What is the revenue and EPS growth rate for Lam Research year over year?

What factors drove the changes in Lam Research's revenue and profit?

What is Lam Research's gross profit margin?

What is the market's earnings forecast for Lam Research next quarter?

What is Lam Research's latest dividend and current dividend yield?

What were the key takeaways from Lam Research’s earnings call?

What guidance did Lam Research's management provide for the next earnings period?

What does Lam Research do and what are its main business segments?

- **Record Q1 Performance**: $5.3B revenue, 50.6% gross margin, 35% operating margin. 
- **China Restriction Impact**: $600M 2026 revenue hit, China share <30%.
- **AI Growth Driver**: $8B WFE per $100B data center spend. 
- **NAND Upgrade Boom**: $40B upgrade spend, 2026 upgrades remain >50% of NAND revenue.
- **Product Leadership**: Aether, Cryo 3.0, and HALO tools winning key wins. 
- **2026 Outlook**: WFE growth driven by AI, high 30s SAM%. 
- **Financial Strength**: $6.7B cash, 85%+ FCF return, $0.26 dividend.

**【CEO Summary Section】**
- **Record Financial Performance**: Q1 2026 revenue reached $5.3 billion, with gross margin of 50.6% and operating margin of 35%, both records. 
- **China Impact**: Announced a 50% affiliate rule restricting shipments to domestic China customers, expecting a $600 million 2026 revenue impact. China's share of total revenue will drop below 30%.
- **AI-Driven Growth**: AI-related data center investments are projected to drive $8 billion in WFE spending per $100 billion of data center investment. Lam's etch and deposition tools are critical for advanced AI chips.
- **NAND Upgrades**: $40 billion in NAND upgrade spending over several years, with demand accelerating due to enterprise SSD and HBM needs. Upgrades remain the primary growth driver in 2026.
- **Product Leadership**: New tools like Aether dry resist EUV and Cryo 3.0 etch technology are winning key customer wins in NAND, DRAM, and foundry logic.

**【CFO Financial Commentary】**
- **Q1 2026 Results**: Revenue $5.3B (up 3% QoQ), GAAP net income $420M, Non-GAAP EPS $1.26 (vs. $1.15 guidance). Operating expenses $832M (+1% QoQ) due to R&D and incentive compensation.
- **Guidance for Q2 2026**: Revenue $5.2B ±$300M, gross margin 48.5% ±1%, EPS $1.15 ±$0.10. China revenue expected to decline ~$200M QoQ.
- **Long-Term Outlook**: 2026 WFE growth driven by AI, with Lam's SAM as % of WFE expanding to high 30s. Free cash flow return target of 85%+.
- **Financial Health**: $6.7B cash, 19,400 employees (+400 QoQ). Share buybacks $990M Q1, dividend increased to $0.26/share.

**【Q&A Highlights】**
- **AI Infrastructure Demand**: Customers are expediting meetings and orders for AI chips, with enterprise SSD and HBM driving NAND upgrades. AI data centers require leading-edge foundry, DRAM, and NAND tools.
- **China Risk Mitigation**: Global multinationals will offset China revenue decline. 2026 WFE growth will be second-half weighted, with NAND upgrades and foundry logic leading.
- **Product Pipeline Strength**: New tools like Akara conductor etch and HALO ALD are winning key applications in NAND, DRAM, and foundry. Backside power etch solutions address advanced packaging needs.
- **Tax & Margin Considerations**: 2026 tax rate ~15%, up from 14.2% in Q1. Customer mix shift to non-China will reduce gross margin headwinds over time.

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