LRCX — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-04-23

• In the March 2026 quarter, revenue increased 9% compared to the three months ended December 28, 2025 (the “December 2025 quarter”), driven by an increase in systems revenue primarily resulting from increased customer investments in the DRAM market segment as well as an increase in customer support-r…

• The increase in gross margin as a percentage of revenue in the March 2026 quarter compared to the December 2025 quarter was primarily a result of improved factory efficiencies. The increase in operating expenses in the March 2026 quarter compared to the December 2025 quarter was primarily driven by …

• The following table presents our revenues disaggregated by geographic region:

• For a discussion on the March 2026 quarter compared to the December 2025 quarter, refer to “Executive Summary” above.

• The increase in revenue in the nine months ended March 29, 2026 compared to the same period in the prior year was predominantly driven by increases in Foundry equipment spending by our customers, as well as higher customer support-related revenue mainly due to spares revenue.

Text removed vs the prior filing · source: 10-Q · 2026-01-29

• In the December 2025 quarter, revenue was up slightly compared to the three months ended September 28, 2025 (the “September 2025 quarter”), as increases in customer support-related revenue were largely offset by decreases in systems revenue due to timing of customer investments. The deferred revenue…

• The decrease in gross margin as a percentage of revenue in the December 2025 quarter compared to the September 2025 quarter was primarily a result of unfavorable changes in customer mix. The operating expenses in the December 2025 quarter were relatively flat compared to the September 2025 quarter.

• The increase in revenue in the six months ended December 28, 2025 compared to the same period in the prior year was predominantly driven by increases in Foundry equipment spending by our customers, as well as higher customer support-related revenue.

• Please refer to Note 3, “Revenue,” to the Condensed Consolidated Financial Statements of this Form 10-Q for additional information regarding the composition of the two categories into which revenue has been disaggregated.

• Gross margin as a percentage of revenue decreased in the December 2025 quarter compared to the September 2025 quarter driven primarily by unfavorable changes in customer mix.

Text added vs the prior filing · source: 10-Q · 2026-04-23

• There have been no material changes to our quantitative and qualitative disclosures about market risk set forth in Part II, Item 7A of our 2025 Form 10-K filed with the SEC on August 11, 2025.

Text removed vs the prior filing · source: 10-Q · 2026-01-29

• For financial market risks related to changes in interest rates and foreign currency exchange rates, refer to Part II, Item 7A, “Quantitative and Qualitative Disclosures About Market Risk”, in our 2025 Form 10-K. Our exposure related to market risk has not changed materially since June 29, 2025.

Text added vs the prior filing · source: 10-Q · 2026-04-23

• Management’s Evaluation of Disclosure Controls and Procedures

• We maintain disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) that are designed to comply with Rules13a-15 and 15d-15 of the Exchange Act.

• In designing and evaluating the disclosure controls and procedures, management, including the Chief Executive Officer and Chief Financial Officer, recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired con…

• Our management, with the participation of our Chief Executive Officer and our Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as of March 29, 2026. Based upon that evaluation, our management, including our Chief Executive Officer and Chief Financial Off…

Text removed vs the prior filing · source: 10-Q · 2026-01-29

• Design of Disclosure Controls and Procedures and Internal Control over Financial Reporting

• We maintain disclosure controls and procedures and internal control over financial reporting that are designed to comply with Rule 13a-15 of the Exchange Act. In designing and evaluating the controls and procedures associated with each, management recognizes that any controls and procedures, no matt…

• As required by Exchange Act Rule 13a-15(b), as of December 28, 2025, we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and our Chief Financial Officer, of the effectiveness of the design and operation of our disclo…

• We intend to review and evaluate the design and effectiveness of our disclosure controls and procedures on an ongoing basis and to correct any material deficiencies that we may discover. Our goal is to ensure that our senior management has timely access to material information that could affect our …

• While we believe the present design of our disclosure controls and procedures and internal control over financial reporting is effective at the reasonable assurance level, future events affecting our business may cause us to modify our disclosure controls and procedures or internal control over fina…

Text added vs the prior filing · source: 10-Q · 2026-04-23

• In addition to the other information in this Form 10-Q, the following risk factors should be carefully considered in evaluating us and our business because the occurrence of any of these factors could materially and adversely affect our business, operating results, financial condition, and price of …

• With increased consolidation efforts in our industry, as well as the emergence and strengthening of new, regional competitors and the potentially disruptive impact of AI, we may face increasing competitive pressures. Other companies continue to develop systems and/or acquire businesses and products …

• We regularly assess our strategic resource allocation choices in response to the changing business environment. If we do not adequately adapt to the changing business environment, we may lack the infrastructure and resources to scale up our business to

• meet customer expectations and compete successfully during a period of growth, or we may expand our capacity and resources too rapidly and/or beyond what is appropriate for the actual demand environment, resulting in excess fixed costs.

