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LAM RESEARCH CORP - Annual Report: 2025 (Form 10-K)

Changes in operating asset and liability accounts441,801 Other6,845 $6,173,264 
Significant changes in operating asset and liability accounts, net of foreign exchange impact, included the following sources of cash: increases in deferred gross profit of $1.1 billion, accrued expenses and other liabilities of $328 million, and accounts payable of $212 million. These sources of cash are offset by the following uses of cash: increases in accounts receivable of $859 million, prepaid expenses and other current assets of $207 million, and inventory of $181 million.
Cash Flows from Investing Activities
Net cash used for investing activities during fiscal year 2025 was $708 million, primarily consisting of $759 million in capital expenditures.
Cash Flows from Financing Activities
Net cash used for financing activities during fiscal year 2025 was $4,937 million, primarily consisting of $3,422 million in Common Stock repurchases, including net share settlement on employee stock-based compensation; $1,150 million of dividends paid; and $507 million of principal payments on debt instrument and debt issuance costs, partially offset by $143 million of stock issuance and treasury stock reissuances associated with our employee stock-based compensation plans.
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 29, 2025, 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.
In March 2025, $500 million principal value of our 2025 Notes were settled upon maturity using available cash on hand.
In January 2025, we entered into a Third Amended and Restated Credit Agreement. The amendment increased the unsecured revolving credit facility commitment from $1.5 billion to $2.0 billion and extended the maturity of the facility from June 2026 to January 2030. The facility provides for an expansion option that will allow us, subject to certain requirements, to request an increase in the facility of up to an additional $750 million, for a potential total commitment of $2.75 billion. Please refer to Note 14, “Long-term Debt and Other Borrowings" to our Consolidated Financial Statements, included in Part II, Item 8 of this 2025 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.

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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 2025 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 2025 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 29, 2025, we expect to fulfill approximately $387 million within one year related to these arrangements.
Item 7A.        Quantitative and Qualitative Disclosures About Market Risk
Interest Rate Risk
Long-Term Debt
As of June 29, 2025, we had $4.5 billion in principal amount of fixed-rate long-term debt outstanding, with a fair value of $3.9 billion. The fair value of our Notes is subject to interest rate risk and market risk. Generally, the fair value of 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 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 Notes at fair value but present the fair value of the principal amount of our 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 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. We also enter into foreign currency forward contracts to hedge 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 hedge contracts 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 hedge contract fully covers the hedged items. The unrealized gain of our outstanding forward and option contracts that are designated as cash flow hedges, as of June 29, 2025, 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.
The unrealized loss of our outstanding foreign currency forward contracts that are designated as balance sheet hedges, as of June 29, 2025, and the change in fair value of these balance sheet hedges, 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 in fair values of the foreign currency denominated monetary assets and liabilities, assuming the hedge contract fully covers the intercompany and trade receivable balances.


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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 29, 2025, June 30, 2024, and June 25, 2023
38
Consolidated Statements of Comprehensive Income — Years Ended June 29, 2025, June 30, 2024, and June 25, 2023
39
Consolidated Balance Sheets — June 29, 2025, and June 30, 2024
40
Consolidated Statements of Cash Flows — Years Ended June 29, 2025, June 30, 2024, and June 25, 2023
41
Consolidated Statements of Stockholders’ Equity — Years Ended June 29, 2025, June 30, 2024, and June 25, 2023
43
Notes to Consolidated Financial Statements
44
Reports of Independent Registered Public Accounting Firm (PCAOB ID: )
67


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LAM RESEARCH CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
 
 Year Ended
June 29,
2025		June 30,
2024		June 25,
2023
Revenue$ $ $ 
Cost of goods sold   
Restructuring charges, net - cost of goods sold   
Total cost of goods sold   
Gross margin   
Research and development   
Selling, general, and administrative   
Restructuring charges, net - operating expenses   
Total operating expenses   
Operating income   
Other income (expense), net  ()
Income before income taxes   
Income tax expense()()()
Net income$ $ $ 
Net income per share:
Basic$ $ $ 
Diluted$ $ $ 
Number of shares used in per share calculations:
Basic   
Diluted   
See Notes to Consolidated Financial Statements

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LAM RESEARCH CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands)
 
 Year Ended
June 29,
2025		June 30,
2024		June 25,
2023
Net income$ $ $ 
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment () 
Cash flow hedges:
Net unrealized gains during the period   
Net losses (gains) reclassified into net income ()()
 () 
Available-for-sale investments:
Net unrealized gains during the period   
Net gains reclassified into net income ()()
   
