Lam Research (LRCX) FY2025 results: revenue $18.4 billion, up 23.7% on the year
Lam Research Corp. (LRCX) reported revenue of $18.4 billion for fiscal 2025, the year ended 29 June 2025, up 23.7% on the year before. Net income was $5.4 billion, up 40.0%, and diluted earnings per share $4.15. The figures are the company's own, from the 10-K it filed with the SEC on 11 August 2025.
Revenue
$18.4 billion
+23.7% on the year
FY2018FY2025
Operating margin
32.0%
28.6% a year earlier
FY2018FY2025
Net income
$5.4 billion
+40.0% on the year
FY2018FY2025
Diluted EPS
$4.15
+43.1% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
$ 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
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
6,173
4,652
5,179
+32.7%
Capital expenditure
759
397
502
+91.4%
Free cash flow
5,414
4,256
4,677
+27.2%
Free cash flow margin
29.4%
28.6%
26.8%
Cash from investing
-708
-371
-535
Cash from financing
-4,937
-3,996
-2,831
Depreciation and amortisation
386
360
342
+7.4%
Share-based compensation
343
293
287
+17.2%
Buybacks
3,422
2,843
2,017
+20.4%
Dividends paid
1,150
1,019
908
+12.8%
Dividend per share
$0.92
$0.80
$0.69
+15.0%
Diluted shares, weighted
1,290m
1,320m
1,358m
-2.3%
Shares outstanding at period end
1,269m
1,304m
1,333m
-2.7%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
9,862
8,539
8,210
+15.5%
Debt
4,469
4,967
4,965
-10.0%
Operating lease liabilities
193
223
173
-13.4%
Finance lease liabilities
n/a
12.5
38.2
Other liabilities
6,821
5,002
5,395
+36.4%
Total liabilities and equity
21,345
18,745
18,782
+13.9%
Fixed assets
2,406
2,130
1,803
+12.9%
Goodwill
1,630
1,600
1,622
+1.9%
Intangible assets
182
139
168
+31.5%
Cash and equivalents
6,391
5,848
5,337
+9.3%
Receivables
3,378
2,519
2,823
+34.1%
Inventory
4,308
4,218
4,816
+2.1%
Other assets
3,051
2,291
2,211
+33.2%
Total assets
21,345
18,745
18,782
+13.9%
10-K for the year ended 29 June 2025, filed 11 August 2025: the filing.