There were no retrospective changes to the Consolidated Statements of Operation for any quarters in the two most recent fiscal years that would require disclosure under Item 302 of Regulation S-K. Index to Consolidated Financial Statements Page Consolidated Statements of Operations — Years Ended June 28, 2026, June 29, 2025, and June 30, 2024 42 Consolidated Statements of Comprehensive Income — Years Ended June 28, 2026, June 29, 2025, and June 30, 2024 43 Consolidated Balance Sheets — June 28, 2026, and June 29, 2025 44 Consolidated Statements of Cash Flows — Years Ended June 28, 2026, June 29, 2025, and June 30, 2024 45 Consolidated Statements of Stockholders’ Equity — Years Ended June 28, 2026, June 29, 2025, and June 30, 2024 47 Notes to Consolidated Financial Statements 48 Reports of Independent Registered Public Accounting Firm (PCAOB ID: 185 & 42) 71 Lam Research Corporation 2026 10-K 41 Table of Contents LAM RESEARCH CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) Year Ended June 28, 2026 June 29, 2025 June 30, 2024 Revenue $ 23,232,690 $ 18,435,591 $ 14,905,386 Cost of goods sold 11,507,382 9,456,532 7,809,220 Restructuring charges, net - cost of goods sold — — 43,375 Total cost of goods sold 11,507,382 9,456,532 7,852,595 Gross margin 11,725,308 8,979,059 7,052,791 Research and development 2,375,873 2,096,387 1,902,444 Selling, general, and administrative 1,149,640 981,704 868,247 Restructuring charges, net - operating expenses — — 18,187 Total operating expenses 3,525,513 3,078,091 2,788,878 Operating income 8,199,795 5,900,968 4,263,913 Other income (expense), net 62,678 57,161 96,309 Income before income taxes 8,262,473 5,958,129 4,360,222 Income tax expense (997,077) (599,912) (532,450) Net income $ 7,265,396 $ 5,358,217 $ 3,827,772 Net income per share: Basic $ 5.79 $ 4.17 $ 2.91 Diluted $ 5.76 $ 4.15 $ 2.90 Number of shares used in per share calculations: Basic 1,255,079 1,286,101 1,314,102 Diluted 1,261,102 1,290,142 1,319,949 See Notes to Consolidated Financial Statements Lam Research Corporation 2026 10-K 42 Table of Contents LAM RESEARCH CORPORATION CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in thousands) Year Ended June 28, 2026 June 29, 2025 June 30, 2024 Net income $ 7,265,396 $ 5,358,217 $ 3,827,772 Other comprehensive income (loss), net of tax: Foreign currency translation adjustment (39,925) 44,282 (29,080) Cash flow hedges: Net unrealized gains during the period 24,908 20,758 20,370 Net (gains) losses reclassified into net income (49,492) 7,173 (27,370) (24,584) 27,931 (7,000) Available-for-sale investments: Net unrealized gains during the period — — 314 Net gains reclassified into net income — — (10) — — 304 Defined benefit plans, net change in unrealized component (156) (4,208) 6,054 Other comprehensive (loss) income, net of tax (64,665) 68,005 (29,722) Comprehensive income $ 7,200,731 $ 5,426,222 $ 3,798,050 See Notes to Consolidated Financial Statements Lam Research Corporation 2026 10-K 43 Table of Contents LAM RESEARCH CORPORATION CONSOLIDATED BALANCE SHEETS (in thousands, except per share data) June 28, 2026 June 29, 2025 ASSETS: Cash and cash equivalents $ 5,579,171 $ 6,390,659 Accounts receivable, less allowance of $8,071 as of June 28, 2026 and $6,496 as of June 29, 2025 5,339,682 3,378,071 Inventories 4,276,111 4,307,991 Prepaid expenses and other current assets 415,741 440,274 Total current assets 15,610,705 14,516,995 Property and equipment, net 2,956,472 2,428,744 Goodwill and intangible assets, net 1,895,859 1,808,685 Other assets 3,066,707 2,590,836 Total assets $ 23,529,743 $ 21,345,260 LIABILITIES AND STOCKHOLDERS’ EQUITY: Trade accounts payable $ 1,302,467 $ 854,208 Accrued expenses and other current liabilities 2,351,541 2,394,366 Deferred profit 2,279,168 2,565,540 Current portion of long-term debt and finance lease obligations 4,073 754,311 Total current liabilities 5,937,249 6,568,425 Long-term debt and finance lease obligations 3,730,490 3,730,194 Income taxes payable 681,197 603,412 Other long-term liabilities 709,886 581,610 Total liabilities 11,058,822 11,483,641 Commitments and contingencies Stockholders’ equity: Preferred stock, at par value of $0.001 per share; authorized - 5,000 shares, none outstanding — — Common stock, at par value of $0.001 per share; authorized 4,000,000 shares as of June 28, 2026 and June 29, 2025; issued and outstanding 1,251,278 shares as of June 28, 2026, and 1,268,740 shares as of June 29, 2025 1,251 1,268 Additional paid-in capital 9,244,449 8,697,290 Treasury stock, at cost, 1,710,109 shares as of June 28, 2026, and 1,687,582 shares as of June 29, 2025 (31,597,945) (27,763,430) Accumulated other comprehensive loss (127,088) (62,423) Retained earnings 34,950,254 28,988,914 Total stockholders’ equity 12,470,921 9,861,619 Total liabilities and stockholders’ equity $ 23,529,743 $ 21,345,260 See Notes to Consolidated Financial Statements Lam Research Corporation 2026 10-K 44 Table of Contents LAM RESEARCH CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) Year Ended June 28, 2026 June 29, 2025 June 30, 2024 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 7,265,396 $ 5,358,217 $ 3,827,772 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 441,533 386,277 359,699 Deferred income taxes (289,062) (363,247) (198,981) Equity-based compensation expense 386,381 343,371 293,058 Other, net (32,712) 6,845 10,243 Changes in operating asset and liability accounts: Accounts receivable, net of allowance (1,962,108) (858,748) 303,443 Inventories (93,860) (180,733) 528,723 Prepaid expenses and other assets 50,240 (206,729) (15,535) Trade accounts payable 417,507 212,000 125,939 Deferred profit (286,372) 1,147,759 (277,440) Accrued expenses and other liabilities (39,286) 328,252 (304,652) Net cash provided by operating activities 5,857,657 6,173,264 4,652,269 CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures and intangible assets (966,405) (759,186) (396,670) Proceeds from maturities of available-for-sale securities — — 34,336 Proceeds from sales of available-for-sale securities — — 3,430 Other, net 44,253 51,094 (11,710) Net cash used for investing activities (922,152) (708,092) (370,614) Lam Research Corporation 2026 10-K 45 Table of Contents Year Ended June 28, 2026 June 29, 2025 June 30, 2024 CASH FLOWS FROM FINANCING ACTIVITIES: Principal payments on long-term debt and finance lease obligations and payments for debt issuance costs $ (755,428) $ (507,488) $ (256,104) Treasury stock purchases (3,851,343) (3,422,321) (2,842,807) Dividends paid (1,270,635) (1,149,542) (1,018,915) Reissuances of treasury stock related to employee stock purchase plan 155,965 140,113 119,966 Proceeds from issuance of common stock 17,447 2,452 15,553 Other, net (13,793) 143 (13,543) Net cash used for financing activities (5,717,787) (4,936,643) (3,995,850) Effect of exchange rate changes on cash, cash equivalents and restricted cash (27,431) 28,324 (22,374) Net change in cash, cash equivalents and restricted cash (809,713) 556,853 263,431 Cash, cash equivalents and restricted cash at beginning of year (1) 6,407,656 5,850,803 5,587,372 Cash, cash equivalents and restricted cash at end of year (1) $ 5,597,943 $ 6,407,656 $ 5,850,803 Schedule of non-cash transactions Accrued payables for stock repurchases, including applicable excise tax $ 34,348 $ 38,525 $ 51,471 Accrued payables for capital expenditures 119,605 80,799 60,826 Dividends payable 325,402 291,981 260,905 Transfers of finished goods inventory to property and equipment 125,691 90,873 71,267 Supplemental disclosures: Cash payments for interest $ 150,101 $ 172,355 $ 173,094 Reconciliation of cash, cash equivalents, and restricted cash June 28, 2026 June 29, 2025 June 30, 2024 Cash and cash equivalents $ 5,579,171 $ 6,390,659 $ 5,847,856 Restricted cash and cash equivalents (1) 18,772 16,997 2,947 Total cash, cash equivalents, and restricted cash $ 5,597,943 $ 6,407,656 $ 5,850,803 (1) Restricted cash is reported within Other assets in the Consolidated Balance Sheets See Notes to Consolidated Financial Statements Lam Research Corporation 2026 10-K 46 Table of Contents LAM RESEARCH CORPORATION CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (in thousands, except per common share data) Common Stock Shares Common Stock Additional Paid-in Capital Treasury Stock Accumulated Other Comprehensive Income (Loss) Retained Earnings Total Balance at June 25, 2023 1,332,966 $ 1,333 $ 7,806,749 $ (21,529,300) $ (100,706) $ 22,032,096 $ 8,210,172 Issuance of common stock 5,243 5 15,548 — — — 15,553 Purchase of treasury stock (37,241) (37) — (2,848,755) — — (2,848,792) Reissuance of treasury stock 2,801 3 107,691 12,272 — — 119,966 Equity-based compensation expense — — 293,058 — — — 293,058 Net income — — — — — 3,827,772 3,827,772 Other comprehensive loss — — — — (29,722) — (29,722) Cash dividends declared ($0.80 per common share) — — — — — (1,048,553) (1,048,553) Balance at June 30, 2024 1,303,769 1,304 8,223,046 (24,365,783) (130,428) 24,811,315 8,539,454 Issuance of common stock 4,315 4 2,448 — — — 2,452 Purchase of treasury stock (41,812) (42) — (3,409,333) — — (3,409,375) Reissuance of treasury stock 2,468 2 128,425 11,686 — — 140,113 Equity-based compensation expense — — 343,371 — — — 343,371 Net income — — — — — 5,358,217 5,358,217 Other comprehensive income — — — — 68,005 — 68,005 Cash dividends declared ($0.92 per common share) — — — — — (1,180,618) (1,180,618) Balance at June 29, 2025 1,268,740 1,268 8,697,290 (27,763,430) (62,423) 28,988,914 9,861,619 Issuance of common stock 5,065 5 17,442 — — — 17,447 Purchase of treasury stock (25,034) (25) — (3,847,141) — — (3,847,166) Reissuance of treasury stock 2,507 3 143,336 12,626 — — 155,965 Equity-based compensation expense — — 386,381 — — — 386,381 Net income — — — — — 7,265,396 7,265,396 Other comprehensive loss — — — — (64,665) — (64,665) Cash dividends declared ($1.04 per common share) — — — — — (1,304,056) (1,304,056) Balance at June 28, 2026 1,251,278 $ 1,251 $ 9,244,449 $ (31,597,945) $ (127,088) $ 34,950,254 $ 12,470,921 See Notes to Consolidated Financial Statements Lam Research Corporation 2026 10-K 47 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 28, 2026 Note 1: Company and Industry Information The Company designs, manufactures, markets, refurbishes, and services semiconductor processing equipment used in the fabrication of integrated circuits. Semiconductor manufacturing, our customers’ business, involves the complete fabrication of multiple dies or integrated circuits on a wafer. This involves the repetition of a set of core processes and can require hundreds of individual steps. Fabricating these devices requires highly sophisticated process technologies to integrate an increasing array of new materials with precise control at the atomic scale. Along with meeting technical requirements, wafer processing equipment must deliver high productivity and be cost-effective. The Company sells its products and services primarily to companies involved in the production of semiconductors in the United States, China, Europe, Japan, Korea, Southeast Asia, and Taiwan. The semiconductor industry is cyclical in nature and has historically experienced periodic downturns and upturns. Today’s leading indicators of changes in customer investment patterns, such as electronics