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General Dynamics Reports Second-Quarter 2026 Financial Results

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Revenue $14.1 billion, up 8.1% versus prior yearDiluted EPS $4.24, up 13.4% versus prior year$1.9 billion cash from operating activities, 162% of net earnings1.4-to-1 book-to-bill, with strong order activity in all segments

RESTON, Va., July 29, 2026 /PRNewswire/ — General Dynamics (NYSE: GD) today reported second-quarter 2026 operating earnings of $1.5 billion, and $4.24 per diluted share (EPS), on revenue of $14.1 billion. Compared with the year-ago quarter, revenue increased 8.1%, operating earnings increased 11.9%, and diluted EPS increased 13.4%. Operating margin of 10.4% was a 40-basis-point expansion from the year-ago quarter.

“Our businesses delivered solid results in the quarter, with revenue growth across all four segments – including double-digit increases in revenue and noteworthy margin expansion in Aerospace and Marine Systems – reflecting our ongoing efforts to increase the pace of execution and deliver on our backlog,” said Phebe Novakovic, chairman and chief executive officer. “We are well positioned to support our customers’ needs and are continuing to make significant investments to increase output to meet strong and growing demand.”

Cash and Capital Deployment

Net cash provided by operating activities in the quarter totaled $1.9 billion, or 162% of net earnings. During the quarter, the company paid $429 million in dividends, invested $234 million in capital expenditures, and reduced total debt by $498 million. The company ended the quarter with $7.5 billion in total debt and $4.3 billion in cash and equivalents on hand.

Orders and Backlog

Orders received in the quarter totaled $14.7 billion in the defense segments and $5.3 billion in the Aerospace segment, for a total of $20 billion. Book-to-bill ratio, defined as orders divided by revenue, was 1.4-to-1 for the quarter for the defense segments, 1.5-to-1 for the Aerospace segment, and 1.4-to-1 on a company-wide basis. 

Backlog at the end of the quarter was $136.5 billion. Estimated potential contract value, representing management’s estimate of additional value in unfunded indefinite delivery, indefinite quantity (IDIQ) contracts and unexercised options, was $50.4 billion. Total estimated contract value, the sum of backlog plus estimated potential contract value, was $186.9 billion.

About General Dynamics

Headquartered in Reston, Virginia, General Dynamics is a global aerospace and defense company that offers a broad portfolio of products and services in business aviation; ship construction and repair; land combat vehicles, weapons systems and munitions; and technology products and services. General Dynamics employs more than 120,000 people worldwide and generated $52.6 billion in revenue in 2025. More information is available at www.gd.com.  

WEBCAST INFORMATION: General Dynamics’ financial results conference call will be held on Wednesday, July 29, 2026, at 9:00 a.m. EDT.  A link to the live webcast will be available at www.gd.com and will be available for replay following the call. Corresponding presentation slides will be available for download prior to the call.

This press release may contain forward-looking statements (FLS), including statements about the company’s future operational and financial performance, which are based on management’s expectations, estimates, projections and assumptions. Words such as “expects,” “anticipates,” “plans,” “believes,” “forecasts,” “scheduled,” “outlook,” “estimates,” “should” and variations of these words and similar expressions are intended to identify FLS. In making FLS, we rely on assumptions and analyses based on our experience and perception of historical trends; current conditions and expected future developments; and other factors, estimates and judgments we consider reasonable and appropriate based on information available to us at the time. FLS are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. FLS are not guarantees of future performance and involve factors, risks and uncertainties that are difficult to predict. Actual future results and trends may differ materially from what is forecast in the FLS. All FLS speak only as of the date they were made. We do not undertake any obligation to update or publicly release revisions to FLS to reflect events, circumstances or changes in expectations after the date of this press release. Additional information regarding these factors is contained in the company’s filings with the SEC, and these factors may be revised or supplemented in future SEC filings. In addition, this press release may contain some financial measures not prepared in accordance with U.S. generally accepted accounting principles (GAAP). While we believe these non-GAAP metrics provide useful information for investors, there are limitations associated with their use, and our calculations of these metrics may not be comparable to similarly titled measures of other companies. Non-GAAP metrics should not be considered in isolation from, or as a substitute for, GAAP measures. Reconciliations to comparable GAAP measures and other information relating to our non-GAAP measures are included in other filings with the SEC, which are available at investorrelations.gd.com.

EXHIBIT A

CONSOLIDATED STATEMENT OF EARNINGS – (UNAUDITED)

DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS

Three Months Ended

Variance

July 5, 2026

June 29, 2025

$

%

Revenue

$                     14,094

$                     13,041

$     1,053

8.1 %

Operating costs and expenses

(12,634)

(11,736)

(898)

Operating earnings

1,460

1,305

155

11.9 %

Other, net

(4)

15

(19)

Interest, net

(49)

(88)

39

Earnings before income tax

1,407

1,232

175

14.2 %

Provision for income tax, net

(247)

(218)

(29)

Net earnings

$                       1,160

$                       1,014

$        146

14.4 %

Earnings per share—basic

$                         4.29

$                         3.78

$       0.51

13.5 %

Basic weighted average shares outstanding

270.2

268.1

Earnings per share—diluted

$                         4.24

$                         3.74

$       0.50

13.4 %

Diluted weighted average shares outstanding

273.5

270.9

 

