LAM RESEARCH CORP (LRCX) · Annual Report (10-K) SEC Filing

Part I. Item 1.Business 4 Item 1A.Risk Factors 13 Item 1B.Unresolved Staff Comments 28 Item 1C.Cybersecurity 28 Item 2.Properties 29 Item 3.Legal Proceedings 29 Item 4.Mine Safety Disclosures 29 Part II. Item 5.Market for the Registrant s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 30 Item 6.[Reserved] 32 Item 7.Management s Discussion and Analysis of Financial Condition and Results of Operations 32 Item 7A.Quantitative and Qualitative Disclosures About Market Risk 39 Item 8.Financial Statements and Supplementary Data 41 Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 74 Item 9A.Controls and Procedures 74 Item 9B.Other Information 74 Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspection 75 Part III. Item 10.Directors, Executive Officers and Corporate Governance 76 Item 11.Executive Compensation 76 Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 76 Item 13.Certain Relationships and Related Transactions, and Director Independence 76 Item 14.Principal Accountant Fees and Services 76 Part IV. Item 15.Exhibits, Financial Statement Schedules 77 Item 16.Form 10-K Summary 77 Exhibit Index 78 Signatures 81 Lam Research Corporation 2026 10-K 2 Table of Contents PART I CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K ( Form 10-K or 2026 Form 10-K ) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact contained in this report are forward-looking statements. In some cases, forward-looking statements can be identified by words such as aim, accelerate, anticipate, assume, believe, become, continue, can, commit, could, drive, estimate, focus, forecast, goal, grow, target, expect, increase, intend, likely, may, maintain, objective, ongoing, opportunity, pipeline, plan, possible, potential, predict, probable, progress, project, scale, seek, should, strategy, sustain, transition, will, work, would, or variations of these words or other similar expressions. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. Forward-looking statements in this report include, but are not limited to, statements concerning: our future results of operations and financial condition; our commitment to driving semiconductor breakthroughs; trends related to demand for electronic systems, including for high performance, energy efficient and highly integrated semiconductor devices, semiconductor manufacturer adoption of vertical scaling and advanced integration approaches, technology inflections, including increasing manufacturing complexity and precision requirements, and demand for our technologies and services; our belief regarding our position in deposition, etch, and clean markets and perceived opportunities for sustainable differentiation for us due to several specified factors; the performance and benefits of our products and services; trends related to increasing requirements for semiconductor device density, performance, and energy efficiency and demand for energy- and compute-intensive applications and related effects; our research and development strategy, and beliefs and expectations regarding perceived opportunities and continued investments in research and development; our efforts to maintain relationships with customers; customers continuing to establish joint ventures, alliances, and licensing arrangements and related effects on our competitive position and market opportunities; our beliefs regarding our third-party outsourcing arrangements and our ability to manage related risks; our efforts to comply with new and changing regulations and efforts to grow our business; our acquisition strategy; our environmental, social and governance ( ESG ) goals and targets; our efforts to compete in the markets we serve, to strengthen and enhance our products and services, and to maintain customer service and support; our ability to succeed in the marketplace and the implications of a semiconductor manufacturer selecting and qualifying a supplier s equipment; our ability to continue to meet the expectations of our customers in the presence of competition and our expectations regarding our competitors performance; our intellectual property strategy; our approach to human capital and employment, recruitment and development activities; our environmental health and safety ( EHS ) goals and certifications; our belief regarding the condition of our facilities; our capital allocation strategy, including our intention to pay quarterly dividends, our focus to return a portion of our free cash flow to stockholders over time through dividends and share repurchases, and expected sources of funds for capital return activities; continued growth of wafer fabrication investment in calendar year 2026, including the role of the artificial intelligence ( AI ) market in driving higher spending across both the memory and non-memory market segments; our belief regarding demand for semiconductors and technology inflections in the semiconductor industry driving sustainable growth and increasing served available market for our products and services in the deposition, etch, and clean businesses; customer investments driving demand for our products and services; beliefs, estimates, and assumptions relating to our significant accounting policies, including with respect to revenue recognition, inventory valuation, and income taxes; our expectations regarding the sufficiency of our liquidity to support our anticipated business activities through the next twelve months based on anticipated cash flows and our current business outlook; the use of net proceeds from the commercial paper Program; our ability to access the capital markets; the dependence of our liquidity on our future revenues and ability to manage costs; off-balance sheet arrangements and contractual obligations; expectations regarding deferred revenue; estimates and expectations regarding equity-based compensation plans; our evaluation, expectations, and beliefs regarding deferred income taxes and carryforwards; our evaluation of uncertain tax positions and related effects if recognized; financial instruments and related fair value estimates and assumptions, and credit concentration risks; obligations under our deferred compensation plans; commitments and contingencies, including our beliefs regarding the materiality of legal proceedings and probability of a material loss; and other statements included in Part I, Item 1, Business, Part I, Item 1A, Risk Factors, Part II, Item 7, Management s Discussion and Analysis of Financial Condition and Results of Operations and elsewhere in this Form 10-K. These forward-looking statements are not a guarantee of future performance and involve a number of risks, uncertainties, and other factors that could cause our actual results or outcomes, or the timing of our results or outcomes, to differ materially from those expressed or implied in this Form 10-K. Such risks, uncertainties, and other factors include, among others, the following: our assumptions related to continued expansion of the wafer fabrication equipment market, growth of deposition and etch intensity, and scaling of our operating framework may prove invalid; business, economic, political and/or regulatory conditions in the consumer electronics industry, including wafer fabrication equipment spending, the semiconductor industry and the overall economy may deteriorate or change; the actions, performance, or investment levels of our customers and competitors may be inconsistent with our expectations; customer and product mix, including across market segments and geographical regions, may change; we may be unable to effectively manage and implement pricing actions, realize the value of our products and technology, successfully commercialize new products and technologies, or execute on perceived opportunities; we may be unable to achieve anticipated operational, manufacturing, supply chain, procurement, and scale efficiencies; customer technology transitions, capacity expansions, and fab construction projects may have different timing or be less successful than we expect; we may be unable to manage operating expenses effectively while continuing to invest in research and development, product innovation, customer support, and future growth opportunities; Lam Research Corporation 2026 10-K 3 Table of Contents trade regulations, export controls, tariffs, trade disputes, and other geopolitical developments may inhibit our ability to sell our products; supply chain cost increases, tariffs, and other inflationary pressures have impacted and may continue to impact our profitability; supply chain disruptions or manufacturing capacity constraints may limit our ability to manufacture and sell our products; natural and human-caused disasters, disease outbreaks, war, terrorism, political or governmental unrest or instability, or other events beyond our control may impact our operations and revenue in affected areas; and the other factors described in Part I, Item 1, Business, Part I, Item 1A, Risk Factors, Part II, Item 7, Management s Discussion and Analysis of Financial Condition and Results of Operations, and Part II, Item 7A Quantitative and Qualitative Disclosures About Market Risk of this Form 10-K and other documents we file from time to time with the Securities and Exchange Commission ( SEC ), such as our quarterly reports on Form 10-Q and our current reports on Form 8-K. You should evaluate all forward-looking statements made in this Form 10-K in the context of these risks, uncertainties, and other factors. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof and are based on our current beliefs, expectations, and assumptions about future events. Except as required by law, we do not undertake any obligation to revise or update these forward-looking statements as a result of events or circumstances that occur after the date of this report or to reflect the occurrence or effect of anticipated or unanticipated events. Item 1. Business Incorporated in 1980, Lam Research Corporation ( Lam Research, Lam, we, our, us, or the Company ) is a Delaware corporation, headquartered in Fremont, California. We maintain a network of facilities throughout Asia, Europe, and the United States in order to meet the needs of our dynamic customer base. Additional information about Lam Research is available on our website at www.lamresearch.com. The content on any website referred to in this Form 10-K is not a part of or incorporated by reference in this Form 10-K unless expressly noted. Our Annual Report on Form 10-K, Quarterly Reports on Forms 10-Q, Current Reports on Forms 8-K, Proxy Statements and all other filings we make with the SEC are available on our website, free of charge, as soon as reasonably practical after we file them with or furnish them to the SEC and are also available online at the SEC s website at www.sec.gov. The Lam Research logo, Lam Research, and all product and service names used in this report are either registered trademarks or trademarks of Lam Research Corporation or its subsidiaries in the United States and/or other countries. All other marks mentioned herein are the property of their respective holders. We are a global supplier of innovative wafer fabrication equipment and services to the semiconductor industry. We have built a strong global presence with core competencies in areas such as nanoscale manufacturing enablement, chemistry, plasma and fluidics, advanced systems engineering, and a broad range of operational disciplines. Our products and services are designed to help our customers build smaller and better performing devices that are used in a variety of electronic products, including mobile phones, personal computers, cloud and enterprise servers, wearables, automotive vehicles, and data storage devices. Our customer base includes leading semiconductor memory, foundry, and integrated device manufacturers ( IDMs ) that make products such as non-volatile memory ( NVM ), dynamic random-access memory ( DRAM ), and logic devices. Their continued success is part of our commitment to driving semiconductor breakthroughs that define the next generation. Our core technical competency is integrating hardware, process, materials, software, and process control enabling results on the wafer. Semiconductor manufacturing, our customers business, involves the fabrication of multiple dies or integrated circuits ( ICs ) on a wafer. This involves the repetition of a set of core processes and can require hundreds of individual steps. Fabricating these devices requires a sequence of highly sophisticated process technologies to integrate an increasing array of new materials with precise control at the atomic scale. Along with meeting technical requirements, wafer processing equipment must deliver high productivity and be cost-effective. Demand for electronic systems supporting artificial intelligence, cloud infrastructure, communications, automotive, industrial and other intelligent systems is driving the need for high performance, energy efficient and highly integrated semiconductor devices. To meet these requirements, semiconductor manufacturers are adopting vertical scaling approaches, including three-dimensional ( 3D ) architecture, more sophisticated patterning schemes, new materials, and advanced integration approaches, as traditional two-dimensional scaling is becoming more challenging. These technology inflections are increasing manufacturing complexity and precision requirements in the production of semiconductors driving demand for our advanced semiconductor fabrication technologies and services. We believe we are in a strong position with our leadership and expertise in deposition, etch, and clean markets to facilitate some of the most significant innovations in semiconductor device manufacturing. Several factors create opportunity for sustainable differentiation for us: (i) our focus on research and development, with several on-going programs relating to sustaining engineering, product and process development, and concept and feasibility; (ii) our ability to effectively leverage cycles of learning from our broad installed base; (iii) our collaborative focus with semi-ecosystem partners, including our close-to-customer focus; (iv) our ability to Lam Research Corporation 2026 10-K 4 Table of Contents identify and invest in the breadth of our product portfolio to meet technology inflections; and (v) our focus on delivering our multi-product solutions with a goal to enhance the value of Lam s solutions to our customers. We also address processes for back-end wafer-level packaging ( WLP ), which is an alternative to traditional wire bonding and can offer a smaller form factor, increased interconnect speed and bandwidth, and lower power consumption, among other benefits. We offer advanced packaging solutions that support fan-out panel-level packaging, a process in which chips or chiplets are cut from a large format substrate sheet several times the size of a traditional silicon wafer, which increases yield and reduces waste and solutions that meet the need for 3D stacking of high bandwidth memory ( HBM ). In addition, our products are well-suited for related markets that rely on semiconductor processes and require production-proven manufacturing capability, such as complementary metal-oxide-semiconductor image sensors ( CIS ) and micro-electromechanical systems ( MEMS ). Our Customer Support Business Group ( CSBG ) provides products and services to maximize installed equipment performance, predictability, and operational efficiency. We offer a broad range of services to deliver value throughout the lifecycle of our equipment, including customer service, spares, upgrades, and new and refurbished non-leading edge products in our deposition, etch, and clean markets. Many of the technical advances that we introduce in our newest products are also available as upgrades, which provide customers with a cost-effective strategy for extending the performance and capabilities of their existing wafer fabrication lines. Service offerings include fleet level Equipment Intelligence solutions to maximize the productivity of our customers through system uptime or availability optimization, throughput improvements, and defect reduction. Our spares product line offers running cost optimization programs and focuses on product life extension to help customers increase the return on their capital purchases. Additionally, within CSBG, our Reliant product line offers new and refurbished non-leading edge products in deposition, etch and clean markets for those applications that do not require the most advanced wafer processing capability. Products MarketProcess/ApplicationTechnologyProducts DepositionMetal FilmsElectrochemical Deposition ( ECD ) (Copper & Other)SABRE family Chemical Vapor Deposition ( CVD ) Atomic Layer Deposition ( ALD ) (Tungsten & Molybdenum)ALTUS family Dielectric FilmsPlasma-enhanced CVD ( PECVD ) ALD VECTOR family Striker family EtchConductor EtchReactive Ion EtchKiyo family Versys Metal family Akara family Dielectric EtchReactive Ion EtchFlex family Vantex family Through-silicon Via ( TSV ) EtchDeep Reactive Ion EtchSyndion family Selective EtchSelective EtchArgos family Prevos family Selis family CleanWafer CleaningWet CleanEOS , DV-Prime , Da Vinci , SP Series families Bevel CleaningDry Plasma CleanCoronus family Dry ResistPhotoresist and Pattern TransferExtreme ultraviolet ( EUV ) lithography and Numerical Aperture EUV lithographyAether family AgePosition(s) Timothy M. Archer59President, Chief Executive Officer Douglas R. Bettinger59Executive Vice President, Chief Financial Officer Seshasayee (Sesha) Varadarajan51Executive Vice President, Chief Operating Officer Neil J. Fernandes59Senior Vice President, Global Customer Operations Ava A. Harter56Senior Vice President, Chief Legal Officer and Secretary Vahid Vahedi60Senior Vice President, Chief Technology and Sustainability Officer Karthikeyan (Karthik) Rammohan57Senior Vice President, Global Operations and Enterprise Solutions Total Number of Shares Repurchased Average Price Paid per Share (1,2) Total