demand, memory pricing, and foundry utilization rates, may not be any more reliable than in prior years. Demand for the Company’s equipment can vary significantly from period to period as a result of various factors including, but not limited to, economic conditions; supply, demand, and prices for semiconductors; customer capacity requirements; and the Company’s ability to develop and market competitive products. For these and other reasons, the Company’s results of operations for fiscal years 2026, 2025, and 2024 may not necessarily be indicative of future operating results. Note 2: Summary of Significant Accounting Policies The preparation of financial statements in conformity with GAAP requires management to make judgments, estimates, and assumptions that could affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The Company bases its estimates and assumptions on historical experience and on various other assumptions it believes to be applicable and evaluates them on an ongoing basis to ensure they remain reasonable under current conditions. Actual results could differ significantly from those estimates. Revenue Recognition: The Company generally considers documentation of terms with an approved purchase order as a customer contract, provided that collection is considered probable, which is assessed based on the creditworthiness of the customer as determined by credit checks, payment histories, and/or other circumstances. The transaction price for contracts with customers is allocated among the identified performance obligations and consists of both fixed and variable consideration provided it is probable that a significant reversal of revenue will not occur when the uncertainty related to variable consideration is resolved. Fixed consideration includes amounts to be contractually billed to the customer while variable consideration includes estimates for discounts and credits for future usage which are based on contractual terms outlined in volume purchase agreements and other factors known at the time. The Company generally invoices customers at shipment and for professional services as provided. Customer invoices are generally due within 30 to 90 days after issuance. The Company’s contracts with customers typically do not include significant financing components as the period between the transfer of performance obligations and timing of payment are generally within one year. Revenue for systems and spares are recognized at a point in time, which is generally upon shipment or delivery. Revenue from services is recognized over time as services are completed or ratably over the contractual period of generally one year or less. Revenue is recognized in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services. The Company elects to use the practical expedient afforded in the accounting guidance and therefore does not disclose remaining performance obligations for contracts with a duration of less than one year. Additionally, outstanding customer contracts with remaining durations more than one year are not material as of June 28, 2026. Inventory Valuation: Inventories are stated at the lower of cost or net realizable value using standard costs that approximate actual costs on a first-in, first-out basis. Management evaluates the need to record adjustments for impairment of inventory at least quarterly. The Company’s policy is to assess the valuation of all inventories including manufacturing raw materials, work-in-process, finished goods, and spare parts in each reporting period. Inventory in excess of management’s estimated usage requirement and obsolete inventory is written down to its estimated net realizable value if less than cost. Estimates of net realizable value include but are not limited to management’s forecasts related to customer demand, the Company’s future manufacturing schedules, technological and/or market obsolescence, general semiconductor market conditions, and possible alternative uses. If future customer demand or market conditions are less favorable than the Company’s projections, additional inventory write-downs may be required and would be reflected in cost of goods sold in the period in which the revision is made. Warranty: Typically, the sale of semiconductor capital equipment includes providing parts and service warranties to customers as part of the overall price of the system. The Company provides standard warranties for its systems. The Company records a provision for estimated warranty expenses to cost of sales for each system when it recognizes revenue. The Company does not maintain general or unspecified reserves; all warranty reserves are related to specific systems. All actual or estimated parts and labor costs incurred in subsequent periods are charged to those established reserves on a system-by-system basis. Lam Research Corporation 2026 10-K 48 Table of Contents While the Company periodically monitors the performance and cost of warranty activities, if actual costs incurred are different than its estimates, the Company may recognize adjustments to provisions in the period in which those differences arise or are identified. Equity-based Compensation — Employee Stock Plans: The Company recognizes the fair value of equity-based compensation expense. The Company determines the fair value of its service-based restricted stock units based upon the fair market value of the Company’s Common Stock at the date of grant, discounted for dividends, and estimates the fair value of its market-based performance restricted stock units using a Monte Carlo simulation model at the date of the grant. The Company estimates the fair value of its stock options using a Black-Scholes option valuation model. This model requires the input of subjective assumptions, including expected stock price volatility and the estimated life of each award. The Company amortizes the fair value of equity-based awards over the vesting periods of the award and has elected to use the straight-line method of amortization. Income Taxes: Deferred income taxes reflect the net tax effect of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, as well as the tax effect of carryforwards. The Company records a valuation allowance to reduce its deferred tax assets to the amount that is more likely than not to be realized. Realization of its net deferred tax assets is dependent on future taxable income. The Company believes it is more likely than not that such assets will be realized; however, ultimate realization could be negatively impacted by market conditions and other variables not known or anticipated at this time. In the event that the Company determines that it will not be able to realize all or part of its net deferred tax assets, an adjustment will be charged to earnings in the period such determination is made. Likewise, if the Company later determines that it is more likely than not that the deferred tax assets will be realized, then the previously provided valuation allowance will be reversed. The Company has an accounting policy election to record deferred taxes related to GILTI. The Company recognizes the benefit from a tax position only if it is more likely than not that the position will be sustained upon audit based solely on the technical merits of the tax position. The Company has a policy to include interest and penalties related to uncertain tax positions as a component of income tax expense. Goodwill and Intangible Assets: The valuation of intangible assets acquired in a business combination requires the use of management estimates including but not limited to estimating future expected cash flows from assets acquired and determining discount rates. Management’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable, and as a result, actual results may differ from estimates. Estimates associated with the accounting for acquisitions may change as additional information becomes available. The Company amortizes intangible assets with estimable useful lives over their respective estimated useful lives. Goodwill represents the amount by which the purchase price in each business combination exceeds the fair value of the net tangible and identifiable intangible assets acquired. Each component of the Company for which discrete financial information is available and for which management regularly reviews the results of operations is considered a reporting unit. All goodwill acquired in a business combination is assigned to one or more reporting units as of the acquisition date. Goodwill is assigned to the Company’s reporting units that are expected to benefit from the synergies of the combination. The goodwill assigned to a reporting unit is the difference between the acquisition consideration assigned to the reporting unit on a relative fair value basis and the fair value of acquired assets and liabilities that can be specifically attributed to the reporting unit. The Company reviews goodwill at least annually for impairment during the fourth quarter of each fiscal year and if certain events or indicators of impairment occur between annual impairment tests. When reviewing goodwill for impairment, the Company first performs a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. In performing a qualitative assessment, it considers business conditions and other factors including, but not limited to (i) adverse industry or economic trends, (ii) restructuring actions and lower projections that may impact future operating results, (iii) sustained decline in share price, and (iv) overall financial performance and other events affecting the reporting units. If the Company concludes that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then a quantitative impairment test is performed by estimating the fair value of the reporting unit and comparing it to its carrying value, including goodwill allocated to that reporting unit. The Company did not record impairments of goodwill during the years ended June 28, 2026, June 29, 2025, or June 30, 2024. Impairment of Long-lived Assets (Excluding Goodwill): The Company reviews intangible assets whenever events or circumstances indicate that the carrying value of an asset or asset group may not be recoverable. If such indicators are present, the Company determines whether the sum of the estimated undiscounted cash flows attributable to the assets is less than their carrying value. If the sum is less, the Company recognizes an impairment loss based on the excess of the carrying amount of the assets over their respective fair values. Fair value is determined by discounted future cash flows, appraisals, or other methods. The Company recognizes an impairment charge to the extent the fair value attributable to the asset are less than the asset’s carrying value. The fair value of the asset then becomes the asset’s new carrying value, which the Company depreciates over the remaining estimated useful life of the asset. Assets to be disposed of are reported at the lower of the carrying amount or fair value. For the periods presented, impairment of long-lived assets were not material. In addition, for fully amortized intangible assets, we derecognize the gross cost and accumulated amortization in the period we determine the intangible asset no longer enhances future cash flows. Fiscal Year: The Company follows a 52/53-week fiscal