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Lam Research (LRCX) Q1 FY2022 earnings: revenue $4.3 billion, up 35.5% on the year

Lam Research Corp. (LRCX) reported revenue of $4.3 billion for Q1 FY2022, the quarter ended 26 September 2021, up 35.5% on the same quarter a year earlier. Net income was $1.2 billion, up 43.3% on the year, and diluted earnings per share $0.83. The figures are the company's own, from the 10-Q it filed with the SEC on 26 October 2021.

Revenue$4.3 billionup 35.5%
Net income$1.2 billionup 43.3%
Diluted EPS$0.83
QuarterQ1 FY2022ended 26 September 2021

The quarter, against the one before and a year earlier

LineQ1 FY2022Quarter beforeA year earlierChange on the year
Revenue4,304n/an/an/a
Cost of revenue2,328n/an/an/a
Gross profit1,977n/an/an/a
Gross margin45.9%n/an/a
Research and development382n/an/an/a
Selling, general and administrative222n/an/an/a
Operating income1,372n/an/an/a
Operating margin31.9%n/an/a
Interest expense45.1n/an/an/a
Pre-tax income1,343n/an/an/a
Income tax164n/an/an/a
Effective tax rate12.2%n/an/a
Net income1,180n/an/an/a
Net margin27.4%n/an/a
Diluted EPS$0.83n/an/an/a
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

LineQ1 FY2022Quarter beforeA year earlierChange on the year
Operating cash flow458n/an/an/a
Capital expenditure136n/an/an/a
Free cash flow321n/an/an/a
Free cash flow margin7.5%n/an/a
Cash from investing597n/an/an/a
Cash from financing-1,428n/an/an/a
Depreciation and amortisation79.9n/an/an/a
Share-based compensation58.1n/an/an/a
Buybacks1,237n/an/an/a
Dividends paid185n/an/an/a
Dividend per share$0.15n/an/an/a
Diluted shares, weighted1,426mn/an/an/a
Shares outstanding at period end1,408mn/an/an/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

LineQ1 FY2022Quarter beforeA year earlierChange on the year
Shareholders' equity5,820n/an/an/a
Debt4,995n/an/an/a
Other liabilities4,750n/an/an/a
Total liabilities and equity15,566n/an/an/a
Goodwill1,490n/an/an/a
Intangible assets125n/an/an/a
Cash and equivalents4,042n/an/an/a
Receivables3,397n/an/an/a
Inventory2,872n/an/an/a
Other assets3,639n/an/an/a
Total assets15,566n/an/an/a

Questions

What was Lam Research's revenue in Q1 FY2022?

Lam Research (LRCX) reported revenue of $4.3 billion for Q1 FY2022, the quarter ended 26 September 2021, up 35.5% on the same quarter a year earlier.

How much did Lam Research earn in Q1 FY2022?

Net income for Q1 FY2022 was $1.2 billion, up 43.3% on the year, and diluted earnings per share $0.83.

When did Lam Research report Q1 FY2022 results?

Lam Research filed its 10-Q for the quarter ended 26 September 2021 with the SEC on 26 October 2021.

Quarterly results, the last 20 quarters

Q1 FY2022Q2 FY2022Q3 FY2022Q4 FY2022 *Q1 FY2023Q2 FY2023Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026Q3 FY2026Q4 FY2026 *
Revenue4,3044,2274,0604,6365,0745,2783,8703,2073,4823,7583,7943,8724,1684,3764,7205,1715,3245,3455,8416,722
Cost of revenue2,3282,2492,2442,5352,7372,9012,2641,7491,8272,0011,9932,0312,1652,3032,4062,582n/an/an/an/a
Gross profit1,9771,9781,8172,1012,3372,3761,6061,4581,6551,7571,8011,8402,0032,0732,3142,5902,6852,6512,9113,479
Gross margin46%47%45%45%46%45%41%45%48%47%47%48%48%47%49%50%50%50%50%52%
R&D382404407411433462429402423470512498495495526580576573583643
SG&A222236217210206234194200207229216216243244226268279268280322
Operating income1,3721,3381,1921,4791,6981,6809428551,0231,0571,0571,1271,2641,3341,5621,7411,8291,8102,0472,513
Operating margin32%32%29%32%33%32%24%27%29%28%28%29%30%30%33%34%34%34%35%37%
Interest expense45.146.846.746.246.146.747.246.545.346.347.246.444.945.345.242.842.540.939.334.2
Pre-tax income1,3431,3561,1351,3591,6551,6529398641,0261,0871,0931,1541,2941,3481,5371,7791,8591,8372,0122,555
Tax rate12%12%10%11%14%11%13%7%13%12%12%12%14%12%13%3%16%13%9%11%
Net income1,1801,1951,0221,2091,4261,4698148038879549661,0201,1161,1911,3311,7201,5691,5941,8252,277
Net margin27%28%25%26%28%28%21%25%25%25%25%26%27%27%28%33%29%30%31%34%
Diluted EPS$0.83$0.84$0.73$0.87$1.04$1.08$0.60$0.60$0.67$0.72$0.73$0.78$0.86$0.92$1.03$1.35$1.24$1.26$1.45$1.81
Operating cash flow4581,4417584441,1901,1401,7261,1239511,4541,3858621,5687421,3092,5541,7791,4801,1411,457
Capital expenditure13613814512614016311978.777.0115104101111188288172185261332189
Free cash flow3211,3026123181,0509771,6071,0448741,3391,2817621,4585541,0212,3821,5941,2198101,268
Buybacks1,2374151,3388761104565828698436459813749976984351,2929761,4661,163247
Dividends paid185211211208206236234232230264263261261298296295292328326325
Shares outstanding1,408m1,403m1,387m1,370m1,364m1,354m1,347m1,333m1,321m1,313m1,307m1,304m1,292m1,285m1,283m1,269m1,259m1,251m1,251m1,251m
Filing10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 26 September 2021, filed 26 October 2021: the filing.