Number of Shares Purchased as Part of Publicly Announced Plans or ProgramsAmount Available Under Repurchase Program (in thousands, except per share data) Available balance as of June 29, 2025$7,517,184 Quarter ended September 28, 20259,686 (3)$105.67 9,686 (3)6,527,138 Quarter ended December 28, 20259,387 $153.62 9,387 5,085,043 Quarter ended March 29, 20263,516 (3)$210.57 3,516 (3)4,288,665 414 $287.93 414 4,169,403 May 25, 2026 - June 28, 2026397 (3)$370.15 397 (3)4,042,724 Total 23,400 $325.14 (4)23,400 $4,042,724 There were no share repurchases in the fiscal month ending April 26, 2026. (1)Average price paid per share excludes the effect of accelerated share repurchase activities. See additional disclosure above regarding our accelerated share repurchase activity during the fiscal year. Lam Research Corporation 2026 10-K 30 Table of Contents (2)Our net share repurchases are subject to a 1% excise tax under the Inflation Reduction Act. Excise tax incurred reduces the amount available under repurchase programs, as applicable, and is included in the cost of shares repurchased in the Consolidated Statement of Stockholders Equity and the calculation of the average price paid per share. (3)Includes shares received at initial or final settlement of accelerated share repurchase agreements; see additional disclosures above regarding our accelerated share repurchase activity during the fiscal year. (4)Average price paid per share presented is for the quarter ended June 28, 2026. Cumulative Five-Year Return The graph below compares Lam Research Corporation s cumulative five-year total shareholder return on Common Stock with the cumulative total returns of the Philadelphia Semiconductor Sector Total Return Index, the Nasdaq Composite Total Return index, and the Standard & Poor s ( S&P ) 500 (TR) index. The graph tracks the performance of a $100 investment in our Common Stock and in each of the indices (with the reinvestment of all dividends) for the five years ended June 28, 2026. COMPARISON OF FIVE-YEAR CUMULATIVE TOTAL RETURN* Among Lam Research Corporation, the Philadelphia Semiconductor Sector Total Return Index, the Nasdaq Composite Total Return Index, and the S&P 500 (TR) Index. *$100 invested on June 25, 2021 in stock or index, including reinvestment of dividends. Copyright 2026 Standard & Poor s, a division of S&P Global. All rights reserved. June 25, 2021June 26, 2022June 25, 2023June 30, 2024June 29, 2025June 28, 2026 Lam Research Corporation$100.00 $72.20 $99.01 $174.88 $161.45 $633.13 Philadelphia Semiconductor Sector Total Return Index$100.00 $84.94 $111.16 $175.35 $179.32 $429.87 Nasdaq Composite Total Return Index$100.00 $81.39 $95.46 $126.45 $145.57 $182.76 S&P 500 (TR) Index$100.00 $93.57 $105.82 $134.93 $154.57 $186.37 Lam Research Corporation 2026 10-K 31 Table of Contents Item 6. [Reserved] Item 7. Management s Discussion and Analysis of Financial Condition and Results of Operations The following Management s Discussion and Analysis of Financial Condition and Results of Operations ( MD&A ) generally discusses fiscal year 2026 and 2025 items and year-to-year comparisons between fiscal year 2026 and 2025 and should be read in conjunction with our Consolidated Financial Statements and accompanying Notes to Consolidated Financial Statements included in Part II, Item 8 of this 2026 Form 10-K. A discussion of fiscal year 2024 items and year-to-year comparisons between fiscal year 2025 and 2024 that are not included in this 2026 Form 10-K can be found in Management s Discussion and Analysis of Financial Condition and Results of Operations in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended June 29, 2025. Executive Summary Lam Research Corporation is a global supplier of innovative wafer fabrication equipment and services to the semiconductor industry. We have built a strong global presence with core competencies in areas like nanoscale manufacturing enablement, chemistry, plasma and fluidics, advanced systems engineering and a broad range of operational disciplines. Our products and services are designed to help our customers build smaller and better performing devices that are used in a variety of electronic products, including mobile phones, personal computers, cloud and enterprise servers, wearables, automotive vehicles, and data storage devices. Our customer base includes leading semiconductor memory, foundry, and integrated device manufacturers that make products such as NVM, DRAM, and logic devices. Their continued success is part of our commitment to driving semiconductor breakthroughs that define the next generation. Our core technical competency is integrating hardware, process, materials, software, and process control, enabling results on the wafer. Semiconductor manufacturing, our customers business, involves the fabrication of multiple dies or integrated circuits on a wafer. This involves the repetition of a set of core processes and can require hundreds of individual steps. Fabricating these devices requires a sequence of highly sophisticated process technologies to integrate an increasing array of new materials with precise control at the atomic scale. Along with meeting technical requirements, wafer processing equipment must deliver high productivity and be cost-effective. Demand for electronic systems supporting artificial intelligence, cloud infrastructure, communications, automotive, industrial and other intelligent systems is driving the need for high performance, energy efficient and highly integrated semiconductor devices. To meet these requirements, semiconductor manufacturers are adopting vertical scaling approaches, including three-dimensional ( 3D ) architecture, more sophisticated patterning schemes, new materials, and advanced integration approaches, as traditional two-dimensional scaling is becoming more challenging. These technology inflections are increasing manufacturing complexity and precision requirements in the production of semiconductors driving demand for our advanced semiconductor fabrication technologies and services. We believe we are in a strong position with our leadership and expertise in deposition, etch, and clean markets to facilitate some of the most significant innovations in semiconductor device manufacturing. Our Customer Support Business Group provides products and services to maximize installed equipment performance, predictability, and operational efficiency. Several factors create opportunities for sustainable differentiation for us: (i) our focus on research and development, with several ongoing programs relating to sustaining engineering, product and process development, and concept and feasibility; (ii) our ability to effectively leverage cycles of learning from our broad installed base; (iii) our collaborative focus with semi-ecosystem partners, including our close-to-customer focus; (iv) our ability to identify and invest in the breadth of our product portfolio to meet technology inflections; and (v) our focus on delivering our multi-product solutions with a goal to enhance the value of Lam s solutions to our customers. Wafer fabrication equipment investments were strong in the 2025 calendar year, and have continued to grow in 2026 with the AI market driving higher semiconductor industry spending across both the memory and non-memory market segments. In the short term, volatility in the semiconductor industry environment from trade restrictions, tariffs, as well as other direct and indirect risks and uncertainties discussed in Part I, Item 1A, Risk Factors, have had, and in the future may have, a negative impact on our revenue and operating margin. Over the longer term, we believe that secular demand for semiconductors, combined with technology inflections in our industry, including 3D device scaling, multiple patterning, process flow, and advanced packaging chip integration, will drive sustainable growth and lead to an increase in the served available market for our products and services in the deposition, etch, and clean businesses. Lam Research Corporation 2026 10-K 32 Table of Contents The following table summarizes certain key financial information for the periods indicated below: Change June 28, 2026June 29, 2025 Revenue$23,232,690 $18,435,591 4,797,099 26.0 %$11,725,308 $8,979,059 2,746,249 30.6 %50.5 %48.7 %$3,525,513 $3,078,091 447,422 14.5 %$7,265,396 $5,358,217 1,907,179 35.6 %$5.76 $4.15 1.61 38.8 % June 28, 2026June 29, 2025$23,233 $18,436 34 %34 %22 %19 %19 %22 %9 %10 %7 %7 %6 %5 %3 %3 % June 28, 2026June 29, 2025 Systems Revenue$14,885,488 $11,491,280 8,347,202 6,944,311 23,232,690 $18,435,591 June 28, 2026June 29, 202554 %45 %39 %42 %7 %13 %Change June 28, 2026June 29, 2025 Gross margin$11,725,308 $8,979,059 2,746,249 30.6 %50.5 %48.7 %Change June 28, 2026June 29, 2025 Research & development$2,375,873 $2,096,387 279,486 13.3 %10.2 %11.4 %Change June 28, 2026June 29, 2025 Selling, general, and administrative ("SG&A")$1,149,640 $981,704 167,936 17.1 %4.9 %5.3 %Change June 28, 2026June 29, 2025 Interest income$196,189 $231,331 (35,142)(15.2)%(156,884)(178,203)21,319 (12.0)%73,776 39,121 34,655 88.6 %(30,082)(26,412)(3,670)13.9 %(20,321)(8,676)(11,645)134.2 %62,678 $57,161 5,517 9.7 %Change June 28, 2026June 29, 2025 Income tax expense$997,077 $599,912 397,165 66.2 %12.1 %10.1 % June 28, 2026June 29, 2025 (in thousands) Net income$7,265,396 $5,358,217 Non-cash charges: Depreciation and amortization441,533 386,277 Deferred income taxes(289,062)(363,247) Equity-based compensation expense386,381 343,371 (1,913,879)441,801 Other(32,712)6,845 $5,857,657 $6,173,264 Significant changes in operating asset and liability accounts, net of foreign exchange impact, in fiscal year 2026 included the following uses of cash: increases in accounts receivable of $1.96 billion and inventory of $93.9 million, combined with decreases in deferred gross profit of $286.4 million, and accrued expenses and other liabilities of $39.3 million. These uses of cash were offset by the following sources of cash: increase in accounts payable of $417.5 million and decrease in prepaid expenses and other current assets of $50.2 million. Significant changes in operating asset and liability accounts, net of foreign exchange impact, during fiscal year 2025 included the following sources of cash: increases in deferred gross profit of $1.15 billion, accrued expenses and other liabilities of $328.3 million, and accounts payable of $212.0 million. These sources of cash were offset by the following uses of cash: increases in accounts receivable of $858.7 million, prepaid expenses and other current assets of $206.7 million, and inventory of $180.7 million. The decrease of $315.6 million in net cash provided by operating activities during fiscal year 2026 compared to fiscal year 2025 was primarily due to fluctuations in accounts receivable and deferred gross profit, partially offset by an increase in net income. Cash Flows from Investing Activities Net cash used for investing activities during fiscal years 2026 and 2025 was $922.2 million and $708.1 million, respectively, consisting primarily of capital expenditures. The increase of $214.1 million in net cash used for investing activities during fiscal year 2026 compared to fiscal year 2025 was primarily due to higher capital expenditures to support lab investments in the United States and global growth in manufacturing facilities. Cash Flows from Financing Activities Net cash used for financing activities during fiscal year 2026 was $5.72 billion, primarily consisting of $3.85 billion in Common Stock repurchases, including net share settlement on employee stock-based compensation; $1.27 billion of dividends paid; and $755.4 million of principal payments on debt instrument and debt issuance costs, partially offset by $173.4 million of stock issuance and treasury stock reissuances associated with our employee stock-based compensation plans. Net cash used for financing activities during fiscal year 2025 was $4.94 billion, primarily consisting of $3.42 billion in Common Stock repurchases, including net share settlement on employee stock-based compensation; $1.15 billion of dividends paid; and $507.5 million of principal payments on debt instrument and debt issuance costs, partially offset by $142.6 million of stock issuance and treasury stock reissuances associated with our employee stock-based compensation plans. The increase of $781.1 million in net cash used for financing activities during fiscal year 2026 compared to fiscal year 2025 was primarily the result of increased Common Stock repurchase activity, principal payments on debt instruments resulting from maturities of our 2026 Senior Notes, and higher dividends paid associated with an increased dividend rate. Liquidity Given that the semiconductor industry is highly competitive and has historically experienced rapid changes in demand, we believe that maintaining sufficient liquidity reserves is important to support sustaining levels of investment in R&D and capital infrastructure. Anticipated cash flows from operations based on our current business outlook, combined with our current levels of cash and cash equivalents as of June 28, 2026, are expected to be sufficient to support our anticipated levels of operations, investments, debt service requirements, capital expenditures, capital redistributions, and dividends through at least the next twelve months. However, factors outside of our control, including uncertainty in the global economy and the semiconductor industry, as well as disruptions in credit markets, have in the past, are currently, and could in the future, impact customer demand for our products, as well as our ability to manage normal commercial relationships with our customers, suppliers, and creditors. Lam Research Corporation 2026 10-K 38 Table of Contents Our capital allocation strategy includes a focus to return a portion of our free cash flow to stockholders over time through dividends and share repurchases of Common Stock. Free cash flow is defined as net cash provided by operating activities less cash used for capital expenditures and intangible assets. We expect to fund these capital return activities through future cash provided by operating activities, existing cash and cash equivalents, and/or existing or future available short- and long-term financing. In March 2026, $750.0 million principal value of our 2026 Senior Notes were settled upon maturity using available cash on hand. In March 2026, we increased the issuance capacity under our commercial paper program (the CP Program ) from $1.50 billion to $2.00 billion. The net proceeds from the CP Program may be used for general corporate purposes, including repurchases of our Common Stock from time to time under our stock repurchase program. As of June 28, 2026, we had no outstanding borrowings under the CP Program. Please refer to Note 14, Long-term Debt and Other Borrowings" to our Consolidated Financial Statements, included in Part II, Item 8 of this 2026 Form 10-K for additional information. In the longer term, liquidity will depend to a great extent on our future revenues and our ability to appropriately manage our costs based on demand for our products and services. While we have substantial cash balances, we may require additional funding and need or choose to raise the required funds through borrowings or public or private sales of debt or equity securities. We believe that, if necessary, we will be able to access the capital markets on terms and in amounts adequate to meet our objectives. However, domestic and global macroeconomic and political conditions could cause disruptions to the capital markets and otherwise make any financing more challenging, and there can be no assurance that we will be able to obtain such financing on commercially reasonable terms or at all. Off-Balance Sheet Arrangements and Contractual Obligations We have certain obligations to make future payments under various contracts, some of which are recorded on our balance sheet and some of which are not. Certain obligations that are recorded on our balance sheet in accordance with GAAP include our long-term debt, operating leases and finance leases; refer to Notes 14 and 15 of our Consolidated Financial Statements in Part II, Item 8 of this 2026 Form 10-K for further discussion. Our off-balance sheet arrangements and our transition tax liability are presented as purchase obligations, refer to Note 17 of our Consolidated Financial Statements in Part II, Item 8 of this 2026 Form 10-K for further discussion. In addition, in the ordinary course of business, we issue purchase orders based on estimates of our production needs, many times well in advance of delivery dates. The commitments under these open purchase orders are not included in the off-balance sheet commitments disclosed in the Notes to the Consolidated Financial Statements, as we generally have the option to cancel the purchase orders at our convenience, reschedule, and/or adjust quantities based on our business needs. As of June 28, 2026, we expect to fulfill approximately $727.9 million within one year related to these arrangements. We also periodically enter into contracts for capital expenditures related to facility and equipment investments. Certain of these arrangements represent purchase obligations with reasonably estimable future obligations and are included in our purchase obligations disclosure in the Notes of our Consolidated Financial Statements, while others are cancellable in accordance with their contractual terms and as such are excluded from the off-balance sheet commitments disclosure. Item 7A. Quantitative and Qualitative Disclosures About Market Risk Interest Rate Risk Long-Term Debt As of June 28, 2026, we had $3.75 billion in principal amount of fixed-rate long-term debt outstanding, with a fair value of $3.16 billion. The fair value of our Senior Notes is subject to interest rate risk and market risk. Generally, the fair value of Senior Notes will increase as interest rates fall and decrease as interest rates rise. The interest and market value changes affect the fair value of our Senior Notes but do not impact our financial position, cash flows, or results of operations due to the fixed nature of the debt obligations. We do not carry the Senior Notes at fair value but present the fair value of the principal amount of our Senior Notes for disclosure purposes. Foreign Currency Exchange ( FX ) Risk We conduct business on a global basis in several major international currencies. As such, we are potentially exposed to adverse as well as beneficial movements in foreign currency exchange rates. The majority of our revenues and expenses are denominated in U.S. dollars. However, we are exposed to foreign currency exchange rate fluctuations on non-U.S. dollar transactions or cash flows. We enter into foreign currency forward contracts to minimize the short-term impact of exchange rate fluctuations on certain foreign currency denominated monetary assets and liabilities, primarily cash, third-party accounts receivable, accounts payable, and intercompany receivables and payables. In addition, we hedge certain anticipated foreign currency cash flows. To protect against adverse movements in value of anticipated non-U.S. dollar transactions or cash flows, we enter into foreign currency forward and option contracts that generally expire within 12 months and no later than 24 months. The option contracts include collars, an option strategy that is comprised of a combination of a purchased put option and a written call option with the Lam Research Corporation 2026 10-K 39 Table of Contents same expiration dates and notional amounts but with different strike prices. These foreign currency hedge contracts are designated as cash flow hedges and are carried on our balance sheet at fair value, with the effective portion of the contracts gains or losses included in accumulated other comprehensive income (loss) and subsequently recognized in earnings in the same period the hedged revenue and/or expense is recognized. The unrealized loss of our outstanding forward and option contracts that are designated as cash flow hedges, as of June 28, 2026, and the change in fair value of these cash flow hedges assuming a hypothetical foreign currency exchange rate movement of plus or minus 10 percent and plus or minus 15 percent are not significant. We also enter into foreign currency forward contracts to offset the gains and losses generated by the remeasurement of certain non-U.S.