reporting calendar, and its fiscal year ends on the last Sunday of June each year. The Company’s fiscal years ending on June 28, 2026 and June 29, 2025 included 52 weeks, and the fiscal year ended June 30, 2024 included 53 weeks. Lam Research Corporation 2026 10-K 49 Table of Contents Principles of Consolidation: The Consolidated Financial Statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Cash Equivalents and Investments: Investments purchased with an original maturity of three months or less are considered cash equivalents. The Company also invests in certain mutual funds, which include equity and fixed-income securities, related to its obligations under its deferred compensation plan, and such investments are classified as trading securities on the Consolidated Balance Sheets. All of the Company’s other investments are classified as available-for-sale at the respective balance sheet dates. The Company accounts for its investment portfolio at fair value. Investments classified as trading securities are recorded at fair value based upon quoted market prices. Differences between the cost and fair value of trading securities are recognized as Other income (expense), net in the Consolidated Statement of Operations. The investments classified as available-for-sale are recorded at fair value based upon quoted market prices, and difference between the cost and fair value of available-for-sale securities is presented as a component of accumulated other comprehensive income (loss). The Company evaluates its investments with fair value less than amortized cost by first considering whether the Company has the intent to sell the security or whether it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis. In either such situation, the difference between fair value and amortized cost is recognized as a loss in the Consolidated Statement of Operations. Where such sales are not likely to occur, the Company considers whether a portion of the loss is the result of a credit loss. To the extent such losses are the result of credit losses, those amounts are recognized in the Consolidated Statement of Operations. All other differences between fair value and amortized cost are recognized in other comprehensive income. No such losses were recognized through the Consolidated Statement of Operations during the years ended June 28, 2026, June 29, 2025 and June 30, 2024. Allowance for Expected Credit Losses: The Company maintains an allowance for expected losses resulting from the inability of its customers to make required payments. The Company evaluates its allowance for expected credit losses based on a combination of factors. In circumstances where specific invoices are deemed uncollectible, the Company provides a specific allowance against the amount due to reduce the net recognized receivable to the amount it reasonably believes will be collected. The Company also provides allowances based on its write-off history. Bad debt expense was not material for fiscal years ended June 28, 2026, June 29, 2025, and June 30, 2024. Property and Equipment: Property and equipment is stated at cost, less recognized impairments, if any. Equipment is depreciated by the straight-line method over the estimated useful lives of the assets, generally three to seven years. Furniture and fixtures are depreciated by the straight-line method over the estimated useful lives of the assets, generally five years. Software is amortized by the straight-line method over the estimated useful lives of the assets, generally three to five years. Buildings are depreciated by the straight-line method over the estimated useful lives of the assets, generally twenty-five years. Leasehold improvements are generally amortized by the straight-line method over the shorter of the life of the related asset or the term of the underlying lease. Amortization of finance leases is included with depreciation expense. Derivative Financial Instruments: In the normal course of business, the Company’s financial position is routinely subjected to market risk associated with interest rate and foreign currency exchange rate fluctuations. The Company’s policy is to mitigate the effect of interest rate fluctuations on certain proposed debt instruments and exchange rate fluctuations on certain foreign currency denominated business exposures. The Company has a policy that allows the use of derivative financial instruments to hedge foreign currency exchange rate fluctuations on forecasted revenue and expenses and net monetary assets or liabilities denominated in various foreign currencies. The Company carries derivative financial instruments (derivatives) on the balance sheet at their fair values. The Company does not use derivatives for trading or speculative purposes. The Company does not believe that it is exposed to more than a nominal amount of credit risk in its interest rate and foreign currency hedges, as counterparties are large, global and well-capitalized financial institutions. The Company maintains an active currency hedging program and believes there is minimal risk that appropriate derivatives to maintain the Company’s hedging program would not be available in the future. To hedge foreign currency risks, the Company uses foreign currency exchange forward and option contracts, where possible and prudent. These hedge contracts are valued using standard valuation formulas with assumptions about future foreign currency exchange rates derived from existing exchange rates, interest rates, and other market factors. The Company considers its most current forecast in determining the level of foreign currency denominated revenue and expenses to hedge as cash flow hedges. The Company combines these forecasts with historical trends to establish the portion of its expected volume to be hedged. The revenue and expenses are hedged and designated as cash flow hedges to protect the Company from exposures to fluctuations in foreign currency exchange rates. If the underlying forecasted transaction does not occur, or it becomes probable that it will not occur, the related hedge gains and losses on the cash flow hedge are reclassified from Accumulated other comprehensive income (loss) to Other income (expense), net on the Consolidated Statement of Operations at that time. Leases: Lease expense for operating leases is recognized on a straight-line basis over the lease term. The Company includes renewals and terminations in the calculation of the right-of-use asset and liability when the provision is reasonably certain to be exercised. The Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of future lease payments when the rate implicit in the lease is unknown. The Company has elected the following practical expedients and accounting policy elections for accounting under ASC 842: (i) leases with an initial lease term of 12 months or less are not recorded on the balance sheet; and (ii) lease and non-lease components of a contract are accounted for as a single lease component. Lam Research Corporation 2026 10-K 50 Table of Contents Guarantees: The Company’s guarantees generally include certain indemnifications to its lessors for environmental matters, potential overdraft protection obligations to financial institutions related to one of the Company’s subsidiaries, indemnifications to the Company’s customers for certain infringement of third-party intellectual property rights by its products and services, indemnifications for its officers and directors, and the Company’s warranty obligations under sales of its products. Government Assistance: For government grants, the Company recognizes a benefit in the Consolidated Statement of Operations, as a reduction to the expense for which the individual government grant (“Grant” or “Grants”) is designed to compensate, over the duration of the program when the Company has reasonable assurance that it will comply with the conditions under the Grant and that the Grant will be received. Grants related to investments in property and equipment are recognized as a reduction to the cost basis of the underlying assets with an ongoing reduction to depreciation expense over the assets’ estimated useful life. Operating-related grants are recorded as a reduction to expense in the same line item on the Consolidated Statements of Operation as the expenditure for which the incentive is intended to compensate. Foreign Currency Translation: The Company’s non-U.S. subsidiaries that operate in a local currency environment, where that local currency is the functional currency, primarily generate and expend cash in their local currency. Accordingly, all balance sheet accounts of these local functional currency subsidiaries are translated into U.S. dollars at the fiscal period-end exchange rate, and income and expense accounts are translated into U.S. dollars using average rates in effect for the period, except for costs related to those balance sheet items that are translated using historical exchange rates. The resulting translation adjustments are recorded as cumulative translation adjustments and are a component of Accumulated other comprehensive income (loss). Remeasurement adjustments are recorded in Other income (expense), net, where the U.S. dollar is the functional currency and the Company transacts in a currency other than the functional currency. Note 3: Recent Accounting Pronouncements Recently Adopted or Effective In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which requires public entities to disclose consistent categories and greater disaggregation of information in the rate reconciliation and for income taxes paid. It also includes certain other amendments to improve the effectiveness of income tax disclosures. The guidance is effective for financial statements issued for annual periods beginning after December 15, 2024, with early adoption permitted. The Company adopted this standard prospectively in fiscal year 2026 for the annual reporting period ending June 28, 2026. The adoption of ASU 2023-09 did not have an impact on the Company’s Consolidated Financial Statements other than expanded tax footnote disclosures. Note 4: Revenue Disaggregation of Revenue The following table presents the Company’s revenue disaggregated between systems and customer-support related revenue: Year Ended June 28, 2026 June 29, 2025 June 30, 2024 (in thousands) Systems Revenue $ 14,885,488 $ 11,491,280 $ 8,921,643 Customer support-related revenue and other 8,347,202 6,944,311 5,983,743 $ 23,232,690 $ 18,435,591 $ 14,905,386 Systems revenue includes sales of new leading-edge equipment in deposition, etch, clean and other water fabrication markets. Customer support-related revenue includes sales of customer service, spares, upgrades, and non-leading-edge equipment from the Company’s Reliant® product line. The Company operates in one reportable business segment: manufacturing and servicing of wafer processing semiconductor manufacturing equipment. Refer to Note 19: Segment, Geographic Information, and Major Customers for additional information regarding the Company’s evaluation of reportable business segments and the disaggregation of revenue by the geographic regions in which the Company operates. Lam Research Corporation 2026 10-K 51 Table of Contents Additionally, the Company serves three primary markets: memory, foundry, and