EXHIBIT B

CONSOLIDATED STATEMENT OF EARNINGS – (UNAUDITED)

DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS

Six Months Ended

Variance

July 5, 2026

June 29, 2025

$

%

Revenue

$                     27,575

$                     25,264

$     2,311

9.1 %

Operating costs and expenses

(24,695)

(22,691)

(2,004)

Operating earnings

2,880

2,573

307

11.9 %

Other, net

14

36

(22)

Interest, net

(118)

(177)

59

Earnings before income tax

2,776

2,432

344

14.1 %

Provision for income tax, net

(491)

(424)

(67)

Net earnings

$                       2,285

$                       2,008

$        277

13.8 %

Earnings per share—basic

$                         8.46

$                         7.48

$       0.98

13.1 %

Basic weighted average shares outstanding

270.2

268.6

Earnings per share—diluted

$                         8.35

$                         7.40

$       0.95

12.8 %

Diluted weighted average shares outstanding

273.8

271.3

 

EXHIBIT C

REVENUE AND OPERATING EARNINGS BY SEGMENT – (UNAUDITED)

DOLLARS IN MILLIONS

Three Months Ended

Variance

July 5, 2026

June 29, 2025

$

%

Revenue:

Aerospace

$                  3,525

$                   3,062

$            463

15.1 %

Marine Systems

4,660

4,220

440

10.4 %

Combat Systems

2,290

2,283

7

0.3 %

Technologies

3,619

3,476

143

4.1 %

Total

$                14,094

$                 13,041

$         1,053

8.1 %

Operating earnings:                                           

Aerospace

$                     510

$                      403

$            107

26.6 %

Marine Systems

342

291

51

17.5 %

Combat Systems

318

324

(6)

(1.9) %

Technologies

339

332

7

2.1 %

Corporate

(49)

(45)

(4)

(8.9) %

Total

$                  1,460

$                   1,305

$            155

11.9 %

Operating margin:

Aerospace

14.5 %

13.2 %

Marine Systems

7.3 %

6.9 %

Combat Systems

13.9 %

14.2 %

Technologies

9.4 %

9.6 %

Total

10.4 %

10.0 %

 

EXHIBIT D

REVENUE AND OPERATING EARNINGS BY SEGMENT – (UNAUDITED)

DOLLARS IN MILLIONS

Six Months Ended

Variance

July 5, 2026

June 29, 2025

$

%

Revenue:

Aerospace

$                  6,804

$                   6,088

$            716

11.8 %

Marine Systems

9,003

7,809

1,194

15.3 %

Combat Systems

4,573

4,459

114

2.6 %

Technologies

7,195

6,908

287

4.2 %

Total

$                27,575

$                 25,264

$         2,311

9.1 %

Operating earnings:                                          

Aerospace

$                  1,003

$                      835

$            168

20.1 %

Marine Systems

658

541

117

21.6 %

Combat Systems

628

615

13

2.1 %

Technologies

678

660

18

2.7 %

Corporate

(87)

(78)

(9)

(11.5) %

Total

$                  2,880

$                   2,573

$            307

11.9 %

Operating margin:

Aerospace

14.7 %

13.7 %

Marine Systems

7.3 %

6.9 %

Combat Systems

13.7 %

13.8 %

Technologies

9.4 %

9.6 %

Total

10.4 %

10.2 %

 

EXHIBIT E

CONSOLIDATED BALANCE SHEET

DOLLARS IN MILLIONS

(Unaudited)

July 5, 2026

December 31, 2025

ASSETS

Current assets:

Cash and equivalents

$                        4,333

$                        2,333

Accounts receivable

2,398

2,406

Unbilled receivables

9,255

8,380

Inventories

9,097

9,232

Other current assets

1,955

1,897

Total current assets

27,038

24,248

Noncurrent assets:

Property, plant and equipment, net

7,575

7,525

Intangible assets, net

1,281

1,375

Goodwill

20,927

21,009

Other assets

3,342

3,092

Total noncurrent assets

33,125

33,001

Total assets

$                      60,163

$                      57,249

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:

Short-term debt and current portion of long-term debt                                                  

$                        1,256

$                        1,006

Accounts payable

2,874

2,678

Customer advances and deposits

11,034

9,824

Other current liabilities

3,601

3,288

Total current liabilities

18,765

16,796

Noncurrent liabilities:

Long-term debt

6,260

7,007

Other liabilities

8,312

7,824

Total noncurrent liabilities

14,572

14,831

Shareholders’ equity:

Common stock

482

482

Surplus

4,535

4,403

Retained earnings

45,502

44,080

Treasury stock

(23,110)

(22,860)

Accumulated other comprehensive loss

(583)

(483)

Total shareholders’ equity

26,826

25,622

Total liabilities and shareholders’ equity

$                      60,163

$                      57,249

 

EXHIBIT F

CONSOLIDATED STATEMENT OF CASH FLOWS – (UNAUDITED)

DOLLARS IN MILLIONS

Six Months Ended

July 5, 2026

June 29, 2025

Cash flows from operating activities—continuing operations:

Net earnings

$                      2,285

$                      2,008

Adjustments to reconcile net earnings to net cash from operating activities:              

Depreciation of property, plant and equipment

348

325

Amortization of intangible and finance lease right-of-use assets

115

121

Equity-based compensation expense

107

89

Deferred income tax provision (benefit)

365

(98)

(Increase) decrease in assets, net of effects of business acquisitions:

Accounts receivable

8

(612)

Unbilled receivables

(846)

(200)

Inventories

135

(207)

Increase (decrease) in liabilities, net of effects of business acquisitions:

Accounts payable

196

(261)

Customer advances and deposits

1,168

106

Other, net

154

179

Net cash provided by operating activities

4,035

1,450

Cash flows from investing activities:

Capital expenditures

(437)

(340)

Other, net

13

124

Net cash used by investing activities

(424)

(216)

Cash flows from financing activities:

Dividends paid

(834)

(785)

Repayment of fixed-rate notes

(500)

(1,500)

Purchases of common stock

(319)

(600)

Proceeds from commercial paper, net

—

696

Proceeds from fixed-rate notes

—

747

Other, net

48

39

Net cash used by financing activities

(1,605)

(1,403)

Net cash used by discontinued operations

(6)

(5)

Net increase (decrease) in cash and equivalents

2,000

(174)

Cash and equivalents at beginning of period

2,333

1,697

Cash and equivalents at end of period

$                      4,333

$                      1,523

 

EXHIBIT G

ADDITIONAL FINANCIAL INFORMATION – (UNAUDITED)

DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS

Non-GAAP Financial Measures:

Second Quarter

Six Months

2026

2025

2026

2025

Free cash flow:

Net cash provided by operating activities 

$                       1,880

$                  1,598

$                    4,035

$                    1,450

Capital expenditures

(234)

(198)

(437)

(340)

Free cash flow (a)

$                       1,646

$                  1,400

$                    3,598

$                    1,110

July 5, 2026

December 31, 2025

Net debt:

Total debt

$                       7,516

$                  8,013

Less cash and equivalents

4,333

2,333

Net debt (b)

$                       3,183

$                  5,680

Supplemental Aerospace Data:

Second Quarter

Six Months

2026

2025

2026

2025

Gulfstream Aircraft Deliveries (units):

Large-cabin aircraft

35

32

66

62

Mid-cabin aircraft

6

6

13

12

Total

41

38

79

74

Aerospace Book-to-Bill:

Orders (c)

$                       5,278

$                  4,003

$                    9,121

$                    6,364

Revenue

3,525

3,062

6,804

6,088

Book-to-Bill Ratio

1.5x

1.3x

1.3x

1.0x

(a)  

We define free cash flow as net cash from operating activities less capital expenditures. We believe free cash flow is a useful measure

for investors because it portrays our ability to generate cash from our businesses for purposes such as repaying debt, funding business

acquisitions, paying dividends and repurchasing our common stock to cover dilution. We use free cash flow to assess the quality of our

earnings and as a key performance measure in evaluating management.

(b)

We define net debt as short- and long-term debt (total debt) less cash and equivalents. We believe net debt is a useful measure for

investors because it reflects the borrowings that support our operations and capital deployment strategy. We use net debt as an

important indicator of liquidity and financial position.

(c)

Excludes customer defaults, liquidated damages, cancellations, foreign exchange fluctuations and other backlog adjustments.

 

EXHIBIT H

BACKLOG – (UNAUDITED)

DOLLARS IN MILLIONS

Funded

Unfunded

Total

Backlog

Estimated

Potential

Contract Value*

Total

Estimated

Contract Value

Second Quarter 2026:                         

Aerospace

$            22,992

$                 985

$            23,977

$                     1,170

$               25,147

Marine Systems

42,356

22,826

65,182

7,442

72,624

Combat Systems

27,507

1,843

29,350

10,847

40,197

Technologies

11,256

6,733

17,989

30,945

48,934

Total

$          104,111

$            32,387

$          136,498

$                   50,404

$             186,902

First Quarter 2026:

Aerospace

$            21,172

$              1,095

$            22,267

$                     1,040

$               23,307

Marine Systems

40,598

23,373

63,971

12,519

76,490

Combat Systems

25,532

1,383

26,915

11,770

38,685

Technologies

10,818

6,869

17,687

32,272

49,959

Total

$            98,120

$            32,720

$          130,840

$                   57,601

$             188,441

Second Quarter 2025:      

Aerospace

$            18,676

$              1,227

$            19,903

$                     1,165

$               21,068

Marine Systems

39,298

13,674

52,972

14,708

67,680

Combat Systems

15,961

616

16,577

9,592

26,169

Technologies

9,945

4,285

14,230

32,011

46,241

Total

$            83,880

$            19,802

$          103,682

$                   57,476

$             161,158

*   

The estimated potential contract value includes work awarded on unfunded indefinite delivery, indefinite quantity (IDIQ) contracts and

unexercised options associated with existing firm contracts, including options and other agreements with existing customers to purchase

new aircraft and aircraft services. We recognize options in backlog when the customer exercises the option and establishes a firm order.

