Reports › LRCX › 10-Q FY2025

SEC filings, compared

What changed in Lam Research's 10-Q for the quarter ended September 28, 2025

Compared with the 10-Q for the quarter ended September 29, 2024. Part I, Item 2 and Part II, Item 1A analysed; every summary checked against the quoted filing text.

Registrant: LAM RESEARCH CORP · LRCX
This filing: 0000707549-25-000085 ↗ · filed Oct 24, 2025
Compared with: 0000707549-24-000128 ↗ · filed Oct 28, 2024
Processed: Sep 20, 2026 UTC · parser-v5 · classify-v4 · select-v1

Research tool. Describes what filings say. Not investment advice. Verify independently. Read the cited paragraph before relying on it.

How a report is made

26 material changes among 49 changed paragraphs

13 shown by default across the three sections below; each section's "Show all" reaches the rest, in filing order.

Numbers from XBRL

Each figure is the one the filing itself tagged, taken from the filing that reported it. Not written by a model.

Concept	FY2025	FY2024	Change (our arithmetic)
Revenueus-gaap:RevenueFromContractWithCustomerExcludingAssessedTax	5,324,173,000USD · Jun 30, 2025 to Sep 28, 2025	4,167,976,000USD · Jul 1, 2024 to Sep 29, 2024	+1,156,197,000+27.7%
Net income or lossus-gaap:NetIncomeLoss	1,568,660,000USD · Jun 30, 2025 to Sep 28, 2025	1,116,444,000USD · Jul 1, 2024 to Sep 29, 2024	+452,216,000+40.5%
Cash and cash equivalentsus-gaap:CashAndCashEquivalentsAtCarryingValue	6,693,046,000USD · at Sep 28, 2025	6,067,471,000USD · at Sep 29, 2024	+625,575,000+10.3%
Net cash from operating activitiesus-gaap:NetCashProvidedByUsedInOperatingActivities	1,778,964,000USD · Jun 30, 2025 to Sep 28, 2025	1,568,471,000USD · Jul 1, 2024 to Sep 29, 2024	+210,493,000+13.4%

Values as tagged in the filing's inline XBRL, resolved by accession rather than by period matching. When a value is not tagged, we show that instead of estimating it. FY2025: 0000707549-25-000085 · FY2024: 0000707549-24-000128

What the company says for the first time

Paragraphs with no counterpart in the prior filing.

3 material additions

Part I, Item 2 · MD&A

3 of 3 shown · In filing order, too few to rank

01AddedPart I, Item 2 › Income Tax Expense

Summary · quote-checked

Added an explanation for the increase in the effective tax rate, citing tax-benefit recognition, jurisdictional income mix, OBBBA-related deferred-tax revaluation, and GMT effectiveness.

A new MD&A paragraph discloses tax-rate drivers and tax-related developments, changing the substance of the company’s reported explanation.

Filing text · FY2024 10-Q · filed Oct 28, 2024

No corresponding language in the FY2024 10-Q.

Filing text · FY2025 10-Q · filed Oct 24, 2025

[added] The increase in the effective tax rate for the September 2025 quarter compared to the June 2025 quarter was primarily due to the recognition of previously unrecognized tax benefits from lapses of statutes of limitation in the June 2025 quarter, the change in level and proportion of income in higher and lower tax jurisdictions, the revaluation of deferred taxes due to changes in the U.S. taxation of non-U.S. income under OBBBA, and GMT being fully effective starting in the September 2025 quarter.

Cite this change

"The increase in the effective tax rate for the September 2025 quarter compared to the June 2025 quarter was primarily due to the recognition of previously unrecognized tax benefits from lapses of statutes of limitation in the June 2025 quarter, the change in level and proportion of income in higher and lower tax jurisdictions, the revaluation of deferred taxes due to changes in the U.S. taxation of non-U.S. income under OBBBA, and GMT being fully effective starting in the September 2025 quarter."

Lam Research, Form 10-Q for FY2025, Part I, Item 2, accession 0000707549-25-000085, filed 24 October 2025.