Defined benefit plans, net change in unrealized component()  
Other comprehensive income (loss), net of tax () 
Comprehensive income$ $ $ 
See Notes to Consolidated Financial Statements

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LAM RESEARCH CORPORATION
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
 
June 29,
2025		June 30,
2024
ASSETS:
Cash and cash equivalents$ $ 
Accounts receivable, less allowance of $ as of June 29, 2025 and $ as of June 30, 2024
  
Inventories  
Prepaid expenses and other current assets  
Total current assets  
Property and equipment, net  
Goodwill and intangible assets, net  
Other assets  
Total assets$ $ 
LIABILITIES AND STOCKHOLDERS’ EQUITY:
Trade accounts payable$ $ 
Accrued expenses and other current liabilities  
Deferred profit  
Current portion of long-term debt and finance lease obligations  
Total current liabilities  
Long-term debt and finance lease obligations  
Income taxes payable  
Other long-term liabilities  
Total liabilities  
Commitments and contingencies
Stockholders’ equity:
Preferred stock, at par value of $ per share; authorized - shares, outstanding
  
Common stock, at par value of $ per share; authorized shares as of June 29, 2025 and June 30, 2024; issued and outstanding shares as of June 29, 2025, and shares as of June 30, 2024
  
Additional paid-in capital  
Treasury stock, at cost, shares as of June 29, 2025, and shares as of June 30, 2024
()()
Accumulated other comprehensive loss()()
Retained earnings  
Total stockholders’ equity  
Total liabilities and stockholders’ equity$ $ 
See Notes to Consolidated Financial Statements

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LAM RESEARCH CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands) 
 Year Ended
June 29,
2025		June 30,
2024		June 25,
2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income$ $ $ 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization   
Deferred income taxes()()()
Equity-based compensation expense   
Other, net   
Changes in operating asset and liability accounts:
Accounts receivable, net of allowance()  
Inventories() ()
Prepaid expenses and other assets()() 
Trade accounts payable  ()
Deferred profit () 
Accrued expenses and other liabilities ()()
Net cash provided by operating activities   
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures and intangible assets()()()
Business acquisitions, net of cash acquired  ()
Proceeds from maturities of available-for-sale securities   
Proceeds from sales of available-for-sale securities   
Other, net ()()
Net cash used for investing activities()()()

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 Year Ended
June 29,
2025		June 30,
2024		June 25,
2023
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on long-term debt and finance lease obligations and payments for debt issuance costs$()$()$()
Treasury stock purchases()()()
Dividends paid()()()
Reissuances of treasury stock related to employee stock purchase plan   
Proceeds from issuance of common stock   
Other, net ()()
Net cash used for financing activities()()()
Effect of exchange rate changes on cash, cash equivalents and restricted cash () 
Net change in cash, cash equivalents and restricted cash   
Cash, cash equivalents and restricted cash at beginning of year (1)   
Cash, cash equivalents and restricted cash at end of year (1)$ $ $ 
Schedule of non-cash transactions
Accrued payables for stock repurchases, including applicable excise tax$ $ $ 
Accrued payables for capital expenditures   
Dividends payable   
Transfers of finished goods inventory to property and equipment   
Supplemental disclosures:
Cash payments for interest$ $ $ 
Cash payments for income taxes, net   
Reconciliation of cash, cash equivalents, and restricted cashJune 29,
2025		June 30,
2024		June 25,
2023
Cash and cash equivalents$ $ $ 
Restricted cash and cash equivalents (1)   
Total cash, cash equivalents, and restricted cash$ $ $ 
(1)

See Notes to Consolidated Financial Statements


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LAM RESEARCH CORPORATION
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in thousands, except per common share data)
Common
Stock
Shares		Common
Stock		Additional
Paid-in
Capital		Treasury
Stock		Accumulated
Other
Comprehensive
Income (Loss)		Retained
Earnings		Total
Balance at June 26, 2022 $ $ $()$()$ $ 
Issuance of common stock   — — —  
Purchase of treasury stock()()— ()— — ()
Reissuance of treasury stock    — —  
Equity-based compensation expense— —  — — —  
Net income— — — — —   
Other comprehensive income— — — —  —  
Cash dividends declared ($ per common share)
— — — — — ()()
Balance at June 25, 2023   ()()  
Issuance of common stock   — — —  
Purchase of treasury stock()()— ()— — ()
Reissuance of treasury stock    — —  
Equity-based compensation expense— —  — — —  
Net income— — — — —   
Other comprehensive loss— — — — ()— ()
Cash dividends declared ($ per common share)
— — — — — ()()
Balance at June 30, 2024   ()()  
Issuance of common stock   — — —  
Purchase of treasury stock()()— ()— — ()
Reissuance of treasury stock    — —  
Equity-based compensation expense— —  — — —  
Net income— — — — —   
Other comprehensive income— — — —  —  
Cash dividends declared ($ per common share)
— — — — — ()()
Balance at June 29, 2025 $ $ $()$()$ $ 