For IDIQ contracts, we evaluate the amount of funding we expect to receive and include this amount in our estimated potential contract

value. The actual amount of funding received in the future may be higher or lower than our estimate of potential contract value.

 

EXHIBIT H-1

BACKLOG – (UNAUDITED)

DOLLARS IN MILLIONS

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Improve Cell Line Stability From Cloning to GMP Manufacturing, Upcoming Webinar Hosted by Xtalks

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In this free webinar, learn how early cell-development decisions can affect cell line stability from cloning through GMP manufacturing. The featured speakers will discuss culture conditions, clone selection, cellular stress, recloning and genetic integrity monitoring, using iPSC development as a key application. Attendees will also explore how image-verified cloning and stronger upstream workflows can support reproducibility, scalable manufacturing and GMP-ready cell banks.

TORONTO, Oct. 21, 2026 /PRNewswire/ — Maintaining cell line stability becomes increasingly important as programs move from early clone development toward scale-up, cell banking and GMP manufacturing. Variability introduced during cloning, culture and expansion can affect genetic integrity, reproducibility and confidence in the cells being carried forward. Using iPSC development as a key application, this webinar will explore how early workflow decisions can help identify and reduce these risks before they impact downstream manufacturing.

The featured panelists will explore how decisions made during clone establishment and early cell development can influence long-term cellular stability. The discussion will examine how culture conditions, media and matrix selection and cellular stress can affect clonal outgrowth and contribute to genetic drift, as well as how stronger clone-selection and monitoring strategies can help reduce these risks.

Using iPSC development as a key application, the speakers will demonstrate how single-cell cloning, image-verified clone selection and automated clonal outgrowth monitoring can provide greater confidence and traceability during cell development. They will also explore when recloning may be appropriate, how genetic integrity can be monitored at key stages and how these approaches can support the creation of robust, well-characterized cell banks.

The session will connect early cell-development decisions with broader goals including reproducibility, scalability, genetic integrity, manufacturing readiness and the development of well-characterized GMP-ready cell banks, giving practical considerations for building more reliable workflows.

Attendees will gain insight into how to recognize sources of clonal variability, strengthen clone-selection strategies, maintain confidence in genetic stability and reduce the risk of carrying early development problems into later stages.

Register for this webinar to learn how cell line stability can be strengthened through clone selection, genetic integrity monitoring and cell-development strategies that support scalable manufacturing.

Join Noud Drummen, Field Application Scientist, Nova Biomedical; and Silvia Rosati, Research Scientist, Process Development Lab, Evotec (Modena), for the live webinar on Thursday, October 29, 2026, at 11am EDT (4pm CET / EU-Central).

For more information, or to register for this event, visit Improve Cell Line Stability From Cloning to GMP Manufacturing.

ABOUT XTALKS

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Every year, thousands of professionals rely on Xtalks for timely intelligence, peer perspectives and industry thought leadership. Join our life science community to stay informed, connected and ready for what’s next.

To learn more about Xtalks, visit www.xtalks.com
For information about working with Xtalks to host your webinar, visit https://xtalks.com/partner-with-us/

Contact:
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Tel: +1 (416) 977-6555 x371
Email: skumar@xtalks.com

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Lam Research Corporation Reports Financial Results for the Quarter Ended September 27, 2026

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FREMONT, Calif., Oct. 21, 2026 /PRNewswire/ — Lam Research Corporation (the “Company,” “Lam,” “Lam Research”) today announced financial results for the quarter ended September 27, 2026 (the “September 2026 quarter”).

Highlights for the September 2026 quarter were as follows:

Revenue of $8.22 billion.U.S. GAAP gross margin as a percent of revenue of 52.3%, U.S. GAAP operating margin as a percent of revenue of 40.0%, and U.S. GAAP diluted EPS of $2.19.Non-GAAP gross margin as a percent of revenue of 52.4%, non-GAAP operating margin as a percent of revenue of 40.2%, and non-GAAP diluted EPS of $2.20.

Key Financial Data for the Quarters Ended

September 27, 2026 and June 28, 2026

(in thousands, except per share data, percentages, and basis points)  

 

 

U.S. GAAP

September 2026

June 2026

Change Q/Q

Revenue

$       8,219,418

$       6,722,238

+22 %

Gross margin

52.3 %

51.7 %

+ 60 bps

Operating margin

40.0 %

37.4 %

+ 260 bps

Diluted EPS

$                2.19

$                1.81

+ 21 %

Non-GAAP

September 2026

June 2026

Change Q/Q

Revenue

$       8,219,418

$       6,722,238

+22 %

Gross margin

52.4 %

52.0 %

+ 40 bps

Operating margin

40.2 %

38.4 %

+ 180 bps

Diluted EPS

$                2.20

$                1.82

+ 21 %

U.S. GAAP Financial Results

For the September 2026 quarter, revenue was $8.22 billion, gross margin was $4.30 billion, or 52.3% of revenue, operating expenses were $1.02 billion, operating margin was 40.0%, and net income was $2.75 billion, or $2.19 per diluted share on a U.S. GAAP basis. This compares to revenue of $6.72 billion, gross margin of $3.48 billion, or 51.7% of revenue, operating expenses of $965.3 million, operating margin of 37.4%, and net income of $2.28 billion, or $1.81 per diluted share, for the quarter ended June 28, 2026 (the “June 2026 quarter”).

