Reports › LRCX › 10-Q FY2025

SEC filings, compared

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

Compared with the 10-Q for the quarter ended December 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: 0000707549-26-000009 ↗ · filed Jan 29, 2026
Compared with: 0000707549-25-000014 ↗ · filed Jan 31, 2025
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

25 material changes among 52 changed paragraphs

14 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	5,344,791,000USD · Sep 29, 2025 to Dec 28, 2025	4,376,047,000USD · Sep 30, 2024 to Dec 29, 2024	+968,744,000+22.1%
Net income or lossus-gaap:NetIncomeLoss	1,593,994,000USD · Sep 29, 2025 to Dec 28, 2025	1,191,018,000USD · Sep 30, 2024 to Dec 29, 2024	+402,976,000+33.8%
Cash and cash equivalentsus-gaap:CashAndCashEquivalentsAtCarryingValue	6,180,440,000USD · at Dec 28, 2025	5,665,379,000USD · at Dec 29, 2024	+515,061,000+9.1%
Net cash from operating activitiesus-gaap:NetCashProvidedByUsedInOperatingActivities	3,259,009,000USD · Jun 30, 2025 to Dec 28, 2025	2,310,413,000USD · Jul 1, 2024 to Dec 29, 2024	+948,596,000+41.1%

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: 0000707549-26-000009 · FY2024: 0000707549-25-000014

What the company says for the first time

Paragraphs with no counterpart in the prior filing.

5 material additions

Part I, Item 2 · MD&A

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

01AddedPart I, Item 2 › Income Tax Expense

Summary · quote-checked

Added disclosure that BEPS 2.0 GMT is fully effective, with limited jurisdictions expected to be subject to the tax.

The new paragraph introduces a tax regime, the company’s assessed exposure, expected safe-harbor eligibility, and potential jurisdiction-specific obligations.

Filing text · FY2024 10-Q · filed Jan 31, 2025

No corresponding language in the FY2024 10-Q.

Filing text · FY2025 10-Q · filed Jan 29, 2026

[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 0000707549-26-000009, filed 29 January 2026.

Filing: https://www.sec.gov/Archives/edgar/data/707549/000070754926000009/lrcx-20251228.htm

Comparison: https://yearover.com/reports/lrcx/0000707549-26-000009?ref=quote

02AddedPart I, Item 2 › Income Tax Expense

Summary · quote-checked

Added disclosure that the OBBBA was enacted and changes U.S. and non-U.S. income taxation, requiring recognition of its tax impact this fiscal year.

The paragraph introduces a newly enacted law, related tax-accounting recognition, and changes to U.S. taxation, including non-U.S. income taxation.

Filing text · FY2024 10-Q · filed Jan 31, 2025

No corresponding language in the FY2024 10-Q.

Filing text · FY2025 10-Q · filed Jan 29, 2026

[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. 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."

Lam Research, Form 10-Q for FY2025, Part I, Item 2, accession 0000707549-26-000009, filed 29 January 2026.

Filing: https://www.sec.gov/Archives/edgar/data/707549/000070754926000009/lrcx-20251228.htm

Comparison: https://yearover.com/reports/lrcx/0000707549-26-000009?ref=quote

03AddedPart I, Item 2 › Updates Not Yet Effective

Summary · quote-checked

Added disclosure of a new accounting standard, its effective date, required adoption timing, and expected effect on financial statement disclosures.

The paragraph introduces a new reporting obligation and adoption timeline, while stating the expected effect is limited to additional footnote disclosures.

Filing text · FY2024 10-Q · filed Jan 31, 2025

No corresponding language in the FY2024 10-Q.

Filing text · FY2025 10-Q · filed Jan 29, 2026

[added] In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures," which requires public entities to disclose consistent categories and greater disaggregation of information in the rate reconciliation and for income taxes paid. It also includes certain other amendments to improve the effectiveness of income tax disclosures. The guidance is effective for financial statements issued for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is required to adopt this standard prospectively in fiscal year 2026 for the annual reporting period ending June 28, 2026. The Company does not expect the adoption of ASU 2023-09 to have an impact on its Consolidated Financial Statements other than additional footnote disclosures.

Cite this change

"In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures," which requires public entities to disclose consistent categories and greater disaggregation of information in the rate reconciliation and for income taxes paid."

