### At a Glance Lam Research Q1 2026 results: Fifth consecutive quarter of record revenue. Management cited strong execution, with revenue, gross margin, operating margin, and EPS all reaching all-time highs.

Key Data: September quarter revenue of $8.22 billion, up 54% year-over-year and 22% sequentially. Gross margin of 52.4% was a record, and operating margin of 40.2% surpassed 40% for the first time. EPS of $2.20 was a record.

Business Progress: Memory systems revenue accounted for 46% of total, with NAND revenue up approximately 40% sequentially as the industry continues transitioning to 256+ layer equipment; the report notes that 384-layer equipment has begun to be deployed. DRAM revenue was also a record, driven by high-bandwidth memory. Foundry revenue was also a record, rising to 46% of total, supported by investments in advanced nodes and advanced packaging. Customer support business posted a fourth consecutive quarter of record revenue, approaching $2.5 billion. China revenue accounted for 35%, up sequentially, but is expected to decline significantly in the next quarter.

Guidance & Outlook: December quarter revenue guided at $8.6 billion ± $400 million, gross margin at 52.5% ± 1 percentage point, and EPS at $2.33 ± $0.15. Management noted that without short-term supply chain constraints, the revenue guidance would have been higher. The 2027 WFE outlook is over $200 billion, but management described this as a constrained figure.

Risk/Highlight Signals: Management emphasized that regardless of how device architectures evolve, etch and deposition intensity will continue to increase, and Lam sees growth opportunities across all equipment types. The NAND upgrade cycle still has room to run and is expected to continue into 2027. Advanced packaging revenue is expected to grow 70% this year and continue strong growth next year.