Non-GAAP Financial Results

For the September 2026 quarter, non-GAAP gross margin was $4.31 billion, or 52.4% of revenue, non-GAAP operating expenses were $1.00 billion, non-GAAP operating margin was 40.2%, and non-GAAP net income was $2.77 billion, or $2.20 per diluted share. This compares to non-GAAP gross margin of $3.50 billion, or 52.0% of revenue, non-GAAP operating expenses of $916.4 million, non-GAAP operating margin of 38.4%, and non-GAAP net income of $2.28 billion, or $1.82 per diluted share, for the June 2026 quarter.

“With AI driving higher semiconductor demand and greater device complexity, our focus on operational execution helped Lam deliver record revenue, profit, and earnings per share in the September quarter,” said Tim Archer, Lam Research’s President and Chief Executive Officer. “Our strategic investments in technology inflections and manufacturing capacity are paying off, strengthening our ability to outgrow the wafer fabrication equipment market as the industry expands.”

Balance Sheet and Cash Flow Results

Cash, cash equivalents, and restricted cash balances increased to $7.45 billion at the end of the September 2026 quarter compared to $5.60 billion at the end of the June 2026 quarter. The increase was primarily the result of cash generated from operating activities during the quarter partially offset by cash deployed for capital return activities and capital expenditures.

Deferred revenue at the end of the September 2026 quarter increased to $2.66 billion compared to $2.43 billion as of the end of the June 2026 quarter. Lam’s deferred revenue balance does not include shipments to customers in Japan, to whom control does not transfer until customer acceptance. Shipments to customers in Japan are classified as inventory at cost until the time of acceptance. The estimated future revenue from shipments to customers in Japan was approximately $468.3 million as of September 27, 2026 and $490.2 million as of June 28, 2026.

Revenue

The geographic distribution of revenue during the September 2026 quarter is shown in the following table:

Region

Revenue

China

35 %

Korea

20 %

Taiwan

18 %

Japan

9 %

United States

8 %

Southeast Asia

6 %

Europe

4 %

The following table presents revenue disaggregated between systems and customer support-related revenue:

Three Months Ended

September 27,
2026

June 28,
2026

September 28,
2025

(in thousands)

Systems revenue

$         5,732,907

$         4,249,848

$         3,547,565

Customer support-related revenue and other

2,486,511

2,472,390

1,776,608

$         8,219,418

$         6,722,238

$         5,324,173

Systems revenue includes sales of new leading-edge equipment in deposition, etch, clean, and other wafer fabrication markets.

Customer support-related revenue includes sales of customer services, spares, upgrades, and non-leading-edge equipment from our Reliant® product line.

Outlook

For the quarter ending December 27, 2026, Lam is providing the following guidance: 

U.S. GAAP

Reconciling Items

Non-GAAP

Revenue

$8.60 Billion

+/-

$400 Million

—

$8.60 Billion

+/-

$400 Million

Gross margin

52.5 %

+/-

1 %

$  2.7

Million

52.5 %

+/-

1 %

Operating margin

40.5 %

+/-

1 %

$  3.0

Million

40.5 %

+/-

1 %

Net income per diluted share

$2.33

+/-

$0.15

$  3.3

Million

$2.33

+/-

$0.15

Diluted share count

1.253 Billion

—

1.253 Billion

The information provided above is only an estimate of what the Company believes is realizable as of the date of this release and does not incorporate the potential impact of any business combinations, asset acquisitions, divestitures, restructuring, balance sheet valuation adjustments, financing arrangements, other investments, or other items that may be completed or realized after the date of this release, except as described below. U.S. GAAP to non-GAAP reconciling items provided include only those items that are known and can be estimated as of the date of this release. Actual results will vary from this model and the variations may be material. Reconciling items included above are as follows:

Gross margin – amortization related to intangible assets acquired through certain business combinations, $2.7 million.Operating margin – amortization related to intangible assets acquired through certain business combinations, $3.0 million.Net income per diluted share – amortization related to intangible assets acquired through certain business combinations, $3.0 million; amortization of note discounts, $0.5 million; and associated tax benefit for non-GAAP items ($0.2 million); totaling $3.3 million.

Use of Non-GAAP Financial Results

In addition to U.S. GAAP results, this press release also contains non-GAAP financial results. The Company’s non-GAAP results for both the September 2026 and June 2026 quarters exclude amortization related to intangible assets acquired through certain business combinations, the effects of elective deferred compensation-related assets and liabilities, amortization of note discounts, and the net income tax effect of non-GAAP items. The September 2026 quarter also excludes the net income tax effect of a change in tax law, and the June 2026 quarter excludes workforce optimization charges and the related income tax effect.

Management uses non-GAAP gross margin, operating expense, operating income, operating margin, net income, and net income per diluted share to evaluate the Company’s operating and financial results. The Company believes the presentation of non-GAAP results is useful to investors for analyzing business trends and comparing performance to prior periods, along with enhancing investors’ ability to view the Company’s results from management’s perspective. Tables presenting reconciliations of non-GAAP results to U.S. GAAP results are included at the end of this press release and on the Company’s website at https://investor.lamresearch.com. 

