Reports › LRCX › 10-Q FY2026

SEC filings, compared

What changed in Lam Research's 10-Q for the quarter ended March 29, 2026

Compared with the 10-Q for the quarter ended March 30, 2025. 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: 0000707549-26-000022 ↗ · filed Apr 23, 2026
Compared with: 0000707549-25-000054 ↗ · filed Apr 25, 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

33 material changes among 62 changed paragraphs

18 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	FY2026	FY2025	Change (our arithmetic)
Revenueus-gaap:RevenueFromContractWithCustomerExcludingAssessedTax	5,841,488,000USD · Dec 29, 2025 to Mar 29, 2026	4,720,175,000USD · Dec 30, 2024 to Mar 30, 2025	+1,121,313,000+23.8%
Net income or lossus-gaap:NetIncomeLoss	1,825,460,000USD · Dec 29, 2025 to Mar 29, 2026	1,330,667,000USD · Dec 30, 2024 to Mar 30, 2025	+494,793,000+37.2%
Cash and cash equivalentsus-gaap:CashAndCashEquivalentsAtCarryingValue	4,750,936,000USD · at Mar 29, 2026	5,450,718,000USD · at Mar 30, 2025	−699,782,000−12.8%
Net cash from operating activitiesus-gaap:NetCashProvidedByUsedInOperatingActivities	4,400,429,000USD · Jun 30, 2025 to Mar 29, 2026	3,619,076,000USD · Jul 1, 2024 to Mar 30, 2025	+781,353,000+21.6%

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. FY2026: 0000707549-26-000022 · FY2025: 0000707549-25-000054

What the company says for the first time

Paragraphs with no counterpart in the prior filing.

9 material additions

Part I, Item 2 · MD&A

8 of 9 shown · Ordered by the model, quote-checked

01AddedPart I, Item 2 › Liquidity

Summary · quote-checked

Added disclosure of increased commercial paper capacity, permitted use of proceeds, and no outstanding borrowings as of March 29, 2026.

The new paragraph introduces a financing capacity, its potential use for stock repurchases, and the company’s outstanding-borrowing status, changing disclosed liquidity and funding information.

Why the model ranked it here

This changes the liquidity picture by adding borrowing capacity, identifying a permitted use for proceeds, and stating that no borrowings were outstanding.

Filing text · FY2025 10-Q · filed Apr 25, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed Apr 23, 2026

[added] In March 2026, we increased the issuance capacity under our commercial paper program (the "CP Program") from $1.50 billion to $2.00 billion. The net proceeds from the CP Program may be used for general corporate purposes, including repurchases of our Common Stock from time to time under our stock repurchase program. As of March 29, 2026, we had no outstanding borrowings under the CP Program.

Cite this change

"In March 2026, we increased the issuance capacity under our commercial paper program (the "CP Program") from $1.50 billion to $2.00 billion."

Lam Research, Form 10-Q for FY2026, Part I, Item 2, accession 0000707549-26-000022, filed 23 April 2026.

Filing: https://www.sec.gov/Archives/edgar/data/707549/000070754926000022/lrcx-20260329.htm

Comparison: https://yearover.com/reports/lrcx/0000707549-26-000022?ref=quote

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

Summary · quote-checked

Added an MD&A explanation attributing lower interest expense to maturities of the Company's senior notes.

The new paragraph discloses specific debt maturities as the stated drivers of decreased interest expense, adding information about the Company's debt obligations and financing costs.

Why the model ranked it here

This links lower financing costs to the maturity of senior notes, clarifying a debt obligation that has rolled off.

Filing text · FY2025 10-Q · filed Apr 25, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed Apr 23, 2026

[added] Interest expense decreased in the March 2026 quarter compared to the December 2025 quarter, primarily due to the maturity of $750.0 million of the Company's senior notes in March 2026. Interest expense decreased in the nine months ended March 29, 2026 compared to the same period in the prior year primarily due to the maturity of $500.0 million of the Company's senior notes in March 2025.

