Lam Research said revenue in December 2024 increased 5% compared to September 2024, driven by an increase in systems revenue as a result of strengthened memory investments in both the NAND and DRAM market segments.

10-QQuarterly reportFiled Jan 31, 2025Period of report Dec 29, 2024Summary published (UTC) Oct 10, 2026

Key points

AI summary

Lam Research said revenue in December 2024 increased 5% compared to September 2024, driven by an increase in systems revenue as a result of strengthened memory investments in both the NAND and DRAM market segments.
The company said gross margin as a percentage of revenue in December 2024 was lower compared to September 2024, citing unfavorable customer mix as the primary factor. It added that operating expenses in September 2024 were flat.
Lam Research said its cash, cash equivalents, and restricted cash balances decreased to $5.7 billion at the end of December 2024 from $6.1 billion at the end of September 2024. The company cited share repurchases of $697.7 million including net share settlement on employee stock-based compensation and excise tax, dividends paid of $297.6 million, and capital expenditures of $188.3 million as primary decreases, partially offset by cash generated from operating activities of $741.9 million.
The company said it entered into a Third Amended and Restated Credit Agreement in January 2025, increasing the unsecured revolving credit facility commitment from $1.5 billion to $2.0 billion and extending the maturity from June 2026 to January 2030.

Key figures

Quarter ended December 29, 2024

Revenue: $4.4B
Operating income: $1.3B
Net income: $1.2B
EPS: $0.92
Gross profit: $2.1B

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Quarterly Revenue and Memory Investments

Lam Research said revenue in December 2024 increased 5% compared to September 2024, driven by an increase in systems revenue as a result of strengthened memory investments in both the NAND and DRAM market segments.

Source · Based on the MD&A text of the filing

Gross Margin and Operating Expenses

The company said gross margin as a percentage of revenue in December 2024 was lower compared to September 2024, citing unfavorable customer mix as the primary factor. It added that operating expenses in September 2024 were flat.

Source · Based on the MD&A text of the filing

Quarterly Cash Balance Changes

Lam Research said its cash, cash equivalents, and restricted cash balances decreased to $5.7 billion at the end of December 2024 from $6.1 billion at the end of September 2024. The company cited share repurchases of $697.7 million including net share settlement on employee stock-based compensation and excise tax, dividends paid of $297.6 million, and capital expenditures of $188.3 million as primary decreases, partially offset by cash generated from operating activities of $741.9 million.

Source · Based on the MD&A text of the filing

Credit Agreement Amendment

The company said it entered into a Third Amended and Restated Credit Agreement in January 2025, increasing the unsecured revolving credit facility commitment from $1.5 billion to $2.0 billion and extending the maturity from June 2026 to January 2030.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗

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