Lam Research, Form 10-Q for FY2025, Part I, Item 2, accession 0000707549-26-000009, filed 29 January 2026.

Filing: https://www.sec.gov/Archives/edgar/data/707549/000070754926000009/lrcx-20251228.htm

Comparison: https://yearover.com/reports/lrcx/0000707549-26-000009?ref=quote

04AddedPart I, Item 2 › Updates Not Yet Effective

Summary · quote-checked

Added disclosure of new FASB guidance requiring expense disaggregation and the Company's planned prospective adoption in fiscal year 2028.

The paragraph introduces a new reporting requirement, adoption timing and accounting-policy choice, creating a new obligation and disclosing an anticipated impact assessment.

Filing text · FY2024 10-Q · filed Jan 31, 2025

No corresponding language in the FY2024 10-Q.

Filing text · FY2025 10-Q · filed Jan 29, 2026

[added] In November 2024, the FASB issued ASU 2024-03, "Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses," which requires disaggregation of certain expenses in the notes to the financial statements to provide enhanced transparency into the expense captions presented on the face of the income statement. In January 2025, the FASB issued ASU 2025-01 which clarified the effective date for entities that do not have an annual reporting period that ends on December 31st. The guidance is effective for annual periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is required to adopt this standard in fiscal year 2028 for the annual reporting period ending June 25, 2028 either (1) prospectively to financial statements issued for reporting periods after the effective date or (2) retrospectively to any or all prior periods presented in the financial statements. The Company will apply the guidance prospectively and is currently in the process of evaluating the impact of adoption on its Consolidated Financial Statements.

Cite this change

"In November 2024, the FASB issued ASU 2024-03, "Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses," which requires disaggregation of certain expenses in the notes to the financial statements to provide enhanced transparency into the expense captions presented on the face of the income statement. In January 2025, the FASB issued ASU 2025-01 which clarified the effective date for entities that do not have an annual reporting period that ends on December 31st. The guidance is effective for annual periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is required to adopt this standard in fiscal year 2028 for the annual reporting period ending June 25, 2028 either (1) prospectively to financial statements issued for reporting periods after the effective date or (2) retrospectively to any or all prior periods presented in the financial statements. The Company will apply the guidance prospectively and is currently in the process of evaluating the impact of adoption on its Consolidated Financial Statements."

Lam Research, Form 10-Q for FY2025, Part I, Item 2, accession 0000707549-26-000009, filed 29 January 2026.

Filing: https://www.sec.gov/Archives/edgar/data/707549/000070754926000009/lrcx-20251228.htm

Comparison: https://yearover.com/reports/lrcx/0000707549-26-000009?ref=quote

05AddedPart I, Item 2 › Updates Not Yet Effective

Summary · quote-checked

Added disclosure of a new FASB standard, its adoption timing, and the expected lack of impact on the Company’s financial statements.

The paragraph introduces a newly issued accounting standard and a related future adoption obligation; its existence changes the disclosed accounting requirements, despite the expected lack of financial statement impact.

Filing text · FY2024 10-Q · filed Jan 31, 2025

No corresponding language in the FY2024 10-Q.

Filing text · FY2025 10-Q · filed Jan 29, 2026

[added] In December 2025, the FASB issued ASU 2025-10, "Accounting for Government Grants Received by Business Entities," which introduces guidance for recognizing, measuring, and presenting government grants, addressing diversity in practice. The guidance is effective for annual reporting periods beginning after December 15, 2028, and interim reporting within those annual reporting periods, with early adoption permitted. The Company is required to adopt this standard in the first quarter of fiscal year 2030. The Company does not expect the adoption of ASU 2025-10 to have an impact on its Consolidated Financial Statements.

Cite this change

"In December 2025, the FASB issued ASU 2025-10, "Accounting for Government Grants Received by Business Entities," which introduces guidance for recognizing, measuring, and presenting government grants, addressing diversity in practice."

Lam Research, Form 10-Q for FY2025, Part I, Item 2, accession 0000707549-26-000009, filed 29 January 2026.

Filing: https://www.sec.gov/Archives/edgar/data/707549/000070754926000009/lrcx-20251228.htm

Comparison: https://yearover.com/reports/lrcx/0000707549-26-000009?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.