• Our revenues and operating results may fluctuate significantly from quarter to quarter or year to year due to a number of factors, not all of which are in our control. We manage our expense levels based in part on our expectations of future revenues. Because our operating expenses are based in part …

Text removed vs the prior filing · source: 10-Q · 2026-01-29

• In addition to the other information in this Form 10-Q, the following risk factors should be carefully considered in evaluating us and our business because such factors may significantly impact our business, operating results, and financial condition. As a result of these risk factors, as well as ot…

• unable to continue to compete successfully in our markets, which could have a material adverse effect on our revenues, operating results, financial condition, and/or cash flows.

• With increased consolidation efforts in our industry, as well as the emergence and strengthening of new, regional competitors, we may face increasing competitive pressures. Other companies continue to develop systems and/or acquire businesses and products that are competitive to ours and may introdu…

• We continuously reassess our strategic resource allocation choices in response to the changing business environment. If we do not adequately adapt to the changing business environment, we may lack the infrastructure and resources to scale up our business to meet customer expectations and compete suc…

• Our revenues and operating results may fluctuate significantly from quarter to quarter or year to year due to a number of factors, not all of which are in our control. We manage our expense levels based in part on our expectations of future revenues. Because our

Text added vs the prior filing · source: 10-Q · 2026-04-23

• During the Company’s fiscal quarter ended March 29, 2026, except for the following arrangements, none of the Company’s directors or officers adopted or terminated a trading arrangement for the purchase or sale of the Company’s Common Stock that was intended

• to satisfy the affirmative defense conditions of Rule 10b5-1(c) (a “Rule 10b5-1 Trading Arrangement”) or a non-Rule 10b5-1 trading arrangement (as defined in Item 408(c) of Regulation S-K).

• •On February 6, 2026, Eric K. Brandt, a member of the Board of Directors of the Company, adopted a Rule 10b5-1 Trading Arrangement. Mr. Brandt’s Rule 10b5-1 Trading Arrangement provides for the potential sale of up to 109,000 shares of Common Stock pursuant to the terms of the Rule 10b5-1 Trading Ar…

• •On February 17, 2026, in connection with his retirement from his position as Executive Vice President and Chief Operating Officer of the Company, Patrick J. Lord terminated a Rule 10b5-1 Trading Arrangement that was originally adopted on October 29, 2025 (the “Terminated Plan”). The Terminated Plan…

• •On March 11, 2026, Abhijit Y. Talwalkar, Chair of the Board of Directors of the Company, adopted a Rule 10b5-1 Trading Arrangement. Mr. Talwalkar’s Rule 10b5-1 Trading Arrangement provides for the potential sale of up to 18,282 shares of Common Stock pursuant to the terms of the Rule 10b5-1 Trading…

Text removed vs the prior filing · source: 10-Q · 2026-01-29

• During the Company’s fiscal quarter ended December 28, 2025, except for the following arrangement, none of the Company’s directors or officers adopted, modified, or terminated a trading arrangement for the purchase or sale of the Company’s common stock that was intended to satisfy the affirmative de…

• •On October 29, 2025, Patrick J. Lord, the Executive Vice President and Chief Operating Officer of the Company, adopted a Rule 10b5-1 Trading Arrangement. Dr. Lord’s Rule 10b5-1 Trading Arrangement provides for: (i) the potential sale of up to 36,645 shares of the Company’s common stock; (ii) the po…

• potential exercise of 28,140 stock options expiring March 1, 2030 and the associated sale of up to 28,140 shares of the Company’s common stock resulting from such exercise; (iv) the potential exercise of 21,220 stock options expiring March 1, 2031 and the associated sale of up to 21,220 shares of th…

• •On November 12, 2025, Bethany J. Mayer, a member of the Board of Directors of the Company, adopted a Rule 10b5-1 Trading Arrangement. Ms. Mayer’s Rule 10b5-1 Trading Arrangement provides for the potential sale of up to 615 shares of the Company’s common stock. Ms. Mayer’s Rule 10b5-1 Trading Arrang…

• The Rule 10b5-1 Trading Arrangements of Dr. Lord and Mr. Fernandes contain pricing conditions that preclude or limit the sale of shares below predetermined minimum prices. Each of the Rule 10b5-1 Trading Arrangements will terminate on the earlier of: (a) its respective termination date indicated abo…