LRCX Earnings: Record Revenue, $6.6B Guidance, and the Memory Supercycle Driving Lam Research's Best Quarter Ever

About this episode

The episode discusses Lam Research's record earnings and future guidance, highlighting key factors driving its growth in the semiconductor industry.

Lam Research just reported its best quarter ever — and then guided the next quarter to $6.6 billion in revenue. Wall Street was expecting $6.1 billion. In this episode, Nick and Kasey break down everything that matters from Lam Research's Q3 fiscal year 2026 earnings: the headline numbers, the mix shift toward memory, the advanced packaging growth story, what management's $796 million share buyback at all-time highs is actually communicating, and why Lam has quietly become CSI's largest semiconductor equipment holding — overtaking Applied Materials, where their conviction started over a decade ago. There is also the acceleration of the $40 billion NAND conversion investment timeline, now expected to complete before the end of 2027 — a significant pull-forward that increases near-term equipment demand for exactly the etch and deposition tools that Lam dominates. What we cover: — Q3 FY2026 results: $5.84B revenue, +24% year over year, EPS beat, gross margin approaching 50% — Q4 guidance: $6.6B vs. $6.1B analyst consensus — what the gap means for the cycle — Memory mix rising to 39% of systems revenue and why it has further to run in 2026 and 2027 — Advanced packaging revenues…

People in this episode

Hosts: Nicholas Rossolillo, Kasey Rossolillo

Topics covered

• Lam Research earnings
• semiconductor equipment
• memory supercycle
• advanced packaging growth
• share buyback
• NAND conversion investment

Keywords

• Lam Research
• Q3 FY2026
• revenue guidance
• memory systems
• share buyback
• NAND conversion
• semiconductor equipment

Mentioned in this episode

Organizations: Lam Research, Applied Materials

Products: NAND, etch and deposition tools

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