Single source: Lam Research Corporation 2025 Annual Report, which contains the Proxy Statement (distributed from 24 September 2025) and the Form 10-K for the fiscal year ended 29 June 2025 (signed on 11 August 2025, the date shown in the signatures and in the auditor's report). Figures in US$ millions unless otherwise stated; the statements report US$ thousands, rounded here to one decimal place. FY2025 = 52 weeks to 29 June 2025 (364 days); FY2024 = 53 weeks to 30 June 2024 (371 days); FY2023 = 52 weeks to 25 June 2023 (Note 2, "Fiscal Year"). Per-share data and share counts adjusted for the 10-for-1 stock split of 2 October 2024 (Note 1).
| Item | FY2025 | FY2024 | FY2023 | Source |
|---|---|---|---|---|
| Revenue | 18,435.6 | 14,905.4 | 17,428.5 | IS, Revenue line |
| Cost of goods sold (total) | 9,456.5 | 7,852.6 | 9,651.6 | IS, Total cost of goods sold line |
| of which restructuring in cost of goods sold | 0.0 | 43.4 | 78.2 | IS, Restructuring charges, net - COGS line |
| Gross profit | 8,979.1 | 7,052.8 | 7,776.9 | IS, Gross margin line |
| Research and development | 2,096.4 | 1,902.4 | 1,727.2 | IS, Research and development line |
| Selling, general and administrative (SG&A) | 981.7 | 868.2 | 832.8 | IS, SG&A line |
| Restructuring in operating expenses | 0.0 | 18.2 | 42.2 | IS, Restructuring charges, net - opex line |
| Total operating expenses | 3,078.1 | 2,788.9 | 2,602.1 | IS, Total operating expenses line |
| Operating income | 5,901.0 | 4,263.9 | 5,174.9 | IS, Operating income line |
| Interest income | 231.3 | 251.9 | 139.0 | Note 6 |
| Interest expense | (178.2) | (185.2) | (186.5) | Note 6 |
| Gains on deferred compensation plan assets | 39.1 | 58.8 | 20.2 | Note 6 |
| Foreign exchange losses | (26.4) | (4.8) | (7.1) | Note 6 |
| Other, net | (8.7) | (24.3) | (31.3) | Note 6 |
| Other income (expense), net (total) | 57.2 | 96.3 | (65.7) | IS, Other income (expense), net line |
| Income before income taxes | 5,958.1 | 4,360.2 | 5,109.2 | IS, Income before income taxes line |
| of which foreign | 5,738.7 | 4,077.5 | 4,957.5 | Note 7 |
| Income taxes | (599.9) | (532.5) | (598.3) | IS, Income tax expense line |
| Net income attributable to the group | 5,358.2 | 3,827.8 | 4,510.9 | IS, Net income line |
| Basic EPS (US$) | 4.17 | 2.91 | 3.33 | IS / Note 8 |
| Diluted EPS (US$) | 4.15 | 2.90 | 3.32 | IS / Note 8 |
| Weighted average basic shares (millions) | 1,286.1 | 1,314.1 | 1,354.7 | IS / Note 8 |
| Weighted average diluted shares (millions) | 1,290.1 | 1,319.9 | 1,358.3 | IS / Note 8 |
| Depreciation and amortisation (D&A) | 386.3 | 359.7 | 342.4 | CFS, Depreciation and amortization line |
| Item | 29/06/2025 | 30/06/2024 | 25/06/2023 | Source |
|---|---|---|---|---|
| Shares outstanding at cover date | 1,265,621,000 (7 Aug 2025) | n.a. | n.a. | 10-K cover |
| Shares issued and outstanding at year end (millions) | 1,268.7 | 1,303.8 | 1,333.0 | BS; Statement of SE |
| Cash and cash equivalents | 6,390.7 | 5,847.9 | 5,337.1 | BS; CFS, cash reconciliation (FY2023) |
| Marketable securities | not on the BS | not on the BS | not available | BS |
| Restricted cash (in Other assets) | 17.0 | 2.9 | 250.3 | CFS, cash reconciliation |
| Senior Notes, carrying value | 4,469.4 | 4,967.4 | not available | Note 14 |
| of which current portion | 749.7 | 501.3 | not available | Note 14 |
| Finance leases (BS minus Note 14) | 15.1 | 16.0 | not available | BS debt lines minus Note 14 |
| Debt and finance leases per BS (current + long-term) | 4,484.5 | 4,983.3 | not available | BS, Current portion + Long-term debt and finance lease obligations lines |
| Operating lease liabilities | 272.1 | 287.7 | not available | Note 15 |
| Gross debt (notes + finance leases + operating leases) | 4,756.6 | 5,271.1 | not available | calculation |
| Senior Notes, principal | 4,500.0 | 5,000.0 | not available | Note 14 |
| Unamortised discount | (26.4) | (28.1) | not available | Note 14 |