4 material removals

Part I, Item 2 · MD&A

4 of 4 shown · In filing order, too few to rank

01RemovedPart I, Item 2 › EXECUTIVE SUMMARY

Summary · quote-checked

The current filing omits the prior disclosure of a ten-for-one stock split and proportional increase in authorized shares.

The removed paragraph disclosed a specific corporate event and change in authorized shares, rather than merely rolling forward dates or formatting.

Filing text · FY2024 10-Q · filed Jan 31, 2025

[removed] On October 2, 2024, the Company effected a ten-for-one stock split of its common stock and a proportional increase in the number of authorized shares. 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 Jan 29, 2026

No corresponding language in the FY2025 10-Q.

Cite this change

"On October 2, 2024, the Company effected a ten-for-one stock split of its common stock and a proportional increase in the number of authorized shares."

Lam Research, Form 10-Q for FY2024, Part I, Item 2, accession 0000707549-25-000014, filed 31 January 2025.

Filing: https://www.sec.gov/Archives/edgar/data/707549/000070754925000014/lrcx-20241229.htm

Comparison: https://yearover.com/reports/lrcx/0000707549-26-000009?ref=quote

02RemovedPart I, Item 2 › Restructuring Charges, Net

Summary · quote-checked

The restructuring paragraph was removed, eliminating disclosure of employee terminations, related costs, manufacturing relocation, and plan completion.

The removed paragraph described a restructuring plan, approximately 1,760 terminated employees, associated obligations, and manufacturing relocation; its removal changes disclosed restructuring substance.

Filing text · FY2024 10-Q · filed Jan 31, 2025

[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 Jan 29, 2026

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 0000707549-25-000014, filed 31 January 2025.

Filing: https://www.sec.gov/Archives/edgar/data/707549/000070754925000014/lrcx-20241229.htm

Comparison: https://yearover.com/reports/lrcx/0000707549-26-000009?ref=quote

03RemovedPart I, Item 2 › Restructuring Charges, Net

Summary · quote-checked

The current filing removes disclosure that no restructuring charges were recorded in the current period and that prior-period restructuring costs were $26.6 million.

The removed paragraph disclosed restructuring activity and a specific prior-period charge; its disappearance changes the MD&A substance rather than merely updating dates or formatting.

Filing text · FY2024 10-Q · filed Jan 31, 2025

[removed] No restructuring charges were recorded during the six months ended December 29, 2024. During the six months ended December 24, 2023, the company recorded net restructuring costs of $26.6 million.

Filing text · FY2025 10-Q · filed Jan 29, 2026

No corresponding language in the FY2025 10-Q.

Cite this change

"No restructuring charges were recorded during the six months ended December 29, 2024. During the six months ended December 24, 2023, the company recorded net restructuring costs of $26.6 million."

Lam Research, Form 10-Q for FY2024, Part I, Item 2, accession 0000707549-25-000014, filed 31 January 2025.

Filing: https://www.sec.gov/Archives/edgar/data/707549/000070754925000014/lrcx-20241229.htm

Comparison: https://yearover.com/reports/lrcx/0000707549-26-000009?ref=quote

04RemovedPart I, Item 2 › Liquidity

Summary · quote-checked

Removed disclosure of the amended credit facility, including increased commitment, extended maturity, and expansion option.

The removed paragraph disclosed a financing arrangement and changed borrowing capacity, maturity, and potential commitments, which are substantive liquidity and obligation information.

Filing text · FY2024 10-Q · filed Jan 31, 2025

[removed] In January 2025, we entered into a Third Amended and Restated Credit Agreement. The amendment increased the unsecured revolving credit facility commitment from $1.5 billion to $2.0 billion and extended the maturity of the facility from June 2026 to January 2030. The facility provides for an expansion option that will allow us, subject to certain requirements, to request an increase in the facility of up to an additional $750 million, for a potential total commitment of $2.75 billion. Please refer to Note 11, "Long-term Debt and Other Borrowings," to our Condensed Consolidated Financial Statements, included in Part I of this form 10-Q for additional information.

Filing text · FY2025 10-Q · filed Jan 29, 2026

No corresponding language in the FY2025 10-Q.

Cite this change

"The amendment increased the unsecured revolving credit facility commitment from $1.5 billion to $2.0 billion and extended the maturity of the facility from June 2026 to January 2030."