Cite this change

"Interest expense decreased in the March 2026 quarter compared to the December 2025 quarter, primarily due to the maturity of $750.0 million of the Company's senior notes in March 2026."

Lam Research, Form 10-Q for FY2026, Part I, Item 2, accession 0000707549-26-000022, filed 23 April 2026.

Filing: https://www.sec.gov/Archives/edgar/data/707549/000070754926000022/lrcx-20260329.htm

Comparison: https://yearover.com/reports/lrcx/0000707549-26-000022?ref=quote

03AddedPart I, Item 2 › Income Tax Expense

Summary · quote-checked

Added disclosure that BEPS 2.0 GMT is fully effective, with an assessment of expected safe-harbor qualification and limited jurisdictional exposure.

The new paragraph introduces a tax regime, management’s exposure assessment, expected safe-harbor requirements, and jurisdictional liability; these are substantive tax obligations and exposure disclosures.

Why the model ranked it here

This introduces current global minimum-tax exposure and management’s expectation that safe harbors limit liability in most jurisdictions.

Filing text · FY2025 10-Q · filed Apr 25, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed Apr 23, 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 FY2026, Part I, Item 2, accession 0000707549-26-000022, filed 23 April 2026.

Filing: https://www.sec.gov/Archives/edgar/data/707549/000070754926000022/lrcx-20260329.htm

Comparison: https://yearover.com/reports/lrcx/0000707549-26-000022?ref=quote

04AddedPart I, Item 2 › Income Tax Expense

Summary · quote-checked

Added disclosure of the OBBBA’s enactment and its required fiscal-year income-tax impact under ASC 740.

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

Why the model ranked it here

This introduces a newly enacted tax law and a required income-tax impact under the accounting rules.

Filing text · FY2025 10-Q · filed Apr 25, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed Apr 23, 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."

Lam Research, Form 10-Q for FY2026, Part I, Item 2, accession 0000707549-26-000022, filed 23 April 2026.

Filing: https://www.sec.gov/Archives/edgar/data/707549/000070754926000022/lrcx-20260329.htm

Comparison: https://yearover.com/reports/lrcx/0000707549-26-000022?ref=quote

05AddedPart I, Item 2 › RESULTS OF OPERATIONS

Summary · quote-checked

Added a statement defining Systems revenue as including sales of leading-edge wafer-fabrication equipment across specified technology markets.

The new paragraph discloses the composition and market categories of Systems revenue, adding substantive information rather than merely updating wording or formatting.

Why the model ranked it here

This clarifies which leading-edge equipment markets comprise Systems revenue, improving the reader’s understanding of the revenue base.

Filing text · FY2025 10-Q · filed Apr 25, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed Apr 23, 2026

[added] Systems revenue includes sales of new leading-edge equipment in deposition, etch, clean and other wafer fabrication markets.

Cite this change

"Systems revenue includes sales of new leading-edge equipment in deposition, etch, clean and other wafer fabrication markets."

Lam Research, Form 10-Q for FY2026, Part I, Item 2, accession 0000707549-26-000022, filed 23 April 2026.

Filing: https://www.sec.gov/Archives/edgar/data/707549/000070754926000022/lrcx-20260329.htm

Comparison: https://yearover.com/reports/lrcx/0000707549-26-000022?ref=quote

06AddedPart I, Item 2 › RESULTS OF OPERATIONS

Summary · quote-checked

Added disclosure defining customer support-related revenue and identifying the included Reliant® product-line sales.

The new paragraph discloses the composition of a revenue category and ties it to a named product line, adding substantive information rather than merely rephrasing existing text.

Why the model ranked it here

This identifies the products and services comprising customer support-related revenue, clarifying the role of the named product line in the revenue base.

Filing text · FY2025 10-Q · filed Apr 25, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed Apr 23, 2026

[added] Customer support-related revenue includes sales of customer service, spares, upgrades, and non-leading-edge equipment from the Company's Reliant® product line.

Cite this change

"Customer support-related revenue includes sales of customer service, spares, upgrades, and non-leading-edge equipment from the Company's Reliant® product line."