logic/integrated device manufacturing. The following table presents the percentages of leading- and non-leading-edge equipment and upgrade revenue to each of the primary markets the Company serves: Year Ended June 28, 2026 June 29, 2025 June 30, 2024 Foundry 54 % 45 % 40 % Memory 39 % 42 % 42 % Logic/integrated device manufacturing 7 % 13 % 18 % Deferred Revenue Revenue of $2.09 billion included in deferred profit at June 29, 2025 was recognized during fiscal year 2026, representing 78% of the $2.68 billion of deferred revenue as of June 29, 2025. The following table summarizes the transaction price for contracts that have not yet been recognized as revenue as of June 28, 2026 and when the Company expects to recognize the amounts as revenue: Less than 1 Year 1-3 Years More than 3 Years Total (in thousands) Deferred revenue $ 1,798,139 $ 460,673 (1) $ 175,184 (1) $ 2,433,996 (1) This amount is reported in Deferred profit on the Company's Consolidated Balance Sheets as the customers can demand the performance to be satisfied at any time. Note 5: Equity-based Compensation Plan The Company has stock plans that provide for grants of non-qualified equity-based awards of the Company’s Common Stock to eligible employees and non-employee directors, including stock options, service-based restricted stock units (“service-based RSUs”), and market-based performance restricted stock units (“market-based PRSUs”). An option is a right to purchase Common Stock at a set price. A restricted stock unit award is an agreement to issue a set number of shares of Common Stock at the time of vesting. The Company also has an employee stock purchase plan that allows eligible employees to purchase its Common Stock at a discount through payroll deductions. The Lam Research Corporation 2015 Stock Incentive Plan, as amended, and the Lam Research Corporation 2025 Stock Incentive Plan (collectively the “Stock Plans”) were approved by the stockholders and provide for the grant of non-qualified equity-based awards to eligible employees, consultants, advisors, and non-employee directors of the Company and its subsidiaries. The 2025 Stock Incentive Plan was approved by shareholders on November 4, 2025 and authorizes up to 96.8 million shares available for issuance under the plan. Additionally, 62.8 million shares that remained available for grant under the Company’s 2015 Stock Incentive plan, as amended were added to the shares available for issuance under the 2025 Stock Incentive plan. As of June 28, 2026, 159.9 million shares remain available for future issuance under the Stock Plans to satisfy stock option exercises and vesting of awards. The Company recognized the following equity-based compensation expense (including expense related to the employee stock purchase plan) and related income tax benefit in the Consolidated Statements of Operations: Year Ended June 28, 2026 June 29, 2025 June 30, 2024 (in thousands) Equity-based compensation expense $ 386,381 $ 343,371 $ 293,058 Income tax benefit recognized related to equity-based compensation $ 23,505 $ 22,242 $ 38,157 Income tax benefit realized from the exercise and vesting of options and RSUs $ 90,697 $ 28,727 $ 75,441 The estimated fair value of the Company’s equity-based awards, less expected forfeitures, is amortized over the awards’ vesting terms on a straight-line basis. Restricted Stock Units During fiscal years 2026, 2025, and 2024, the Company issued both service-based RSUs and market-based PRSUs. Service-based RSUs typically vest annually over a period of 3 years or less. Market-based PRSUs generally vest three years from the grant date if certain performance and employment criteria are achieved. Lam Research Corporation 2026 10-K 52 Table of Contents For the market-based PRSUs granted in the 2026 and 2025 fiscal years, the number of shares that can be earned over the performance period is based on the Company’s total shareholder return (“TSR”) relative to other companies in the Philadelphia Semiconductor Index (“XSOX”), and ranges from 0% to 150% of target. Total shareholder return is a measure of stock price appreciation in the performance period, adjusted for the reinvestment of dividends. Relative TSR performance is measured using the average closing prices of each XSOX company for the 50-trading days prior to the dates the performance period begins and ends. The target number of shares is earned based on the percentile ranking of the Company’s TSR among the TSRs for the companies making up the XSOX Index. If the Company’s TSR is negative over the performance period, the payout will be capped at 100%, regardless of the percentile ranking. For market-based PRSUs granted in the 2024 fiscal year, the number of shares that can be earned over the performance periods is based on the Company’s Common Stock price performance compared to the market price performance of the Philadelphia Semiconductor Total Return Index (“XSOX”), and ranges from 0% to 150% of target. The stock price performance or market price performance is measured using the average closing price for the 50-trading days prior to the dates the performance period begins and ends. The target number of shares represented by the market-based PRSUs is increased by 2% of target for each 1% that Common Stock price performance exceeds the market price performance of the designated benchmark index. The following table summarizes the Company’s combined service-based RSUs and market-based PRSUs: Number of Shares (in thousands) Weighted-Average Grant Date Fair Value Outstanding, June 29, 2025 8,964 $ 74.09 Granted 2,086 227.99 Vested (4,706) 64.37 Forfeited or canceled (414) 86.21 Outstanding, June 28, 2026 5,930 $ 124.83 Of the 5,930 thousand shares outstanding at June 28, 2026, 4,714 thousand are service-based RSUs and 1,216 thousand are market-based PRSUs. The fair value of the Company’s service-based RSUs was calculated based on the fair market value of the Company’s stock at the date of grant, discounted for dividends. The fair value of the Company’s market-based PRSUs granted during fiscal years 2026, 2025, and 2024 was calculated using a Monte Carlo simulation model at the date of the grant, resulting in a weighted average grant-date fair value per share of $283.38, $85.18, and $102.77, respectively. The total fair value of service-based RSUs and market-based RSUs that vested during fiscal years 2026, 2025, and 2024 was $293.7 million, $249.9 million, and $242.8 million, respectively. As of June 28, 2026, the Company had $567.7 million of total unrecognized compensation expense which is expected to be recognized over a weighted-average remaining period of approximately 2.1 years. Stock Options The Company granted stock options with a 7-year maximum contractual term to a limited group of executive officers during fiscal years 2025 and 2024. No stock options were granted during fiscal year 2026. Stock options typically vest over a period of three years or less. The Company had 916 thousand options outstanding at June 28, 2026 with a weighted-average exercise price of $60.48 per share, of which 822 thousand were exercisable with a weighted-average exercise price of $56.28 per share. As of June 28, 2026, the Company had $2.6 million of total unrecognized compensation expense related to unvested stock options granted and outstanding which is expected to be recognized over a weighted-average remaining period of nine months. ESPP The Company has an employee stock purchase plan (the “ESPP”) which allows employees to designate a portion of their base compensation to be deducted and used to purchase the Company’s Common Stock at a purchase price per share of the lower of 85% of the fair market value of the Company’s Common Stock on the first or last day of the applicable purchase period. Typically, each offering period lasts 12 months and contains one interim purchase date. During fiscal year 2026, approximately 2,552 thousand shares of the Company’s Common Stock were sold to employees under the ESPP. At June 28, 2026, approximately 45.8 million shares were available for purchase, and the Company had $69.9 million of total unrecognized compensation cost, which is expected to be recognized over a remaining period of approximately ten months. Lam Research Corporation 2026 10-K 53 Table of Contents Note 6: Other Income (Expense), Net The significant components of Other income (expense), net, were as follows: Year Ended June 28, 2026 June 29, 2025 June 30, 2024 (in thousands) Interest income $ 196,189 $ 231,331 $ 251,938 Interest expense (156,884) (178,203) (185,236) Gains on deferred compensation plan related assets, net 73,776 39,121 58,767 Foreign exchange losses, net (30,082) (26,412) (4,837) Other, net (20,321) (8,676) (24,323) $ 62,678 $ 57,161 $ 96,309 Interest income in fiscal year 2026 decreased compared to fiscal year 2025 primarily due to lower interest rates as well as an impact from slightly lower average invested cash balances versus the prior year. Interest income in fiscal year 2025 decreased compared to fiscal year 2024, primarily due to lower interest rates, partially offset by higher average cash balances. Interest expense decreased in fiscal year 2026 compared to fiscal year 2025 primarily due to the maturity of $750.0 million of the Company’s Senior Notes in March 2026. Interest expense decreased in fiscal year 2025 compared to fiscal year 2024 primarily due to the maturity of $500.0 million of the Company’s Senior Notes in March 2025. The gains on deferred compensation plan related assets, net in fiscal years 2026, 2025 and 2024 were driven by fluctuations in the fair market value of the underlying funds. Foreign exchange fluctuations in fiscal years 2026, 2025 and 2024 were primarily due to currency movements against portions of our unhedged balance sheet exposures. The variations in other, net for the year ended June 28, 2026 compared to the years ended June 29, 2025 and June 30, 2024 were primarily driven by fluctuations in the fair market value of equity investments. Note 7: Income Taxes The components of income before income taxes were as follows: Year Ended June 28, 2026 June 29, 2025 June 30, 2024 (in thousands) United States $ 535,542 $ 219,435 $ 282,736 Foreign 7,726,931 5,738,694 4,077,486 $ 8,262,473 $ 5,958,129 $ 4,360,222 Lam Research Corporation 2026 10-K 54 Table of Contents Significant components of the provision (benefit) for income taxes attributable to income before income taxes were as follows: Year Ended June 28, 2026 June 29, 2025 June 30, 2024 (in thousands) Federal: Current $ 959,341 $ 701,819 $ 566,106 Deferred (270,392) (372,783) (186,238) 688,949 329,036 379,868 State: Current 28,697 22,979 20,081 Deferred (5,645) 12,448 (15,118) 23,052 35,427 4,963 Foreign: Current 298,100 238,363 143,595 Deferred (13,024) (2,914) 4,024 285,076 235,449 147,619 Total provision for income taxes $ 997,077 $ 599,912 $ 532,450 Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, as well as the tax effect of carryforwards. Significant components of the Company’s net deferred tax assets and liabilities were as follows: June 28, 2026 June 29, 2025 (in thousands) Deferred tax assets: Tax carryforwards $ 470,727 $ 431,533 Allowances and reserves 281,612 260,266 Outside basis differences of foreign subsidiaries 1,250,897 1,002,861 R&D capitalization 126,910 96,594 Operating