Episode
LRCX Earnings: Record Revenue, $6.6B Guidance, and the Memory Supercycle Driving Lam Research's Best Quarter Ever
- Podcast
- Chip Stock Investor Podcast
- Published
- Apr 23, 2026
- Duration seconds
- 580
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Summary
Lam Research just reported its best quarter ever — and then guided the next quarter to $6.6 billion in revenue. Wall Street was expecting $6.1 billion. In this episode, Nick and Kasey break down everything that matters from Lam Research's Q3 fiscal year 2026 earnings: the headline numbers, the mix shift toward memory, the advanced packaging growth story, what management's $796 million share buyback at all-time highs is actually communicating, and why Lam has quietly become CSI's largest semiconductor equipment holding — overtaking Applied Materials, where their conviction started over a decade ago. There is also the acceleration of the $40 billion NAND conversion investment timeline, now expected to complete before the end of 2027 — a significant pull-forward that increases near-term equipment demand for exactly the etch and deposition tools that Lam dominates. What we cover: — Q3 FY2026 results: $5.84B revenue, +24% year over year, EPS beat, gross margin approaching 50% — Q4 guidance: $6.6B vs. $6.1B analyst consensus — what the gap means for the cycle — Memory mix rising to 39% of systems revenue and why it has further to run in 2026 and 2027 — Advanced packaging revenues targeted to grow over 50% in calendar year 2026 — Customer support segment hits a record $2B — the recurring revenue cushion for the next downturn — The $796M share buyback at all-time highs — management's unambiguous signal — The $40B NAND conversion acceleration and what it means for Lam's revenue runway — Wafer fab equipment spending raised to $140B annually — the industry-wide read-through — Why Lam has become CSI's largest fab equipment holding Sponsored by fiscal.ai — the platform powering CSI's KPI charts and financial data. Get 15% off at fiscal.ai/csi Disclosure: Nick and Kasey are Lam Rese…