Filing: https://www.sec.gov/Archives/edgar/data/707549/000070754925000085/lrcx-20250928.htm

Comparison: https://yearover.com/reports/lrcx/0000707549-25-000085?ref=quote

02AddedPart I, Item 2 › Income Tax Expense

Summary · quote-checked

Added disclosure that BEPS 2.0 GMT is fully effective, with limited jurisdiction exposure expected under transitional safe harbors.

The new paragraph introduces a global minimum tax obligation, the company’s exposure assessment, and expected safe-harbor treatment—substantive tax and compliance disclosures.

Filing text · FY2024 10-Q · filed Oct 28, 2024

No corresponding language in the FY2024 10-Q.

Filing text · FY2025 10-Q · filed Oct 24, 2025

[added] BEPS 2.0 GMT is fully effective for us this fiscal year. We assessed our exposure to GMT under currently enacted legislation and determined that we expect to meet transitional safe harbor requirements in most jurisdictions, with limited jurisdictions subject to GMT.

Cite this change

"BEPS 2.0 GMT is fully effective for us this fiscal year. We assessed our exposure to GMT under currently enacted legislation and determined that we expect to meet transitional safe harbor requirements in most jurisdictions, with limited jurisdictions subject to GMT."

Lam Research, Form 10-Q for FY2025, Part I, Item 2, accession 0000707549-25-000085, filed 24 October 2025.

Filing: https://www.sec.gov/Archives/edgar/data/707549/000070754925000085/lrcx-20250928.htm

Comparison: https://yearover.com/reports/lrcx/0000707549-25-000085?ref=quote

03AddedPart I, Item 2 › Income Tax Expense

Summary · quote-checked

Added disclosure of the OBBBA’s enactment and its impact on income taxes under ASC 740.

The new paragraph identifies enacted tax legislation and a related accounting obligation, substantively changing the disclosure of the company’s tax environment.

Filing text · FY2024 10-Q · filed Oct 28, 2024

No corresponding language in the FY2024 10-Q.

Filing text · FY2025 10-Q · filed Oct 24, 2025

[added] On July 4, 2025, the OBBBA was signed into law by U.S. President Donald Trump. The impact on income taxes due to change in legislation is required, under ASC 740, Income Taxes, to be recognized in the period in which the law is enacted, which is this fiscal year. In general, the OBBBA introduces changes to U.S. taxation, including changes in the taxation of non-U.S. income.

Cite this change

"On July 4, 2025, the OBBBA was signed into law by U.S. President Donald Trump."

Lam Research, Form 10-Q for FY2025, Part I, Item 2, accession 0000707549-25-000085, filed 24 October 2025.

Filing: https://www.sec.gov/Archives/edgar/data/707549/000070754925000085/lrcx-20250928.htm

Comparison: https://yearover.com/reports/lrcx/0000707549-25-000085?ref=quote

What the company no longer says

Paragraphs of the prior filing that this filing dropped. Only last year's text can show these.

5 material removals

Part I, Item 2 · MD&A

5 of 5 shown · In filing order, too few to rank

01RemovedPart I, Item 2 › EXECUTIVE SUMMARY

Summary · quote-checked

The current filing removes disclosure that the Company announced and effected a ten-for-one stock split and retrospectively adjusted share amounts.

The removed paragraph describes a specific corporate event and its accounting presentation effect, rather than a date roll-forward or routine formatting change.

Filing text · FY2024 10-Q · filed Oct 28, 2024

[removed] On May 21, 2024, the Company announced a ten-for-one stock split which was effective October 2, 2024. All references made to share or per share amounts throughout this Form 10-Q, including those presented in the Management's Discussion and Analysis of Financial Condition and Results of Operations, have been retroactively adjusted to reflect the stock split.

Filing text · FY2025 10-Q · filed Oct 24, 2025

No corresponding language in the FY2025 10-Q.

Cite this change

"On May 21, 2024, the Company announced a ten-for-one stock split which was effective October 2, 2024. All references made to share or per share amounts throughout this Form 10-Q, including those presented in the Management's Discussion and Analysis of Financial Condition and Results of Operations, have been retroactively adjusted to reflect the stock split."