Caution Regarding Forward-Looking Statements

Statements made in this press release that are not of historical fact are forward-looking statements and are subject to the safe harbor provisions created by the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements concerning: our outlook and guidance for future financial results, including revenue, gross margin, operating margin, net income per diluted share, and diluted share count; AI-driven semiconductor demand and device complexity; our focus on operational execution; the perceived benefits of our strategic investments; our ability to outgrow the wafer fabrication equipment market as the industry expands; and deferred revenue. These 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 press release. Such risks, uncertainties, and other factors include: our assumptions related to continued expansion of the wafer fabrication equipment market, growth of deposition and etch intensity, and scaling of our operations may prove invalid; business, economic, political, and/or regulatory conditions in the consumer electronics industry, the semiconductor industry and the overall economy, including wafer fabrication equipment spending or demand related to AI, 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 realize the value of our products and technology, successfully commercialize new products and technologies, implement pricing initiatives, 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; trade regulations, export controls (including entity listings, end use/user controls, technology controls, and foreign direct product rules), tariffs, trade disputes, and other geopolitical developments may inhibit our ability to sell our products or services; supply chain cost increases, tariffs, and other inflationary pressures 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; as well as the other risks and uncertainties that are described in the documents filed or furnished by us with the Securities and Exchange Commission, including specifically the “Risk Factors” described in our most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. You should evaluate all forward-looking statements made in this press release 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 undertake no obligation to update the information or statements made in this press release.

Lam Research Corporation is a global supplier of innovative wafer fabrication equipment and services to the semiconductor industry. Lam’s equipment and services allow customers to build smaller and better performing devices. In fact, today, nearly every advanced chip is built with Lam technology. We combine superior systems engineering, technology leadership, and a strong values-based culture, with an unwavering commitment to our customers. Lam Research (Nasdaq: LRCX) is a FORTUNE 500® company headquartered in Fremont, Calif., with operations around the globe. Learn more at www.lamresearch.com. (LRCX)

Condensed Consolidated Financial Tables Follow.

LAM RESEARCH CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data and percentages)

(unaudited) 

 

Three Months Ended

September 27,
2026

June 28,
2026

September 28,
2025

Revenue

$ 8,219,418

$ 6,722,238

$ 5,324,173

Cost of goods sold

3,920,565

3,243,498

2,639,294

Gross margin

4,298,853

3,478,740

2,684,879

Gross margin as a percent of revenue

52.3 %

51.7 %

50.4 %

Research and development

666,398

642,922

576,446

Selling, general and administrative

348,728

322,330

279,345

Total operating expenses

1,015,126

965,252

855,791

Operating income

3,283,727

2,513,488

1,829,088

Operating margin

40.0 %

37.4 %

34.4 %

Other income (expense), net

28,493

41,654

30,074

Income before income taxes

3,312,220

2,555,142

1,859,162

Income tax expense

(559,082)

(277,860)

(290,502)

Net income

$ 2,753,138

$ 2,277,282

$ 1,568,660

Net income per share:

Basic

$        2.20

$        1.82

$        1.24

Diluted

$        2.19

$        1.81

$        1.24

Number of shares used in per share calculations:

Basic

1,250,883

1,251,286

1,264,446

Diluted

1,255,768

1,256,032

1,269,313

Cash dividend declared per common share

$        0.33

$        0.26

$        0.26

 

LAM RESEARCH CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

 

September 27,
2026

June 28,
2026

September 28,
2025

(unaudited)

(1)

(unaudited)

ASSETS

Cash and cash equivalents

$      7,437,384

$      5,579,171

$      6,693,046

Accounts receivable, net

5,658,379

5,339,682

3,633,034

Inventories

4,550,544

4,276,111

4,095,054

Prepaid expenses and other current assets

477,805

415,741

385,580

Total current assets

18,124,112

15,610,705

14,806,714

Property and equipment, net

3,126,029

2,956,472

2,510,531

Goodwill and intangible assets

1,911,547

1,895,859

1,826,950

Other assets

3,191,368

3,066,707

2,756,016

Total assets

$    26,353,056

$    23,529,743

$    21,900,211

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current portion of long-term debt and finance lease obligations

$           3,486

$           4,073

$        754,363

Other current liabilities

7,309,013

5,933,176

5,953,547

Total current liabilities

7,312,499

5,937,249

6,707,910

Long-term debt and finance lease obligations

3,731,958

3,730,490

3,729,580

Income taxes payable

684,273

681,197

646,044

Other long-term liabilities

715,852

709,886

623,925

Total liabilities

12,444,582

11,058,822

11,707,459

Stockholders’ equity (2)

13,908,474

12,470,921

10,192,752

Total liabilities and stockholders’ equity

$    26,353,056

$    23,529,743

$    21,900,211

(1)

Derived from audited financial statements.

(2)

Common shares issued and outstanding were 1,249,145 as of September 27, 2026, 1,251,278 as of June 28, 2026, and 1,259,176 as of September 28, 2025.

