Q3 2026 Lam Research Corp Earnings Call Transcript
Key Points
- Lam Research Corp (LRCX) reported record revenues and profitability for the March 2026 quarter, with earnings per share exceeding the top end of their guidance range.
- The company achieved its first $2 billion quarter from the Customer Support Business Group, highlighting strong demand across spares, upgrades, and services.
- Lam Research Corp (LRCX) expects WFE (wafer fab equipment) spending to reach $140 billion in 2026, with a bias to the upside, indicating strong industry demand.
- The company is well-positioned to benefit from the AI-driven demand environment, with expanding opportunities in deposition and etch technologies.
- Lam Research Corp (LRCX) is seeing significant growth in advanced packaging solutions, with revenue growth expected to exceed 50% in 2026.
- Customer down payments have decreased to the lowest level in nearly four years, which could indicate potential future revenue challenges.
- The company's revenue from China is expected to decline in the June quarter, which could impact overall revenue growth.
- Lam Research Corp (LRCX) is facing slight headwinds from customer mix, which could affect gross margin performance.
- The company is experiencing stretched lead times due to strong demand, which could impact delivery schedules and customer satisfaction.
- There is uncertainty regarding the sustainability of current gross margin levels if memory pricing declines in the future.
Good day, and welcome to the Lam Research Corporation's March 2026 earnings conference call. (Operator Instructions) Please note, this event is being recorded.
I would now like to turn the conference over to Ram Ganesh, Vice President of Investor Relations. Please go ahead.
Thank you, and good afternoon, everyone. Welcome to Lam Research Quarterly Earnings Conference Call. With me today are Tim Archer, President and Chief Executive Officer; and Doug Bettinger, Executive Vice President and Chief Financial Officer.
During today's call, we will share our overview on the business environment, and we'll review our financial results for the March 2026 quarter and our outlook for the June 2026 quarter. The press release detailing our financial results was distributed a little after 1:00 PM Pacific Time. The release and the accompanying presentation slides for today's call can also be found on the Investors section of the company's website.
Today's presentation and Q&A
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