See Notes to Consolidated Financial Statements

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
June 29, 2025
Note 1:
-for-one stock split of its common stock and a proportionate increase in the number of authorized shares. All share and per share amounts throughout this Annual Report on Form 10-K have been retroactively adjusted to reflect the stock split. The par value per share remains unchanged at $ per share after the stock split.
Note 2:
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.

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The Company did t record impairments of goodwill during the years ended June 29, 2025, June 30, 2024, or June 25, 2023.

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t 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.
No such losses were recognized through the Consolidated Statement of Operations during the years ended June 29, 2025, June 30, 2024 and June 25, 2023.
Bad debt expense was not material for fiscal years ended June 29, 2025, June 30, 2024, and June 25, 2023.
. Furniture and fixtures are depreciated by the straight-line method over the estimated useful lives of the assets, generally . Software is amortized by the straight-line method over the estimated useful lives of the assets, generally three to . Buildings are depreciated by the straight-line method over the estimated useful lives of the assets, generally . 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.

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Note 3:

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Note 4:
 $ $ Customer support-related revenue and other   $ $ $ 
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  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.
Additionally, the Company serves primary markets: memory, foundry, and logic/integrated device manufacturing.
 % % %Memory % % %Logic/integrated device manufacturing % % %
Deferred Revenue
Revenue of $ million included in deferred profit at June 30, 2024 was recognized during fiscal year 2025, representing % of the $ million of deferred revenue as of June 30, 2024.
 $ (1)$ (1)$ 
(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:
authorized shares were available for issuance under the Plan; as of June 29, 2025, shares remain available for future issuance to satisfy stock option exercises and vesting of awards.

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 $ $ Income tax benefit recognized related to equity-based compensation$ $ $ Income tax benefit realized from the exercise and vesting of options and RSUs$ $ $ 
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 2025, 2024, and 2023, the Company issued both service-based RSUs and market-based PRSUs. Service-based RSUs typically vest annually over a period of years or less. Market-based PRSUs generally vest from the grant date if certain performance criteria are achieved and require continued employment.
For the majority of market-based PRSUs granted in the 2025 fiscal year, 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 % to % 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 -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 %, regardless of the percentile ranking.
For market-based PRSUs granted in the 2024 and 2023 fiscal years, 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 % to % of target. The stock price performance or market price performance is measured using the average closing price for the -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 % of target for each % that Common Stock price performance exceeds the market price performance of the designated benchmark index.
 $ Granted  Vested() Forfeited or canceled() Outstanding, June 29, 2025 $ 
Of the thousand shares outstanding at June 29, 2025, thousand are service-based RSUs and 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 2025, 2024, and 2023 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 $, $, and $, respectively. The total fair value of service-based RSUs and market-based RSUs that vested during fiscal years 2025, 2024, and 2023 was $ million, $ million, and $ million, respectively.
 As of June 29, 2025, the Company had $ million of total unrecognized compensation expense which is expected to be recognized over a weighted-average remaining period of approximately years.

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-year maximum contractual term to a limited group of executive officers during fiscal years 2025, 2024, and 2023. Stock options typically vest over a period of or less. The Company had thousand options outstanding at June 29, 2025 with a weighted-average exercise price of $ per share, of which  thousand were exercisable with a weighted-average exercise price of $ per share. As of June 29, 2025, the Company had $ 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 years.
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 % 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 months and contains interim purchase date.
thousand shares of the Company’s Common Stock were sold to employees under the ESPP. At June 29, 2025, approximately million shares were available for purchase, and the Company had $ million of total unrecognized compensation cost, which is expected to be recognized over a remaining period of less than .
Note 6:
 $ $ Interest expense()()()Gains on deferred compensation plan related assets, net   Foreign exchange losses, net()()()Other, net()()()$ $ $()
Interest income in the year ended June 29, 2025 decreased compared to the year ended June 30, 2024 primarily due to lower interest rates, partially offset by higher cash balances. Interest income in the year ended June 30, 2024 increased compared to the year ended June 25, 2023, primarily as a result of higher yields and higher cash balances.
Interest expense decreased in fiscal year 2025 compared to fiscal year 2024 primarily due to the maturity of $ million of the Company’s senior notes in March 2025. Interest expense was flat in fiscal year 2024 compared to fiscal year 2023.
The gains on deferred compensation plan related assets, net in fiscal years 2025, 2024 and 2023 were driven by fluctuations in the fair market value of the underlying funds.
Note 7:
 $ $ Foreign   $ $ $ 