Lam Research, Form 10-Q for FY2026, Part I, Item 2, accession 0000707549-26-000022, filed 23 April 2026.

Filing: https://www.sec.gov/Archives/edgar/data/707549/000070754926000022/lrcx-20260329.htm

Comparison: https://yearover.com/reports/lrcx/0000707549-26-000022?ref=quote

07AddedPart I, Item 2 › Updates Not Yet Effective

Summary · quote-checked

Added disclosure of ASU 2023-09, its income-tax disclosure requirements, adoption timing, and expected disclosure-only impact.

The new paragraph identifies a new accounting standard and disclosure obligation, including required adoption and expanded disclosures; this is substantive rather than merely presentational wording.

Filing text · FY2025 10-Q · filed Apr 25, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed Apr 23, 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 FY2026, Part I, Item 2, accession 0000707549-26-000022, filed 23 April 2026.

Filing: https://www.sec.gov/Archives/edgar/data/707549/000070754926000022/lrcx-20260329.htm

Comparison: https://yearover.com/reports/lrcx/0000707549-26-000022?ref=quote

08AddedPart I, Item 2 › Updates Not Yet Effective

Summary · quote-checked

Added disclosure of a new FASB expense-disaggregation standard, its effective dates, required adoption, and the Company’s planned prospective application.

The paragraph introduces a new reporting obligation and states the Company’s adoption approach and ongoing evaluation of effects on its financial statements.

Filing text · FY2025 10-Q · filed Apr 25, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed Apr 23, 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 FY2026, Part I, Item 2, accession 0000707549-26-000022, filed 23 April 2026.

Filing: https://www.sec.gov/Archives/edgar/data/707549/000070754926000022/lrcx-20260329.htm

Comparison: https://yearover.com/reports/lrcx/0000707549-26-000022?ref=quote

Show all 9 in Part I, Item 2 (1 more, in filing order)

What the company no longer says

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

6 material removals

Part I, Item 2 · MD&A

5 of 6 shown · Ordered by the model, quote-checked

01RemovedPart I, Item 2 › Liquidity

Summary · quote-checked

The filing removed disclosure of the amended credit facility, including increased commitments, extended maturity, and an expansion option.

Removing this paragraph eliminates substantive information about borrowing capacity, maturity, and potential additional commitments, changing the disclosed liquidity and financing profile.

Why the model ranked it here

This removes key disclosure about borrowing capacity, maturity, and expansion rights, changing the reader’s view of liquidity and financing flexibility.

Filing text · FY2025 10-Q · filed Apr 25, 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 · FY2026 10-Q · filed Apr 23, 2026

No corresponding language in the FY2026 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 FY2025, Part I, Item 2, accession 0000707549-25-000054, filed 25 April 2025.

Filing: https://www.sec.gov/Archives/edgar/data/707549/000070754925000054/lrcx-20250330.htm

Comparison: https://yearover.com/reports/lrcx/0000707549-26-000022?ref=quote

02RemovedPart I, Item 2 › Cash Flow from Operating Activities

Summary · quote-checked

The current filing removes disclosure of cash sources that offset cash uses, including increases in deferred gross profit, trade accounts payable, and accrued expenses and other liabilities.

This removes a substantive operating cash-flow explanation and the associated sources and amounts, rather than merely rolling forward periods or figures.

Why the model ranked it here

This removes the explanation of operating cash sources that offset cash uses, making the company’s liquidity and cash-flow dynamics harder to assess.

Filing text · FY2025 10-Q · filed Apr 25, 2025

[removed] These uses of cash were offset by the following sources of cash: increases in deferred gross profit of $464.6 million, trade accounts payable of $193.8 million, and accrued expenses and other liabilities of $72.5 million.

Filing text · FY2026 10-Q · filed Apr 23, 2026

No corresponding language in the FY2026 10-Q.

Cite this change

"These uses of cash were offset by the following sources of cash: increases in deferred gross profit of $464.6 million, trade accounts payable of $193.8 million, and accrued expenses and other liabilities of $72.5 million."

