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Lam Research (LRCX) Q2 FY2022 earnings: revenue $4.2 billion, up 22.3% on the year

Lam Research Corp. (LRCX) reported revenue of $4.2 billion for Q2 FY2022, the quarter ended 26 December 2021, up 22.3% on the same quarter a year earlier as this quarter's filing gives it. Net income was $1.2 billion, up 37.5% on the year as this quarter's filing gives it, and diluted earnings per share $0.84. The figures are the company's own, from the 10-Q it filed with the SEC on 1 February 2022.

Revenue
$4.2 billion
+22.3% on the year · -1.8% on the quarter
Q3 FY2020Q2 FY2022
Operating margin
31.7%
29.2% a year earlier
Q3 FY2020Q2 FY2022
Net income
$1.2 billion
+37.5% on the year · +1.3% on the quarter
Q3 FY2020Q2 FY2022
Diluted EPS
$0.84
+41.6% on the year · +2.1% on the quarter
Q3 FY2020Q2 FY2022

this quarterthe same quarter a year earlierHover a bar for its figure.

Income statement (profit and loss)

$ millionQ2 FY2022Q1 FY2022Q2 FY2021On the quarterOn the yearLast 8 quarters
Revenue4,2274,3043,456-1.8%+22.3%
Cost of revenue2,249n/an/a
Gross profit1,978n/an/a
Gross margin46.8%n/an/a
Research and development404n/an/a
Selling, general and administrative236n/an/a
Operating income1,3381,3721,010-2.5%+32.5%
Operating margin31.7%31.9%29.2%
Interest expense46.8n/an/a
Pre-tax income1,356n/an/a
Income tax161n/an/a
Effective tax rate11.9%n/an/a
Net income1,1951,180869+1.3%+37.5%
Net margin28.3%n/an/a
Diluted EPS$0.84$0.83$0.60+2.1%+41.6%
$ 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

$ millionQ2 FY2022Q1 FY2022Q2 FY2021On the quarterOn the yearLast 8 quarters
Operating cash flow1,441n/an/a
Capital expenditure138n/an/a
Free cash flow1,302n/an/a
Free cash flow margin30.8%n/an/a
Cash from investing186n/an/a
Cash from financing-578n/an/a
Depreciation and amortisation81.779.976.4+2.3%+7.0%
Share-based compensation62.8n/an/a
Buybacks415n/an/a
Dividends paid211n/an/a
Dividend per share$0.15n/an/a
Diluted shares, weighted1,415m1,426m1,459m-0.8%-3.0%
Shares outstanding at period end1,403m1,408m1,432m-0.4%-2.0%

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

Balance sheet

$ millionQ2 FY2022Q1 FY2022Q2 FY2021On the quarterOn the yearLast 8 quarters
Shareholders' equity6,4765,8205,503+11.3%+17.7%
Debt4,9944,9955,781-0.0%-13.6%
Other liabilities5,215n/an/a
Total liabilities and equity16,685n/an/a
Goodwill1,490n/an/a
Intangible assets112n/an/a
Securities held for sale or to maturity4,516n/an/a
Cash and equivalents5,0874,0423,687+25.8%+38.0%
Receivables3,403n/an/a
Inventory3,074n/an/a
Total assets16,685n/an/a

Questions

What was Lam Research's revenue in Q2 FY2022?

Lam Research (LRCX) reported revenue of $4.2 billion for Q2 FY2022, the quarter ended 26 December 2021, up 22.3% on the same quarter a year earlier as the company restated it.

How much did Lam Research earn in Q2 FY2022?

Net income for Q2 FY2022 was $1.2 billion, up 37.5% on the year, and diluted earnings per share $0.84.

When did Lam Research report Q2 FY2022 results?

Lam Research filed its 10-Q for the quarter ended 26 December 2021 with the SEC on 1 February 2022.

Quarterly results, the last 20 quarters

Q2 FY2022Q3 FY2022Q4 FY2022 *Q1 FY2023Q2 FY2023Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026Q3 FY2026Q4 FY2026 *Q1 FY2027
Revenue4,2274,0604,6365,0745,2783,8703,2073,4823,7583,7943,8724,1684,3764,7205,1715,3245,3455,8416,7228,219
Cost of revenue2,2492,2442,5352,7372,9012,2641,7491,8272,0011,9932,0312,1652,3032,4062,582n/an/an/an/an/a
Gross profit1,9781,8172,1012,3372,3761,6061,4581,6551,7571,8011,8402,0032,0732,3142,5902,6852,6512,9113,4794,299
Gross margin47%45%45%46%45%41%45%48%47%47%48%48%47%49%50%50%50%50%52%52%
R&D404407411433462429402423470512498495495526580576573583643666
SG&A236217210206234194200207229216216243244226268279268280322349
Operating income1,3381,1921,4791,6981,6809428551,0231,0571,0571,1271,2641,3341,5621,7411,8291,8102,0472,5133,284
Operating margin32%29%32%33%32%24%27%29%28%28%29%30%30%33%34%34%34%35%37%40%
Interest expense46.846.746.246.146.747.246.545.346.347.246.444.945.345.242.842.540.939.334.236.8
Pre-tax income1,3561,1351,3591,6551,6529398641,0261,0871,0931,1541,2941,3481,5371,7791,8591,8372,0122,5553,312
Tax rate12%10%11%14%11%13%7%13%12%12%12%14%12%13%3%16%13%9%11%17%
Net income1,1951,0221,2091,4261,4698148038879549661,0201,1161,1911,3311,7201,5691,5941,8252,2772,753
Net margin28%25%26%28%28%21%25%25%25%25%26%27%27%28%33%29%30%31%34%33%
Diluted EPS$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$2.19
Operating cash flow1,4417584441,1901,1401,7261,1239511,4541,3858621,5687421,3092,5541,7791,4801,1411,4573,498
Capital expenditure13814512614016311978.777.0115104101111188288172185261332189258
Free cash flow1,3026123181,0509771,6071,0448741,3391,2817621,4585541,0212,3821,5941,2198101,2683,240
Buybacks4151,3388761104565828698436459813749976984351,2929761,4661,1632471,025
Dividends paid211211208206236234232230264263261261298296295292328326325325
Shares outstanding1,403m1,387m1,370m1,364m1,354m1,347m1,333m1,321m1,313m1,307m1,304m1,292m1,285m1,283m1,269m1,259m1,251m1,251m1,251m1,249m
Filing10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q
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 December 2021, filed 1 February 2022: the filing.