Lam Research, Form 10-Q for FY2024, Part I, Item 2, accession 0000707549-24-000128, filed 28 October 2024.

Filing: https://www.sec.gov/Archives/edgar/data/707549/000070754924000128/lrcx-20240929.htm

Comparison: https://yearover.com/reports/lrcx/0000707549-25-000085?ref=quote

02RemovedPart I, Item 2 › Selling, General, and Administrative

Summary · quote-checked

Removed the explanation that SG&A expense increased due to transformational activities, higher headcount, and incentive compensation.

The removed MD&A paragraph disclosed both an expense trend and its stated drivers; dropping that explanation substantively changes the reported results narrative.

Filing text · FY2024 10-Q · filed Oct 28, 2024

[removed] SG&A expense during the three months ended September 29, 2024 increased compared to the same period in the prior year, driven by higher spending for transformational activities, as well as increases in headcount and incentive compensation expense.

Filing text · FY2025 10-Q · filed Oct 24, 2025

No corresponding language in the FY2025 10-Q.

Cite this change

"SG&A expense during the three months ended September 29, 2024 increased compared to the same period in the prior year, driven by higher spending for transformational activities, as well as increases in headcount and incentive compensation expense."

Lam Research, Form 10-Q for FY2024, Part I, Item 2, accession 0000707549-24-000128, filed 28 October 2024.

Filing: https://www.sec.gov/Archives/edgar/data/707549/000070754924000128/lrcx-20240929.htm

Comparison: https://yearover.com/reports/lrcx/0000707549-25-000085?ref=quote

03RemovedPart I, Item 2 › Restructuring Charges, Net

Summary · quote-checked

The restructuring charges table was removed from the current MD&A.

The disappearance of a numeric table changes the disclosure about restructuring charges; under the rubric, a table that disappears is material.

Filing text · FY2024 10-Q · filed Oct 28, 2024

~~[removed] |[removed] Three Months Ended[removed] September 29, 2024 | June 30, 2024 | September 24, 2023[removed] (in thousands, except percentages)[removed] Restructuring charges, net | $ | - | $ | 4,508 | $ | 9,961[removed] Percent of revenue | - | % | 0.1 | % | 0.3 | %~~

Filing text · FY2025 10-Q · filed Oct 24, 2025

No corresponding language in the FY2025 10-Q.

Cite this change

"Restructuring charges, net | $ | - | $ | 4,508 | $ | 9,961"

Lam Research, Form 10-Q for FY2024, Part I, Item 2, accession 0000707549-24-000128, filed 28 October 2024.

Filing: https://www.sec.gov/Archives/edgar/data/707549/000070754924000128/lrcx-20240929.htm

Comparison: https://yearover.com/reports/lrcx/0000707549-25-000085?ref=quote

04RemovedPart I, Item 2 › Restructuring Charges, Net

Summary · quote-checked

The current filing removes disclosure of a restructuring plan involving employee terminations, related costs, manufacturing relocation, and completion status.

The removed paragraph disclosed a specific restructuring plan, workforce reduction, expenses, facility relocation, and completion status, all substantive obligations or events rather than boilerplate.

Filing text · FY2024 10-Q · filed Oct 28, 2024

[removed] In fiscal year 2023, we initiated a restructuring plan that continued into fiscal year 2024, designed to better align our cost structure with our outlook for the economic environment and business opportunities. Under the plan we terminated approximately 1,760 employees, incurring expenses related to employee severance and separation costs. Employee severance and separation costs were primarily related to severance, non-cash severance, including equity award compensation expense, pension and other termination benefits. Additionally, we made a strategic decision to relocate certain manufacturing activities to pre-existing facilities. The restructuring plan was substantially completed as of June 30, 2024.

Filing text · FY2025 10-Q · filed Oct 24, 2025

No corresponding language in the FY2025 10-Q.