Lam Research, Form 10-Q for FY2025, Part I, Item 2, accession 0000707549-25-000054, filed 25 April 2025.

Filing: https://www.sec.gov/Archives/edgar/data/707549/000070754925000054/lrcx-20250330.htm

Comparison: https://yearover.com/reports/lrcx/0000707549-26-000022?ref=quote

03RemovedPart I, Item 2 › Restructuring Charges, Net

Summary · quote-checked

The current report removes disclosure of the restructuring plan, employee terminations, related costs, manufacturing relocation, and completion status.

The removed paragraph disclosed specific restructuring actions, obligations, expenses, and operational changes, so its removal changes the substance of the MD&A disclosure.

Why the model ranked it here

This removes disclosure of workforce reductions, manufacturing relocation, costs, and completion status, obscuring the scale and consequences of the restructuring.

Filing text · FY2025 10-Q · filed Apr 25, 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 · FY2026 10-Q · filed Apr 23, 2026

No corresponding language in the FY2026 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 FY2025, Part I, Item 2, accession 0000707549-25-000054, filed 25 April 2025.

Filing: https://www.sec.gov/Archives/edgar/data/707549/000070754925000054/lrcx-20250330.htm

Comparison: https://yearover.com/reports/lrcx/0000707549-26-000022?ref=quote

04RemovedPart I, Item 2 › EXECUTIVE SUMMARY

Summary · quote-checked

The filing no longer discloses the October 2, 2024 ten-for-one stock split and related retroactive share adjustments.

Removing the paragraph eliminates disclosure of a completed stock split and its effect on reported share and per-share amounts, rather than merely updating wording or dates.

Filing text · FY2025 10-Q · filed Apr 25, 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 · FY2026 10-Q · filed Apr 23, 2026

No corresponding language in the FY2026 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 FY2025, Part I, Item 2, accession 0000707549-25-000054, filed 25 April 2025.

Filing: https://www.sec.gov/Archives/edgar/data/707549/000070754925000054/lrcx-20250330.htm

Comparison: https://yearover.com/reports/lrcx/0000707549-26-000022?ref=quote

05RemovedPart I, Item 2 › Restructuring Charges, Net

Summary · quote-checked

The current report removes the paragraph disclosing no restructuring charges in the current period and $57.1 million of prior-period restructuring costs.

The removed paragraph disclosed restructuring activity and a specific prior-period charge; its omission changes the MD&A results disclosure rather than merely rolling forward dates or periods.

Filing text · FY2025 10-Q · filed Apr 25, 2025

[removed] No restructuring charges were recorded during the nine months ended March 30, 2025. During the nine months ended March 31, 2024, the company recorded net restructuring costs of $57.1 million.

Filing text · FY2026 10-Q · filed Apr 23, 2026

No corresponding language in the FY2026 10-Q.

Cite this change

"No restructuring charges were recorded during the nine months ended March 30, 2025. During the nine months ended March 31, 2024, the company recorded net restructuring costs of $57.1 million."

Lam Research, Form 10-Q for FY2025, Part I, Item 2, accession 0000707549-25-000054, filed 25 April 2025.

Filing: https://www.sec.gov/Archives/edgar/data/707549/000070754925000054/lrcx-20250330.htm

Comparison: https://yearover.com/reports/lrcx/0000707549-26-000022?ref=quote

Show all 6 in Part I, Item 2 (1 more, in filing order)

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 changed from anticipated fiscal 2025 spending growth to realized 2025 strength and continued 2026 growth driven by AI, while impacts from volatility were realized.

The paragraph adds a named driver and changes the spending outlook and impact modality from anticipated or potential effects to realized effects, substantively changing management’s stated outlook.

Why the model ranked it here

The outlook moves from anticipated spending strength to realized strength and continued growth attributed to AI, changing management’s stated direction and the status of market effects.