| Unamortised issuance costs | (4.8) | (5.4) | not available | Note 14 |
| Other financing arrangements | 0.6 | 0.9 | not available | Note 14 |
| Shareholders' equity | 9,861.6 | 8,539.5 | 8,210.2 | BS; Statement of SE |
| Non-controlling interests | not present in the document | not present | not present | BS |
| Trade receivables | 3,378.1 | 2,519.3 | not available | BS |
| Inventories | 4,308.0 | 4,217.9 | not available | BS / Note 10 |
| Goodwill and intangible assets | 1,808.7 | 1,765.1 | not available | BS |
| Deferred revenue | 2,681.1 | 1,551.6 | not available | Note 4 |
| Deferred profit (current liability) | 2,565.5 | 1,417.8 | not available | BS |
| Long-term income taxes payable | 603.4 | 813.3 | not available | BS |
| Total assets | 21,345.3 | 18,744.7 | not available | BS |
| Item | FY2025 | FY2024 | FY2023 | Source |
|---|---|---|---|---|
| Operating cash flow | 6,173.3 | 4,652.3 | 5,178.9 | CFS, Net cash provided by operating activities line |
| of which change in deferred profit | 1,147.8 | (277.4) | 163.5 | CFS |
| of which change in trade receivables | (858.7) | 303.4 | 1,452.3 | CFS |
| of which deferred income taxes | (363.2) | (199.0) | (172.1) | CFS |
| Capex (incl. intangible assets) | 759.2 | 396.7 | 501.6 | CFS, Capital expenditures and intangible assets line |
| Free cash flow (calculation) | 5,414.1 | 4,255.6 | 4,677.4 | CFS, operating cash flow minus capex |
| Stock-based compensation (SBC) | 343.4 | 293.1 | 286.6 | CFS / Note 5 |
| Cash taxes paid | 972.5 | 991.8 | 809.7 | CFS, Supplemental disclosures |
| Cash interest paid | 172.4 | 173.1 | 174.7 | CFS, Supplemental disclosures |
| Buybacks (treasury stock purchases) | 3,422.3 | 2,842.8 | 2,017.0 | CFS, Treasury stock purchases line |
| Dividends paid | 1,149.5 | 1,018.9 | 907.9 | CFS, Dividends paid line |
| Dividend declared per share (US$) | 0.92 | 0.80 | 0.69 | Statement of SE |
| Acquisitions (net of cash acquired) | 0.0 | 0.0 | 120.0 | CFS |
| Shares issued (millions) | 4.3 | 5.2 | 6.1 | Statement of SE, Issuance of common stock |
| Treasury shares reissued (millions) | 2.5 | 2.8 | 3.2 | Statement of SE, Reissuance of treasury stock |
| Treasury shares purchased (millions) | 41.8 | 37.2 | 46.1 | Statement of SE, Purchase of treasury stock |
| Item | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Systems revenue | 11,491.3 | 8,921.6 | 10,695.9 |
| Customer support-related revenue and other (CSBG) | 6,944.3 | 5,983.7 | 6,732.6 |
| Foundry, % of equipment and upgrade revenue | 45% | 40% | 38% |
| Memory, % of equipment and upgrade revenue | 42% | 42% | 42% |
| Logic/IDM, % of equipment and upgrade revenue | 13% | 18% | 20% |
| China | 6,205.1 | 6,294.0 | 4,462.7 |
| Korea | 4,127.8 | 2,874.0 | 3,551.7 |
| Taiwan | 3,445.2 | 1,671.8 | 3,477.9 |
| Japan | 1,880.9 | 1,460.4 | 1,758.4 |
| United States | 1,376.9 | 1,104.1 | 1,665.1 |
| Southeast Asia | 837.2 | 794.1 | 1,354.5 |
| Europe | 562.6 | 707.0 | 1,158.3 |
| Customers above 10% of revenue | 2 (17%, 15%) | 1 (17%) | 2 (22%, 16%) |
| Item | FY2025 | FY2024 | FY2023 | Source |
|---|---|---|---|---|
| Number of reportable segments | 1 | 1 | 1 | Note 19 |
| Segment gross margin | 9,216.1 | 7,482.0 | 8,092.8 | Note 19 |
| Unallocated costs in cost of goods sold (restructuring + All other COGS) | 237.0 | 429.2 | 315.9 | Note 19 |
| Installation and warranty expense (in segment cost of goods sold) | 544.2 | 435.0 | 647.6 | Note 19 |
| Full-time employees | approx. 19,000 at 7 Aug 2025 | not available | not available | Item 1, Human Capital |
| Total long-lived assets | 2,715.7 | 2,462.9 | 2,099.3 | Note 19 |
| of which United States | 1,716.6 | 1,582.1 | 1,367.5 | Note 19 |
| of which Southeast Asia | 451.3 | 390.5 | 339.4 | Note 19 |
The document does not disclose segment operating income: the measure used by the CODM is segment gross margin. It does not disclose the number of employees at the balance sheet date (29 June 2025), only at 7 August 2025.