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 $ $ Deferred()()()   State:Current   Deferred ()()   Foreign:Current   Deferred() ()   Total provision for income taxes$ $ $ 
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.
 $ Allowances and reserves  Equity-based compensation  Inventory valuation differences  Outside basis differences of foreign subsidiaries  R&D capitalization  Operating lease liabilities  Intangible assets  Other  Gross deferred tax assets  Valuation allowance()()Net deferred tax assets  Deferred tax liabilities:Capital assets()()Amortization of goodwill()()Right-of-use assets()()Other()()Gross deferred tax liabilities()()Net deferred tax assets$ $ 


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million primarily related to California deferred tax assets. At June 29, 2025, 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 29, 2025, the Company had state tax credit carryforwards of $ million. Substantially all of these credits can be carried forward indefinitely.
 $ $ State income taxes, net of federal tax benefit()()()Foreign income taxed at different rates()()()Settlements and reductions in uncertain tax positions()()()Tax credits()()()State valuation allowance, net of federal tax benefit   Equity-based compensation () Increases in uncertain tax positions    Other permanent differences and miscellaneous items()  $ $ $ 
Effective from fiscal year 2022, the Company has a tax incentive ruling in Malaysia for one of its foreign subsidiaries. The impact of the tax incentive decreased worldwide taxes by approximately $ million, $ million, and $ million for fiscal years 2025, 2024, and 2023, respectively. The benefit of the tax incentive on diluted earnings per share was approximately $, $, and $ in fiscal years 2025, 2024, and 2023, respectively.
Earnings of the Company’s foreign subsidiaries included in consolidated retained earnings that are indefinitely reinvested in foreign operations aggregated to approximately $ billion at June 29, 2025. If these earnings were remitted to the United States, they would be subject to foreign withholding taxes of approximately $ million at the current statutory rates. The potential tax expense associated with these foreign withholding taxes would be offset by $ million of foreign tax credits that would be generated in the United States upon remittance. Other potential tax consequences, such as state income inclusions of these earnings, cannot be estimated.
On July 4, 2025, the OBBBA was signed into law by U.S. President Donald Trump. The impact on income taxes due to change in legislation is required, under ASC 740, Income Taxes, to be recognized in the period in which the law is enacted, which is during the Company’s fiscal year 2026. In general, the OBBBA introduces changes to U.S. taxation, including changes in the taxation of non-U.S. income. The Company is currently assessing the potential implications of these changes to its fiscal year 2026 Consolidated Financial Statements.
The Company’s gross uncertain tax positions were $ million, $ million, and $ million as of June 29, 2025, June 30, 2024, and June 25, 2023, respectively. During fiscal year 2025, gross uncertain tax positions decreased by $ million. The amount of uncertain tax positions that, if recognized, would impact the effective tax rate was $ million, $ million, and $ million, as of June 29, 2025, June 30, 2024, and June 25, 2023, respectively.

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 Settlements and effective settlements with tax authorities()Lapse of statute of limitations()Increases in balances related to tax positions taken during prior periods Decreases in balances related to tax positions taken during prior periods()Increases in balances related to tax positions taken during current period Balance as of June 25, 2023 Settlements and effective settlements with tax authorities()Lapse of statute of limitations()
 
Note 9:

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 $ Cash  Time deposits  Total$ $ 
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 29, 2025 and June 30, 2024, 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 29, 2025 and June 30, 2024. As of June 29, 2025, 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 months. The total notional value of cash flow hedge instruments outstanding as of June 29, 2025 included $ million of buy contracts and $ million of sell contracts.
Balance Sheet Hedges
As of June 29, 2025 and June 30, 2024, the fair value of outstanding balance sheet hedges was not material. The effect of the Company’s balance sheet hedge derivative instruments on the Company’s Consolidated Statements of Operations were not material as of and for the twelve months ended June 29, 2025. The total notional value of balance sheet hedge instruments outstanding as of June 29, 2025 included $ million of buy contracts and $ 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.