lease liabilities 72,236 50,722 Other 61,039 54,749 Gross deferred tax assets 2,263,421 1,896,725 Valuation allowance (464,134) (424,347) Net deferred tax assets 1,799,287 1,472,378 Deferred tax liabilities: Capital assets (146,147) (129,145) Right-of-use assets (72,236) (50,722) Other (17,144) (17,472) Gross deferred tax liabilities (235,527) (197,339) Net deferred tax assets $ 1,563,760 $ 1,275,039 Realization of the Company’s net deferred tax assets is based upon the weighting of available evidence, including such factors as the recent earnings history and expected future taxable income. The Company believes it is more likely than not that such deferred tax assets will be realized with the exception of $464.1 million primarily related to California deferred tax assets. At June 28, 2026, the Company continued to record a valuation allowance to offset the entire California deferred tax asset balance due to the single sales factor apportionment resulting in lower taxable income in California. At June 28, 2026, the Company had state tax credit carryforwards of $705.6 million. Substantially all of these credits can be carried forward indefinitely. Lam Research Corporation 2026 10-K 55 Table of Contents The Company adopted ASU 2023-09 on a prospective basis beginning with the fiscal year ended June 28, 2026. The following table presents required disclosures pursuant to ASU 2023-09 and reconciles the U.S. federal statutory tax amount and rate to the Company’s Consolidated effective amount and rate for the year ended June 28, 2026: Year Ended June 28, 2026 Amount Percent (in thousands) Income tax expense computed at federal statutory rate $ 1,735,119 21.0 % State and local income taxes, net of federal income tax effect 12,265 0.2 % Foreign tax effects Malaysia Statutory tax rate differential 223,945 2.7 % Incentive agreement (1,682,441) (20.4) % Other 2,784 — % Other foreign jurisdictions 12,426 0.2 % Effect of changes in tax laws or rates enacted in the current period 27,450 0.3 % Effect of cross-border tax laws Global intangible low-taxed income 305,392 3.7 % Foreign income inclusions taxable at U.S. statutory rate - Subpart F 413,370 5.0 % Other (1,241) — % Tax credits Research and development (108,401) (1.3) % Other (436) — % Nontaxable or nondeductible items (82,024) (1.0) % Changes in uncertain tax positions 136,674 1.7 % Other adjustments 2,195 — % Income tax expense, effective tax rate $ 997,077 12.1 % At June 28, 2026, the state and local income taxes in Oregon and Minnesota comprised the majority of the state and local income taxes, net of federal tax effect category. The effect of cross-border tax laws category includes the benefit of foreign tax credits associated with foreign earnings subject to U.S. taxation. The Company presents this category on a net basis as the foreign tax credits directly offset the related U.S. tax liability. Lam Research Corporation 2026 10-K 56 Table of Contents The following table presents the required disclosures prior to the Company’s adoption of ASU 2023-09 and reconciles income tax expense provided at the federal statutory rate (21% in fiscal years 2025 and 2024) to actual income tax expense for the fiscal years ended June 29, 2025 and June 30, 2024. Year Ended June 29, 2025 June 30, 2024 (in thousands) Income tax expense computed at federal statutory rate $ 1,251,207 $ 915,647 State income taxes, net of federal tax benefit (13,581) (37,965) Foreign income taxed at different rates (451,199) (313,795) Settlements and reductions in uncertain tax positions (266,805) (18,947) Tax credits (116,699) (125,523) State valuation allowance, net of federal tax benefit 42,759 44,916 Equity-based compensation 17,391 (11,296) Increases in uncertain tax positions 138,029 62,333 Other permanent differences and miscellaneous items (1,190) 17,080 $ 599,912 $ 532,450 Effective from fiscal year 2022, the Company has a 15-year tax incentive ruling in Malaysia for one of its foreign subsidiaries. The impact of the tax incentive decreased worldwide taxes by approximately $967.9 million, $584.8 million, and $416.3 million for fiscal years 2026, 2025, and 2024, respectively. The benefit of the tax incentive on diluted earnings per share was approximately $0.77, $0.45, and $0.32 in fiscal years 2026, 2025, and 2024, respectively. BEPS 2.0 GMT was fully effective for the Company this fiscal year. The Company assessed GMT under currently enacted legislation and determined that it met transitional safe harbor requirements in most jurisdictions, with limited jurisdictions subject to GMT. The Company assessed the impact and concluded that it was not material. The impact has been included within income tax expense for the twelve months ended June 28, 2026. 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 was this fiscal year. In general, the OBBBA introduced changes to U.S. taxation, including changes in the taxation of non-U.S. income. The Company assessed the changes and concluded that they were not material. The impact has been included within income tax expense for the twelve months ended June 28, 2026. The Company’s gross uncertain tax positions were $864.1 million, $720.3 million, and $723.8 million as of June 28, 2026, June 29, 2025, and June 30, 2024, respectively. During fiscal year 2026, gross uncertain tax positions increased by $143.8 million. The amount of uncertain tax positions that, if recognized, would impact the effective tax rate was $735.5 million, $604.6 million, and $622.6 million, as of June 28, 2026, June 29, 2025, and June 30, 2024, respectively. Lam Research Corporation 2026 10-K 57 Table of Contents The aggregate changes in the balance of gross uncertain tax positions were as follows: (in thousands) Balance as of June 25, 2023 $ 640,172 Settlements and effective settlements with tax authorities (9,548) Lapse of statute of limitations (10,114) Decreases in balances related to tax positions taken during prior periods (12,326) Increases in balances related to tax positions taken during current period 115,600 Balance as of June 30, 2024 723,784 Settlements and effective settlements with tax authorities (7,668) Lapse of statute of limitations (211,696) Increases in balances related to tax positions taken during prior periods 69,016 Decreases in balances related to tax positions taken during prior periods (3,983) Increases in balances related to tax positions taken during current period 150,868 Balance as of June 29, 2025 720,321 Settlements and effective settlements with tax authorities (66,083) Lapse of statute of limitations (15,904) Increases in balances related to tax positions taken during prior periods 3,741 Decreases in balances related to tax positions taken during prior periods (17,075) Increases in balances related to tax positions taken during current period 239,149 Balance as of June 28, 2026 $ 864,149 The Company had accrued $83.1 million, $86.3 million, and $105.7 million cumulatively for gross interest and penalties as of June 28, 2026, June 29, 2025, and June 30, 2024, respectively. The Company is subject to audits by state and foreign tax authorities. The Company is unable to make a reasonable estimate as to when cash settlements, if any, with the relevant taxing authorities will occur. The Company files U.S. federal, U.S. state, and foreign income tax returns. As of June 28, 2026, tax years 2005-2026 remain subject to examination in the jurisdictions where the Company operates. The Internal Revenue Service (“IRS”) examined the Company’s U.S. federal income tax returns for the fiscal years ended June 30, 2019, June 28, 2020, and June 27, 2021. As of June 2026, the IRS proposed adjustments that were not significant, which the Company agreed to and paid. As a result of the adoption of ASU 2023-09, the Company has included the following table reconciling income taxes paid (net of refunds received): Year Ended June 28, 2026 Cash payment for income taxes (net of refunds received) (in thousands) Federal $ 1,128,278 State 24,056 Foreign Korea 91,862 Other 89,800 Total cash payments for income taxes (net of refunds received) $ 1,333,996 Total cash payments for income taxes (net of refunds received) was $972.5 million and $991.8 million, as of June 29, 2025 and June 30, 2024, respectively. Lam Research Corporation 2026 10-K 58 Table of Contents Note 8: Net Income per Share Basic net income per share is computed by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted net income per share is computed using the treasury stock method, for dilutive stock options, and restricted stock units. The following table reconciles the inputs to the basic and diluted computations for net income per share. Year Ended June 28, 2026 June 29, 2025 June 30, 2024 (in thousands, except per share data) Numerator: Net income $ 7,265,396 $ 5,358,217 $ 3,827,772 Denominator: Basic average shares outstanding 1,255,079 1,286,101 1,314,102 Effect of potential dilutive securities: Employee stock plans 6,023 4,041 5,847 Diluted average shares outstanding 1,261,102 1,290,142 1,319,949 Net income per share - basic $ 5.79 $ 4.17 $ 2.91 Net income per share - diluted $ 5.76 $ 4.15 $ 2.90 For purposes of computing diluted net income per share, weighted-average common shares do not include potentially dilutive securities that are anti-dilutive under the treasury stock method. These anti-dilutive securities, including options, service-based RSUs, and market-based PRSUs, were not material for fiscal years ended June 28, 2026, June 29, 2025, and June 30, 2024. Note 9: Financial Instruments Fair Value The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact, and it considers assumptions that market participants would use when pricing the asset or liability. A fair value hierarchy has been established that prioritizes the inputs to valuation techniques used to measure fair value. The level of an asset or liability in the hierarchy is based on the lowest level of input that is significant to the fair value measurement. Assets and liabilities carried at fair value are classified and disclosed in one of the following three categories: Level 1: Valuations based on quoted prices in active markets for identical assets or liabilities with sufficient volume and frequency of transactions. Level 2: Valuations based on observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active for identical assets or liabilities, or model-derived valuations techniques for which all significant inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3: Valuations based on unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities and based on non-binding, broker-provided price quotes and may not have been corroborated by observable market data. The Company engages with pricing vendors to provide fair values for a majority of its Level 1 investments. The vendors provide either a quoted market price or use observable inputs without applying significant adjustments in their pricing. Significant observable inputs include interest rates and yield curves observable at commonly quoted intervals, volatility and credit risks. The fair value of derivative contracts is determined using observable market inputs such as the foreign currency rates, forward rate curves, currency volatility and interest rates and considers nonperformance risk of the Company and its counterparties. The Company’s