Lam Research reported record-breaking financial results for the first quarter of fiscal 2027, which concluded on September 27, 2026. The company generated revenue of $8.22 billion, surpassing the consensus estimate of $8.14 billion. This figure represents a 54.4% increase compared to the same period last year and a 22% growth from the $6.72 billion recorded in the previous quarter.
Adjusted earnings per share reached $2.20, aligning with market expectations. Net income for the quarter rose to $2.75 billion. Profitability also improved, with GAAP gross margin hitting 52.3% and GAAP operating margin reaching 40.0%, marking a 5.6 percentage point increase year-over-year.
The company attributed this performance to high demand for AI-related semiconductors and the increasing complexity of manufacturing processes. CEO Tim Archer noted that operational efficiency remains a priority as production requirements become more sophisticated.
Following these results, Lam Research updated its forecast for wafer fab equipment (WFE) spending. The manufacturer now anticipates that total industry spending will reach the lower end of the $150 billion range.