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%, % and % of accounts receivable, respectively. As of June 30, 2024, three customers accounted for approximately %, %, and % 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 29, 2025, June 30, 2024, and June 25, 2023. Refer to Note 19: Segment, Geographic Information, and Major Customers for additional information regarding customer concentrations.
Note 10:
 $ Work-in-process  Finished goods  $ $ 
Note 11:
 $ Buildings and improvements  Computer and computer-related equipment  Land  Office equipment, furniture and fixtures    Less: accumulated depreciation and amortization()()$ $ 
million, $ million, and $ million, respectively.

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Note 12:
billion as of June 29, 2025 and June 30, 2024, respectively. As of June 29, 2025 and June 30, 2024, $ million and $ 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. goodwill impairments were recognized in fiscal years 2025, 2024, or 2023.
Intangible Assets
The balance of intangible assets as of June 29, 2025 and June 30, 2024 were $ million and $ million, respectively. 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 2025, 2024, and 2023.
Note 13:
 $ Warranty reserves  Income and other taxes payable  Dividend payable  


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 $ 2027  2028  2029  2030  Thereafter  Total$ $ 
Senior Notes
On May 5, 2020, the Company completed a public offering of $ million aggregate principal amount of the Company’s Senior Notes due June 15, 2030 (the “2030 Notes”), $ million aggregate principal amount of the Company’s Senior Notes due June 15, 2050 (the “2050 Notes”), and $ 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 %, %, and %, 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 $ million aggregate principal amount of the Company’s Senior Notes due March 15, 2026 (the “2026 Notes”), $ billion aggregate principal amount of the Company’s Senior Notes due March 15, 2029 (the “2029 Notes”), and $ 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 %, %, and %, on the 2026, 2029, and 2049 Notes, respectively, on a semi-annual basis on March 15 and September 15 of each year.
On March 12, 2015, the Company completed a public offering of $ million aggregate principal amount of the Company’s Senior Notes due March 15, 2025 (the “2025 Notes”). The 2025 Notes were settled upon maturity during the three months ended March 30, 2025.
The Company may redeem the 2026, 2029, 2030, 2049, 2050, and 2060 Notes (collectively the “Senior Notes”) at a redemption price equal to % 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 January 15, 2026 for the 2026 Notes, 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 January 15, 2026 for the 2026 Notes, 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 % of the principal amount of the respective note, plus accrued and unpaid interest.
$ 2029 Notes$ 2030 Notes$ 2049 Notes$ 2050 Notes$ 2060 Notes$ 
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 $ billion revolving credit facility with a syndicate of lenders,

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million, for a potential total commitment of $ 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 % to %, or (2) an adjusted term Secured Overnight Financing Rate, plus a spread of % to %, 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 29, 2025, the Company had borrowings outstanding under the credit facility and was in compliance with all financial covenants.
Commercial Paper Program
On November 13, 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 $ billion. In July 2021, the Company amended the CP Program size to a maximum aggregate amount outstanding at any time of $ 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 29, 2025, the Company had outstanding borrowings under the CP Program.
Interest Cost
 $ $ Amortization of interest discount   Amortization of issuance costs   Effect of interest rate contracts, net   Total interest cost recognized$ $ $ 
Note 15:
million, $ million, and $ 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 2025, 2024, and 2023, respectively.

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 $ $ Financing cash flows paid for principal portion of finance leases   Right-of-use assets obtained in exchange for lease obligations:Operating leases$ $ $ Finance leases    $ Accrued expenses and other current liabilities$ $ Other long-term liabilities  Total operating lease liabilities$ $ 
As of June 29, 2025 and June 30, 2024 outstanding finance lease obligations were immaterial.
 % % 2027 2028 2029 2030 Thereafter Total lease payments$ Less imputed interest()Total$ 
Selected Leases and Related Guarantees
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 are for buildings located at its Tualatin, Oregon campus; and certain other facility leases provide the Company with options to extend the leases for additional periods or to purchase the facilities. Certain of the Company’s facility leases provide for periodic rent increases based on the general rate of inflation.