primary financial instruments include its cash, cash equivalents, long-term investments, accounts receivable, accounts payable, long-term debt and leases, and foreign currency related derivative instruments. The estimated fair value of cash, time deposits, accounts receivable, and accounts payable approximates their carrying value due to the short period of time to their maturities. The estimated fair values of lease obligations approximate their carrying value as the majority of these obligations are generally short-term in nature and have interest rates that reset upon renewal or modification. Refer to Note 14: Long Term Debt and Other Borrowings for additional information regarding the fair value of the Company’s Senior Notes. Lam Research Corporation 2026 10-K 59 Table of Contents The Company accounts for its investment portfolio at fair value. Realized gains (losses) for investment sales are specifically identified. Management assesses the fair value of investments in debt securities that are not actively traded through consideration of interest rates and their impact on the present value of the cash flows to be received from the investments. The Company evaluates its investments with fair value less than amortized cost by first considering whether the Company has the intent to sell the security or whether it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis. In either such situation, the difference between fair value and amortized cost is recognized as a loss in the Consolidated Statement of Operations. Where such sales are not likely to occur, the Company considers whether a portion of the loss is the result of a credit loss. To the extent such losses are the result of credit losses, those amounts are recognized in the Consolidated Statement of Operations. All other differences between fair value and amortized cost are recognized in other comprehensive income. No such losses were recognized through the Consolidated Statement of Operations during the twelve months ended June 28, 2026, June 29, 2025, and June 30, 2024. Investments Investments are recorded within Prepaid expenses and other current assets in the Company’s Consolidated Balance Sheets. As of June 28, 2026 and June 29, 2025, the fair value, and associated unrealized loss positions, if any, of mutual funds and equity investments were not material. Gross realized gains/(losses) from sales of investments were insignificant in fiscal years 2026, 2025, and 2024. The financial instruments reported within Cash and cash equivalents in the Company’s Consolidated Balance Sheets as of June 28, 2026, and June 29, 2025 consisted of the following: June 28, 2026 June 29, 2025 (in thousands) Money market funds (fair value measured on a recurring basis, level 1) $ 2,015,275 $ 3,151,084 Cash 2,071,271 1,662,236 Time deposits 1,492,625 1,577,339 Total $ 5,579,171 $ 6,390,659 Derivative Instruments and Hedging The Company carries derivative financial instruments (“derivatives”) on its Consolidated Balance Sheets at their fair values. The Company enters into foreign currency forward contracts and foreign currency options with financial institutions with the primary objective of reducing volatility of earnings and cash flows related to foreign currency exchange rate fluctuations. In addition, the Company enters into interest rate swap arrangements to manage interest rate risk. The counterparties to these derivatives are large, global financial institutions that the Company believes are creditworthy, and therefore, it does not consider the risk of counterparty nonperformance to be material. Cash Flow Hedges As of June 28, 2026 and June 29, 2025, the fair value of outstanding cash flow hedges was not material. The effect of derivative instruments designated as cash flow hedges on the Company’s Consolidated Statements of Operations, including accumulated other comprehensive income, was not material as of and for the twelve months ended June 28, 2026 and June 29, 2025. As of June 28, 2026, the Company had an immaterial net gain or loss accumulated in other comprehensive income, net of tax, related to foreign exchange cash flow hedges and interest rate contracts which it expects to reclassify from other comprehensive income into earnings over the next 12 months. The total notional value of cash flow hedge instruments outstanding as of June 28, 2026 included $615.4 million of buy contracts and $438.5 million of sell contracts. Balance Sheet Derivative Instruments As of June 28, 2026 and June 29, 2025, the fair value of outstanding balance sheet derivative instruments was not material. The effect of the Company’s balance sheet derivative instruments on the Company’s Consolidated Statements of Operations were not material as of and for the twelve months ended June 28, 2026. The total notional value of balance sheet derivative instruments outstanding as of June 28, 2026 included $359.6 million of buy contracts and $576.2 million of sell contracts. Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, trade accounts receivable, and derivative financial instruments used in hedging activities. Cash is placed on deposit at large, global financial institutions. Such deposits may be in excess of insured limits. Management believes that the financial institutions that hold the Company’s cash are creditworthy and, accordingly, minimal credit risk exists with respect to these balances. To ensure diversification and minimize concentration, the Company’s policy limits the amount of credit exposure with any one financial institution. Lam Research Corporation 2026 10-K 60 Table of Contents The Company is exposed to credit losses in the event of nonperformance by counterparties on foreign currency and interest rate hedge contracts that are used to mitigate the effect of exchange rate and interest rate fluctuations and on contracts related to structured share repurchase arrangements. These counterparties are large, global financial institutions and, to date, no such counterparty has failed to meet its financial obligations to the Company. Credit risk evaluations, including trade references, bank references, and Dun & Bradstreet ratings, are performed on all new customers, and the Company monitors its customers’ financial condition and payment performance. In general, the Company does not require collateral on sales. As of June 28, 2026, five customers accounted for approximately 20%, 16%, 15%, 11%, and 10% of accounts receivable, respectively. As of June 29, 2025, three customers accounted for approximately 19%, 15%, and 12% of accounts receivable, respectively. No other customers accounted for 10% or more of accounts receivable. The Company’s balance and transactional activity for its allowance for doubtful accounts is not material as of and for the years ended June 28, 2026, June 29, 2025, and June 30, 2024. Refer to Note 19: Segment, Geographic Information, and Major Customers for additional information regarding customer concentrations. Note 10: Inventories Inventories are stated at the lower of cost or net realizable value using standard costs that approximate actual costs on a first-in, first-out basis. Inventories consist of the following: June 28, 2026 June 29, 2025 (in thousands) Raw materials $ 2,551,150 $ 2,662,248 Work-in-process 449,669 282,885 Finished goods 1,275,292 1,362,858 $ 4,276,111 $ 4,307,991 Note 11: Property and Equipment Property and equipment, net, is presented in the table below. June 28, 2026 June 29, 2025 (in thousands) Manufacturing and engineering equipment $ 2,559,970 $ 2,219,207 Buildings and improvements 2,289,208 1,914,570 Computer and computer-related equipment 192,354 182,439 Land 264,507 166,207 Office equipment, furniture and fixtures 114,797 92,740 5,420,836 4,575,163 Less: accumulated depreciation and amortization (2,484,833) (2,169,641) $ 2,936,003 $ 2,405,522 The Company has excluded an immaterial value of finance right of use assets recorded within property and equipment, net from the table above. Depreciation expense during fiscal years 2026, 2025, and 2024 was $383.9 million, $329.5 million, and $299.0 million, respectively. Note 12: Goodwill and Intangible Assets Goodwill The balance of goodwill was $1.63 billion as of June 28, 2026 and June 29, 2025, respectively. As of June 28, 2026 and June 29, 2025, $86.9 million and $78.9 million, respectively, of the goodwill balance is tax deductible, and the remaining balance is not tax deductible due to purchase accounting and applicable foreign law. No goodwill impairments were recognized in fiscal years 2026, 2025, or 2024. Lam Research Corporation 2026 10-K 61 Table of Contents Intangible Assets The balance of intangible assets as of June 28, 2026 and June 29, 2025 were $269.3 million and $182.2 million, respectively, consisting primarily of capitalized software. The effect of intangible assets on the Company’s Consolidated Statement of Operations, including amortization and impairment, if any, was not material for fiscal years 2026, 2025, and 2024. Note 13: Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following: June 28, 2026 June 29, 2025 (in thousands) Accrued compensation $ 695,498 $ 618,370 Warranty reserves 270,044 248,783 Income and other taxes payable 263,205 541,426 Dividend payable 325,402 291,981 Other 797,392 693,806 $ 2,351,541 $ 2,394,366 Note 14: Long Term Debt and Other Borrowings As of June 28, 2026, and June 29, 2025, the Company’s outstanding debt consisted of the following: June 28, 2026 June 29, 2025 Amount (in thousands) Effective Interest Rate Amount (in thousands) Effective Interest Rate Fixed-rate 3.125% Senior Note Due June 15, 2060 ("2060 Notes") $ 500,000 3.18 % $ 500,000 3.18 % Fixed-rate 2.875% Senior Note Due June 15, 2050 ("2050 Notes") 750,000 2.93 % 750,000 2.93 % Fixed-rate 4.875% Senior Notes Due March 15, 2049 ("2049 Notes") 750,000 4.93 % 750,000 4.93 % Fixed-rate 1.90% Senior Note Due June 15, 2030 ("2030 Notes") 750,000 2.01 % 750,000 2.01 % Fixed-rate 4.00% Senior Notes Due March 15, 2029 ("2029 Notes") 1,000,000 4.09 % 1,000,000 4.09 % Fixed-rate 3.75% Senior Notes Due March 15, 2026 ("2026 Notes") — 3.86 % 750,000 3.86 % Total Senior Notes outstanding, at par 3,750,000 4,500,000 Unamortized discount (23,854) (26,428) Unamortized bond issuance costs (4,232) (4,774) Other financing arrangements 147 566 Total debt outstanding, at carrying value $ 3,722,061 $ 4,469,364 Reported as: Current portion of long-term debt $ 147 $ 749,670 Long-term debt $ 3,721,914 $ 3,719,694 The Company’s contractual cash obligations relating to its outstanding debt as of June 28, 2026, were as follows: Payments Due by Fiscal Year: Principal Interest (in thousands) 2027 $ — $ 128,000 2028 — 128,000 2029 1,000,000 116,333 2030 750,000 87,406 2031 — 73,750 Thereafter 2,000,000 1,508,724 Total $ 3,750,000 $ 2,042,213 Lam Research Corporation 2026 10-K 62 Table of Contents Senior Notes On May 5, 2020, the Company completed a public offering of $750.0 million aggregate principal amount of the Company’s Senior Notes due June 15, 2030 (the “2030 Notes”), $750.0 million aggregate principal amount of the Company’s Senior Notes due June 15, 2050 (the “2050 Notes”), and $500.0 million aggregate principal amount of the Company’s Senior Notes due June 15, 2060 (the “2060 Notes”). The Company pays interest at an annual rate of 1.90%, 