Cite this change

"In fiscal year 2023, we initiated a restructuring plan that continued into fiscal year 2024, designed to better align our cost structure with our outlook for the economic environment and business opportunities. Under the plan we terminated approximately 1,760 employees, incurring expenses related to employee severance and separation costs. Employee severance and separation costs were primarily related to severance, non-cash severance, including equity award compensation expense, pension and other termination benefits. Additionally, we made a strategic decision to relocate certain manufacturing activities to pre-existing facilities. The restructuring plan was substantially completed as of June 30, 2024."

Lam Research, Form 10-Q for FY2024, Part I, Item 2, accession 0000707549-24-000128, filed 28 October 2024.

Filing: https://www.sec.gov/Archives/edgar/data/707549/000070754924000128/lrcx-20240929.htm

Comparison: https://yearover.com/reports/lrcx/0000707549-25-000085?ref=quote

05RemovedPart I, Item 2 › Income Tax Expense

Summary · quote-checked

The current filing omits the prior statement that the effective tax rate remained consistent year over year.

The removed sentence disclosed a substantive MD&A tax-rate comparison, not merely a date, cross-reference, formatting, or recurring-list update.

Filing text · FY2024 10-Q · filed Oct 28, 2024

~~[removed] The effective tax rate for the September quarter compared to the same period in the prior year remained consistent.~~

Filing text · FY2025 10-Q · filed Oct 24, 2025

No corresponding language in the FY2025 10-Q.

Cite this change

"The effective tax rate for the September quarter compared to the same period in the prior year remained consistent."

Lam Research, Form 10-Q for FY2024, Part I, Item 2, accession 0000707549-24-000128, filed 28 October 2024.

Filing: https://www.sec.gov/Archives/edgar/data/707549/000070754924000128/lrcx-20240929.htm

Comparison: https://yearover.com/reports/lrcx/0000707549-25-000085?ref=quote

What the company says differently

Paragraphs that changed between the two filings, shown as a word diff.

18 material changes

Part I, Item 2 · MD&A

5 of 18 shown · Ordered by the model, quote-checked

01ChangedPart I, Item 2 › EXECUTIVE SUMMARY

Summary · quote-checked

The outlook shifts to strong 2025 spending, while trade restrictions and tariffs are identified as risks that have already affected results.

Management changes both the spending outlook and the risk disclosure: anticipated growth becomes strong current levels, and hypothetical impact becomes realized and future impact tied to specified trade risks.

Why the model ranked it here

Management now says trade restrictions and tariffs have already harmed results while describing strong spending, changing both the outlook and the status of key risks.

Filing text · FY2024 10-Q · filed Oct 28, 2024

~~[removed] In calendar year 2024, we anticipate higher wafer fabrication equipment spending,~~ driven by an increase in both memory and non-memory market ~~[removed] segments versus calendar year 2023.~~ In the short term, volatility in the semiconductor ~~[removed] demand environment,~~ as well as other risks and uncertainties, ~~[removed] may negatively impact~~ our revenue and operating margin. Over the longer term, we believe that secular demand for semiconductors, combined with technology inflections in our industry, including 3D device scaling, multiple patterning, process flow, and advanced packaging chip integration, will drive sustainable growth and lead to an increase in the served available market for our products and services in the deposition, etch, and clean businesses.

Filing text · FY2025 10-Q · filed Oct 24, 2025

[added] Wafer fabrication equipment spending levels are strong in the 2025 calendar year driven by an increase in both [added] the memory and non-memory market [added] segments. In the short term, volatility in the semiconductor [added] industry environment from trade restrictions, tariffs, as well as other [added] direct and indirect risks and uncertainties, [added] have had, and in the future may have, a negative impact on our revenue and operating margin. Over the longer term, we believe that secular demand for semiconductors, combined with technology inflections in our industry, including 3D device scaling, multiple patterning, process flow, and advanced packaging chip integration, will drive sustainable growth and lead to an increase in the served available market for our products and services in the deposition, etch, and clean businesses.

Cite this change

"Wafer fabrication equipment spending levels are strong in the 2025 calendar year driven by an increase in both the memory and non-memory market segments. In the short term, volatility in the semiconductor industry environment from trade restrictions, tariffs, as well as other direct and indirect risks and uncertainties, have had, and in the future may have, a negative impact on our revenue and operating margin."