Filing text · FY2025 10-Q · filed Apr 25, 2025

~~[removed] In fiscal year 2025, we anticipate strong wafer fabrication equipment spending levels 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 ~~[removed] uncertainties, have,~~ and in the future ~~[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 · FY2026 10-Q · filed Apr 23, 2026

[added] Wafer fabrication equipment investments were strong in the 2025 calendar year, and we believe there will be continued growth in 2026 with the AI market driving higher semiconductor industry spending across 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 [added] uncertainties discussed in Part II, Item 1A, "Risk Factors," have had, and in the future [added] 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 investments were strong in the 2025 calendar year, and we believe there will be continued growth in 2026 with the AI market driving higher semiconductor industry spending across both the memory and non-memory market segments."

Lam Research, Form 10-Q for FY2026, Part I, Item 2, accession 0000707549-26-000022, filed 23 April 2026.

Filing: https://www.sec.gov/Archives/edgar/data/707549/000070754926000022/lrcx-20260329.htm

Comparison: https://yearover.com/reports/lrcx/0000707549-26-000022?ref=quote

02ChangedPart I, Item 2 › LIQUIDITY AND CAPITAL RESOURCES

Summary · quote-checked

Updated liquidity balances and cash-use amounts, including lower ending gross cash and higher share repurchases, dividends, capital expenditures, and debt payments.

Although dates roll forward, the changed cash balances and liquidity outflows alter the filing’s stated liquidity position and cash-use profile, which a reader could assess differently.

Why the model ranked it here

The disclosure presents a lower gross cash position alongside greater cash uses, materially changing the stated liquidity profile.

Filing text · FY2025 10-Q · filed Apr 25, 2025

Total gross cash, cash equivalents, and restricted cash balances were ~~[removed] $5.5~~ billion at March ~~[removed] 30, 2025~~ compared to ~~[removed] $5.9~~ billion as of June ~~[removed] 30, 2024.~~ The decrease was primarily driven by ~~[removed] $2,130.0 million~~ of share repurchases, including net share settlement on employee stock-based compensation and excise tax; ~~[removed] $854.3~~ million in dividends paid; ~~[removed] $587.0~~ million in capital ~~[removed] expenditures; and $506.0~~ million of principal payments on debt instruments and debt issuance costs, partially offset by cash generated from operating activities totaling ~~[removed] $3,619.1 million.~~

Filing text · FY2026 10-Q · filed Apr 23, 2026

Total gross cash, cash equivalents, and restricted cash balances were [added] $4.77 billion at March [added] 29, 2026 compared to [added] $6.41 billion as of June [added] 29, 2025. The decrease was primarily driven by [added] $3.60 billion of share repurchases, including net share settlement on employee stock-based compensation and excise tax; [added] $945.3 million in dividends paid; [added] $777.6 million in capital [added] expenditures, and $754.1 million of principal payments on debt instruments and debt issuance costs, partially offset by cash generated from operating activities totaling [added] $4.40 billion.

Cite this change

"Total gross cash, cash equivalents, and restricted cash balances were $4.77 billion at March 29, 2026 compared to $6.41 billion as of June 29, 2025."

Lam Research, Form 10-Q for FY2026, Part I, Item 2, accession 0000707549-26-000022, filed 23 April 2026.

Filing: https://www.sec.gov/Archives/edgar/data/707549/000070754926000022/lrcx-20260329.htm

Comparison: https://yearover.com/reports/lrcx/0000707549-26-000022?ref=quote

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

Summary · quote-checked

Operating asset and liability changes shifted from exclusively uses of cash to sources offset by uses, with different accounts and amounts disclosed.

The cash-flow direction changed and the stated drivers were replaced or expanded, materially changing the explanation of operating cash movements.

Why the model ranked it here

Operating working-capital changes shift from consuming cash to providing cash, substantially changing the explanation of operating cash generation.

Filing text · FY2025 10-Q · filed Apr 25, 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 $706.3 million, inventory of $319.7 million, and prepaid~~ expenses and other ~~[removed] current assets of $41.9~~ million.

Filing text · FY2026 10-Q · filed Apr 23, 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 $224.2 million and prepaid expenses and other current assets of $136.0 million, and an increase in accounts payable of $223.8 million. These sources of cash were offset by the following uses of cash: an increase in accounts receivable of $756.2 million and decreases in accrued expenses and other [added] liabilities of $407.5 million and deferred gross profit of $474.3 million.