2.875%, and 3.125%, on the 2030, 2050, and 2060 Notes, respectively, on a semi-annual basis on June 15 and December 15 of each year. On March 4, 2019, the Company completed a public offering of $750.0 million aggregate principal amount of the Company’s Senior Notes due March 15, 2026 (the “2026 Notes”), $1.00 billion aggregate principal amount of the Company’s Senior Notes due March 15, 2029 (the “2029 Notes”), and $750.0 million aggregate principal amount of the Company’s Senior Notes due March 15, 2049 (the “2049 Notes”). The Company pays interest at an annual rate of 4.00% and 4.875%, on the 2029 and 2049 Notes, respectively, on a semi-annual basis on March 15 and September 15 of each year. The 2026 Notes were settled upon maturity during the three months ended March 29, 2026. The Company may redeem the 2029, 2030, 2049, 2050, and 2060 Notes (collectively the “Senior Notes”) at a redemption price equal to 100% of the principal amount of such series (“par”), plus a “make whole” premium as described in the indenture in respect to the Senior Notes and accrued and unpaid interest before December 15, 2028 for the 2029 Notes, before March 15, 2030 for the 2030 Notes, before September 15, 2048 for the 2049 Notes, before December 15, 2049 for the 2050 Notes, and before December 15, 2059 for the 2060 Notes. The Company may redeem the Senior Notes at par, plus accrued and unpaid interest at any time on or after December 15, 2028 for the 2029 Notes, on or after March 15, 2030 for the 2030 Notes, on or after September 15, 2048 for the 2049 Notes, on or after December 15, 2049 for the 2050 Notes, and on or after December 15, 2059 for the 2060 Notes. In addition, upon the occurrence of certain events, as described in the indenture, the Company will be required to make an offer to repurchase the Senior Notes at a price equal to 101% of the principal amount of the respective note, plus accrued and unpaid interest. Selected additional information regarding the Senior Notes outstanding as of June 28, 2026, is as follows: Remaining Amortization period Fair Value of Notes (Level 2) (years) (in thousands) 2060 Notes 34.0 $ 315,050 2050 Notes 24.0 $ 486,450 2049 Notes 22.7 $ 689,933 2030 Notes 4.0 $ 680,130 2029 Notes 2.7 $ 990,020 Revolving Credit Facility On March 12, 2014, the Company established an unsecured Credit Agreement. This agreement was amended on November 10, 2015 (the “Amended and Restated Credit Agreement”), October 13, 2017 (the “2nd Amendment”), February 25, 2019 (the “3rd Amendment”), June 17, 2021 (the “Second Amended and Restated Credit Agreement”), December 7, 2022 (“Amendment No.1 to Second Amended and Restated Credit Agreement”), and January 27, 2025 (the “Third Amended and Restated Credit Agreement”). The Third Amended and Restated Credit Agreement provides for a $2.00 billion revolving credit facility with a syndicate of lenders, along with an expansion option that will allow the Company, subject to certain requirements, to request an increase in the facility of up to an additional $750.0 million, for a potential total commitment of $2.75 billion. The facility matures on January 25, 2030. Interest on amounts borrowed under the credit facility is, at the Company’s option, based on (1) a base rate, plus a spread of 0.00% to 0.10%, or (2) an adjusted term Secured Overnight Financing Rate, plus a spread of 0.70% to 1.10%, in each case plus a facility fee, with such spread and facility fee determined in accordance with the Third Amended and Restated Credit Agreement, and with the spread and facility fee based on the rating of the Company’s non-credit enhanced, senior unsecured long-term debt. Principal and any accrued and unpaid interest are due and payable upon maturity. Additionally, the Company will pay the lenders a quarterly commitment fee that varies based on the Company’s credit rating as described above. As of June 28, 2026, the Company had no borrowings outstanding under the credit facility and was in compliance with all financial covenants. Commercial Paper Program In November 2017, the Company established a commercial paper program (the “CP Program”) under which the Company may issue unsecured commercial paper notes on a private placement basis up to a maximum aggregate principal amount of $1.25 billion. In July 2021, the Company amended the CP Program size to a maximum aggregate amount outstanding at any time of $1.50 billion. In March 2026, the CP Program size was further amended to a maximum aggregate amount outstanding at any time of $2.00 billion. The net proceeds from the CP Program may be used for general corporate purposes, including repurchases of the Company’s Common Stock from time to time under the Company’s stock repurchase program. Amounts available under the CP Program may be re-borrowed. The CP Program is backstopped by the Company’s Revolving Credit Arrangement. As of June 28, 2026, the Company had no outstanding borrowings under the CP Program. Lam Research Corporation 2026 10-K 63 Table of Contents Interest Cost The following table presents the amount of interest cost recognized relating to both the contractual interest coupon and amortization of the debt discount, issuance costs, and effective portion of interest rate contracts with respect to the Senior Notes, and the revolving credit facility during the fiscal years ended June 28, 2026, June 29, 2025, and June 30, 2024. Year Ended June 28, 2026 June 29, 2025 June 30, 2024 (in thousands) Contractual interest coupon $ 147,925 $ 169,586 $ 175,128 Amortization of interest discount 2,574 2,987 3,274 Amortization of issuance costs 1,350 1,514 1,488 Effect of interest rate contracts, net 4,054 3,132 3,145 Total interest cost recognized $ 155,903 $ 177,219 $ 183,035 Note 15: Leases The Company leases certain office spaces, manufacturing and warehouse spaces, equipment, and vehicles. While the majority of the Company’s lease arrangements are operating leases, the Company has certain leases that qualify as finance leases. The Company leases some of its administrative, research and development and manufacturing facilities, regional sales/service offices, and certain equipment under non-cancelable leases. Certain of the Company’s facility leases provide the Company with options to extend the leases for additional periods, to purchase the facilities, or provide for periodic rent increases based on the general rate of inflation. Variable lease payments are expensed as incurred and are not included within the right of use asset and lease liability calculation. Variable lease payments primarily include costs associated with the Company’s third-party logistics arrangements that contain one or more embedded leases. Variable lease costs will fluctuate based on factory output and material receipt volumes. Variable lease costs for fiscal years 2026, 2025, and 2024 were $165.9 million, $176.6 million, and $176.6 million; respectively. Finance lease costs, including amortization of right of use assets and interest on lease liabilities; short-term rental expense for agreements less than one year in duration; and operating lease costs were immaterial for fiscal years 2026, 2025, and 2024, respectively. Supplemental cash flow information related to leases was as follows as of June 28, 2026, June 29, 2025, and June 30, 2024: Year Ended June 28, 2026 June 29, 2025 June 30, 2024 (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows paid for operating leases $ 95,019 $ 85,558 $ 97,447 Financing cash flows paid for principal portion of finance leases 4,971 4,059 255,695 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 207,172 $ 81,011 $ 146,169 Finance leases 3,308 2,884 226,519 Lam Research Corporation 2026 10-K 64 Table of Contents Supplemental balance sheet information related to leases was as follows as of June 28, 2026 and June 29, 2025: June 28, 2026 June 29, 2025 (in thousands) Operating leases Other assets $ 397,359 $ 286,980 Accrued expenses and other current liabilities $ 90,415 $ 78,707 Other long-term liabilities 296,587 193,343 Total operating lease liabilities $ 387,002 $ 272,050 As of June 28, 2026 and June 29, 2025 outstanding finance lease obligations were immaterial. June 28, 2026 June 29, 2025 Weighted-Average Remaining Lease Term Weighted-Average Discount Rate Weighted-Average Remaining Lease Term Weighted-Average Discount Rate (in years) (in years) Operating leases 5.9 4.20 % 4.9 3.75 % As of June 28, 2026, the maturities of operating lease liabilities are as follows: Operating Leases (in thousands) 2027 $ 103,302 2028 76,961 2029 70,599 2030 56,984 2031 41,741 Thereafter 92,164 Total lease payments $ 441,751 Less imputed interest (54,749) Total $ 387,002 Note 16: Deferred Compensation Plans The Company has an unfunded, non-qualified deferred compensation plan whereby executives may defer a portion of their compensation. Participants earn a return on their deferred compensation based on their allocation of their account balance among various mutual funds. The Company controls the investment of these funds, and the participants remain general creditors of the Company. Participants are able to elect the payment of benefits on a specified date at least three years 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 20 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 28, 2026, and June 29, 2025, the liability of the Company to the plan participants was $498.5 million and $423.9 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 28, 2026, and June 29, 2025, the Company had investments in the aggregate amount of $511.8 million and $438.8 million, respectively, which correlate to the deferred compensation obligations, which were recorded in Other assets on the Consolidated Balance Sheets. Note 17: Commitments and Contingencies The Company has certain obligations to make future payments under various contracts; some of these are recorded on its balance sheet and some are not. Obligations that are recorded on the Company’s balance sheet include the Company’s operating and finance lease obligations. Obligations that are not recorded on the Company’s balance sheet include contractual relationships for purchase obligations and certain guarantees. The Company’s commitments relating to off-balance sheet agreements are included in the tables below. These amounts exclude $762.4 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. Lam Research Corporation 2026 10-K 65 Table of Contents 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 28, 2026, the Company had not recorded any liability on its Consolidated Financial Statements in connection with these indemnifications, as it does not believe, based on historical experience and information currently available, 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, based on historical experience and information currently available, 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 28, 2026, the maximum potential amount of future payments that the Company could be required to make under these arrangements and letters of credit was $275.1 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 28, 2026, 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. The Company’s commitments related to these agreements as of June 28, 2026, were as follows: Payments Due by Fiscal Year: Purchase Obligations (in thousands) 2027 $ 1,056,893 2028 174,260 