Lam Research reported record fourth-quarter revenue and beat earnings estimates on July 29, driven by surging demand for artificial intelligence chips and memory equipment. The semiconductor equipment maker posted $6.72 billion in quarterly revenue, exceeding Wall Street’s expected $6.66 billion, and delivered non-GAAP earnings per share of $1.82 against a consensus estimate of $1.69.
Sequential revenue growth was fueled by a doubling of NAND flash memory equipment sales from the prior quarter, reflecting chipmakers’ aggressive investment in storage capacity for AI systems. The company’s customer support business group also posted strong revenue gains, driven by demand for equipment upgrades and AI-enabled services.
The results underscore the breadth of AI infrastructure spending across the semiconductor industry. Wafer fabrication equipment (WFE) spending globally is now expected to reach the low $150 billion range in 2026, according to updated industry forecasts. This represents a substantial increase from prior expectations and reflects chipmakers’ race to expand capacity for AI data centers, memory production, and advanced packaging.
Lam Research’s earnings beat came as other semiconductor equipment suppliers also posted strong results. KLA reported a Q4 earnings beat on July 28, raising its full-year 2026 WFE outlook to the low-$150 billion range. Earlier in the year, Applied Materials delivered record quarterly performance and raised its semiconductor equipment growth forecast above 30 percent, signaling sustained momentum across the equipment supply chain.
The company guided for September quarter revenue of $6.2 billion to $7.0 billion at the midpoint, continuing the upward trajectory. CEO Tim Archer emphasized that AI demand is driving a broad-based equipment boom, with customers working through cleanroom constraints to expand production. Advanced packaging capabilities, particularly copper plating and through-silicon via etch used in AI chip stacking, are emerging as a key growth area, with Lam expecting advanced packaging revenues to increase more than 50 percent in calendar 2026.
Lam Research has now posted four consecutive earnings beats, extending a streak that reflects the company’s central role in the AI infrastructure buildout. The equipment supplier serves major chipmakers including TSMC, Intel, and Samsung, positioning it to capture a significant portion of the capital spending wave fueling AI chip production globally.
Sources
- MarketBeat — Q4 2026 earnings results: $1.82 EPS vs. $1.69 consensus, $6.72 billion revenue vs. $6.66 billion expected
- Lam Research Earnings Call Transcript — Record revenue announcement, NAND doubling, customer support growth, September guidance, advanced packaging outlook
- KLA Corporation Press Release (PRNewswire) — Q4 2026 EPS beat, 2026 WFE outlook raised to low-$150 billion range
- Applied Materials Investor Relations — Q2 2026 record quarterly performance, 30%+ semiconductor equipment growth expectation
- Reuters — Applied Materials 2026 guidance: over 30% equipment growth, more than 50% packaging revenue increase
