Lam Research Corporation reported significant financial growth for the fiscal year ending June 29, 2025, with total revenue reaching $18.4 billion, a 23.7% increase from $14.9 billion in the previous year. The company's net income also rose to $5.4 billion, up 40% from $3.8 billion in fiscal 2024, resulting in a diluted earnings per share of $4.15, compared to $2.90 the prior year. This growth was primarily driven by strong demand for semiconductor equipment across both memory and non-memory markets, alongside increased customer support-related revenues.
In contrast, the previous fiscal year (2024) saw a decline in revenue of 14.5% compared to fiscal 2023, attributed to reduced spending in the non-volatile memory sector, although this was partially offset by growth in DRAM spending. The gross margin for fiscal 2025 improved to 48.7%, up from 47.3% in 2024, largely due to enhanced factory efficiencies and a favorable product mix, despite increased transformational charges. Operating expenses increased by 10.4% to $3.1 billion, driven by higher employee-related costs and spending on transformational activities.
Strategically, Lam Research has focused on expanding its product offerings and enhancing its market position through significant investments in research and development, which totaled $2.1 billion in fiscal 2025, representing 11.4% of total revenue. The company continues to leverage its expertise in deposition, etch, and clean markets to address the evolving needs of semiconductor manufacturers. Additionally, Lam Research has maintained a strong global presence, with approximately 93% of its sales occurring outside the United States, particularly in China, Korea, and Taiwan.
Operationally, Lam Research's customer base includes leading semiconductor manufacturers, with two customers accounting for approximately 17% and 15% of total revenues in fiscal 2025. The company reported a deferred revenue balance of $2.7 billion, reflecting increased advance deposits from new customers. As of June 29, 2025, Lam Research employed approximately 19,000 full-time employees, with over 29% engaged in research and development, indicating a commitment to innovation and product development.
Looking ahead, Lam Research anticipates continued growth driven by secular demand for semiconductors and technology advancements, including 3D device scaling and advanced packaging. However, the company acknowledges potential volatility in the semiconductor industry due to trade restrictions and other uncertainties. Management remains focused on balancing customer requirements with operational capabilities to sustain growth and profitability in the coming years.
About LAM RESEARCH CORP
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