Cite this change

"included the following sources of cash: decreases in inventory of $224.2 million and prepaid expenses and other current assets of $136.0 million, and an increase in accounts payable of $223.8 million."

Lam Research, Form 10-Q for FY2026, Part I, Item 2, accession 0000707549-26-000022, filed 23 April 2026.

Filing: https://www.sec.gov/Archives/edgar/data/707549/000070754926000022/lrcx-20260329.htm

Comparison: https://yearover.com/reports/lrcx/0000707549-26-000022?ref=quote

04Figures updatedPart I, Item 2 › Liquidity

Summary · quote-checked

Principal value of notes settled at maturity increased from $500 million to $750.0 million, with the maturity year rolling from 2025 to 2026.

The amount of debt settled using available cash changed, indicating a different liquidity use and obligation amount; the year change alone would be boilerplate.

Why the model ranked it here

The filing describes a larger note maturity being settled with available cash, highlighting a changed debt repayment and liquidity use.

Filing text · FY2025 10-Q · filed Apr 25, 2025

During the three months ended March ~~[removed] 30, 2025, $500~~ million principal value of our ~~[removed] 2025~~ Notes were settled upon maturity using available cash on hand.

Filing text · FY2026 10-Q · filed Apr 23, 2026

During the three months ended March [added] 29, 2026, $750.0 million principal value of our [added] 2026 Notes were settled upon maturity using available cash on hand.

Cite this change

"During the three months ended March 29, 2026, $750.0 million principal value of our 2026 Notes were settled upon maturity using available cash on hand."

Lam Research, Form 10-Q for FY2026, Part I, Item 2, accession 0000707549-26-000022, filed 23 April 2026.

Filing: https://www.sec.gov/Archives/edgar/data/707549/000070754926000022/lrcx-20260329.htm

Comparison: https://yearover.com/reports/lrcx/0000707549-26-000022?ref=quote

05ChangedPart I, Item 2 › RESULTS OF OPERATIONS

Summary · quote-checked

The market discussion shifted from decreased memory and Logic spending offset by Foundry growth to lower mature-node Foundry investment alongside strengthened memory investment.

The stated direction and drivers changed materially across market segments, including a shift from declining memory investment to strengthened DRAM and non-volatile memory investment.

Why the model ranked it here

Market conditions shift from declining memory investment offset by Foundry growth to stronger memory investment alongside weaker mature-node Foundry spending.

Filing text · FY2025 10-Q · filed Apr 25, 2025

The decrease in the ~~[removed] memory~~ market segment for the March ~~[removed] 2025~~ quarter compared to the December ~~[removed] 2024~~ quarter was primarily [removed] attributable to a decrease in non-volatile memory. There was also a decrease in Logic spending by our customers in the quarter. These decreases were offset by increased Foundry spending for both leading and mature node investments.

Filing text · FY2026 10-Q · filed Apr 23, 2026

The decrease in the [added] foundry market segment for the March [added] 2026 quarter compared to the December [added] 2025 quarter was primarily [added] driven by lower mature node investments, while the memory market segment saw strengthened investments across both DRAM and non-volatile memory.

Cite this change

"The decrease in the foundry market segment for the March 2026 quarter compared to the December 2025 quarter was primarily driven by lower mature node investments, while the memory market segment saw strengthened investments across both DRAM and non-volatile memory."

Lam Research, Form 10-Q for FY2026, Part I, Item 2, accession 0000707549-26-000022, filed 23 April 2026.

Filing: https://www.sec.gov/Archives/edgar/data/707549/000070754926000022/lrcx-20260329.htm

Comparison: https://yearover.com/reports/lrcx/0000707549-26-000022?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

Get this when LRCX files next

At most one email a day, and only when a company we cover files. Over the last twelve months that averaged about 5 days a month, unevenly: 12 in the busiest month and 1 in the quietest. You confirm by email first; nothing is sent until you do.