Lam Research, Form 10-Q for FY2025, Part I, Item 2, accession 0000707549-25-000085, filed 24 October 2025.

Filing: https://www.sec.gov/Archives/edgar/data/707549/000070754925000085/lrcx-20250928.htm

Comparison: https://yearover.com/reports/lrcx/0000707549-25-000085?ref=quote

02ChangedPart I, Item 2 › Other Income (Expense), Net

Summary · quote-checked

Interest income changed from increasing year over year due to higher yields and cash balances to decreasing due primarily to lower interest rates.

The year-over-year direction changed, and the stated drivers changed from higher yields to lower interest rates, with higher cash balances only partially offsetting the decline.

Why the model ranked it here

Interest income has shifted from growth to decline, with lower interest rates replacing higher yields as the primary driver.

Filing text · FY2024 10-Q · filed Oct 28, 2024

Interest income increased in the September ~~[removed] 2024~~ quarter as compared to the June ~~[removed] 2024~~ quarter, primarily due to higher cash balances. Interest income ~~[removed] increased for the three months ended September 29, 2024,~~ compared to the same period in ~~[removed] 2023, because of higher yields and~~ higher cash balances.

Filing text · FY2025 10-Q · filed Oct 24, 2025

Interest income increased in the September [added] 2025 quarter as compared to the June [added] 2025 quarter, primarily due to higher cash balances. Interest income [added] decreased in the September 2025 quarter compared to the same period in [added] the prior year, primarily due to lower interest rates, partially offset by higher cash balances.

Cite this change

"Interest income decreased in the September 2025 quarter compared to the same period in the prior year, primarily due to lower interest rates, partially offset by higher cash balances."

Lam Research, Form 10-Q for FY2025, Part I, Item 2, accession 0000707549-25-000085, filed 24 October 2025.

Filing: https://www.sec.gov/Archives/edgar/data/707549/000070754925000085/lrcx-20250928.htm

Comparison: https://yearover.com/reports/lrcx/0000707549-25-000085?ref=quote

03ChangedPart I, Item 2 › Cash Flows from Operating Activities

Summary · quote-checked

Operating cash-flow sources and uses changed, including inventory and prepaid assets becoming cash sources and revised amounts for other accounts.

The narrative changes the direction and stated drivers of operating cash flow, not merely the reporting period or figures, so the substance of the MD&A disclosure differs.

Why the model ranked it here

Operating assets that previously consumed cash now provide cash, materially changing how operating cash generation is explained.

Filing text · FY2024 10-Q · filed Oct 28, 2024

~~[removed] Significant changes~~ in operating asset and liability accounts, net of foreign exchange impact, included the following sources of cash: ~~[removed] an increase in deferred gross profit of $519.5 million, an increase in~~ accrued expenses and other liabilities of ~~[removed] $240.4~~ million and ~~[removed] an increase in trade~~ accounts payable of ~~[removed] $82.6~~ million. These sources of cash ~~[removed] are~~ offset by the following uses of cash: increases in accounts receivable of ~~[removed] $414.1 million, inventory of $23.8 million, and prepaid expenses and other current assets of $17.8~~ million.

Filing text · FY2025 10-Q · filed Oct 24, 2025

[added] Changes in operating asset and liability accounts, net of foreign exchange impact, included the following sources of cash: [added] decreases in inventory of $189.8 million and prepaid expenses and other current assets of $30.2 million, and increases in deferred gross profit of $80.9 million, accrued expenses and other liabilities of [added] $25.2 million and accounts payable of [added] $5.1 million. These sources of cash [added] were offset by the following uses of cash: increases in accounts receivable of [added] $255.0 million.

Cite this change

"Changes in operating asset and liability accounts, net of foreign exchange impact, included the following sources of cash: decreases in inventory of $189.8 million and prepaid expenses and other current assets of $30.2 million, and increases in deferred gross profit of $80.9 million, accrued expenses and other liabilities of $25.2 million and accounts payable of $5.1 million. These sources of cash were offset by the following uses of cash: increases in accounts receivable of $255.0 million."