-dollar denominated monetary assets and liabilities, primarily cash, third-party accounts receivable, accounts payable, and intercompany receivables and payables. The change in fair value of these balance sheet derivative instruments is recorded into earnings as a component of other income (expense), net, and offsets the change in fair value of the foreign currency denominated monetary assets and liabilities also recorded in other income (expense), net, assuming the derivative instruments fully cover the value of the foreign currency denominated monetary assets and liabilities. The unrealized loss of our balance sheet derivative instruments as of June 28, 2026, and the change in fair value of these contacts, assuming a hypothetical foreign currency exchange rate movement of plus or minus 10 percent and plus or minus 15 percent are not significant. These changes in fair values would be offset in other income (expense), net, by corresponding changes remeasurement gains or losses on foreign currency denominated monetary assets and liabilities, assuming the derivative instruments fully cover the value of the foreign currency denominated monetary assets and liabilities. Lam Research Corporation 2026 10-K 40 Table of Contents Item 8. Financial Statements and Supplementary Data There were no retrospective changes to the Consolidated Statements of Operation for any quarters in the two most recent fiscal years that would require disclosure under Item 302 of Regulation S-K. Index to Consolidated Financial Statements Page Consolidated Statements of Operations Years Ended June 28, 2026, June 29, 2025, and June 30, 202442 Consolidated Statements of Comprehensive Income Years Ended June 28, 2026, June 29, 2025, and June 30, 202443 Consolidated Balance Sheets June 28, 2026, and June 29, 202544 Consolidated Statements of Cash Flows Years Ended June 28, 2026, June 29, 2025, and June 30, 202445 Consolidated Statements of Stockholders Equity Years Ended June 28, 2026, June 29, 2025, and June 30, 202447 Notes to Consolidated Financial Statements48 Reports of Independent Registered Public Accounting Firm (PCAOB ID: 185 & 42) 71 Lam Research Corporation 2026 10-K 41 Table of Contents LAM RESEARCH CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) Year Ended June 28, 2026June 29, 2025June 30, 2024 Revenue$23,232,690 $18,435,591 $14,905,386 Cost of goods sold11,507,382 9,456,532 7,809,220 Restructuring charges, net - cost of goods sold 43,375 Total cost of goods sold11,507,382 9,456,532 7,852,595 Gross margin11,725,308 8,979,059 7,052,791 Research and development2,375,873 2,096,387 1,902,444 Selling, general, and administrative1,149,640 981,704 868,247 Restructuring charges, net - operating expenses 18,187 Total operating expenses3,525,513 3,078,091 2,788,878 Operating income8,199,795 5,900,968 4,263,913 Other income (expense), net62,678 57,161 96,309 Income before income taxes8,262,473 5,958,129 4,360,222 Income tax expense(997,077)(599,912)(532,450) Net income$7,265,396 $5,358,217 $3,827,772 Net income per share: Basic$5.79 $4.17 $2.91 Diluted$5.76 $4.15 $2.90 Number of shares used in per share calculations: Basic1,255,079 1,286,101 1,314,102 Diluted1,261,102 1,290,142 1,319,949 See Notes to Consolidated Financial Statements Lam Research Corporation 2026 10-K 42 Table of Contents LAM RESEARCH CORPORATION CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in thousands) Year Ended June 28, 2026June 29, 2025June 30, 2024 Net income$7,265,396 $5,358,217 $3,827,772 Other comprehensive income (loss), net of tax: Foreign currency translation adjustment(39,925)44,282 (29,080) Cash flow hedges: Net unrealized gains during the period24,908 20,758 20,370 Net (gains) losses reclassified into net income(49,492)7,173 (27,370) (24,584)27,931 (7,000) Available-for-sale investments: Net unrealized gains during the period 314 Net gains reclassified into net income (10) 304 Defined benefit plans, net change in unrealized component(156)(4,208)6,054 Other comprehensive (loss) income, net of tax(64,665)68,005 (29,722) Comprehensive income$7,200,731 $5,426,222 $3,798,050 See Notes to Consolidated Financial Statements Lam Research Corporation 2026 10-K 43 Table of Contents LAM RESEARCH CORPORATION CONSOLIDATED BALANCE SHEETS (in thousands, except per share data) June 28, 2026June 29, 2025 ASSETS: Cash and cash equivalents$5,579,171 $6,390,659 5,339,682 3,378,071 Inventories4,276,111 4,307,991 Prepaid expenses and other current assets415,741 440,274 Total current assets15,610,705 14,516,995 Property and equipment, net2,956,472 2,428,744 Goodwill and intangible assets, net1,895,859 1,808,685 3,066,707 2,590,836 Total assets$23,529,743 $21,345,260 LIABILITIES AND STOCKHOLDERS EQUITY: Trade accounts payable$1,302,467 $854,208 Accrued expenses and other current liabilities2,351,541 2,394,366 Deferred profit2,279,168 2,565,540 Current portion of long-term debt and finance lease obligations4,073 754,311 Total current liabilities5,937,249 6,568,425 Long-term debt and finance lease obligations3,730,490 3,730,194 Income taxes payable681,197 603,412 Other long-term liabilities709,886 581,610 Total liabilities11,058,822 11,483,641 Commitments and contingencies Preferred stock, at par value of $0.001 per share; authorized - 5,000 shares, none outstanding Common stock, at par value of $0.001 per share; authorized 4,000,000 shares as of June 28, 2026 and June 29, 2025; issued and outstanding 1,251,278 shares as of June 28, 2026, and 1,268,740 shares as of June 29, 2025 1,251 1,268 Additional paid-in capital9,244,449 8,697,290 Treasury stock, at cost, 1,710,109 shares as of June 28, 2026, and 1,687,582 shares as of June 29, 2025 (31,597,945)(27,763,430) Accumulated other comprehensive loss(127,088)(62,423) Retained earnings34,950,254 28,988,914 Total stockholders equity12,470,921 9,861,619 Total liabilities and stockholders equity$23,529,743 $21,345,260 See Notes to Consolidated Financial Statements Lam Research Corporation 2026 10-K 44 Table of Contents LAM RESEARCH CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) Year Ended June 28, 2026June 29, 2025June 30, 2024 CASH FLOWS FROM OPERATING ACTIVITIES: Net income$7,265,396 $5,358,217 $3,827,772 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization441,533 386,277 359,699 Deferred income taxes(289,062)(363,247)(198,981) Equity-based compensation expense386,381 343,371 293,058 (32,712)6,845 10,243 Changes in operating asset and liability accounts: Accounts receivable, net of allowance(1,962,108)(858,748)303,443 Inventories(93,860)(180,733)528,723 Prepaid expenses and other assets50,240 (206,729)(15,535) Trade accounts payable417,507 212,000 125,939 Deferred profit(286,372)1,147,759 (277,440) Accrued expenses and other liabilities(39,286)328,252 (304,652) Net cash provided by operating activities5,857,657 6,173,264 4,652,269 CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures and intangible assets(966,405)(759,186)(396,670) 34,336 Proceeds from sales of available-for-sale securities 3,430 44,253 51,094 (11,710) Net cash used for investing activities(922,152)(708,092)(370,614) Lam Research Corporation 2026 10-K 45 Table of Contents Year Ended June 28, 2026June 29, 2025June 30, 2024 CASH FLOWS FROM FINANCING ACTIVITIES: Principal payments on long-term debt and finance lease obligations and payments for debt issuance costs$(755,428)$(507,488)$(256,104) (3,851,343)(3,422,321)(2,842,807) Dividends paid(1,270,635)(1,149,542)(1,018,915) Reissuances of treasury stock related to employee stock purchase plan155,965 140,113 119,966 Proceeds from issuance of common stock17,447 2,452 15,553 Other, net(13,793)143 (13,543) Net cash used for financing activities(5,717,787)(4,936,643)(3,995,850) Effect of exchange rate changes on cash, cash equivalents and restricted cash(27,431)28,324 (22,374) Net change in cash, cash equivalents and restricted cash(809,713)556,853 263,431 Cash, cash equivalents and restricted cash at beginning of year (1)6,407,656 5,850,803 5,587,372 Cash, cash equivalents and restricted cash at end of year (1)$5,597,943 $6,407,656 $5,850,803 Schedule of non-cash transactions Accrued payables for stock repurchases, including applicable excise tax$34,348 $38,525 $51,471 Accrued payables for capital expenditures119,605 80,799 60,826 Dividends payable325,402 291,981 260,905 Transfers of finished goods inventory to property and equipment125,691 90,873 71,267 Supplemental disclosures: Cash payments for interest$150,101 $172,355 $173,094 June 28, 2026June 29, 2025June 30, 2024 Cash and cash equivalents$5,579,171 $6,390,659 $5,847,856 Restricted cash and cash equivalents (1)18,772 16,997 2,947 Total cash, cash equivalents, and restricted cash$5,597,943 $6,407,656 $5,850,803 (1) Restricted cash is reported within Other assets in the Consolidated Balance Sheets See Notes to Consolidated Financial Statements Lam Research Corporation 2026 10-K 46 Table of Contents LAM RESEARCH CORPORATION CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY (in thousands, except per common share data) Common Stock SharesCommon StockAdditional Paid-in CapitalTreasury StockAccumulated Other Comprehensive Income (Loss)Retained EarningsTotal Balance at June 25, 20231,332,966 $1,333 $7,806,749 $(21,529,300)$(100,706)$22,032,096 $8,210,172 Issuance of common stock5,243 5 15,548 15,553 Purchase of treasury stock(37,241)(37) (2,848,755) (2,848,792) Reissuance of treasury stock2,801 3 107,691 12,272 119,966 Equity-based compensation expense 293,058 293,058 Net income 3,827,772 3,827,772 Other comprehensive loss (29,722) (29,722) Cash dividends declared ($0.80 per common share) (1,048,553)(1,048,553) Balance at June 30, 20241,303,769 1,304 8,223,046 (24,365,783)(130,428)24,811,315 8,539,454 Issuance of common stock4,315 4 2,448 2,452 Purchase of treasury stock(41,812)(42) (3,409,333) (3,409,375) Reissuance of treasury stock2,468 2 128,425 11,686 140,113 Equity-based compensation expense 343,371 343,371 Net income 5,358,217 5,358,217 Other comprehensive income 68,005 68,005 Cash dividends declared ($0.92 per common share) (1,180,618)(1,180,618) Balance at June 29, 20251,268,740 1,268 8,697,290 (27,763,430)(62,423)28,988,914 9,861,619 Issuance of common stock5,065 5 17,442 17,447 Purchase of treasury stock(25,034)(25) (3,847,141) (3,847,166) Reissuance of treasury stock2,507 3 143,336 12,626 155,965 Equity-based compensation expense 386,381 386,381 Net income 7,265,396 7,265,396 Other comprehensive loss (64,665) (64,665) Cash dividends declared ($1.04 per common share) (1,304,056)(1,304,056) Balance at June 28, 20261,251,278 $1,251 $9,244,449 $(31,597,945)$(127,088)$34,950,254 $12,470,921 See Notes to Consolidated Financial Statements Lam Research Corporation 2026 10-K 47 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 28, 2026 Note 1: Company and Industry Information The Company designs, manufactures, markets, refurbishes, and services semiconductor processing equipment used in the fabrication of integrated circuits. Semiconductor manufacturing, our customers business, involves the complete fabrication of multiple dies or integrated circuits on a wafer. This involves the repetition of a set of core processes and can require hundreds of individual steps. Fabricating these devices requires highly sophisticated process technologies to integrate an increasing array of new materials with precise control at the atomic scale. Along with meeting technical requirements, wafer processing equipment must deliver high productivity and be cost-effective. The Company sells its products and services primarily to companies involved in the production of semiconductors in the United States, China, Europe, Japan, Korea, Southeast Asia, and Taiwan. The semiconductor industry is cyclical in nature and has historically experienced periodic downturns and upturns. Today s leading indicators of changes in customer investment patterns, such as electronics demand, memory pricing, and foundry utilization rates, may not be any more reliable than in prior years. Demand for the Company s equipment can vary significantly from period to period as a result of various factors including, but not limited to, economic conditions; supply, demand, and prices for semiconductors; customer capacity requirements; and the Company s ability to develop and market competitive products. For these and other reasons, the Company s results of operations for fiscal years 2026, 2025, and 2024 may not necessarily be indicative of future operating results. Note 2: Summary of Significant Accounting Policies The preparation of financial statements in conformity with GAAP requires management to make judgments, estimates, and assumptions that could affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The Company bases its estimates and assumptions on historical experience and on various other assumptions it believes to be applicable and evaluates them on an ongoing basis to ensure they remain reasonable under current conditions. Actual results could differ significantly from those estimates. Revenue Recognition: The Company generally considers documentation of terms with an approved purchase order as a customer contract, provided that collection is considered probable, which is assessed based on the creditworthiness of the customer as determined by credit checks, payment histories, and/or other circumstances. The transaction price for contracts with customers is allocated among the identified performance obligations and consists of both fixed and variable consideration provided it is probable that a significant reversal of revenue will not occur when the uncertainty related to variable consideration is resolved. Fixed consideration includes amounts to be contractually billed to the customer while variable consideration includes estimates for discounts and credits for future usage which are based on contractual terms outlined in volume purchase agreements and other factors known at the time. The Company generally invoices customers at shipment and for professional services as provided. Customer invoices are generally due within 30 to 90 days after issuance. The Company s contracts with customers typically do not include significant financing components as the period between the transfer of performance obligations and timing of payment are generally within one year. Revenue for systems and spares are recognized at a point in time, which is generally upon shipment or delivery. Revenue from services is recognized over time as services are completed or ratably over the contractual period of generally one year or less. Revenue is recognized in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services. The Company elects to use the practical expedient afforded in the accounting guidance and therefore does not disclose remaining performance obligations for contracts with a duration of less than one year. Additionally, outstanding customer contracts with remaining durations more than one year are not material as of June 28, 2026. Inventory Valuation: Inventories are stated at the lower of cost or net realizable value using standard costs that approximate actual costs on a first-in, first-out basis. Management evaluates the need to record adjustments for impairment of inventory at least quarterly. The Company s policy is to assess the valuation of all inventories including manufacturing raw materials, work-in-process, finished goods, and spare parts in each reporting period. Inventory in excess of management s estimated usage requirement and obsolete inventory is written down to its estimated net realizable value if less than cost. Estimates of net realizable value include but are not limited to management s forecasts related