Lam Research, Form 10-Q for FY2024, Part I, Item 2, accession 0000707549-25-000014, filed 31 January 2025.

Filing: https://www.sec.gov/Archives/edgar/data/707549/000070754925000014/lrcx-20241229.htm

Comparison: https://yearover.com/reports/lrcx/0000707549-26-000009?ref=quote

What the company says differently

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

16 material changes

Part I, Item 2 · MD&A

5 of 16 shown · Ordered by the model, quote-checked

01ChangedPart I, Item 2 › Cash Flows from Operating Activities

Summary · quote-checked

The operating cash-flow narrative changed materially, including the direction, amounts, and categories of sources and uses of cash.

The paragraph now describes different operating asset and liability movements, amounts, and cash-flow effects; this changes the stated drivers of operating cash flow rather than merely rolling forward periods.

Why the model ranked it here

The operating cash-flow narrative reverses from uses to sources and identifies materially different working-capital movements, changing the picture of cash generation.

Filing text · FY2024 10-Q · filed Jan 31, 2025

Changes in operating asset and liability accounts, net of foreign exchange impact, included the following ~~[removed] uses~~ of cash: ~~[removed] increases in accounts receivable of $785.1 million,~~ inventory of ~~[removed] $198.8 million,~~ and prepaid expenses and other current assets of ~~[removed] $10.8~~ million. These ~~[removed] uses~~ of cash were offset by the following ~~[removed] sources~~ of cash: ~~[removed] increases~~ in deferred gross profit of ~~[removed] $510.1 million, trade accounts payable of $189.4~~ million, and ~~[removed] accrued expenses and other liabilities of $146.3~~ million.

Filing text · FY2025 10-Q · filed Jan 29, 2026

Changes in operating asset and liability accounts, net of foreign exchange impact, included the following [added] sources of cash: [added] decreases in inventory of [added] $211.8 million and prepaid expenses and other current assets of [added] $118.5 million, and increases in accounts payable of $110.7 million. These [added] sources of cash were offset by the following [added] uses of cash: [added] decreases in deferred gross profit of [added] $400.8 million and accrued expenses and other liabilities of $103.5 million, and [added] increases in accounts receivable of $116.0 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 $211.8 million and prepaid expenses and other current assets of $118.5 million, and increases in accounts payable of $110.7 million."

Lam Research, Form 10-Q for FY2025, Part I, Item 2, accession 0000707549-26-000009, filed 29 January 2026.

Filing: https://www.sec.gov/Archives/edgar/data/707549/000070754926000009/lrcx-20251228.htm

Comparison: https://yearover.com/reports/lrcx/0000707549-26-000009?ref=quote

02ChangedPart I, Item 2 › EXECUTIVE SUMMARY

Summary · quote-checked

The outlook changed from hypothetical short-term impacts to realized and potential impacts tied to trade restrictions, tariffs, and other direct and indirect risks.

The paragraph adds named sources of risk and changes modality from possible future harm to harm that has already occurred and may continue, substantively changing the disclosure.

Why the model ranked it here

The disclosure moves trade restrictions and tariffs from hypothetical risks to impacts that have already affected revenue and operating margin.

Filing text · FY2024 10-Q · filed Jan 31, 2025

~~[removed] Overall, calendar year 2024 wafer fabrication equipment spending was higher,~~ driven by ~~[removed] increases~~ in both the 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 Jan 29, 2026

[added] Wafer fabrication equipment spending levels were strong in the 2025 calendar year driven by [added] higher levels of semiconductor demand leading to an increase in both 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

"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 0000707549-26-000009, filed 29 January 2026.

Filing: https://www.sec.gov/Archives/edgar/data/707549/000070754926000009/lrcx-20251228.htm

Comparison: https://yearover.com/reports/lrcx/0000707549-26-000009?ref=quote

03ChangedPart I, Item 2 › RESULTS OF OPERATIONS

Summary · quote-checked

The revenue mix table changed substantially, with Foundry becoming the largest listed category while Memory and Logic/integrated device manufacturing declined.

Although this is a recurring table, the changed percentages alter the stated composition of revenue and therefore the reader’s understanding of business-category concentration.

Why the model ranked it here

The revenue mix shifts materially toward Foundry and away from other categories, changing the reader’s understanding of business concentration.