| Check | FY2025 | FY2024 | FY2023 | Result |
|---|---|---|---|---|
| Gross profit = revenue − cost of goods sold | 18,435,591 − 9,456,532 = 8,979,059 | 14,905,386 − 7,852,595 = 7,052,791 | 17,428,516 − 9,651,591 = 7,776,925 | Ties |
| Operating income = gross profit − operating expenses | 8,979,059 − 3,078,091 = 5,900,968 | 7,052,791 − 2,788,878 = 4,263,913 | 7,776,925 − 2,602,065 = 5,174,860 | Ties |
| Operating expenses = R&D + SG&A + restructuring | 2,096,387 + 981,704 + 0 = 3,078,091 | 1,902,444 + 868,247 + 18,187 = 2,788,878 | 1,727,162 + 832,753 + 42,150 = 2,602,065 | Ties |
| Other income, net = sum of the five Note 6 lines | 231,331 − 178,203 + 39,121 − 26,412 − 8,676 = 57,161 | 251,938 − 185,236 + 58,767 − 4,837 − 24,323 = 96,309 | 138,984 − 186,462 + 20,186 − 7,078 − 31,280 = −65,650 | Ties |
| Income before taxes − taxes = net income | 5,958,129 − 599,912 = 5,358,217 | 4,360,222 − 532,450 = 3,827,772 | 5,109,210 − 598,279 = 4,510,931 | Ties |
| Sum of categories = revenue | 11,491,280 + 6,944,311 = 18,435,591 | 8,921,643 + 5,983,743 = 14,905,386 | 10,695,897 + 6,732,619 = 17,428,516 | Ties (no "Other" line) |
| Sum of geographic regions = revenue | 6,205,062 + 4,127,766 + 3,445,220 + 1,880,882 + 1,376,857 + 837,242 + 562,562 = 18,435,591 | 14,905,386 | 17,428,516 | Ties |
| Sum of market percentages = 100% | 45 + 42 + 13 = 100 | 40 + 42 + 18 = 100 | 38 + 42 + 20 = 100 | Ties |
| Sum of geographic percentages = 100% | exactly 100.0%; 100.1% adding the rounded percentages | 99.9% on rounded figures | 100.1% on rounded figures | Ties, rounding differences |
| Senior Notes: principal + adjustments = carrying value | 4,500,000 − 26,428 − 4,774 + 566 = 4,469,364 | 5,000,000 − 28,148 − 5,435 + 944 = 4,967,361 | n.a. | Ties |
| Gross debt = sum of components | 4,469,364 + 15,141 + 272,050 = 4,756,555 | 4,967,361 + 15,973 + 287,716 = 5,271,050 | n.a. | Ties |
| Operating cash flow − capex = FCF | 6,173,264 − 759,186 = 5,414,078 | 4,652,269 − 396,670 = 4,255,599 | 5,178,938 − 501,568 = 4,677,370 | Ties |
| Segment gross margin − unallocated costs − operating expenses = operating income | 9,216,050 − 236,991 − 3,078,091 = 5,900,968 | 7,482,033 − 429,242 − 2,788,878 = 4,263,913 | 8,092,780 − 315,855 − 2,602,065 = 5,174,860 | Ties |
| Item | Value | Source |
|---|---|---|
| Senior Notes by maturity and coupon at 29/06/2025 | 2026 (3.75%) 750.0; 2029 (4.00%) 1,000.0; 2030 (1.90%) 750.0; 2049 (4.875%) 750.0; 2050 (2.875%) 750.0; 2060 (3.125%) 500.0 | Note 14 |
| 2025 Senior Notes (3.80%) | 500.0, due 15/03/2025, repaid at maturity | Note 14; MD&A Liquidity |
| Revolving credit facility | US$2.0 bn, maturing 25/01/2030 (previously US$1.5 bn, June 2026); undrawn | Note 14; MD&A |
| Commercial paper programme | maximum US$1.5 bn; nothing outstanding | Note 14 |
| Remaining transition tax | 229.6, expected in FY2026 | Note 17 |
| Uncertain tax position liabilities excluded from commitments | 635.4 | Note 17 |