to customer demand, the Company s future manufacturing schedules, technological and/or market obsolescence, general semiconductor market conditions, and possible alternative uses. If future customer demand or market conditions are less favorable than the Company s projections, additional inventory write-downs may be required and would be reflected in cost of goods sold in the period in which the revision is made. Warranty: Typically, the sale of semiconductor capital equipment includes providing parts and service warranties to customers as part of the overall price of the system. The Company provides standard warranties for its systems. The Company records a provision for estimated warranty expenses to cost of sales for each system when it recognizes revenue. The Company does not maintain general or unspecified reserves; all warranty reserves are related to specific systems. All actual or estimated parts and labor costs incurred in subsequent periods are charged to those established reserves on a system-by-system basis. Lam Research Corporation 2026 10-K 48 Table of Contents While the Company periodically monitors the performance and cost of warranty activities, if actual costs incurred are different than its estimates, the Company may recognize adjustments to provisions in the period in which those differences arise or are identified. Equity-based Compensation Employee Stock Plans: The Company recognizes the fair value of equity-based compensation expense. The Company determines the fair value of its service-based restricted stock units based upon the fair market value of the Company s Common Stock at the date of grant, discounted for dividends, and estimates the fair value of its market-based performance restricted stock units using a Monte Carlo simulation model at the date of the grant. The Company estimates the fair value of its stock options using a Black-Scholes option valuation model. This model requires the input of subjective assumptions, including expected stock price volatility and the estimated life of each award. The Company amortizes the fair value of equity-based awards over the vesting periods of the award and has elected to use the straight-line method of amortization. Income Taxes: Deferred income taxes reflect the net tax effect of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, as well as the tax effect of carryforwards. The Company records a valuation allowance to reduce its deferred tax assets to the amount that is more likely than not to be realized. Realization of its net deferred tax assets is dependent on future taxable income. The Company believes it is more likely than not that such assets will be realized; however, ultimate realization could be negatively impacted by market conditions and other variables not known or anticipated at this time. In the event that the Company determines that it will not be able to realize all or part of its net deferred tax assets, an adjustment will be charged to earnings in the period such determination is made. Likewise, if the Company later determines that it is more likely than not that the deferred tax assets will be realized, then the previously provided valuation allowance will be reversed. The Company has an accounting policy election to record deferred taxes related to GILTI. The Company recognizes the benefit from a tax position only if it is more likely than not that the position will be sustained upon audit based solely on the technical merits of the tax position. The Company has a policy to include interest and penalties related to uncertain tax positions as a component of income tax expense. Goodwill and Intangible Assets: The valuation of intangible assets acquired in a business combination requires the use of management estimates including but not limited to estimating future expected cash flows from assets acquired and determining discount rates. Management s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable, and as a result, actual results may differ from estimates. Estimates associated with the accounting for acquisitions may change as additional information becomes available. The Company amortizes intangible assets with estimable useful lives over their respective estimated useful lives. Goodwill represents the amount by which the purchase price in each business combination exceeds the fair value of the net tangible and identifiable intangible assets acquired. Each component of the Company for which discrete financial information is available and for which management regularly reviews the results of operations is considered a reporting unit. All goodwill acquired in a business combination is assigned to one or more reporting units as of the acquisition date. Goodwill is assigned to the Company s reporting units that are expected to benefit from the synergies of the combination. The goodwill assigned to a reporting unit is the difference between the acquisition consideration assigned to the reporting unit on a relative fair value basis and the fair value of acquired assets and liabilities that can be specifically attributed to the reporting unit. The Company reviews goodwill at least annually for impairment during the fourth quarter of each fiscal year and if certain events or indicators of impairment occur between annual impairment tests. When reviewing goodwill for impairment, the Company first performs a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. In performing a qualitative assessment, it considers business conditions and other factors including, but not limited to (i) adverse industry or economic trends, (ii) restructuring actions and lower projections that may impact future operating results, (iii) sustained decline in share price, and (iv) overall financial performance and other events affecting the reporting units. If the Company concludes that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then a quantitative impairment test is performed by estimating the fair value of the reporting unit and comparing it to its carrying value, including goodwill allocated to that reporting unit. The Company did not record impairments of goodwill during the years ended June 28, 2026, June 29, 2025, or June 30, 2024. Impairment of Long-lived Assets (Excluding Goodwill): The Company reviews intangible assets whenever events or circumstances indicate that the carrying value of an asset or asset group may not be recoverable. If such indicators are present, the Company determines whether the sum of the estimated undiscounted cash flows attributable to the assets is less than their carrying value. If the sum is less, the Company recognizes an impairment loss based on the excess of the carrying amount of the assets over their respective fair values. Fair value is determined by discounted future cash flows, appraisals, or other methods. The Company recognizes an impairment charge to the extent the fair value attributable to the asset are less than the asset s carrying value. The fair value of the asset then becomes the asset s new carrying value, which the Company depreciates over the remaining estimated useful life of the asset. Assets to be disposed of are reported at the lower of the carrying amount or fair value. For the periods presented, impairment of long-lived assets were not material. In addition, for fully amortized intangible assets, we derecognize the gross cost and accumulated amortization in the period we determine the intangible asset no longer enhances future cash flows. Fiscal Year: The Company follows a 52/53-week fiscal reporting calendar, and its fiscal year ends on the last Sunday of June each year. The Company s fiscal years ending on June 28, 2026 and June 29, 2025 included 52 weeks, and the fiscal year ended June 30, 2024 included 53 weeks. Lam Research Corporation 2026 10-K 49 Table of Contents Principles of Consolidation: The Consolidated Financial Statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Cash Equivalents and Investments: Investments purchased with an original maturity of three months or less are considered cash equivalents. The Company also invests in certain mutual funds, which include equity and fixed-income securities, related to its obligations under its deferred compensation plan, and such investments are classified as trading securities on the Consolidated Balance Sheets. All of the Company s other investments are classified as available-for-sale at the respective balance sheet dates. The Company accounts for its investment portfolio at fair value. Investments classified as trading securities are recorded at fair value based upon quoted market prices. Differences between the cost and fair value of trading securities are recognized as Other income (expense), net in the Consolidated Statement of Operations. The investments classified as available-for-sale are recorded at fair value based upon quoted market prices, and difference between the cost and fair value of available-for-sale securities is presented as a component of accumulated other comprehensive income (loss). The Company evaluates its investments with fair value less than amortized cost by first considering whether the Company has the intent to sell the security or whether it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis. In either such situation, the difference between fair value and amortized cost is recognized as a loss in the Consolidated Statement of Operations. Where such sales are not likely to occur, the Company considers whether a portion of the loss is the result of a credit loss. To the extent such losses are the result of credit losses, those amounts are recognized in the Consolidated Statement of Operations. All other differences between fair value and amortized cost are recognized in other comprehensive income. No such losses were recognized through the Consolidated Statement of Operations during the years ended June 28, 2026, June 29, 2025 and June 30, 2024. Allowance for Expected Credit Losses: The Company maintains an allowance for expected losses resulting from the inability of its customers to make required payments. The Company evaluates its allowance for expected credit losses based on a combination of factors. In circumstances where specific invoices are deemed uncollectible, the Company provides a specific allowance against the amount due to reduce the net recognized receivable to the amount it reasonably believes will be collected. The Company also provides allowances based on its write-off history. Bad debt expense was not material for fiscal years ended June 28, 2026, June 29, 2025, and June 30, 2024. Property and Equipment: Property and equipment is stated at cost, less recognized impairments, if any. Equipment is depreciated by the straight-line method over the estimated useful lives of the assets, generally three to seven years. Furniture and fixtures are depreciated by the straight-line method over the estimated useful lives of the assets, generally five years. Software is amortized by the straight-line method over the estimated useful lives of the assets, generally three to five years. Buildings are depreciated by the straight-line method over the estimated useful lives of the assets, generally twenty-five years. Leasehold improvements are generally amortized by the straight-line method over the shorter of the life of the related asset or the term of the underlying lease. Amortization of finance leases is included with depreciation expense. Derivative Financial Instruments: In the normal course of business, the Company s financial position is routinely subjected to market risk associated with interest rate and foreign currency exchange rate fluctuations. The Company s policy is to mitigate the effect of interest rate fluctuations on certain proposed debt instruments and exchange rate fluctuations on certain foreign currency denominated business exposures. The Company has a policy that allows the use of derivative financial instruments to hedge foreign currency exchange rate fluctuations on forecasted revenue and expenses and net monetary assets or liabilities denominated in various foreign currencies. The Company carries derivative financial instruments (derivatives) on the balance sheet at their fair values. The Company does not use derivatives for trading or speculative purposes. The Company does not believe that it is exposed to more than a nominal amount of credit risk in its interest rate and foreign currency hedges, as counterparties are large, global and well-capitalized financial institutions. The Company maintains an active currency hedging program and believes there is minimal risk that appropriate derivatives to maintain the Company s hedging program would not be available in the future. To hedge foreign currency risks, the Company uses foreign currency exchange forward and option contracts, where possible and prudent. These hedge contracts are valued using standard valuation formulas with assumptions about future foreign currency exchange rates derived from existing exchange rates, interest rates, and other market factors. The Company considers its most current forecast in determining the level of foreign currency denominated revenue and expenses to hedge as cash flow hedges. The Company combines these forecasts with historical trends to establish the portion of its expected volume to be hedged. The revenue and expenses are hedged and designated as cash flow hedges to protect the Company from exposures to fluctuations in foreign currency exchange rates. If the underlying forecasted transaction does not occur, or it becomes probable that it will not occur, the related hedge gains and losses on the cash flow hedge are reclassified from Accumulated other comprehensive income (loss) to Other income (expense), net on the Consolidated Statement of Operations at that time. Leases: Lease expense for operating leases is recognized on a straight-line basis over the lease term. The Company includes renewals and terminations in the calculation of the right-of-use asset and liability when the provision is reasonably certain to be exercised. The Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of future lease payments when the rate implicit in the lease is unknown. The Company has elected the following practical expedients and accounting policy elections for accounting under ASC 842: (i) leases with an initial lease term of 12 months or less are not recorded on the balance sheet; and (ii) lease and non-lease components of a contract are accounted for as a single lease component. Lam Research Corporation 2026 10-K 50 Table of Contents Guarantees: The Company s guarantees generally include certain indemnifications to its lessors for environmental matters, potential overdraft protection obligations to financial institutions related to one of the Company s subsidiaries, indemnifications to the Company s customers for certain infringement of third-party intellectual property rights by its products and services, indemnifications for its officers and directors, and the Company s warranty obligations under sales of its products. Government Assistance: For government grants, the Company recognizes a benefit in the Consolidated Statement of Operations, as a reduction to the expense for which the individual government grant ( Grant or Grants ) is designed to compensate, over the duration of the program when the Company has reasonable assurance that it will comply with the conditions under the Grant and that the Grant will be received. Grants related to investments in property and equipment are recognized as a reduction to the cost basis of the underlying assets with an ongoing reduction to depreciation expense over the assets estimated useful life. Operating-related grants are recorded as a reduction to expense in the same line item on the Consolidated Statements of Operation as the expenditure for which the incentive is intended to compensate. Foreign Currency Translation: The Company s non-U.S. subsidiaries that operate in a local currency environment, where that local currency is the functional currency, primarily generate and expend cash in their local currency. Accordingly, all balance sheet accounts of these local functional currency subsidiaries are translated into U.S. dollars at the fiscal period-end exchange rate, and income and expense accounts are translated into U.S. dollars using average rates in effect for the period, except for costs related to those balance sheet items that are translated using historical exchange rates. The resulting translation adjustments are recorded as cumulative translation adjustments and are a component of Accumulated other comprehensive income (loss). Remeasurement adjustments are recorded in Other income (expense), net, where the U.S. dollar is the functional currency and the Company transacts in a currency other than the functional currency. Note 3: Recent Accounting Pronouncements Recently Adopted or Effective In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities to disclose consistent categories and greater disaggregation of information in the rate reconciliation and for income taxes paid. It also includes certain other amendments to improve the effectiveness of income tax disclosures. The guidance is effective for financial statements issued for annual periods beginning after December 15, 2024, with early adoption permitted. The Company adopted this standard prospectively in fiscal year 2026 for the annual reporting period ending June 28, 2026. The adoption of ASU 2023-09 did not have an impact on the Company s Consolidated Financial Statements other than expanded tax footnote disclosures. Note 4: Revenue Disaggregation of Revenue The following table presents the Company s revenue disaggregated between systems and customer-support related revenue: Year Ended June 28, 2026June 29, 2025June 30, 2024 (in thousands) Systems Revenue$14,885,488 $11,491,280 $8,921,643 Customer support-related revenue and other8,347,202 6,944,311 5,983,743 $23,232,690 $18,435,591 $14,905,386 Systems revenue includes sales of new leading-edge equipment in deposition, etch, clean and