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million of restricted cash that was reported in Other assets in the Company’s Consolidated Balance Sheet. Additionally, guarantees made to the lessor that each property would have a certain minimum residual value totaling $ million as of June 25, 2023 in the aggregate were eliminated with the extinguishment of the California Facility Leases. As a result of the purchase of the improved properties, $ million of additions were made to Property and equipment, net in the Company’s Consolidated Balance Sheets primarily comprised of land ($ million) and buildings and improvements ($ million).
Note 16:
after the opening of a deferral sub-account or upon retirement. Distributions are made in the form of lump sum or annual installments over a period of up to years as elected by the participant. If no alternate election has been made, a lump sum payment will be made upon termination of a participant’s employment with the Company. As of June 29, 2025, and June 30, 2024, the liability of the Company to the plan participants was $ million and $ million, respectively, which was recorded in Accrued expenses and other current liabilities and Other long-term liabilities on the Consolidated Balance Sheets. As of June 29, 2025, and June 30, 2024, the Company had investments in the aggregate amount of $ million and $ million, respectively, which correlate to the deferred compensation obligations, which were recorded in Other assets on the Consolidated Balance Sheets.
Note 17:
million of liabilities related to uncertain tax positions (see Note 7: Income Taxes for further discussion) as of the end of the fiscal year because the Company is unable to reasonably estimate the ultimate amount or time of settlement.
Other Guarantees
The Company has issued certain indemnifications to its lessors for taxes and general liability under some of its agreements. The Company has entered into insurance contracts that are intended to limit its exposure to such indemnifications. As of June 29, 2025, the Company had not recorded any liability on its Consolidated Financial Statements in connection with these indemnifications, as it does not believe that it is probable that any material amounts will be paid under these guarantees.
Generally, the Company indemnifies, under pre-determined conditions and limitations, its customers for infringement of third-party intellectual property rights by the Company’s products or services. The Company seeks to limit its liability for such indemnity to an amount not to exceed the sales price of the products or services subject to its indemnification obligations. The Company does not believe that it is probable that any material amounts will be paid under these guarantees.
The Company provides guarantees and standby letters of credit to certain parties as required for certain transactions initiated during the ordinary course of business. As of June 29, 2025, the maximum potential amount of future payments that the Company could be required to make under these arrangements and letters of credit was $ million. The Company does not believe, based on historical experience and information currently available, that it is probable that any material amounts will be required to be paid.
In addition, the Company has entered into indemnification agreements with its directors, officers, and certain other employees, consistent with its Bylaws and Certificate of Incorporation; and under local law, the Company may be required to provide indemnification to its employees for actions within the scope of their employment. Although the Company maintains insurance contracts that cover some of the potential liability associated with these indemnification agreements, there is no guarantee that all such liabilities will be covered. The Company does not believe, based on historical experience and information currently available, that it is probable that any material amounts will be required to be paid under such indemnification agreements or statutory obligations.
Purchase Obligations
Purchase obligations consist of non-cancelable significant contractual obligations either on an annual basis or over multi-year periods. The contractual cash obligations and commitments table presented below contains the Company’s minimum obligations at June 29, 2025, under these arrangements and others. For obligations with cancellation provisions, the amounts included in the following table were limited to the non-cancelable portion of the agreement terms or the minimum cancellation fee. Actual expenditures will vary based on the volume of transactions and length of contractual service provided.


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 2027 2028 2029 2030 Thereafter 

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Note 18:
billion of Common Stock; this authorization supplements the remaining balances from any prior authorizations. These repurchases can be conducted on the open market or as private purchases and may include the use of derivative contracts with large financial institutions, in all cases subject to compliance with applicable law. This repurchase program has no termination date and may be suspended or discontinued at any time.  Quarter ended September 29, 2024 $ $ $ Quarter ended December 29, 2024 $ $ $ Quarter ended March 30, 2025 $ $ $ Quarter ended June 29, 2025 (2)$ $ $ 
(1)    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.
(2)    Includes shares received at initial settlement of accelerated share repurchase agreements; see additional disclosures below regarding the Company’s accelerated share repurchase activity during the fiscal year.
(3)    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.
Accelerated Share Repurchase Agreements
On April 30, 2025, the Company entered into accelerated share repurchase agreements (the "April 2025 ASRs") with financial institutions to repurchase a total of $ million of Common Stock. The Company took an initial delivery of approximately  million shares, which represented % of the prepayment amount divided by our closing stock price on April 30, 2025. The total number of shares received under the April 2025 ASRs will be 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 will occur no later than September 8, 2025.
The Company recorded the April 2025 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.

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Note 19:
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.
 $ $ Installation and warranty expense   
Other cost of goods sold (COGS) (1)
   Segment COGS   Segment gross margin   Reconciliation to consolidated gross marginRestructuring charges, net   All other COGS   Gross margin   Research and development   Selling, general, and administrative   Restructuring charges, net - operating expenses   Other income (expense), net  ()Income before income taxes$ $ $ 
(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 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 29, 2025 and June 30, 2024; are attributed to the geographic locations in which the assets are located.