Lam Research, Form 10-Q for FY2025, Part I, Item 2, accession 0000707549-25-000085, filed 24 October 2025.

Filing: https://www.sec.gov/Archives/edgar/data/707549/000070754925000085/lrcx-20250928.htm

Comparison: https://yearover.com/reports/lrcx/0000707549-25-000085?ref=quote

04ChangedPart I, Item 2 › Income Tax Expense

Summary · quote-checked

The tax-rate increase gained two stated drivers: deferred-tax revaluation from OBBBA-related changes and GMT becoming fully effective.

Although the comparison period rolled forward, the paragraph adds substantive explanations for the effective tax-rate increase, including a new tax regime and deferred-tax revaluation.

Why the model ranked it here

The tax-rate increase is now attributed partly to deferred-tax revaluation and a fully effective minimum-tax regime, introducing new structural drivers.

Filing text · FY2024 10-Q · filed Oct 28, 2024

The increase in the effective tax rate for the September ~~[removed] 2024~~ quarter compared to the ~~[removed] June 2024 quarter~~ was primarily due to the change in level and proportion of income in higher and lower tax ~~[removed] jurisdictions.~~

Filing text · FY2025 10-Q · filed Oct 24, 2025

The increase in the effective tax rate for the September [added] 2025 quarter compared to the [added] same period in the prior year was primarily due to the change in level and proportion of income in higher and lower tax [added] jurisdictions, the revaluation of deferred taxes due to changes in the U.S. taxation of non-U.S. income under OBBBA, and GMT being fully effective starting in the September 2025 quarter.

Cite this change

"The increase in the effective tax rate for the September 2025 quarter compared to the same period in the prior year was primarily due to the change in level and proportion of income in higher and lower tax jurisdictions, the revaluation of deferred taxes due to changes in the U.S. taxation of non-U.S. income under OBBBA, and GMT being fully effective starting in the September 2025 quarter."

Lam Research, Form 10-Q for FY2025, Part I, Item 2, accession 0000707549-25-000085, filed 24 October 2025.

Filing: https://www.sec.gov/Archives/edgar/data/707549/000070754925000085/lrcx-20250928.htm

Comparison: https://yearover.com/reports/lrcx/0000707549-25-000085?ref=quote

05ChangedPart I, Item 2 › Other Income (Expense), Net

Summary · quote-checked

Interest expense is described as decreasing year over year due primarily to the maturity of $500 million of senior notes.

The disclosure changes from a general flat result to a specific year-over-year decrease and identifies a debt maturity as the primary driver.

Why the model ranked it here

The company links lower interest expense to the maturity of senior notes, signaling a meaningful change in its debt-related cost base.

Filing text · FY2024 10-Q · filed Oct 28, 2024

Interest expense was flat ~~[removed] for all periods presented.~~

Filing text · FY2025 10-Q · filed Oct 24, 2025

Interest expense was flat [added] in the September 2025 quarter as compared to the June 2025 quarter. Interest expense decreased in the September 2025 quarter compared to the same period in the prior year primarily due to the maturity of $500 million of the Company's senior notes in March 2025.

Cite this change

"Interest expense decreased in the September 2025 quarter compared to the same period in the prior year primarily due to the maturity of $500 million of the Company's senior notes in March 2025."

Lam Research, Form 10-Q for FY2025, Part I, Item 2, accession 0000707549-25-000085, filed 24 October 2025.

Filing: https://www.sec.gov/Archives/edgar/data/707549/000070754925000085/lrcx-20250928.htm

Comparison: https://yearover.com/reports/lrcx/0000707549-25-000085?ref=quote

Show all 18 in Part I, Item 2 (13 more, in filing order)

What the company reported as changed this quarter

We have not parsed the annual report this quarter's risk factors refers to, so we cannot tell whether it restates the section or reports changes to it. Nothing is compared until we can.

Part II, Item 1A · Risk Factors

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