Lam Research Corp

LRCX: XNAS (USA)

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Lam Research Earnings: Strong AI Investment Should Offset China Headwinds and Raises Our Valuation

William Kerwin

Oct 23, 2025

Lam Research's September-quarter results came in at the high end of guidance. Sales rose 21% year over year to $5.3 billion, and non-GAAP operating margin rose 250 basis points year over year to 33.2%. December-quarter guidance calls for a slight moderation from September levels.

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Lam Research Corp

Lam Research Earnings: Strong AI Investment Should Offset China Headwinds and Raises Our Valuation

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