Lam Research Q3 revenue beats estimates on AI-driven demand

Lam Research

22/04/2026 21:13

Overview

US wafer equipment maker's Q3 revenue rose 9% q/q, beating analyst expectations

Non-GAAP diluted EPS for Q3 rose to $1.47 from $1.27 prior quarter

Company cites AI-driven demand and strategic investments for record revenue and EPS

Outlook

Lam Research sees current-qtr revenue at $6.60 bln +/- $400 mln

Company expects current-qtr gross margin of 50.5% +/- 1%

Lam Research projects current-qtr diluted EPS of $1.65 +/- $0.15

Result Drivers

AI-DRIVEN DEMAND - Co said record revenue and EPS were driven by increased demand for semiconductor equipment related to AI applications

STRATEGIC INVESTMENTS - Co attributed strong results to strategic investments and execution supporting customer AI roadmaps

BROAD-BASED REVENUE GROWTH - Both systems and customer support-related revenue increased from the prior quarter

Company press release: ID:nPn4G1CMLa

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Revenue
Beat
$5.84 bln
$5.78 bln (25 Analysts)

Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 26 "strong buy" or "buy", 9 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the semiconductor equipment & testing peer group is "buy"

Wall Street's median 12-month price target for Lam Research Corp is $285.00, about 10.3% above its April 21 closing price of $258.37

The stock recently traded at 38 times the next 12-month earnings vs. a P/E of 33 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)