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 $ $ Korea   Taiwan   Japan   United States   Southeast Asia   Europe   Total revenue$ $ $ 
 
June 29,
2025		June 30,
2024		June 25,
2023
Long-lived assets:(in thousands)
United States$ $ $ 
Southeast Asia   
Korea   
Europe   
Taiwan   
Japan   
China   
$ $ $ 
In fiscal year 2025, two customers accounted for approximately % and % of total revenues, respectively. In fiscal year 2024, one customer accounted for approximately % of total revenues. In fiscal year 2023, two customers accounted for approximately % and % of total revenues, respectively. No other customers accounted for 10% or more of total revenues.
Note 20:

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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.
restructuring costs were recorded during the fiscal year ended June 29, 2025. During the fiscal year ended June 30, 2024, net restructuring costs of $ million and $ 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 $ million. The restructuring liability reported as of June 30, 2024 totaling $ million was substantially satisfied in the three months ended September 29, 2024.
 $ $ Restructuring expense   Cash payments()()()Non-cash activities()()()Restructuring liability as of June 30, 2024$ $ $ 
/s/ Ernst & Young LLP
We have served as the Company’s auditor since 1981.
San Jose, California
August 11, 2025

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Report of Independent Registered Public Accounting Firm

To the Stockholders and the Board of Directors of Lam Research Corporation

Opinion on Internal Control Over Financial Reporting
We have audited Lam Research Corporation’s internal control over financial reporting as of June 29, 2025, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, Lam Research Corporation (the Company) maintained, in all material respects, effective internal control over financial reporting as of June 29, 2025, based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of June 29, 2025 and June 30, 2024, the related consolidated statements of operations, comprehensive income, stockholders’ equity and cash flows for each of the three years in the period ended June 29, 2025, and the related notes and our report dated August 11, 2025 expressed an unqualified opinion thereon.

Basis for Opinion
The Company’s management is responsible 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 internal control over financial reporting based on our audit. 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 audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.

Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

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.
/s/
August 11, 2025

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Item 9.     Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
None.
Item 9A.     Controls and Procedures
Design of Disclosure Controls and Procedures and Internal Control over Financial Reporting
We maintain disclosure controls and procedures and internal control over financial reporting that are designed to comply with Rule 13a-15 of the Exchange Act. In designing and evaluating the controls and procedures associated with each, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives and that the effectiveness of controls cannot be absolute because the cost to design and implement a control to identify errors or mitigate the risk of errors occurring should not outweigh the potential loss caused by the errors that would likely be detected by the control. Moreover, we believe that a control system cannot be guaranteed to be 100% effective all of the time. Accordingly, a control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the control system’s objectives will be met.
Disclosure Controls and Procedures
As required by Exchange Act Rule 13a-15(b), as of June 29, 2025, we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and our Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures as defined in Rule 13a-15(e). Based upon that evaluation, our Chief Executive Officer, along with our Chief Financial Officer, concluded that our disclosure controls and procedures are effective, as of June 29, 2025, at the reasonable assurance level.
We intend to review and evaluate the design and effectiveness of our disclosure controls and procedures on an ongoing basis and to correct any material deficiencies that we may discover. Our goal is to ensure that our senior management has timely access to material information that could affect our business.
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 that term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f). Management conducted an evaluation of the effectiveness of internal control over financial reporting based on the framework in Internal Control—Integrated Framework used by the Committee of Sponsoring Organizations of the Treadway Commission (2013 Framework). Based on that evaluation, management has concluded that the Company’s internal control over financial reporting was effective as of June 29, 2025, at providing reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP.
Ernst & Young LLP, an independent registered public accounting firm, independently assessed the effectiveness of the Company’s internal control over financial reporting, as stated in their attestation report, which is included in Part II, Item 8 of this 2025 Form 10-K.
Effectiveness of Controls
While we believe the present design of our disclosure controls and procedures and internal control over financial reporting is effective at the reasonable assurance level, future events affecting our business may cause us to modify our disclosure controls and procedures or internal control over financial reporting.
Item 9B.        Other Information
Rule 10b5-1 and Non-Rule 10b5-1 Trading Arrangements
During the Company’s fiscal quarter ended June 29, 2025, except for the following arrangements, none of the Company’s directors or officers , modified, or a trading arrangement for the purchase or sale of the Company’s common stock that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) (a “Rule 10b5-1 Trading Arrangement”) or a non-Rule 10b5-1 trading arrangement (as defined in Item 408(c) of Regulation S-K):
, , the of the Company, a Rule 10b5-1 Trading Arrangement. Dr. Vahedi’s Rule 10b5-1 Trading Arrangement provides for the potential sale of up to shares of the Company’s common stock pursuant to the terms of the Rule 10b5-1 Trading Arrangement. Dr. Vahedi’s Rule 10b5-1 Trading Arrangement has a termination date of .

