of $1.26 is from its Q1 fiscal 2026 release.

Source: Lam Research Q1 fiscal 2027 results, October 21, 2026. Also in the Form 10-Q for the quarter ended September 27, 2026. Figures as reported; checked against the release on November 10, 2026.

How Lam Research splits revenue in its own release, under its own labels, for Q1 fiscal 2027 against Q1 fiscal 2026. Indented lines are parts of the line above them.

• Lam Research's Systems revenue revenue was $5.7 billion in Q1 fiscal 2027, up 62% from $3.5 billion in Q1 fiscal 2026, 70% of total revenue.
• Lam Research's Customer support-related revenue and other revenue was $2.5 billion in Q1 fiscal 2027, up 40% from $1.8 billion in Q1 fiscal 2026, 30% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

Lam gives the same figures on a U.S. GAAP and non-GAAP basis, with reconciling items of $2.7 million for gross margin, $3.0 million for operating margin and $3.3 million for EPS, and a diluted share count of 1.253 billion.

In its Q1 fiscal 2027 release, Lam Research said:

“Revenue $8.60 Billion +/- $400 Million”

“Gross margin 52.5% +/- 1%”

“Operating margin 40.5% +/- 1%”

“Net income per diluted share $2.33 +/- $0.15”

Source: Lam Research Q1 FY27 release, Oct 21, 2026.

This is the company's own guidance as of Oct 21, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the LRCX forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

U.S. GAAP revenue and diluted EPS, each as first reported in that quarter's release.

Lam Research's next report is expected around January 27, 2027, a date estimated from its reporting history that the company has not yet confirmed. This page will show Q1 fiscal 2027 until those results are out and have been checked against the release.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q1 fiscal 2027 (this page), reported Oct 21, 2026

Lam Research sells wafer fabrication equipment and the services that keep it running. In Q1 fiscal 2027 revenue was $8,219 million, against $5,324 million a year earlier and $6,722 million in the June quarter. Systems revenue, new leading-edge deposition, etch, clean and other equipment, was $5,732.9 million; customer support-related revenue and other, which covers services, spares, upgrades and non-leading-edge Reliant equipment, was $2,486.5 million. (Lam Research Q1 FY27 release, Oct 21, 2026; Lam Research Form 10-Q, Q1 FY27, Oct 22, 2026)

Memory customers took a larger share of Lam's equipment revenue. Memory was 46% of leading- and non-leading-edge equipment and upgrade revenue, against 34% a year earlier; foundry was 46%, against 60%, and logic/integrated device manufacturing 8%, against 6%. Lam's 10-K names Micron Technology, Samsung Electronics, SK hynix and Taiwan Semiconductor Manufacturing as its most significant customers. (Lam Research Form 10-Q, Q1 FY27, Oct 22, 2026; Lam Research Form 10-K, fiscal 2026, Aug 7, 2026)

China is Lam's biggest region. It accounted for 35% of revenue, $2,885.6 million, down from 43% a year earlier, followed by Korea at 20% and Taiwan at 18%. Korea revenue more than doubled to $1,634.1 million from $776.3 million. Non-U.S. sales were about 92% of total revenue in the quarter. (Lam Research Form 10-Q, Q1 FY27, Oct 22, 2026; Lam Research Q1 FY27 release, Oct 21, 2026)

Lam does not book revenue on shipments to customers in Japan until the customer accepts them, so those sit in inventory and are not in deferred revenue. Estimated future revenue from those Japan shipments was about $468.3 million at September 27, 2026. Deferred revenue rose to $2.66 billion from $2.43 billion at the end of the June quarter. (Lam Research Q1 FY27 release, Oct 21, 2026)

Lam Research's U.S. GAAP diluted EPS was $2.19 in Q1 fiscal 2027 and non-GAAP diluted EPS $2.20, a small gap. Non-GAAP results exclude amortization of acquired intangible assets, the effects of elective deferred compensation assets and liabilities, amortization of note discounts and the related tax effect; this quarter they also excluded $11.5 million of income tax expense from a change in tax law. (Lam Research Q1 FY27 release, Oct 21, 2026)

Gross margin was 52.3% against 50.4% a year earlier, and operating margin 40.0% against 34.4%. The effective tax rate was 16.9% against 15.6%, which Lam attributes mainly to income in lower tax jurisdictions. (Lam Research Q1 FY27 release, Oct 21, 2026; Lam Research Form 10-Q, Q1 FY27, Oct 22, 2026)

Diluted shares were 1,255,768 thousand against 1,269,313 thousand a year earlier. Lam repurchased 2,344 thousand shares for $1,010.7 million in the quarter, at an average $329.17 per share, leaving $3,032 million under its program, and raised its quarterly dividend to $0.33 from $0.26. (Lam Research Form 10-Q, Q1 FY27, Oct 22, 2026; Lam Research Q1 FY27 release, Oct 21, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Lam Research guides one quarter ahead in its release. For the quarter ending December 27, 2026 it guided revenue of $8.60 billion, plus or minus $400 million, gross margin of 52.5% plus or minus 1%, operating margin of 40.5% plus or minus 1%, and EPS of $2.33 plus or minus $0.15 on 1.253 billion diluted shares. The GAAP and non-GAAP figures are the same apart from small amortization items. (Lam Research Q1 FY27 release, Oct 21, 2026)

A consensus figure is the average of the models published by the analysts who cover Lam Research, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Lam Research's own release and filings put weight on for Q1 fiscal 2027, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning LRCX is on is LRCX a buy or a sell?, what analysts expect next is on the LRCX forecast, and what the company does is on the Lam Research (LRCX) stock page.

Every number on this page can be traced to a document Lam Research published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.