other water fabrication markets. Customer support-related revenue includes sales of customer service, spares, upgrades, and non-leading-edge equipment from the Company s Reliant product line. The Company operates in one reportable business segment: manufacturing and servicing of wafer processing semiconductor manufacturing equipment. Refer to Note 19: Segment, Geographic Information, and Major Customers for additional information regarding the Company s evaluation of reportable business segments and the disaggregation of revenue by the geographic regions in which the Company operates. Lam Research Corporation 2026 10-K 51 Table of Contents Additionally, the Company serves three primary markets: memory, foundry, and logic/integrated device manufacturing. The following table presents the percentages of leading- and non-leading-edge equipment and upgrade revenue to each of the primary markets the Company serves: Year Ended June 28, 2026June 29, 2025June 30, 2024 Foundry54 %45 %40 % Memory39 %42 %42 % Logic/integrated device manufacturing7 %13 %18 % Deferred Revenue Revenue of $2.09 billion included in deferred profit at June 29, 2025 was recognized during fiscal year 2026, representing 78% of the $2.68 billion of deferred revenue as of June 29, 2025. The following table summarizes the transaction price for contracts that have not yet been recognized as revenue as of June 28, 2026 and when the Company expects to recognize the amounts as revenue: Less than 1 Year1-3 YearsMore than 3 YearsTotal (in thousands) Deferred revenue$1,798,139 $460,673 (1)$175,184 (1)$2,433,996 (1) This amount is reported in Deferred profit on the Company's Consolidated Balance Sheets as the customers can demand the performance to be satisfied at any time. Note 5: Equity-based Compensation Plan The Company has stock plans that provide for grants of non-qualified equity-based awards of the Company s Common Stock to eligible employees and non-employee directors, including stock options, service-based restricted stock units ( service-based RSUs ), and market-based performance restricted stock units ( market-based PRSUs ). An option is a right to purchase Common Stock at a set price. A restricted stock unit award is an agreement to issue a set number of shares of Common Stock at the time of vesting. The Company also has an employee stock purchase plan that allows eligible employees to purchase its Common Stock at a discount through payroll deductions. The Lam Research Corporation 2015 Stock Incentive Plan, as amended, and the Lam Research Corporation 2025 Stock Incentive Plan (collectively the Stock Plans ) were approved by the stockholders and provide for the grant of non-qualified equity-based awards to eligible employees, consultants, advisors, and non-employee directors of the Company and its subsidiaries. The 2025 Stock Incentive Plan was approved by shareholders on November 4, 2025 and authorizes up to 96.8 million shares available for issuance under the plan. Additionally, 62.8 million shares that remained available for grant under the Company s 2015 Stock Incentive plan, as amended were added to the shares available for issuance under the 2025 Stock Incentive plan. As of June 28, 2026, 159.9 million shares remain available for future issuance under the Stock Plans to satisfy stock option exercises and vesting of awards. The Company recognized the following equity-based compensation expense (including expense related to the employee stock purchase plan) and related income tax benefit in the Consolidated Statements of Operations: Year Ended June 28, 2026June 29, 2025June 30, 2024 (in thousands) Equity-based compensation expense$386,381 $343,371 $293,058 Income tax benefit recognized related to equity-based compensation$23,505 $22,242 $38,157 Income tax benefit realized from the exercise and vesting of options and RSUs$90,697 $28,727 $75,441 The estimated fair value of the Company s equity-based awards, less expected forfeitures, is amortized over the awards vesting terms on a straight-line basis. Restricted Stock Units During fiscal years 2026, 2025, and 2024, the Company issued both service-based RSUs and market-based PRSUs. Service-based RSUs typically vest annually over a period of 3 years or less. Market-based PRSUs generally vest three years from the grant date if certain performance and employment criteria are achieved. Lam Research Corporation 2026 10-K 52 Table of Contents For the market-based PRSUs granted in the 2026 and 2025 fiscal years, the number of shares that can be earned over the performance period is based on the Company s total shareholder return ( TSR ) relative to other companies in the Philadelphia Semiconductor Index ( XSOX ), and ranges from 0% to 150% of target. Total shareholder return is a measure of stock price appreciation in the performance period, adjusted for the reinvestment of dividends. Relative TSR performance is measured using the average closing prices of each XSOX company for the 50-trading days prior to the dates the performance period begins and ends. The target number of shares is earned based on the percentile ranking of the Company s TSR among the TSRs for the companies making up the XSOX Index. If the Company s TSR is negative over the performance period, the payout will be capped at 100%, regardless of the percentile ranking. For market-based PRSUs granted in the 2024 fiscal year, the number of shares that can be earned over the performance periods is based on the Company s Common Stock price performance compared to the market price performance of the Philadelphia Semiconductor Total Return Index ( XSOX ), and ranges from 0% to 150% of target. The stock price performance or market price performance is measured using the average closing price for the 50-trading days prior to the dates the performance period begins and ends. The target number of shares represented by the market-based PRSUs is increased by 2% of target for each 1% that Common Stock price performance exceeds the market price performance of the designated benchmark index. The following table summarizes the Company s combined service-based RSUs and market-based PRSUs: Number of Shares (in thousands)Weighted-Average Grant Date Fair Value Outstanding, June 29, 20258,964 $74.09 Granted2,086 227.99 Vested(4,706)64.37 Forfeited or canceled(414)86.21 Outstanding, June 28, 20265,930 $124.83 Of the 5,930 thousand shares outstanding at June 28, 2026, 4,714 thousand are service-based RSUs and 1,216 thousand are market-based PRSUs. The fair value of the Company s service-based RSUs was calculated based on the fair market value of the Company s stock at the date of grant, discounted for dividends. The fair value of the Company s market-based PRSUs granted during fiscal years 2026, 2025, and 2024 was calculated using a Monte Carlo simulation model at the date of the grant, resulting in a weighted average grant-date fair value per share of $283.38, $85.18, and $102.77, respectively. The total fair value of service-based RSUs and market-based RSUs that vested during fiscal years 2026, 2025, and 2024 was $293.7 million, $249.9 million, and $242.8 million, respectively. As of June 28, 2026, the Company had $567.7 million of total unrecognized compensation expense which is expected to be recognized over a weighted-average remaining period of approximately 2.1 years. Stock Options The Company granted stock options with a 7-year maximum contractual term to a limited group of executive officers during fiscal years 2025 and 2024. No stock options were granted during fiscal year 2026. Stock options typically vest over a period of three years or less. The Company had 916 thousand options outstanding at June 28, 2026 with a weighted-average exercise price of $60.48 per share, of which 822 thousand were exercisable with a weighted-average exercise price of $56.28 per share. As of June 28, 2026, the Company had $2.6 million of total unrecognized compensation expense related to unvested stock options granted and outstanding which is expected to be recognized over a weighted-average remaining period of nine months. ESPP The Company has an employee stock purchase plan (the ESPP ) which allows employees to designate a portion of their base compensation to be deducted and used to purchase the Company s Common Stock at a purchase price per share of the lower of 85% of the fair market value of the Company s Common Stock on the first or last day of the applicable purchase period. Typically, each offering period lasts 12 months and contains one interim purchase date. During fiscal year 2026, approximately 2,552 thousand shares of the Company s Common Stock were sold to employees under the ESPP. At June 28, 2026, approximately 45.8 million shares were available for purchase, and the Company had $69.9 million of total unrecognized compensation cost, which is expected to be recognized over a remaining period of approximately ten months. Lam Research Corporation 2026 10-K 53 Table of Contents Note 6: Other Income (Expense), Net The significant components of Other income (expense), net, were as follows: Year Ended June 28, 2026June 29, 2025June 30, 2024 (in thousands) Interest income$196,189 $231,331 $251,938 Interest expense(156,884)(178,203)(185,236) Gains on deferred compensation plan related assets, net73,776 39,121 58,767 (30,082)(26,412)(4,837) Other, net(20,321)(8,676)(24,323) $62,678 $57,161 $96,309 Interest income in fiscal year 2026 decreased compared to fiscal year 2025 primarily due to lower interest rates as well as an impact from slightly lower average invested cash balances versus the prior year. Interest income in fiscal year 2025 decreased compared to fiscal year 2024, primarily due to lower interest rates, partially offset by higher average cash balances. Interest expense decreased in fiscal year 2026 compared to fiscal year 2025 primarily due to the maturity of $750.0 million of the Company s Senior Notes in March 2026. Interest expense decreased in fiscal year 2025 compared to fiscal year 2024 primarily due to the maturity of $500.0 million of the Company s Senior Notes in March 2025. The gains on deferred compensation plan related assets, net in fiscal years 2026, 2025 and 2024 were driven by fluctuations in the fair market value of the underlying funds. Foreign exchange fluctuations in fiscal years 2026, 2025 and 2024 were primarily due to currency movements against portions of our unhedged balance sheet exposures. The variations in other, net for the year ended June 28, 2026 compared to the years ended June 29, 2025 and June 30, 2024 were primarily driven by fluctuations in the fair market value of equity investments. Note 7: Income Taxes The components of income before income taxes were as follows: Year Ended June 28, 2026June 29, 2025June 30, 2024 (in thousands) United States$535,542 $219,435 $282,736 Foreign7,726,931 5,738,694 4,077,486 $8,262,473 $5,958,129 $4,360,222 Lam Research Corporation 2026 10-K 54 Table of Contents Significant components of the provision (benefit) for income taxes attributable to income before income taxes were as follows: Year Ended June 28, 2026June 29, 2025June 30, 2024 (in thousands) Federal: Current$959,341 $701,819 $566,106 Deferred(270,392)(372,783)(186,238) 688,949 329,036 379,868 State: Current28,697 22,979 20,081 Deferred(5,645)12,448 (15,118) 23,052 35,427 4,963 Foreign: Current298,100 238,363 143,595 Deferred(13,024)(2,914)4,024 285,076 235,449 147,619 Total provision for income taxes$997,077 $599,912 $532,450 Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, as well as the tax effect of carryforwards. Significant components of the Company s net deferred tax assets and liabilities were as follows: June 28, 2026June 29, 2025 (in thousands) Deferred tax assets: Tax carryforwards$470,727 $431,533 Allowances and reserves281,612 260,266 1,250,897 1,002,861 R&D capitalization126,910 96,594 Operating lease liabilities72,236 50,722 Other61,039 54,749 Gross deferred tax assets2,263,421 1,896,725 Valuation allowance(464,134)(424,347) Net deferred tax assets1,799,287 1,472,378 Deferred tax liabilities: Capital assets(146,147)(129,145) (72,236)(50,722) Other(17,144)(17,472) Gross deferred tax liabilities(235,527)(197,339) Net deferred tax assets$1,563,760 $1,275,039 Realization of the Company s net deferred tax assets is based upon the weighting of available evidence, including such factors as the recent earnings history and expected future taxable income. The Company believes it is more likely than not that such deferred tax assets will be realized with the exception of $464.1 million primarily related to California deferred tax assets. At June 28, 2026, the Company continued to record a valuation allowance to offset the entire California deferred tax asset balance due to the single sales factor apportionment resulting in lower taxable income in California. At June 28, 2026, the Company had state tax credit carryforwards of $705.6 million. Substantially all of these credits can be carried forward indefinitely. Lam Research Corporation 2026 10-K 55 Table of Contents The Company adopted ASU 2023-09 on a prospective basis beginning with the fiscal year ended June 28, 2026. The following table presents required disclosures pursuant to ASU 2023-09 and reconciles the U.S. federal statutory tax amount and rate to the Company s Consolidated effective amount and rate for the year ended June 28, 2026: Percent$1,735,119 21.0 %12,265 0.2 %223,945 2.7 %(1,682,441)(20.4)%2,784 %12,426 0.2 %27,450 0.3 %305,392 3.7 %413,370 5.0 %(1,241) %(108,401)(1.3)%(436) %(82,024)(1.0)%136,674 1.7 %2,195 %$997,077 12.1 % June 30, 2024 Income tax expense computed at federal statutory rate1,251,207 $915,647 State income taxes, net of federal tax benefit(37,965) Foreign income taxed at different rates(313,795) Settlements and reductions in uncertain tax positions(18,947) Tax credits(125,523) State valuation allowance, net of federal tax benefit44,916 Equity-based compensation(11,296) Increases in uncertain tax positions 62,333 Other permanent differences and miscellaneous items17,080 599,912 $532,450 Balance as of June 25, 2023$640,172 Settlements and effective settlements with tax authorities(9,548) Lapse of statute of limitations(10,114) (12,326) Increases in balances related to tax positions taken during current period115,600 Balance as of June 30, 2024723,784 Settlements and effective settlements with tax authorities(7,668) Lapse of statute of limitations(211,696) Increases in balances related to tax positions taken during prior periods69,016 Decreases in balances related to tax positions taken during prior periods(3,983) Increases in balances related to tax positions taken during current period150,868 Balance as of June 29, 2025720,321 Settlements and effective settlements with tax authorities(66,083) Lapse of statute of limitations(15,904) Increases in balances related to tax positions taken during prior periods3,741 Decreases in balances related to tax positions taken during prior periods(17,075) Increases in balances related to tax positions taken during current period239,149 Balance as of June 28, 2026$864,149 The Company had accrued $83.1 million, $86.3 million, and $105.7 million cumulatively for gross interest and penalties as of June 28, 2026, June 29, 2025, and June 30, 2024, respectively. The Company is subject to audits by state and foreign tax authorities. The Company is unable to make a reasonable estimate as to when cash settlements, if any, with the relevant taxing authorities will occur. The Company files U.S. federal, U.S. state, and foreign income tax returns. As of June 28, 2026, tax years 2005-2026 remain subject to examination in the jurisdictions where the Company operates. The Internal Revenue Service ( IRS ) examined the Company s U.S. federal income tax returns for the fiscal years ended June 30, 2019, June 28, 2020, and June 27, 2021. As of June 2026, the IRS proposed adjustments that were not significant, which the Company agreed to and paid. As a result of the adoption of ASU 2023-09, the Company has included the following table reconciling income taxes paid (net of refunds received): June 28, 2026(in thousands) Federal$1,128,278 24,056 91,862 89,800 $1,333,996 June 29, 2025June 30, 2024$7,265,396 $5,358,217 $3,827,772 1,255,079 1,286,101 1,314,102 6,023 4,041 5,847 1,261,102 1,290,142 1,319,949 $5.79 $4.17 $2.91 $5.76 $4.15 $2.90 June 29, 2025 (in thousands) $2,015,275 $3,151,084 Cash2,071,271 1,662,236 Time deposits1,492,625 1,577,339 Total$5,579,171 $6,390,659 Derivative Instruments and Hedging The Company carries derivative financial instruments ( derivatives ) on its Consolidated Balance Sheets at their fair values. The Company enters into foreign currency forward contracts and foreign currency options with financial institutions with the primary objective of reducing volatility of earnings and cash flows related to foreign currency exchange rate fluctuations. In addition, the Company enters into interest rate swap arrangements to manage interest rate risk. The counterparties to these derivatives are large, global financial institutions that the Company believes are creditworthy, and therefore, it does not consider the risk of counterparty nonperformance to be material. Cash Flow Hedges As of June 28, 2026 and June 29, 2025, the fair value of outstanding cash flow hedges was not material. The effect of derivative instruments designated as cash flow hedges on the Company s Consolidated Statements of Operations, including accumulated other comprehensive income, was not material as of and for the twelve months ended June 28, 2026 and June 29, 2025. As of June 28, 2026, the Company had an immaterial net gain or loss accumulated in other comprehensive income, net of tax, related to foreign exchange cash flow hedges and interest rate contracts which it expects to reclassify from other comprehensive income into earnings over the next 12 months. The total notional value of cash flow hedge instruments outstanding as of June 28, 2026 included $615.4 million of buy contracts and $438.5 million of sell contracts. Balance Sheet Derivative Instruments As of June 28, 2026 and June 29, 2025, the fair value of outstanding balance sheet derivative instruments was not material. The effect of the Company s balance sheet derivative instruments on the Company s Consolidated Statements of Operations were not material as of and for the twelve months ended June 28, 2026. The total notional value of balance sheet derivative instruments outstanding as of June 28, 2026 included $359.6 million of buy contracts and $576.2 million of sell contracts. Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, trade accounts receivable, and derivative financial instruments used in hedging activities. Cash is placed on deposit at large, global financial institutions. Such deposits may be in excess of insured limits. Management believes that the financial institutions that hold the Company s cash are creditworthy and, accordingly, minimal credit risk exists with respect to these balances. To ensure diversification and minimize concentration, the Company s policy limits the amount of credit exposure with any one financial institution. Lam Research Corporation 2026 10-K 60 Table of Contents The Company is exposed to credit losses in the event of nonperformance by counterparties on foreign currency and interest rate hedge contracts that are used to mitigate the effect of exchange rate and interest rate fluctuations and on contracts related to structured share repurchase arrangements. These counterparties are large, global financial institutions and, to date, no such counterparty has failed to meet its financial obligations to the Company. Credit risk evaluations, including trade references, bank references, and Dun & Bradstreet ratings, are performed on all new customers, and the Company monitors its customers financial condition and payment performance. In general, the Company does not require collateral on sales. As of June 28, 2026, five customers accounted for approximately 20%, 16%, 15%, 11%, and 10% of accounts receivable, respectively. As of June 29, 2025, three customers accounted for approximately 19%, 15%, and 12% of accounts receivable, respectively. No other customers accounted for 10% or more of accounts receivable. The Company s balance and transactional activity for its allowance for doubtful accounts is not material as of and for the years ended June 28, 2026, June 29, 2025, and June 30, 2024. Refer to Note 19: Segment, Geographic Information, and Major Customers for additional information regarding customer concentrations. Note 10: Inventories Inventories are stated at the lower of cost or net realizable value using standard costs that approximate actual costs on a first-in, first-out basis. Inventories consist of the following: June 28, 2026June 29, 2025 (in thousands) Raw materials$2,551,150 $2,662,248 Work-in-process449,669 282,885 Finished goods1,275,292 1,362,858 $4,276,111 $4,307,991 Note 11: Property and Equipment Property and equipment, net, is presented in the table below. June 28, 2026June 29, 2025 (in thousands) Manufacturing and engineering equipment$2,559,970 $2,219,207 Buildings and improvements2,289,208 1,914,570 Computer and computer-related equipment192,354 182,439 Land264,507 166,207 Office equipment, furniture and fixtures114,797 92,740 4,575,163 Less: accumulated depreciation and amortization(2,484,833)(2,169,641) $2,936,003 $2,405,522 The Company has excluded an immaterial value of finance right of use assets recorded within property and equipment, net from the table above. Depreciation expense during fiscal years 2026, 2025, and 2024 was $383.9 million, $329.5 million, and $299.0 million, respectively. Note 12: Goodwill and Intangible Assets Goodwill The balance of goodwill was $1.63 billion as of June 28, 2026 and June 29, 2025, respectively. As of June 28, 2026 and June 29, 2025, $86.9 million and $78.9 million, respectively, of the goodwill balance is tax deductible, and the remaining balance is not tax deductible due to purchase accounting and applicable foreign law. No goodwill impairments were recognized in fiscal years 2026, 2025, or 2024. Lam Research Corporation 2026 10-K 61 Table of Contents Intangible Assets The balance of intangible assets as of June 28, 2026 and June 29, 2025 were $269.3 million and $182.2 million, respectively, consisting primarily of capitalized software. The effect of intangible assets on the Company s Consolidated Statement of Operations, including amortization and impairment, if any, was not material for fiscal years 2026, 2025, and 2024. Note 13: Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following: June 28, 2026June 29, 2025 (in thousands) Accrued compensation$695,498 $618,370 Warranty reserves270,044 248,783 Income and other taxes payable263,205 541,426 Dividend payable325,402 291,981 797,392 693,806 $2,351,541 $2,394,366 Note 14: Long Term Debt and Other Borrowings As of June 28, 2026, and June 29, 2025, the Company s outstanding debt consisted of the following: June 29, 2025Effective Interest RateAmount (in thousands)Effective Interest Rate$500,000 3.18 %$500,000 3.18 %750,000 2.93 %750,000 2.93 %750,000 4.93 %750,000 4.93 %750,000 2.01 %750,000 2.01 %1,000,000 4.09 %1,000,000 4.09 % 3.86 %750,000 3.86 %3,750,000 4,500,000 (23,854)(26,428)(4,232)(4,774)147 566 $3,722,061 $4,469,364 $147 $749,670 $3,721,914 $3,719,694 PrincipalInterest (in thousands) 2027$ $128,000 2028 128,000 20291,000,000 116,333 2030750,000 87,406 2031 73,750 Thereafter2,000,000 1,508,724 Total$3,750,000 $2,042,213 Lam Research Corporation 2026 10-K 62 Table of Contents Senior Notes On May 5, 2020, the Company completed a public offering of $750.0 million aggregate principal amount of the Company s Senior Notes due June 15, 2030 (the 2030 Notes ), $750.0 million aggregate principal amount of the Company s Senior Notes due June 15, 2050 (the 2050 Notes ), and $500.0 million aggregate principal amount of the Company s Senior Notes due June 15, 2060 (the 2060 Notes ). The Company pays interest at an annual rate of 1.90%, 2.875%, and 3.125%, on the 2030, 2050, and 2060 Notes, respectively, on a semi-annual basis on June 15 and December 15 of each year. On March 4, 2019, the Company completed a public offering of $750.0 million aggregate principal amount of the Company s Senior Notes due March 15, 2026 (the 2026 Notes ), $1.00 billion aggregate principal amount of the Company s Senior Notes due March 15, 2029 (the 2029 Notes ), and $750.0 million aggregate principal amount of the Company s Senior Notes due March 15, 2049 (the 2049 Notes ). The Company pays interest at an annual rate of 4.00% and 4.875%, on the 2029 and 2049 Notes, respectively, on a semi-annual basis on March 15 and September 15 of each year. The 2026 Notes were settled upon maturity during the three months ended March 29, 2026. The Company may redeem the 2029, 2030, 2049, 2050, and 2060 Notes (collectively the Senior Notes ) at a redemption price equal to 100% of the principal amount of such series ( par ), plus a make whole premium as described in the indenture in respect to the Senior Notes and accrued and unpaid interest before December 15, 2028 for the 2029 Notes, before March 15, 2030 for the 2030 Notes, before September 15, 2048 for the 2049 Notes, before December 15, 2049 for the 2050 Notes, and before December 15, 2059 for the 2060 Notes. The Company may redeem the Senior Notes at par, plus accrued and unpaid interest at any time on or after December 15, 2028 for the 2029 Notes, on or after March 15, 2030 for the 2030 Notes, on or after September 15, 2048 for the 2049 Notes, on or after December 15, 2049 for the 2050 Notes, and on or after December 15, 2059 for the 2060 Notes. In addition, upon the occurrence of certain events, as described in the indenture, the Company will be required to make an offer to repurchase the Senior Notes at a price equal to 101% of the principal amount of the respective note, plus accrued and unpaid interest. Selected additional information regarding the Senior Notes outstanding as of June 28, 2026, is as follows: Remaining Amortization periodFair Value of Notes (Level 2) (years)(in thousands) 2060 Notes34.0$315,050 2050 Notes24.0$486,450 2049 Notes22.7$689,933 2030 Notes4.0$680,130 2029 Notes2.7$990,020 Revolving Credit Facility On March 12, 2014, the Company established an unsecured Credit Agreement. This agreement was amended on November 10, 2015 (the Amended and Restated Credit Agreement ), October 13, 2017 (the 2nd Amendment ), February 25, 2019 (the 3rd Amendment ), June 17, 2021 (the Second Amended and Restated Credit Agreement ), December 7, 2022 ( Amendment No.1 to Second Amended and Restated Credit Agreement ), and January 27, 2025 (the Third Amended and Restated Credit Agreement ). The Third Amended and Restated Credit Agreement provides for a $2.00 billion revolving credit facility with a syndicate of lenders, along with an expansion option that will allow the Company, subject to certain requirements, to request an increase in the facility of up to an additional $750.0 million, for a potential total commitment of $2.75 billion. The facility matures on January 25, 2030. Interest on amounts borrowed under the credit facility is, at the Company s option, based on (1) a base rate, plus a spread of 0.00% to 0.10%, or (2) an adjusted term Secured Overnight Financing Rate, plus a spread of 0.70% to 1.10%, in each case plus a facility fee, with such spread and facility fee determined in accordance with the Third Amended and Restated Credit Agreement, and with the spread and facility fee based on the rating of the Company s non-credit enhanced, senior unsecured long-term debt. Principal and any accrued and unpaid interest are due and payable upon maturity. Additionally, the Company will pay the lenders a quarterly commitment fee that varies based on the Company s credit rating as described above. As of June 28, 2026, the Company had no borrowings outstanding under the credit facility and was in compliance with all financial covenants. Commercial Paper Program In November 2017, the Company established a commercial paper program (the CP Program ) under which the Company may issue unsecured commercial paper notes on a private placement basis up to a maximum aggregate principal amount of $1.25 billion. In July 2021, the Company amended the CP Program size to a maximum aggregate amount outstanding at any time of $1.50 billion. In March 2026, the CP Program size was further amended to a maximum aggregate amount outstanding at any time of $2.00 billion. The net proceeds from the CP Program may be used for general corporate purposes, including repurchases of the Company s Common Stock from time to time under the Company s stock repurchase program. Amounts available under the CP Program may be re-borrowed. The CP Program is backstopped by the Company s Revolving Credit Arrangement. As of June 28, 2026, the Company had no outstanding borrowings under the CP Program. Lam Research Corporation 2026 10-K 63 Table of Contents Interest Cost The following table presents the amount of interest cost recognized relating to both the contractual interest coupon and amortization of the debt discount, issuance costs, and effective portion of interest rate contracts with respect to the Senior Notes, and the revolving credit facility during the fiscal years ended June 28, 2026, June 29, 2025, and June 30, 2024. Year Ended June 28, 2026June 29, 2025June 30, 2024 (in thousands) Contractual interest coupon$147,925 $169,586 $175,128 Amortization of interest discount2,574 2,987 3,274 Amortization of issuance costs1,350 1,514 1,488 Effect of interest rate contracts, net4,054 3,132 3,145 Total interest cost recognized$155,903 $177,219 $183,035 Note 15: Leases The Company leases certain office spaces, manufacturing and warehouse spaces, equipment, and vehicles. While the majority of the Company s lease arrangements are operating leases, the Company has certain leases that qualify as finance leases. The Company leases some of its administrative, research and development and manufacturing facilities, regional sales/service offices, and certain equipment under non-cancelable leases. Certain of the Company s facility leases provide the Company with options to extend the leases for additional periods, to purchase the facilities, or provide for periodic rent increases based on the general rate of inflation. Variable lease payments are expensed as incurred and are not included within the right of use asset and lease liability calculation. Variable lease payments primarily include costs associated with the Company s third-party logistics arrangements that contain one or more embedded leases. Variable lease costs will fluctuate based on factory output and material receipt volumes. Variable lease costs for fiscal years 2026, 2025, and 2024 were $165.9 million, $176.6 million, and $176.6 million; respectively. Finance lease costs, including amortization of right of use assets and interest on lease liabilities; short-term rental expense for agreements less than one year in duration; and operating lease costs were immaterial for fiscal years 2026, 2025, and 2024, respectively. Supplemental cash flow information related to leases was as follows as of June 28, 2026, June 29, 2025, and June 30, 2024: Year Ended June 28, 2026June 29, 2025June 30, 2024 (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows paid for operating leases$95,019 $85,558 $97,447 Financing cash flows paid for principal portion of finance leases4,971 4,059 255,695 Right-of-use assets obtained in exchange for lease obligations: Operating leases$207,172 $81,011 $146,169 Finance leases3,308 2,884 226,519 Lam Research Corporation 2026 10-K 64 Table of Contents Supplemental balance sheet information related to leases was as follows as of June 28, 2026 and June 29, 2025: June 28, 2026June 29, 2025 (in thousands) Operating leases Other assets$397,359 $286,980 Accrued expenses and other current liabilities$90,415 $78,707 Other long-term liabilities296,587 193,343 Total operating lease liabilities$387,002 $272,050 June 29, 2025 Weighted-Average Remaining Lease TermWeighted-Average Discount RateWeighted-Average Remaining Lease TermWeighted-Average Discount Rate (in years)(in years) Operating leases5.94.20 %4.93.75 % 2027$103,302 76,961 70,599 56,984 41,741 92,164 $441,751 (54,749)$387,002 Purchase Obligations (in thousands) 2027$1,056,893 2028174,260 202971,719 203061,397 203137,185 Thereafter79,741 $1,481,195 Transition Tax Liability On December 22, 2017, the Tax Cuts & Jobs Act was signed into law. Among other items, this U.S. tax reform assessed a one-time transition tax on earnings of certain foreign subsidiaries that were previously tax deferred. As a result, the Company recognized a total transition tax of $868.4 million and elected to pay the one-time tax over a period of 8 years, commencing in the twelve months ended June 30, 2019. During fiscal year 2023, this one-time tax was adjusted, resulting in a total tax liability increase of approximately $50.0 million, which was spread over the same 8-year period. The remaining obligation related to this arrangement was settled in fiscal year 2026. Warranties The Company provides standard warranties on its systems. The liability amount is based on actual historical warranty spending activity by type of system, customer, and geographic region, modified for any known differences such as the impact of system reliability improvements. As of June 28, 2026, warranty reserves totaling $19.7 million were reported in Other long-term liabilities, and the remainder were included in Accrued expenses and other current liabilities in the Company s Consolidated Balance Sheets. Lam Research Corporation 2026 10-K 66 Table of Contents Changes in the Company s product warranty reserves were as follows: June 29, 2025$265,466 $250,404 310,558 266,345 (250,830)(193,817)(35,481)(57,466)$289,713 $265,466 Total Number of Shares RepurchasedTotal Cost of Repurchase (1) Average Price Paid Per Share (1,2) Amount Available Under Repurchase Program (in thousands, except per share data) Available balance as of June 29, 2025$7,517,184 Quarter ended September 28, 20259,686 (3)$990,046 $105.67 $6,527,138 Quarter ended December 28, 20259,387 $1,442,095 $153.62 $5,085,043 Quarter ended March 29, 20263,516 (3)$796,378 $210.57 $4,288,665 811 (3)$245,941 $325.14 $4,042,724 (1) The Company s net share repurchases are subject to a 1% excise tax under the Inflation Reduction Act. Excise tax incurred reduces the amount available under the repurchase program, as applicable, and is included in the cost of shares repurchased in the Consolidated Statement of Stockholders Equity and the calculation of the average price paid per share. (2) Average price paid per share excludes the effect of accelerated share repurchase activities. See additional disclosure below regarding the Company s accelerated share repurchase activity during the fiscal year. (3) Includes shares received at initial or final settlement of accelerated share repurchase agreements; see additional disclosures below regarding the Company s accelerated share repurchase activity during the fiscal year. Lam Research Corporation 2026 10-K 67 Table of Contents Accelerated Share Repurchase Agreements On March 11, 2026, the Company entered into an accelerated share repurchase agreement (the March 2026 ASR ) with a financial institution to repurchase a total of $200.0 million of Common Stock. The Company took an initial delivery of approximately 685 thousand shares, which represented 75% of the prepayment amount divided by the Company s closing stock price on March 11, 2026. The total number of shares received under the March 2026 ASR was based upon the average daily volume weighted average price of the Company s Common Stock during the repurchase period, less an agreed upon discount. Final settlement of the March 2026 ASRs occurred in June 2026, resulting in the receipt of approximately 55 thousand additional shares, which yielded a weighted-average share price of $270.71 for the transaction period, including the effects of a 1% excise tax under the Inflation Reduction