Lam Research Files 10-Q for Q2 2025

TL;DR

LRCX filed its Q2 2025 10-Q. Financials look solid.

AI Summary

Lam Research Corp. (LRCX) filed its 10-Q for the period ending December 29, 2024. The filing details the company's financial performance and position, including its fiscal year end of June 29. Key financial data and operational segments are presented within this report.

Why It Matters

This 10-Q filing provides investors and analysts with a detailed look at Lam Research's financial health and operational performance during the second quarter of fiscal year 2025.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags.

Key Numbers

• 0629 — Fiscal Year End (Indicates the end of the company's annual accounting period.)
• 2024-12-29 — Report Period End Date (Marks the end of the financial quarter being reported.)
• 2025-01-31 — Filing Date (The date the report was officially submitted to the SEC.)

Key Players & Entities

• LAM RESEARCH CORP (company) — Filer
• 0000707549 (company) — Central Index Key
• FREMONT (location) — Business Address City
• 2024-12-29 (date) — Period of Report
• 2025-01-31 (date) — Filed as of Date

FAQ

Key Financial Figures

• $0.001 — ich registered Common Stock, Par Value $0.001 Per Share LRCX The Nasdaq Stock Market

Filing Documents

• lrcx-20241229.htm (10-Q) — 1034KB
• lrcx_2qx2025xexhibitx311.htm (EX-31.1) — 8KB
• lrcx_2qx2025xexhibitx312.htm (EX-31.2) — 8KB
• lrcx_2qx2025xexhibitx321.htm (EX-32.1) — 4KB
• lrcx_2qx2025xexhibitx322.htm (EX-32.2) — 4KB
• 0000707549-25-000014.txt ( ) — 4836KB
• lrcx-20241229.xsd (EX-101.SCH) — 31KB
• lrcx-20241229_cal.xml (EX-101.CAL) — 57KB
• lrcx-20241229_def.xml (EX-101.DEF) — 77KB
• lrcx-20241229_lab.xml (EX-101.LAB) — 445KB
• lrcx-20241229_pre.xml (EX-101.PRE) — 285KB
• lrcx-20241229_htm.xml (XML) — 570KB

Financial Information

PART I. Financial Information

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited): Condensed Consolidated Statements of Operations for the three and six months ended December 29, 2024, and December 24, 2023 3 Condensed Consolidated Statements of Comprehensive Income for the three and six months ended December 29, 2024, and December 24, 2023 4 Condensed Consolidated Balance Sheets as of December 29, 2024, and June 30, 2024 5 Condensed Consolidated Statements of Cash Flows for the six months ended December 29, 2024, and December 24, 2023 6 Condensed Consolidated Statements of Stockholders' Equity for the three and six months ended December 29, 2024, and December 24, 2023 7 Notes to Condensed Consolidated Financial Statements 9

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 17

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 23

Controls and Procedures

Item 4. Controls and Procedures 23

Other Information

PART II. Other Information

Legal Proceedings

Item 1. Legal Proceedings 25

Risk Factors

Item 1A. Risk Factors 25

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 37

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 38

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 38

Other Information

Item 5. Other Information 38

Exhibits

Item 6. Exhibits 39

Signatures

Signatures 40 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

ITEM 1. Financial Statements LAM RESEARCH CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (unaudited) Three Months Ended Six Months Ended December 29, 2024 December 24, 2023 December 29, 2024 December 24, 2023 Revenue $ 4,376,047 $ 3,758,259 $ 8,544,023 $ 7,240,321 Cost of goods sold 2,303,066 1,985,847 4,468,359 3,805,267 Restructuring charges, net - cost of goods sold — 14,957 — 22,897 Total cost of goods sold 2,303,066 2,000,804 4,468,359 3,828,164 Gross margin 2,072,981 1,757,455 4,075,664 3,412,157 Research and development 494,947 469,712 990,305 892,341 Selling, general, and administrative 244,150 228,843 487,278 435,866 Restructuring charges, net - operating expenses — 1,688 — 3,709 Total operating expenses 739,097 700,243 1,477,583 1,331,916 Operating income 1,333,884 1,057,212 2,598,081 2,080,241 Other income (expense), net 14,262 29,839 44,343 32,440 Income before income taxes 1,348,146 1,087,051 2,642,424 2,112,681 Income tax expense ( 157,128 ) ( 132,785 ) ( 334,962 ) ( 271,017 ) Net income $ 1,191,018 $ 954,266 $ 2,307,462 $ 1,841,664 Net income per share: Basic $ 0.93 $ 0.72 $ 1.78 $ 1.39 Diluted $ 0.92 $ 0.72 $ 1.78 $ 1.39 Number of shares used in per share calculations: Basic 1,287,109 1,316,293 1,293,173 1,321,067 Diluted 1,291,469 1,322,201 1,297,767 1,326,933 See Notes to Condensed Consolidated Financial Statements Lam Research Corporation 2025 Q2 10-Q 3 Table of Contents LAM RESEARCH CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in thousands) (unaudited) Three Months Ended Six Months Ended December 29, 2024 December 24, 2023 December 29, 2024 December 24, 2023 Net income $ 1,191,018 $ 954,266 $ 2,307,462 $ 1,841,664 Other comprehensive income (loss), net of tax: Foreign currency translation adjustment ( 48,613 ) 14,530 ( 3,487 ) ( 6,148 ) Cash flow hedges: Net unrealized gains during the period 4,552 1,671 2,116 10,269 Net ga