Filing text · FY2024 10-Q · filed Jan 31, 2025

|Three Months Ended | Six Months EndedDecember ~~[removed] 29, 2024~~ | September ~~[removed] 29, 2024~~ | December ~~[removed] 29, 2024~~ | December ~~[removed] 24, 2023[removed] Memory | 50~~ | % | ~~[removed] 35~~ | % | ~~[removed] 43~~ | % | ~~[removed] 43~~ | %~~[removed] Foundry | 35~~ | % | ~~[removed] 41~~ | % | ~~[removed] 38~~ | % | ~~[removed] 37~~ | %Logic/integrated device manufacturing | ~~[removed] 15~~ | % | ~~[removed] 24~~ | % | ~~[removed] 19~~ | % | ~~[removed] 20~~ | %

Filing text · FY2025 10-Q · filed Jan 29, 2026

|Three Months Ended | Six Months EndedDecember 28, 2025 | September 28, 2025 | December 28, 2025 | December 29, 2024Foundry | 59 | % | 60 | % | 60 | % | 38 | %Memory | 34 | % | 34 | % | 34 | % | 43 | %Logic/integrated device manufacturing | 7 | % | 6 | % | 6 | % | 19 | %

Cite this change

"Foundry | 59 | % | 60 | % | 60 | % | 38 | %"

Lam Research, Form 10-Q for FY2025, Part I, Item 2, accession 0000707549-26-000009, filed 29 January 2026.

Filing: https://www.sec.gov/Archives/edgar/data/707549/000070754926000009/lrcx-20251228.htm

Comparison: https://yearover.com/reports/lrcx/0000707549-26-000009?ref=quote

04ChangedPart 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, rather than remaining flat for all periods.

The paragraph changes the reported direction and adds a specific debt-maturity driver, altering the disclosure about interest expense and the company’s debt obligations.

Why the model ranked it here

The disclosure links lower interest expense to the maturity of senior notes, highlighting a meaningful change in the company’s debt obligations.

Filing text · FY2024 10-Q · filed Jan 31, 2025

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

Filing text · FY2025 10-Q · filed Jan 29, 2026

Interest expense was flat [added] in the December 2025 quarter compared to the September 2025 quarter. Interest expense decreased in the six months ended December 28, 2025 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 six months ended December 28, 2025 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 0000707549-26-000009, filed 29 January 2026.

Filing: https://www.sec.gov/Archives/edgar/data/707549/000070754926000009/lrcx-20251228.htm

Comparison: https://yearover.com/reports/lrcx/0000707549-26-000009?ref=quote

05ChangedPart I, Item 2 › RESULTS OF OPERATIONS

Summary · quote-checked

The discussion shifts from increased memory-market activity driven by NAND investments to decreased foundry activity and changed memory-market drivers.

The paragraph changes the direction of results, market segment emphasized, and stated drivers, making the MD&A statement substantively different rather than a period roll-forward.

Why the model ranked it here

The market discussion reverses direction and shifts emphasis toward weaker Foundry activity and different memory-market drivers.

Filing text · FY2024 10-Q · filed Jan 31, 2025

The ~~[removed] increase~~ in the ~~[removed] memory~~ market segment for the December ~~[removed] 2024~~ quarter compared to the September ~~[removed] 2024~~ quarter was primarily ~~[removed] attributable to NAND investments by our customers for equipment and upgrades, partially~~ offset by lower ~~[removed] Foundry and Logic~~ spending.

Filing text · FY2025 10-Q · filed Jan 29, 2026

The [added] decrease in the [added] foundry market segment for the December [added] 2025 quarter compared to the September [added] 2025 quarter was primarily [added] driven by mature node investments, while the memory market segment saw strengthened DRAM investments offset by lower [added] non-volatile memory spending.

Cite this change

"The decrease in the foundry market segment for the December 2025 quarter compared to the September 2025 quarter was primarily driven by mature node investments, while the memory market segment saw strengthened DRAM investments offset by lower non-volatile memory spending."

Lam Research, Form 10-Q for FY2025, Part I, Item 2, accession 0000707549-26-000009, filed 29 January 2026.

Filing: https://www.sec.gov/Archives/edgar/data/707549/000070754926000009/lrcx-20251228.htm

Comparison: https://yearover.com/reports/lrcx/0000707549-26-000009?ref=quote

Show all 16 in Part I, Item 2 (11 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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