Act On April 30, 2025, the Company entered into accelerated share repurchase agreements (the "April 2025 ASRs") with two financial institutions to repurchase a total of $500.0 million of Common Stock. The Company took an initial delivery of approximately 5.2 million shares, which represented 75% of the prepayment amount divided by the Company s closing stock price on April 30, 2025. The total number of shares received under the April 2025 ASRs was based upon the average daily volume weighted average price of the Company s Common Stock during the repurchase period, less an agreed upon discount. Final settlement of the April 2025 ASRs occurred in September 2025, resulting in the receipt of approximately 317 thousand additional shares, which yielded a weighted-average share price of $91.00 for the transaction period, including the effects of a 1% excise tax under the Inflation Reduction Act. The Company recorded each of the ASRs as equity transactions; as such, at the time of receipt, shares were included in treasury stock at fair market value as of the corresponding trade date. The Company reflects shares received as a repurchase of common stock in the weighted average common shares outstanding calculation for basic and diluted earnings per share. Note 19: Segment, Geographic Information, and Major Customers The Company operates in one reportable business segment: manufacturing and servicing of wafer processing semiconductor manufacturing equipment. The Company s material operating segments qualify for aggregation due to their customer base and similarities in economic characteristics, nature of products and services, and processes for procurement, manufacturing, and distribution. The Company's chief operating decision maker ( CODM ) is the Company's Chief Executive Officer. The Company's CODM utilizes segment gross margin as the measure of profit or loss to evaluate operating segment profitability and to assess the allocation of resources. Segment gross margin excludes both routine and non-routine expenses that are not allocated to the reportable segment, including, but not limited to, amortization of intangible assets acquired in certain business combinations, the change in value of the Company's elective deferred compensation-related liability, restructuring charges, impairment of long-lived assets, and transformational charges. Segment results are derived from the Company's internal management reporting system utilizing policies that are substantially the same as those used for external reporting purposes. The CODM utilizes segment revenue growth in conjunction with segment gross margin metrics in comparing forecast to actual results as well as in benchmarking to the Company's peer group. The Company's centralized manufacturing and support organizations, including global operations and certain administrative functions, provide support to its operating segments. Costs incurred by these organizations, as well as depreciation and amortization and equity-based compensation expense are allocated to cost of goods sold as overhead. Consequently, depreciation and amortization and equity-based compensation expense are not independently identifiable components within the segment s results, and, therefore are not provided. With the exception of goodwill, the Company does not identify assets by operating segment. Consequently, the CODM does not regularly review or receive discrete asset information by operating segment. Lam Research Corporation 2026 10-K 68 Table of Contents The table below reconciles the Company's reportable segment to income before income taxes: Year Ended June 28, 2026June 29, 2025June 30, 2024 (in thousands) Revenue$23,232,690 $18,435,591 $14,905,386 Installation and warranty expense645,551 544,192 435,015 Other cost of goods sold (COGS) (1) 10,467,090 8,675,349 6,988,338 Segment COGS11,112,641 9,219,541 7,423,353 Segment gross margin12,120,049 9,216,050 7,482,033 Reconciliation to consolidated gross margin Restructuring charges, net 43,375 All other COGS394,741 236,991 385,867 Gross margin11,725,308 8,979,059 7,052,791 Research and development2,375,873 2,096,387 1,902,444 Selling, general, and administrative1,149,640 981,704 868,247 Restructuring charges, net - operating expenses 18,187 Other income (expense), net62,678 57,161 96,309 Income before income taxes$8,262,473 $5,958,129 $4,360,222 (1)Other COGS is primarily comprised of the capitalized cost of inventory sold, including both direct and indirect costs, but excludes installation and warranty expense and those items not allocated to the segment. The Company operates in seven geographic regions: United States, China, Europe, Japan, Korea, Southeast Asia, and Taiwan. For geographical reporting, revenue is attributed to the geographic location in which the customers facilities are located, while long-lived assets; which includes property and equipment, net, and recognized right of use assets reported in Other assets in the Consolidated Balance Sheets as of June 28, 2026 and June 29, 2025; are attributed to the geographic locations in which the assets are located. Revenues and long-lived assets by geographic region were as follows: Year Ended June 28, 2026June 29, 2025June 30, 2024 Revenue:(in thousands) China$7,859,811 $6,205,062 $6,293,990 Taiwan5,222,915 3,445,220 1,671,815 Korea4,505,327 4,127,766 2,874,015 Japan2,171,088 1,880,882 1,460,429 United States1,528,912 1,376,857 1,104,087 Southeast Asia1,245,931 837,242 794,054 Europe698,706 562,562 706,996 Total revenue$23,232,690 $18,435,591 $14,905,386 Lam Research Corporation 2026 10-K 69 Table of Contents June 28, 2026June 29, 2025June 30, 2024 Long-lived assets:(in thousands) United States$2,003,371 $1,716,574 $1,582,103 Southeast Asia651,935 451,283 390,514 Korea346,247 299,497 262,405 Taiwan176,537 96,458 98,268 Europe152,702 134,707 115,316 Japan16,512 8,638 7,858 China6,527 8,567 6,390 $3,353,831 $2,715,724 $2,462,854 In fiscal year 2026, four customers accounted for approximately 16%, 15%, 12%, and 12% of total revenues, respectively. In fiscal year 2025, two customer accounted for approximately 17% and 15% of total revenues. In fiscal year 2024, one customer accounted for approximately 17% of total revenues, respectively. No other customers accounted for 10% or more of total revenues. Note 20: Restructuring Charges, Net The Company records employee severance and separation costs that meet the requirements for recognition in accordance with the relevant guidance of ASC 420, Exit or Disposal Cost Obligations, or ASC 712, Compensation - Non-retirement Post-employment Benefits, as applicable. For involuntary termination benefits that are not provided under the terms of an ongoing benefit arrangement, the liability for the current fair value of expected future costs associated with a management-approved restructuring plan is recognized in the period in which the plan is communicated to the employees and the plan is not expected to change significantly. For ongoing benefit arrangements, inclusive of statutory requirements, employee termination costs are accrued when the existing situation or set of circumstances indicates that an obligation has been incurred, it is probable the benefits will be paid, and the amount can be reasonably estimated. Termination benefits associated with employees that elected to voluntarily terminate as part of the restructuring plan are recorded when the employee irrevocably accepts the offer and the amount can be reasonably estimated. If applicable, the Company records such costs into operating expense over the terminated employees future service period beyond any minimum or legally required retention period. The majority of restructuring charges that have been incurred but not yet paid are recorded in Accrued expenses and other current liabilities in the Consolidated Balance Sheets. During the fiscal year ended June 25, 2023, the Company initiated a restructuring plan designed to better align the Company s cost structure with its outlook for the economic environment and business opportunities. Under the plan, through June 30, 2024, the Company terminated approximately 1,760 employees, incurring expenses related to employee severance and separation costs. Employee severance and separation costs are primarily related to severance, non-cash severance, including equity award compensation expense, pension and other termination benefits. Additionally, the Company made a strategic decision to relocate certain manufacturing activities to pre-existing facilities and incurred charges to move inventory and equipment and exit selected supplier arrangements. No restructuring costs were recorded during the fiscal year ended June 28, 2026 or June 29, 2025. During the fiscal year ended June 30, 2024, net restructuring costs of $43.4 million and $18.2 million were recorded in Restructuring charges, net - cost of goods sold, and Restructuring charges, net - operating expenses, respectively in the Consolidated Statements of Operations. The restructuring plan was substantially completed as of June 30, 2024, and cumulative costs as of June 30, 2024 totaled $181.9 million. The associated restructuring liability was substantially satisfied in the three months ended September 29, 2024. Lam Research Corporation 2026 10-K 70 Table of Contents Report of Independent Registered Public Accounting Firm To the Stockholders and Board of Directors Lam Research Corporation: Opinions on the Consolidated Financial Statements and Internal Control Over Financial Reporting We have audited the accompanying consolidated balance sheet of Lam Research Corporation (the Company) as of June 28, 2026, the related consolidated statements of operations, comprehensive income, stockholders equity, and cash flows for the year then ended, and the related notes (collectively, the consolidated financial statements). We also have audited the Company s internal control over financial reporting as of June 28, 2026, based on criteria established in Internal Control Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of June 28, 2026, and the results of its operations and its cash flows for the year then ended, in conformity with U.S. generally accepted accounting principles. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of June 28, 2026 based on criteria established in Internal Control Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Basis for Opinions The Company s management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company s consolidated financial statements and an opinion on the Company s internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects. Our audit of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions. Definition and Limitations of Internal Control Over Financial Reporting A company s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Critical Audit Matter The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates. Lam Research Corporation 2026 10-K 71 Table of Contents Evaluation of sufficiency of audit evidence over revenue As discussed in Notes 2, 4, and 19 to the consolidated financial statements, the Company recorded $23,232,690 thousand in revenue for the year ended June 28, 2026. The Company generates revenue by designing, manufacturing, refurbishing, and servicing semiconductor processing equipment used in the fabrication of integrated circuits. The Company s process to account for and recognize revenue differs across revenue streams. We identified the evaluation of the sufficiency of audit evidence obtained over revenue as a critical audit matter. Evaluating the sufficiency of audit evidence required subjective auditor judgment due to the number of revenue streams and separate processes to account for and recognize revenue. This included determining the nature and extent of audit evidence obtained over each revenue stream. The following are the primary procedures we performed to address this critical audit matter. We applied auditor judgment to determine the revenue streams over which procedures were performed as well as the nature and extent of such procedures. For revenue streams where procedures were performed, we: evaluated the design and tested the operating effectiveness of certain internal controls over the Company s revenue recognition processes, including the Company s controls over the accurate recording of revenue evaluated the Company s revenue recognition accounting policies evaluated, for a sample of revenue transactions, (1) the accounting for consistency with the Company s accounting policies, as applicable, including timing of revenue recognition, and (2) the recorded amounts by comparing them for consistency to underlying documentation, including the customer contracts. In addition, we evaluated the sufficiency of audit evidence obtained by assessing the results of the procedures performed, including the appropriateness of the nature and extent of audit effort over revenue. /s/ KPMG LLP We have served as the Company s auditor since 2025. Santa Clara, California August 7, 2026 Lam Research Corporation 2026 10-K 72 Table of Contents Report of Independent Registered Public Accounting Firm To the Stockholders and the Board of Directors of Lam Research Corporation Opinion on the Financial Statements We have audited the accompanying consolidated balance sheet of Lam Research Corporation (the Company) as of June 29, 2025, the related consolidated statements of operations, comprehensive income, stockholders' equity and cash flows for each of the two years in the period ended June 29, 2025, and the related notes (collectively referred to as the consolidated financial statements ). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at June 29, 2025 and the results of its operations and its cash flows for each of the two years in the period ended June 29, 2025, in conformity with U.S. generally accepted accounting principles. Basis for Opinion These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. /s/ Ernst & Young LLP We served as the Company s auditor from 1981 to 2025. San Jose, California August 11, 2025 Lam Research Corporation 2026 10-K 73 Table of Contents Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure None. Item 9A. Controls and Procedures 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 control objectives, and management is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Accordingly, our disclosure controls and procedures have been designed to provide reasonable assurance of achieving their objectives. 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 June 28, 2026. Based upon that evaluation, our management, including our Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures were effective at the reasonable assurance level. Changes in Internal Control over Financial Reporting There has been no change in our internal control over financial reporting during our most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting. Management s Report on Internal Control over Financial Reporting Management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act). Management conducted an evaluation of the effectiveness of our internal control over financial reporting as of June 28, 2026 based on criteria established in Internal Control Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 Framework). Based on that evaluation, management concluded that our internal control over financial reporting was effective as of June 28, 2026 to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP. KPMG LLP, an independent registered public accounting firm, independently assessed the effectiveness of our internal control over financial reporting, as stated in their attestation report, which is included in Part II, Item 8 of this 2026 Form 10-K. Item 9B. Other Information Rule 10b5-1 and Non-Rule 10b5-1 Trading Arrangements During the Company s fiscal quarter ended June 28, 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 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 April 28, 2026, Ava A. Harter, Chief Legal Officer and Secretary of the Company, adopted a Rule 10b5-1 Trading Arrangement that provides for the potential sale of up to 15,000 shares of Common Stock resulting from the vesting of certain service-based restricted stock units and market-based performance restricted stock units pursuant to the terms of the Rule 10b5-1 Trading Arrangement, subject to certain vesting conditions and, with respect to the market-based performance restricted stock units, certain performance conditions. Ms. Harter s Rule 10b5-1 Trading Arrangement has a termination date of April 30, 2027. On May 5, 2026, Seshasayee (Sesha) Varadarajan, Chief Operating Officer of the Company, adopted a Rule 10b5-1 Trading Arrangement that provides for (i) the potential exercise of up to 27,480 stock options expiring March 2, 2027 and the associated sale of up to 27,480 shares of Common Stock resulting from such exercise; (ii) the potential exercise of up to 12,270 stock options expiring March 1, 2028 and the associated sale of up to 12,270 shares of Common Stock resulting from such exercise; and (iii) the potential sale of up to 20,000 shares of Common Stock, in each case pursuant to the terms of the Rule 10b5-1 Trading Arrangement. Mr. Varadarajan s Rule 10b5-1 Trading Arrangement has a termination date of April 20, 2027. The Rule 10b5-1 Trading Arrangements contain pricing conditions that preclude or limit the exercise of stock options or the sale of shares, as applicable, below predetermined minimum prices, except with respect to the potential sale of up to 20,000 shares of Common Stock by Mr. Varadarajan, which sale is not subject to such a condition. Each of the Rule 10b5-1 Trading Arrangements will terminate on the earlier of: (a) its respective termination date indicated above; (b) execution of all trades or expiration of all the orders Lam Research Corporation 2026 10-K 74 Table of Contents relating to such trades under the Rule 10b5-1 Trading Arrangement; or (c) such date as the Rule 10b5-1 Trading Arrangement is otherwise terminated according to its terms. Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections Not applicable. Lam Research Corporation 2026 10-K 75 Table of Contents PART III We have omitted from this 2026 Form 10-K certain information required by Part III because we, as the Registrant, will file a definitive proxy statement with the SEC within 120 days after the end of our fiscal year, pursuant to Regulation 14A, as promulgated by the SEC, for our Annual Meeting of Stockholders expected to be held on or about November 3, 2026, (the Proxy Statement ), and certain information included in the Proxy Statement is incorporated into this report by reference. Item 10. Directors, Executive Officers and Corporate Governance For information regarding our executive officers required by this item, see Part I, Item 1 of this 2026 Form 10-K under the caption Information about our Executive Officers, which information is incorporated into Part III by reference. The information concerning our directors required by this Item is incorporated by reference to our Proxy Statement under the heading Voting Proposals Proposal No. 1: Election of Directors 2026 Nominees for Director. The information concerning our audit committee and audit committee financial experts required by this Item is incorporated by reference to our Proxy Statement under the heading Governance Matters Corporate Governance Board Committees. The Company has adopted a Corporate Code of Ethics that applies to all employees, officers, and directors of the Company. Our Code of Ethics is publicly available on the Investor Relations page of our website at http://investor.lamresearch.com. We intend to disclose future amendments to certain provisions of the Code of Ethics, and waivers of the Code of Ethics granted to executive officers and directors, on the website within four business days following the date of the amendment or waiver. We have adopted policies and procedures, including our insider trading policy, governing the purchase, sale, and other dispositions of our securities by our directors, officers, employees, and other individuals associated with us, as well as the Company itself, that we believe are reasonably designed to promote compliance with insider trading laws, rules, and regulations, and Nasdaq listing standards. A copy of our insider trading policy is filed as Exhibit 19.1 to this 2026 Form 10-K. If applicable, the information required by this Item concerning our compliance with Section 16(a) of the Exchange Act is incorporated by reference to our Proxy Statement under the heading "Delinquent Section 16(a) Reports. Item 11. Executive Compensation The information required by this Item is incorporated by reference to our Proxy Statement under the headings Compensation Matters Executive Compensation and Other Information, Compensation Matters CEO Pay Ratio, Compensation Matters Pay Versus Performance , and Governance Matters Director Compensation. Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters The information required by this Item is incorporated by reference to our Proxy Statement under the headings Stock Ownership Security Ownership of Certain Beneficial Owners and Management and Compensation Matters Securities Authorized for Issuance Under Equity Compensation Plans. Item 13. Certain Relationships and Related Transactions, and Director Independence The information required by this Item is incorporated by reference to our Proxy Statement under the headings Audit Matters Certain Relationships and Related Party Transactions and Governance Matters Corporate Governance Director Independence Policies. Item 14. Principal Accountant Fees and Services The information required by this Item is incorporated by reference to our Proxy Statement under the heading Audit Matters Relationship with Independent Registered Public Accounting Firm Fees Billed by Our Independent Registered Public Accounting Firm" and "Audit Matters Relationship with Independent Registered Public Accounting Firm Policy on Audit Committee Pre-Approval of Audit and Non-Audit Services." Lam Research Corporation 2026 10-K 76 Table of Contents PART IV Item 15. Exhibit and Financial Statement Schedules (a)The following documents are filed as part of this Annual Report on Form 10-K. Page 1. Index to Financial Statements Consolidated Statements of Operations Years Ended June 28, 2026, June 29, 2025, and June 30, 202442 Consolidated Statements of Comprehensive Income Years Ended June 28, 2026, June 29, 2025, and June 30, 202443 Consolidated Balance Sheets June 28, 2026, and June 29, 202544 Consolidated Statements of Cash Flows Years Ended June 28, 2026, June 29, 2025, and June 30, 202445 Consolidated Statements of Stockholders Equity Years Ended June 28, 2026, June 29, 2025, and June 30, 202447 Notes to Consolidated Financial Statements48 Reports of Independent Registered Public Accounting Firm71 2. Index to Financial Statement Schedules Schedules have been omitted since they are not applicable, not required, not material, or the information is included elsewhere herein. Item 16. Form 10-K Summary None Lam Research Corporation 2026 10-K 77 Table of Contents LAM RESEARCH CORPORATION ANNUAL REPORT ON FORM 10-K FOR THE FISCAL YEAR ENDED JUNE 28, 2026 EXHIBIT INDEX ExhibitDescription 3.1Restated Certificate of Incorporation of Lam Research Corporation, dated November 4, 2025 which is incorporated by reference to Exhibit 3.2 to the Registrant s Current Report on Form 8-K filed on November 6, 2025 (SEC File no. 000-12933). 3.2Bylaws of the Registrant, as amended and restated, dated May 20, 2025 which is incorporated by reference to Exhibit 3.1 to the Registrant s Current Report on Form 8-K filed on May 21, 2025 (SEC File No. 000-12933). 4.1Indenture (including Form of Notes), dated as of February 13, 2015, between Registrant and The Bank of New York Mellon Trust Company, N.A. which is incorporated by reference to Exhibit 4.1 to the Registrant s Registration Statement on Form S-3 filed on February 13, 2015 (SEC File No. 333-202110). 4.2Third Supplemental Indenture, dated as of March 4, 2019 by and between Lam Research Corporation and the Bank of New York Mellon Trust Company, N.A. as trustee which is incorporated by reference to Exhibit 4.2 to the Registrant s Current Report on Form 8-K filed on March 4, 2019 (SEC File No. 000-12933). 4.3Fourth Supplemental Indenture, dated as of May 5, 2020 by and between Lam Research Corporation and the Bank of New York Mellon Trust Company, N.A. as trustee which is incorporated by reference to Exhibit 4.2 to the Registrant s Current Report on Form 8-K filed on May 5, 2020 (SEC File No. 000-12933). 4.4Description of Common Stock. 10.1*Form of Indemnification Agreement which is incorporated by reference to Exhibit 10.1 to the Registrant s Quarterly Report on Form 10-Q filed on January 29, 2024 (SEC File No. 000-12933). 10.2*Form of Confidentiality Agreement. 10.3*Novellus Amended Executive Voluntary Deferred Compensation Plan, as amended which is incorporated by reference to Exhibit 10.28 to Novellus Quarterly Report on Form 10-Q filed on November 5, 2008 (SEC File No. 000-17157). 10.4*Form of Option Award Agreement (U.S. Participants) - 2015 Stock Incentive Plan which is incorporated by reference to Exhibit 10.247 to the Registrant s Current Report on Form 8-K filed on November 5, 2015 (SEC File No. 000-12933). 10.5Form of Commercial Paper Dealer Agreement 4(a)(2) Program between Lam Research Corporation, as issuer, and the dealer which is incorporated by reference to Exhibit 10.1 to the Registrant s Current Report on Form 8-K filed on November 14, 2017 (SEC File No. 000-12933). 10.6*Lam Research Corporation Elective Deferred Compensation Plan which is incorporated by reference to Exhibit 4.16 to the Registrant s Annual Report on Form 10-K filed on August 19, 2011 (SEC File No. 000-12933). 10.7Lam Research Corporation 1999 Employee Stock Purchase Plan, as amended which is incorporated by reference to Exhibit 4.1 to the Registrant s Form S-8 filed on April 30, 2019 (SEC File No. 333-231138). 10.8*2004 Executive Incentive Plan, as Amended and Restated which is incorporated by reference to Exhibit 10.1 to the Registrant s Current Report on Form 8-K filed on February 9, 2023 (SEC File No. 000-12933). 10.92015 Stock Incentive Plan which is incorporated by reference to Exhibit 4.24 to the Registrant s Current Report on Form 8-K filed on November 5, 2015 (SEC File No. 000-12933). 10.10*Lam Research Corporation Elective Deferred Compensation Plan II, as amended and restated, which is incorporated by reference to Exhibit 10.1 to the Registrant s Quarterly Report on Form 10-Q filed on October 24, 2025 (SEC File No. 000-12933). 10.11*Executive Severance Policy, as amended and restated which is incorporated by reference to Exhibit 10.26 to the Registrant s Annual Report on Form 10-K filed on August 29, 2024 (SEC File No. 000-12933). 10.12*Executive Change in Control Policy, as amended and restated which is incorporated by reference to Exhibit 10.27 to the Registrant s Annual Report on Form 10-K filed on August 29, 2024 (SEC File No 000-12933). 10.13Third Amended and Restated Credit Agreement dated January 27, 2025, among Lam Research Corporation, JPMorgan Chase Bank, N.A., as administrative agent, and the other agents and lenders listed therein, which is incorporated by reference to Exhibit 10.1 to the Registrant s Current report on Form 8-K filed on January 29, 2025 (SEC File No. 000-12933). 10.14*Form of Option Award Agreement (U.S. Participants) - 2015 Stock Incentive Plan which is incorporated by reference to Exhibit 10.29 to the Registrant's Annual Report on Form 10-K filed on August 17, 2021 (SEC File No. 000-12933). 10.15*Form of Market-Based Performance Restricted Stock Unit Award Agreement (U.S. Participants) - 2015 Stock Incentive Plan which is incorporated by reference to Exhibit 10.31 to the Registrant's Annual Report on Form 10-K filed on August 17, 2021 (SEC File No. 000-12933). 10.16*Form of Option Award Agreement (U.S. Participants) - 2015 Stock Incentive Plan which is incorporated by reference to Exhibit 10.32 to the Registrant's Annual Report on Form 10-K filed on August 17, 2021 (SEC File No. 000-12933). 10.17*Form of Option Award Agreement (International Participants) - 2015 Stock Incentive Plan which is incorporated by reference to Exhibit 10.33 to the Registrant's Annual Report on Form 10-K filed on August 17, 2021 (SEC File No. 000-12933). Lam Research Corporation 2026 10-K 78 Table of Contents ExhibitDescription 10.18*Form of Market-Based Performance Restricted Stock Unit Award Agreement (U.S. Participants) - 2015 Stock Incentive Plan which is incorporated by reference to Exhibit 10.36 to the Registrant's Annual Report on Form 10-K filed on August 17, 2021 (SEC File No. 000-12933). 10.19*Form of Market-Based Performance Restricted Stock Unit Award Agreement (International Participants) - 2015 Stock Incentive Plan which is incorporated by reference to Exhibit 10.37 to the Registrant's Annual Report on Form 10-K filed on August 17, 2021 (SEC File No. 000-12933). 10.20*Non-employee Director Compensation Program, as amended which is incorporated by reference to Exhibit 10.38 to the Registrant s Annual Report on Form 10-K filed on August 29, 2024 (SEC File No. 000-12933). 10.21*Form of Restricted Stock Unit Agreement (U.S. Participants) - 2015 Stock Incentive Plan which is incorporated by reference to Exhibit 10.1 to the Registrant's Quarterly Report on Form 10-Q filed on January 30, 2023 (SEC File No. 000-12933). 10.22*Form of Restricted Stock Unit Agreement (U.S. Participants) - 2015 Stock Incentive Plan which is incorporated by reference to Exhibit 10.1 to the Registrant's Quarterly Report on Form 10-Q filed on April 29, 2024 (SEC File No. 000-12933). 10.23*Form of Restricted Stock Unit Agreement (International Participants) - 2015 Stock Incentive Plan which is incorporated by reference to Exhibit 10.2 to the Registrant's Quarterly Report on Form 10-Q filed on April 29, 2024 (SEC File No. 000-12933). 10.24*Form of Market-Based Performance Restricted Stock Unit Award Agreement (U.S. Participants) - 2015 Stock Incentive Plan which is incorporated by reference to Exhibit 10.3 to the Registrant's Quarterly Report on Form 10-Q filed on April 29, 2024 (SEC File No. 000-12933). 10.25*Form of Market-Based Performance Restricted Stock Unit Award Agreement (International Participants) - 2015 Stock Incentive Plan which is incorporated by reference to Exhibit 10.4 to the Registrant's Quarterly Report on Form 10-Q filed on April 29, 2024 (SEC File No. 000-12933). 10.26*Form of Restricted Stock Unit Award Agreement (U.S. Participants) - 2015 Stock Incentive Plan which is incorporated by reference to Exhibit 10.1 to the Registrant's Quarterly Report on Form 10-Q filed on April 25, 2025 (SEC File No. 000-12933). 10.27*Form of Restricted Stock Unit Award Agreement (International Participants) - 2015 Stock Incentive Plan which is incorporated by reference to Exhibit 10.2 to the Registrant's Quarterly Report on Form 10-Q filed on April 25, 2025 (SEC File No. 000-12933). 10.28*Form of Market-Based Performance Restricted Stock Unit Award Agreement (U.S. Participants) - 2015 Stock Incentive Plan which is incorporated by reference to Exhibit 10.3 to the Registrant's Quarterly Report on Form 10-Q filed on April 25, 2025 (SEC File No. 000-12933). 10.29*Form of Market-Based Performance Restricted Stock Unit Award Agreement (International Participants) - 2015 Stock Incentive Plan which is incorporated by reference to Exhibit 10.4 to the Registrant's Quarterly Report on Form 10-Q filed on April 25, 2025 (SEC File No. 000-12933). 10.30*Lam Research Corporation 2025 Stock Incentive Plan which is incorporated by reference to Exhibit 10.1 to the Registrant s Current Report on Form 8-K filed on November 6, 2025 (SEC file No. 000-12933). 10.31*Form of Restricted Stock Unit Agreement (Board of Directors) - 2025 Stock Incentive Plan which is incorporated by reference to Exhibit 10.2 to the Registrant s Quarterly Report on Form 10-Q filed on January 29, 2026 (SEC File No. 000-12933). 10.32*Form of Restricted Stock Unit Agreement - 2025 Stock Incentive Plan which is incorporated by reference to Exhibit 10.3 to the Registrant s Quarterly Report on Form 10-Q filed on January 29, 2026 (SEC File No. 000-12933). 10.33*Form of Market-based Performance Restricted Stock Unit Agreement - 2025 Stock Incentive Plan which is incorporated by reference to Exhibit 10.4 to the Registrant s Quarterly Report on Form 10-Q filed on January 29, 2026 (SEC File No. 000-12933). 19.1Insider Trading Policy. 21Subsidiaries of the Registrant. 23.1Consent of Independent Registered Public Accounting Firm. 23.2Consent of Independent Registered Public Accounting Firm. 24Power of Attorney (See Signature page) 31.1Rule 13a 14(a) / 15d 14(a) Certification (Principal Executive Officer) 31.2Rule 13a 14(a) / 15d 14(a) Certification (Principal Financial Officer) 32.1Section 1350 Certification (Principal Executive Officer) 32.2Section 1350 Certification (Principal Financial Officer) 97.1Policy for the Recovery of Erroneously Awarded Compensation which is incorporated by reference to Exhibit 97.1 to the Registrant s Annual Report on Form 10-K filed on August 29, 2024 (SEC File No. 000-12933). 101.INSInline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. 101.SCHInline XBRL Taxonomy Extension Schema Document 101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document Lam Research Corporation 2026 10-K 79 Table of Contents ExhibitDescription 101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document 101.LABInline XBRL Taxonomy Extension Label Linkbase Document 101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document 104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) __________________________________ *Indicates management contract or compensatory plan or arrangement. Lam Research Corporation 2026 10-K 80 Table of Contents SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized. Date:August 7, 2026LAM RESEARCH CORPORATION (Registrant) By:/s/ Timothy M. Archer Timothy M. Archer President and Chief Executive Officer Lam Research Corporation 2026 10-K 81 Table of Contents POWER OF ATTORNEY AND SIGNATURES By signing this Annual Report on Form 10-K below, I hereby appoint each of Timothy M. Archer and Douglas R. Bettinger, jointly and severally, as my attorney-in-fact to sign all amendments to this Form 10-K on my behalf and to file this Form 10-K (including all exhibits and other related documents) with the Securities and Exchange Commission. I authorize each of my attorneys-in-fact to (1) appoint a substitute attorney-in-fact for himself and (2) perform any actions that he believes are necessary or appropriate to carry out the intention and purpose of this Power of Attorney. I ratify and confirm all lawful actions taken directly or indirectly by my attorneys-in-fact and by any properly appointed substitute attorneys-in-fact. Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated. Signatures TitleDate Principal Executive Officer /s/ Timothy M. Archer President, Chief Executive Officer and DirectorAugust 7, 2026 Timothy M. Archer Principal Financial Officer /s/ Douglas R. Bettinger Executive Vice President and Chief Financial OfficerAugust 7, 2026 Douglas R. Bettinger Principal Accounting Officer /s/ Christina C. CorreiaGroup Vice President and Chief Accounting OfficerAugust 7, 2026 Christina C. Correia SignaturesTitleDateSignaturesTitleDate /s/ Abhijit Y. TalwalkarChairmanAugust 7, 2026/s/ John M. DineenDirectorAugust 7, 2026 Abhijit Y. TalwalkarJohn M. Dineen /s/ Sohail U. AhmedDirectorAugust 7, 2026/s/ Mark FieldsDirectorAugust 7, 2026 Sohail U. AhmedMark Fields /s/ Eric K. BrandtDirectorAugust 7, 2026/s/ Ho Kyu KangDirectorAugust 7, 2026 Eric K. BrandtHo Kyu Kang /s/ Ita M. BrennanDirectorAugust 7, 2026/s/ Bethany J. MayerDirectorAugust 7, 2026 Ita M. BrennanBethany J. Mayer /s/ Michael R. CannonDirectorAugust 7, 2026/s/ Jyoti K. MehraDirectorAugust 7, 2026 Michael R. CannonJyoti K. Mehra /s/ Anirudh DevganDirectorAugust 7, 2026 Anirudh Devgan Lam Research Corporation 2026 10-K 82