Lam Research (LRCX): record $8.2 billion quarter, and a stock 44% below its June high

Lam Research makes the equipment chipmakers use to deposit and etch the layers of a semiconductor wafer, and services that equipment. In the quarter to September 27, 2026 — the first of its fiscal 2027 — revenue reached a record $8.22 billion, up 22% from the previous quarter and 54% from a year earlier, with an operating margin of 40.0% and earnings of $2.19 a share. The stock closed at $240.85 on October 27, 2026, for a market value of $300.9 billion.

New equipment accounted for $5.73 billion of the latest quarter and services, spares and upgrades for $2.49 billion. For the quarter ending December 27, 2026, Lam guided to revenue of $8.60 billion, plus or minus $400 million, and earnings of $2.33 a share, plus or minus $0.15. In fiscal 2026, which ended June 28, revenue was $23.2 billion, up 26.0%, and net income $7.27 billion.

Revenue is attributed to where customers’ factories are. China was 34% of fiscal 2026 revenue and 35% in the latest quarter, followed by Korea (20%) and Taiwan (18%). Lam raised its quarterly dividend to $0.33 a share and executed $1.0 billion of accelerated share repurchases in the quarter.

A 44% fall from the June 30 high

Lam closed at a record $433.33 on June 30, 2026. It fell 9.7% on July 1 and 10.2% on July 2, and on October 22, the first session after its record quarter, it dropped 11.8%. By October 27 the stock was 44.4% below the June high, even though it was still up 53.5% over twelve months, against 12.3% for the S&P 500. None of the company’s filings explain the decline. Over ten years the shares rose about 2,391%.

Who owns it, and who sold

Thirteen of the 38 investment managers this site tracks held Lam at the end of June. The largest was Philippe Laffont’s Coatue, with 9.44 million shares worth $4.09 billion at the June 30 high — about $2.27 billion at the October 27 price — after a 6% cut. Ken Griffin’s Citadel added 27.5%, while Ray Dalio’s Bridgewater cut 40% and Israel Englander’s Millennium 56%. Brad Gerstner’s Altimeter and Stanley Druckenmiller’s Duquesne opened positions.

No Lam insider bought shares in the open market in the twelve months to October 27, 2026. Insiders sold $177.2 million, $135.6 million of it under 10b5-1 trading plans, including $64.2 million by chief executive Tim Archer. Chief financial officer Douglas Bettinger sold $26.5 million without a plan when exercising options. Former operating chief Pat Lord, who retired this year, filed a notice to sell about $17.9 million of stock in May.

In February, Lam named Sesha Varadarajan chief operating officer, succeeding Lord, and added Cadence chief executive Anirudh Devgan to its board; two directors leave on November 2, 2026. The figures come from Lam’s filings and the 13F, Form 4 and Form 144 filings; they describe what happened and are not a forecast or investment advice.