Lam Research Corporation (LRCX)

Outperform Recap: Q4 FY26

The Framework Update Landed, and It Was Bigger Than the Quarter: WFE to Low $150B, Long-Term Model to Mid-40s Operating Margin, September Guided $1B Above the Street

Outperform Recap: Q3 FY26

Record $5.84B Revenue + First $2B+ CSBG Quarter; CY26 WFE Raised to $140B "Bias Up" and NAND $40B Pulled Forward — Maintaining Outperform on Multi-Year Compounding Setup

Outperform Recap: Q2 FY26

Records Close Out CY2025 at $20.6B Revenue; CY26 WFE Formally Guided at $135B (+28% YoY) — Maintaining Outperform on Positioning Reset

Outperform Recap: Q1 FY26

Records Across the P&L, Dec Q Sandbag Beaten by $500M, CY26 "Robust Setup" Confirms Growth Year — Upgrading to Outperform

Hold Recap: Q4 FY25

Record Gross Margin Post-Novellus, $5.4B FY25 FCF — But Dec Q GM Step-Down + China Overhang Drive -8% T+1 Gap-Down; Initiating at Hold