Live Analysis: Lam Research (LRCX) Earnings Drop After the Bell

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Wall Street Expectations

12:45 pm
by Eric Bleeker

Here’s what Wall Street expects when Lam Research reports today:

Expectations for Lam’s Fiscal Q4 (Ending June 2025)

• Revenue: $5.004 billion
• Adjusted EPS: $1.21
• Free Cash Flow: $1.566 billion
• Gross Margins: 49.64%

And looking ahead to next quarter, here’s what Wall Street projects for Lam’s Fiscal Q1 (ending September 2025):

• Revenue: $4.657 billion
• Adjusted EPS: $1.00

Clearly, that’s a step down from the current quarter, but remember that these expectations are already baked into Lam’s share price.

 

Lam Research (Nasdaq: LRCX) reports earnings after the bell tonight and we’ll be updating this live blog. 

Lam Research shares are up 37% year-to-date, which significantly outpaces the broader semiconductor market. For comparison, Applied Materials is up 15% so far this year. ASML shares are doing even worse, up 3% so far this year. This is to say, Lam Research has had a good year. 

The moment earnings hit, we’ll be posting live news and analysis on this live blog. All you have to do is leave this page open in your browser and new updates will automatically post. 

Let’s look back at Lam Research’s last quarter, and then in our first update we’ll post what Wall Street expects when the company reports earnings tonight. 

What Lam Research Reported Last Quarter 

Here’s a look back at what Lam Research reported on April 23rd:

• Lam Research reported strong financial results for the quarter ending March 30, 2025, with revenue reaching $4.72 billion, an 8% increase from the previous quarter.
• The company achieved a non-GAAP gross margin of 49.0% and a non-GAAP operating income margin of 32.8%.
• Non-GAAP diluted EPS was $1.04, reflecting a 14% increase from the prior quarter. Net income for the quarter was $1.33 billion, up from $1.19 billion in the previous quarter.
• Lam Research’s balance sheet showed cash and equivalents of $5.45 billion, a decrease from $5.67 billion, primarily due to capital return activities and debt payments.
• Operating cash flow improved significantly to $1.31 billion from $741.94 million in the previous quarter.
• CEO Tim Archer expressed confidence in the company’s ability to outperform industry growth despite tariff-related uncertainties.
• The company projects revenue for the next quarter to be approximately $5 billion, with a gross margin of 49.4% and an EPS of $1.20.

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