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above; (b) execution of all trades or expiration of all the orders 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.

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PART III
We have omitted from this 2025 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 4, 2025, (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, see Part I, Item 1 of this 2025 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 — 2025 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. To the extent required by law, any amendments to, or waivers from, any provision of the Code of Ethics will promptly be disclosed to the public. To the extent permitted by applicable legal requirements, we intend to make any required public disclosure by posting the relevant material on our website in accordance with SEC rules.
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,” 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.”

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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 29, 2025, June 30, 2024, and June 25, 2023
38
Consolidated Statements of Comprehensive Income — Years Ended June 29, 2025, June 30, 2024, and June 25, 2023
39
Consolidated Balance Sheets — June 29, 2025, and June 30, 2024
40
Consolidated Statements of Cash Flows — Years Ended June 29, 2025, June 30, 2024, and June 25, 2023
41
Consolidated Statements of Stockholders’ Equity — Years Ended June 29, 2025, June 30, 2024, and June 25, 2023
43
Notes to Consolidated Financial Statements
44
Reports of Independent Registered Public Accounting Firm
67
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

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LAM RESEARCH CORPORATION
ANNUAL REPORT ON FORM 10-K
FOR THE FISCAL YEAR ENDED JUNE 29, 2025
EXHIBIT INDEX
 
ExhibitDescription
3.1
3.2
3.3
4.1
4.2
4.3
4.4
4.5
4.6
10.1*Form of Indemnification Agreement which is incorporated by reference to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended April 3, 1988 (SEC File No. 000-12933).
10.2*
10.3*
10.4*
10.5*
10.8*
10.9*
10.10
10.12*
10.13*
10.14
10.16*
10.17*
10.18

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ExhibitDescription
10.19*
10.20
10.26*
10.27*
10.28
10.29*
10.30*
10.31*
10.32*
10.33*
10.34*
10.35*
10.36*
10.37*
10.38*
10.39*
10.40*
10.41*
10.42*
10.43*
10.44*
10.45*
10.46*

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ExhibitDescription
10.47*
10.48*
10.49*
19.1
21
23
24Power of Attorney (See Signature page)
31.1
31.2
32.1
32.2
97.1
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
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 2025 10-K 76
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 11, 2025LAM RESEARCH CORPORATION
(Registrant)
By:/s/ Timothy M. Archer
Timothy M. Archer
President and Chief Executive Officer



Lam Research Corporation 2025 10-K 77
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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  Title Date
Principal Executive Officer   
/s/ Timothy M. Archer  President, Chief Executive Officer and Director August 11, 2025
      Timothy M. Archer
Principal Financial Officer
/s/ Douglas R. Bettinger  Executive Vice President and Chief Financial Officer August 11, 2025
      Douglas R. Bettinger
Principal Accounting Officer
/s/ Christina C. CorreiaGroup Vice President and Chief Accounting OfficerAugust 11, 2025
Christina C. Correia
Other Directors
SignaturesTitleDateSignaturesTitleDate
/s/ Abhijit Y. TalwalkarChairmanAugust 11, 2025/s/ John M. DineenDirectorAugust 11, 2025
      Abhijit Y. TalwalkarJohn M. Dineen
/s/ Sohail U. AhmedDirectorAugust 11, 2025/s/ Mark FieldsDirectorAugust 11, 2025
      Sohail U. AhmedMark Fields
/s/ Eric K. BrandtDirectorAugust 11, 2025/s/ Ho Kyu KangDirectorAugust 11, 2025
      Eric K. BrandtHo Kyu Kang
/s/ Ita M. BrennanDirectorAugust 11, 2025/s/ Bethany J. MayerDirectorAugust 11, 2025
      Ita M. Brennan
Bethany J. Mayer
/s/ Michael R. CannonDirectorAugust 11, 2025/s/ Jyoti K. MehraDirectorAugust 11, 2025
      Michael R. CannonJyoti K. Mehra


Lam Research Corporation 2025 10-K 78

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