 

LAM RESEARCH CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands, unaudited)

 

Three Months Ended

September 27,
2026

June 28,
2026

September 28,
2025

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income

$     2,753,138

$     2,277,282

$     1,568,660

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

122,072

119,642

101,644

Deferred income taxes

(55,300)

(175,752)

(62,875)

Equity-based compensation expense

114,696

103,985

97,241

Other, net

27,633

(8,006)

(1,890)

Changes in operating assets and liabilities

535,413

(859,923)

76,184

Net cash provided by operating activities

3,497,652

1,457,228

1,778,964

CASH FLOWS FROM INVESTING ACTIVITIES:

Capital expenditures and intangible assets

(257,697)

(188,801)

(185,121)

Other, net

(9,292)

45,060

(927)

Net cash used for investing activities

(266,989)

(143,741)

(186,048)

CASH FLOWS FROM FINANCING ACTIVITIES:

Principal payments on debt, including finance lease obligations and payments for debt issuance costs

(34,489)

(1,355)

(1,417)

Treasury stock purchases, including excise tax payments

(1,024,965)

(246,560)

(975,791)

Dividends paid

(325,402)

(325,318)

(291,981)

Reissuance of treasury stock related to employee stock purchase plan

—

88,780

—

Proceeds from issuance of common stock, net of issuance costs

4,263

4,426

—

Other, net

(1,786)

(282)

(12,449)

Net cash used for financing activities

(1,382,379)

(480,309)

(1,281,638)

Effect of exchange rate changes on cash, cash equivalents, and restricted cash

4,663

(2,056)

(7,059)

Net change in cash, cash equivalents, and restricted cash

1,852,947

831,122

304,219

Cash, cash equivalents, and restricted cash at beginning of period (1)

5,597,943

4,766,821

6,407,656

Cash, cash equivalents, and restricted cash at end of period (1)

$     7,450,890

$     5,597,943

$     6,711,875

(1)

Restricted cash is reported within Other assets in the Condensed Consolidated Balance Sheets.

 

Non-GAAP Financial Summary

(in thousands, except percentages and per share data)

(unaudited)

 

Three Months Ended

September 27,
2026

June 28,
2026

Revenue

$     8,219,418

$     6,722,238

Gross margin

$     4,305,019

$     3,497,336

Gross margin as a percent of revenue

52.4 %

52.0 %

Operating expenses

$     1,004,280

$        916,420

Operating income

$     3,300,739

$     2,580,916

Operating margin

40.2 %

38.4 %

Net income

$     2,768,417

$     2,279,968

Net income per diluted share

$              2.20

$              1.82

Shares used in per share calculation – diluted

1,255,768

1,256,032

 

Reconciliation of U.S. GAAP Net Income to Non-GAAP Net Income

(in thousands, except per share data)

(unaudited) 

 

Three Months Ended

September 27,
2026

June 28,
2026

U.S. GAAP net income

$       2,753,138

$       2,277,282

Pre-tax non-GAAP items:

Amortization related to intangible assets acquired through certain business combinations – cost of goods sold

2,668

2,668

Elective deferred compensation (“EDC”) related liability valuation increase – cost of goods sold

3,498

15,379

Workforce optimization charges – cost of goods sold

—

549

EDC related liability valuation increase – research and development

6,299

27,682

Workforce optimization charges – research and development

—

960

Amortization related to intangible assets acquired through certain business combinations – selling, general and administrative

348

348

EDC related liability valuation increase – selling, general and administrative

4,199

18,454

Workforce optimization charges – selling, general and administrative

—

1,388

Amortization of note discounts – other income (expense), net

508

504

Gain on EDC related asset – other income (expense), net

(12,870)

(61,325)

Net income tax benefit on non-GAAP items

(825)

(3,921)

Income tax expense from a change in tax law

11,454

—

Non-GAAP net income

$       2,768,417

$       2,279,968

Non-GAAP net income per diluted share

$                2.20

$                1.82

U.S. GAAP net income per diluted share

$                2.19

$                1.81

U.S. GAAP and non-GAAP number of shares used for per diluted share calculation

1,255,768

1,256,032

 

Reconciliation of U.S. GAAP Gross Margin, Operating Expenses and Operating Income to Non-GAAP Gross Margin,
Operating Expenses and Operating Income

(in thousands, except percentages)

(unaudited) 

 

Three Months Ended

September 27,
2026

June 28,
2026

U.S. GAAP gross margin

$     4,298,853

$     3,478,740

Pre-tax non-GAAP items:

Amortization related to intangible assets acquired through certain business combinations

2,668

2,668

EDC related liability valuation increase

3,498

15,379

Workforce optimization charges

—

549

Non-GAAP gross margin

$     4,305,019

$     3,497,336

U.S. GAAP gross margin as a percent of revenue

52.3 %

51.7 %

Non-GAAP gross margin as a percent of revenue

52.4 %

52.0 %

U.S. GAAP operating expenses

$     1,015,126

$        965,252

Pre-tax non-GAAP items:

Amortization related to intangible assets acquired through certain business combinations

(348)

(348)

EDC related liability valuation increase

(10,498)