| Gross uncertain tax positions | 720.3 (29/06/2025); 723.8 (30/06/2024) | Note 7 |
| Reduction from lapse of statutes of limitation in FY2025 | 211.7 | Note 7 |
| FY2025 tax reconciliation | federal statutory rate 1,251.2; foreign income (451.2); settlements and reductions in UTP (266.8); credits (116.7); increases in UTP 138.0; state valuation allowance 42.8; state (13.6); SBC 17.4; other (1.2) | Note 7 |
| FY2024 tax reconciliation, settlements and reductions in UTP line | (18.9) | Note 7 |
| Malaysian tax incentive | 584.8 (FY2025), 416.3 (FY2024), 576.0 (FY2023); US$0.45 per diluted share in FY2025 | Note 7 |
| Deferred revenue by timing at 29/06/2025 | within 1 year 2,150.3; 1-3 years 449.1; over 3 years 81.7 | Note 4 |
| Deferred revenue at 30/06/2024 recognised in FY2025 | 988.8 (64%) | Note 4 |
| Unrecognised SBC cost (RSUs/PRSUs) | 521.3, over approx. 2.2 years | Note 5 |
| Non-cancellable purchase obligations | 1,036.2 total; 721.1 in FY2026 | Note 17 |
| Purchase orders expected to be fulfilled within one year | approx. 387 | MD&A, Off-Balance Sheet Arrangements |
| Buildings and improvements (gross) | 1,914.6 (29/06/2025); 1,605.8 (30/06/2024) | Note 11 |
| Change in pre-existing warranties | (57.5) FY2025; (40.9) FY2024 | Note 17 |
| Buybacks: remaining authorisation | 10,824.7 (30/06/2024); 7,517.2 (29/06/2025) | Note 18 |
| Accelerated share repurchase | 500, initial delivery approx. 5.2 million shares, final settlement by 08/09/2025 | Note 18 |
| Restructuring: cumulative cost and remaining liability | 181.9; 1.1 at 30/06/2024 | Note 20 |
| Non-GAAP: operating income and margin | FY2025 5,957.2 (32.3%); FY2024 4,512.7 (30.3%) | Proxy, Appendix B |
| Non-GAAP: items excluded in FY2025 | amortisation of intangibles 13.6; deferred compensation 42.6 | Proxy, Appendix B |
| Non-GAAP: items excluded in FY2024 | amortisation 15.4; deferred compensation 61.4; restructuring 61.6; transformational 101.7; impairment 8.7 | Proxy, Appendix B |
| GAAP operating income FY2022 and FY2021 | 5,381.8; 4,482.0 | Proxy, Appendix B |
| Calendar 2024 AIP | non-GAAP operating margin target 30.0%, achieved 30.6%; non-GAAP gross margin target 47.7%, achieved 48.2% | Proxy, Figure 23 |
| Holders above 5% | Vanguard 129,149,892 shares (10.24%); BlackRock 117,779,780 (9.34%); base 1,261,032,300 shares at 05/09/2025 | Proxy, Figure 10 |
| Directors and executive officers (17 people) | 3,971,889 shares, less than 1% | Proxy, Figure 10 |
| Total compensation (Summary Compensation Table) | see table in section 5 | Proxy, Figure 50 |
| CEO pay ratio | 310 to 1; median employee US$91,230 | Proxy, CEO Pay Ratio |
| Related parties: BlackRock | approx. 26.7 of interest and dividends on money market funds | Proxy, Related Party Transactions |
| Ernst & Young fees FY2025 | total US$8,189,382; audit 7,953,223; tax 236,158 | Proxy, Figure 61 |
| Board nominees | 11 | Proxy, Proposal No. 1 |