Lam Research stock holds up as fiscal 2025 revenue reached $18.44 billion

Lam Research (US5324571083) closed at $202.75 on 21 July 2026, while fiscal 2025 revenue reached $18.44 billion and net income was $5.36 billion. The company also reported fiscal 2025 gross margin of 49.2%, giving investors a dated baseline for the next earnings cycle.

Fiscal 2025 set the base

Lam Research reported fiscal 2025 revenue of $18.44 billion, up from $14.87 billion in fiscal 2024, a year-over-year increase of 24.0%. Net income rose to $5.36 billion from $3.81 billion, while diluted EPS increased to $4.17 from $2.95 in the prior year. Lam Research investor relations remains the main source for that annual baseline.

Gross margin for fiscal 2025 was 49.2%, compared with 48.0% in fiscal 2024. That 1.2 percentage point improvement matters because the wafer-fab equipment cycle usually rewards margin discipline more than headline growth alone.

Shares near $202.75

The stock closed at $202.75 on 21 July 2026, a level that places Lam Research near the upper end of its recent trading range in market context. The price point is useful because it lets investors compare the share reaction with the company’s earnings and margin trend rather than relying on the business cycle alone.

On the operating side, fiscal 2025 revenue of $18.44 billion and gross margin of 49.2% frame the question for 2026: whether spending on chip manufacturing tools can stay strong enough to defend profitability. The year-over-year revenue gain of 24.0% provides the clearest comparison in the set.

Semiconductor tools matter

Lam Research sells wafer fabrication equipment and related services to chipmakers, so revenue and margin trends usually move with investment cycles in memory and logic manufacturing. That makes fiscal 2025 revenue of $18.44 billion and net income of $5.36 billion more than backward-looking figures; they define the scale of the business entering the next capital-spending phase.

The margin profile also matters for the product mix. A 49.2% gross margin in fiscal 2025 suggests the company retained pricing power even as demand conditions shifted through the year.

Wafer tools drive the mix

The product family that usually carries the business is plasma etch and deposition equipment, which sits at the center of advanced chip production. Those systems matter because chipmakers use them across multiple process nodes, linking Lam Research stock to both leading-edge and more mature fabrication spending.

Stock level and scale

As of 21 July 2026, the share price stood at $202.75. Market capitalization and next earnings timing were not required to understand the current setup because the dated price, fiscal 2025 revenue, net income, EPS, and margin already show the scale and profitability of the company in one view.