(46,136)

Workforce optimization charges

—

(2,348)

Non-GAAP operating expenses

$     1,004,280

$        916,420

U.S. GAAP operating income

$     3,283,727

$     2,513,488

Non-GAAP operating income

$     3,300,739

$     2,580,916

U.S. GAAP operating margin

40.0 %

37.4 %

Non-GAAP operating margin

40.2 %

38.4 %

Lam Research Corporation Contacts:
Ram Ganesh, Investor Relations, phone: 510-572-1615, e-mail: investor.relations@lamresearch.com

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SOURCE Lam Research Corporation

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SERA PROGNOSTICS ANNOUNCES CONFERENCE CALL AND WEBCAST OF THIRD QUARTER FISCAL YEAR 2026 FINANCIAL RESULTS ON NOVEMBER 4, 2026

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SALT LAKE CITY, Oct. 21, 2026 /PRNewswire/ — Sera Prognostics Inc., The Pregnancy Company® (Nasdaq: SERA), focused on improving maternal and neonatal health by providing innovative pregnancy biomarker information to doctors and patients, today announced it will report its third quarter fiscal year 2026 financial results on Wednesday, November 4, 2026, after market close. The Company will host a corresponding conference call and live webcast to discuss operational highlights, financial results and key topics at 5:00 p.m. Eastern Time. A press release outlining the financial results and highlights will be publicly distributed before the call.

Conference Call Details:
US domestic callers: (800) 836-8184
International callers: (646) 357-8785

Webcast Registration Link: https://app.webinar.net/wK8exGQrE0B

Live audio of the webcast will be available on the Investors page of the Company’s website at www.sera.com. The webcast will be archived on the Investors page and will be available for one year.

About Sera Prognostics, Inc.

Sera Prognostics is a leading health diagnostics company dedicated to improving the lives of women and babies through precision pregnancy care. Sera’s mission is to provide early, pivotal pregnancy information to improve the health of mothers and newborns, resulting in reductions in the costs of healthcare delivery. Sera has a robust pipeline of innovative diagnostic tests focused on the early prediction of preterm birth risk and other complications of pregnancy. Sera’s precision medicine PreTRM® Test reports to a physician the individualized risk of spontaneous premature delivery in a pregnancy, enabling earlier proactive interventions in women with higher risk. Sera Prognostics is headquartered in Salt Lake City, Utah.

About Preterm Birth

Preterm birth is defined as any birth before 37 weeks’ gestation and is the leading cause of illness and death in newborns. The 2025 March of Dimes Report Card shows that, for the fourth consecutive year, the United States earned a D+ grade for preterm birth, marking the longest stretch of the lowest grade in Report Card history. Prematurity is associated with a significantly increased risk of major long-term medical complications, including learning disabilities, cerebral palsy, chronic respiratory illness, intellectual disability, seizures, and vision and hearing loss, and can generate significant costs throughout the lives of affected children. The annual health care costs to manage short- and long-term complications of prematurity in the United States were estimated to be approximately $25 billion for 2016.

About the PreTRM® Test

The PreTRM® Test is the only broadly validated, commercially available blood-based biomarker test that provides an early, accurate and individualized risk prediction for spontaneous preterm birth in asymptomatic singleton pregnancies. The PreTRM® Test measures and analyzes proteins in the blood that are highly predictive of preterm birth. The PreTRM® Test permits physicians to identify, during the weeks 18 through 20 of pregnancy, which women are at increased risk for preterm birth and its complications, enabling more informed, personalized clinical decisions based on each woman’s individual risk. The PreTRM® Test is ordered by a medical professional.

Sera, Sera Prognostics, the Sera Prognostics logo, The Pregnancy Company, and PreTRM are trademarks or registered trademarks of Sera Prognostics, Inc. in the United States and/or other countries.

Safe Harbor Statement

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the date, time and content of the Company’s quarterly earnings release and conference call; availability of the live audio of the conference call on the Company’s website; and the Company’s strategic directives under the caption “About Sera Prognostics, Inc.” These “forward-looking statements” are based on management’s current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by forward-looking statements. These risks and uncertainties include, but are not limited to: net losses, cash generation, and the potential need to raise more capital; revenues from the PreTRM Test representing substantially all Company revenues to date; the need for broad scientific and market acceptance of the PreTRM Test; a concentrated number of material customers; our ability to introduce new products; potential competition; our proprietary biobank; critical suppliers; estimates of total addressable market opportunity and forecasts of market growth; potential third-party payer coverage and reimbursement; new reimbursement methodologies applicable to the PreTRM Test, including new CPT codes and payment rates for those codes; changes in FDA regulation of laboratory-developed tests; the intellectual property rights protecting our tests and market position; and other factors discussed under the heading “Risk Factors” contained in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission, as well as any updates to those risk factors filed from time to time in our periodic and current reports filed with the Securities and Exchange Commission. All information in this press release is as of the date of the release, and the Company undertakes no duty to update this information unless required by law. 

Investor Contact
Jennifer Zibuda, Head of Investor Relations
jzibuda@sera.com
+1 (801) 396-8043

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SOURCE Sera Prognostics, Inc.

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