2029 71,719 2030 61,397 2031 37,185 Thereafter 79,741 Total $ 1,481,195 Transition Tax Liability On December 22, 2017, the “Tax Cuts & Jobs Act” was signed into law. Among other items, this U.S. tax reform assessed a one-time transition tax on earnings of certain foreign subsidiaries that were previously tax deferred. As a result, the Company recognized a total transition tax of $868.4 million and elected to pay the one-time tax over a period of 8 years, commencing in the twelve months ended June 30, 2019. During fiscal year 2023, this one-time tax was adjusted, resulting in a total tax liability increase of approximately $50.0 million, which was spread over the same 8-year period. The remaining obligation related to this arrangement was settled in fiscal year 2026. Warranties The Company provides standard warranties on its systems. The liability amount is based on actual historical warranty spending activity by type of system, customer, and geographic region, modified for any known differences such as the impact of system reliability improvements. As of June 28, 2026, warranty reserves totaling $19.7 million were reported in Other long-term liabilities, and the remainder were included in Accrued expenses and other current liabilities in the Company’s Consolidated Balance Sheets. Lam Research Corporation 2026 10-K 66 Table of Contents Changes in the Company’s product warranty reserves were as follows: Year Ended June 28, 2026 June 29, 2025 (in thousands) Balance at beginning of period $ 265,466 $ 250,404 Warranties issued during the period 310,558 266,345 Settlements made during the period (250,830) (193,817) Changes in liability for pre-existing warranties (35,481) (57,466) Balance at end of period $ 289,713 $ 265,466 Government Assistance In the fiscal years ended June 28, 2026 and June 29, 2025, the Company received government assistance from various domestic and international governments in the form of cash grants or refundable tax credits. The Grants typically specify conditions that must be met in order for the Grants to be earned, such as employment or employee retention targets; completion of employee training; or the construction or acquisition of property and equipment and are often time-bound. If conditions are not satisfied or if the duration period for the arrangement is not met, the Grants are often subject to reduction, repayment, or termination. During the fiscal years ended June 28, 2026 and June 29, 2025, the Company’s cash Grants were insignificant. During the fiscal years ended June 28, 2026 and June 29, 2025, the Company recognized immaterial reductions to the cost basis of acquired property and equipment related to refundable tax credits earned. This reduction in the cost basis of acquired property and equipment is recorded with a corresponding reduction to taxes payable and classified under Accrued expense and other current liabilities, or Other long-term liabilities, as appropriate, in the Consolidated Balance Sheets. Legal Proceedings While the Company is not currently a party to any legal proceedings that it believes material, the Company is either a defendant or plaintiff in various actions that have arisen from time to time in the normal course of business, including intellectual property claims. The Company accrues for a liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Judgment is required in both the determination of probability and the determination as to whether a loss is reasonably estimable. Based on current information, the Company does not believe that a material loss from known matters is probable and therefore has not recorded an accrual of any material amount for litigation or other contingencies related to existing legal proceedings. Note 18: Stock Repurchase Program In May 2024, the Board of Directors authorized the Company to repurchase up to an additional $10.00 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. Repurchases under the repurchase program were as follows during the periods indicated: Period Total Number of Shares Repurchased TotalCost ofRepurchase (1) Average Price Paid Per Share (1,2) Amount Available Under Repurchase Program (in thousands, except per share data) Available balance as of June 29, 2025 $ 7,517,184 Quarter ended September 28, 2025 9,686 (3) $ 990,046 $ 105.67 $ 6,527,138 Quarter ended December 28, 2025 9,387 $ 1,442,095 $ 153.62 $ 5,085,043 Quarter ended March 29, 2026 3,516 (3) $ 796,378 $ 210.57 $ 4,288,665 Quarter ended June 28, 2026 811 (3) $ 245,941 $ 325.14 $ 4,042,724 (1) The Company’s net share repurchases are subject to a 1% excise tax under the Inflation Reduction Act. Excise tax incurred reduces the amount available under the repurchase program, as applicable, and is included in the cost of shares repurchased in the Consolidated Statement of Stockholders’ Equity and the calculation of the average price paid per share. (2) Average price paid per share excludes the effect of accelerated share repurchase activities. See additional disclosure below regarding the Company’s accelerated share repurchase activity during the fiscal year. (3) Includes shares received at initial or final settlement of accelerated share repurchase agreements; see additional disclosures below regarding the Company’s accelerated share repurchase activity during the fiscal year. Lam Research Corporation 2026 10-K 67 Table of Contents Accelerated Share Repurchase Agreements On March 11, 2026, the Company entered into an accelerated share repurchase agreement (the “March 2026 ASR”) with a financial institution to repurchase a total of $200.0 million of Common Stock. The Company took an initial delivery of approximately 685 thousand shares, which represented 75% of the prepayment amount divided by the Company’s closing stock price on March 11, 2026. The total number of shares received under the March 2026 ASR was based upon the average daily volume weighted average price of the Company’s Common Stock during the repurchase period, less an agreed upon discount. Final settlement of the March 2026 ASRs occurred in June 2026, resulting in the receipt of approximately 55 thousand additional shares, which yielded a weighted-average share price of $270.71 for the transaction period, including the effects of a 1% excise tax under the Inflation Reduction Act On April 30, 2025, the Company entered into accelerated share repurchase agreements (the "April 2025 ASRs") with two financial institutions to repurchase a total of $500.0 million of Common Stock. The Company took an initial delivery of approximately 5.2 million shares, which represented 75% of the prepayment amount divided by the Company’s closing stock price on April 30, 2025. The total number of shares received under the April 2025 ASRs was based upon the average daily volume weighted average price of the Company’s Common Stock during the repurchase period, less an agreed upon discount. Final settlement of the April 2025 ASRs occurred in September 2025, resulting in the receipt of approximately 317 thousand additional shares, which yielded a weighted-average share price of $91.00 for the transaction period, including the effects of a 1% excise tax under the Inflation Reduction Act. The Company recorded each of the ASRs as equity transactions; as such, at the time of receipt, shares were included in treasury stock at fair market value as of the corresponding trade date. The Company reflects shares received as a repurchase of common stock in the weighted average common shares outstanding calculation for basic and diluted earnings per share. Note 19: Segment, Geographic Information, and Major Customers The Company operates in one reportable business segment: manufacturing and servicing of wafer processing semiconductor manufacturing equipment. The Company’s material operating segments qualify for aggregation due to their customer base and similarities in economic characteristics, nature of products and services, and processes for procurement, manufacturing, and distribution. The Company's chief operating decision maker (“CODM”) is the Company's Chief Executive Officer. The Company's CODM utilizes segment gross margin as the measure of profit or loss to evaluate operating segment profitability and to assess the allocation of resources. Segment gross margin excludes both routine and non-routine expenses that are not allocated to the reportable segment, including, but not limited to, amortization of intangible assets acquired in certain business combinations, the change in value of the Company's elective deferred compensation-related liability, restructuring charges, impairment of long-lived assets, and transformational charges. Segment results are derived from the Company's internal management reporting system utilizing policies that are substantially the same as those used for external reporting purposes. The CODM utilizes segment revenue growth in conjunction with segment gross margin metrics in comparing forecast to actual results as well as in benchmarking to the Company's peer group. The Company's centralized manufacturing and support organizations, including global operations and certain administrative functions, provide support to its operating segments. Costs incurred by these organizations, as well as depreciation and amortization and equity-based compensation expense are allocated to cost of goods sold as overhead. Consequently, depreciation and amortization and equity-based compensation expense are not independently identifiable components within the segment’s results, and, therefore are not provided. With the exception of goodwill, the Company does not identify assets by operating segment. Consequently, the CODM does not regularly review or receive discrete asset information by operating segment. Lam Research Corporation 2026 10-K 68 Table of Contents The table below reconciles the Company's reportable segment to income before income taxes: Year Ended June 28, 2026 June 29, 2025 June 30, 2024 (in thousands) Revenue $ 23,232,690 $ 18,435,591 $ 14,905,386 Installation and warranty expense 645,551 544,192 435,015 Other cost of goods sold (COGS) (1) 10,467,090 8,675,349 6,988,338 Segment COGS 11,112,641 9,219,541 7,423,353 Segment gross margin 12,120,049 9,216,050 7,482,033 Reconciliation to consolidated gross margin Restructuring charges, net — — 43,375 All other COGS 394,741 236,991 385,867 Gross margin 11,725,308 8,979,059 7,052,791 Research and development 2,375,873 2,096,387 1,902,444 Selling, general, and administrative 1,149,640 981,704 868,247 Restructuring charges, net - operating expenses — — 18,187 Other income (expense), net 62,678 57,161 96,309 Income before income taxes $ 8,262,473 $ 5,958,129 $ 4,360,222 (1)Other COGS is primarily comprised of the capitalized cost of inventory sold, including both direct and indirect costs, but excludes installation and warranty expense and those items not allocated to the segment. The Company operates in seven geographic regions: United States, China, Europe, Japan, Korea, Southeast Asia, and Taiwan. For geographical reporting, revenue is attributed to the geographic location in which the customers’ facilities are located, while long-lived assets; which includes property and equipment, net, and recognized right of use assets reported in Other assets in the Consolidated Balance Sheets as of June 28, 2026 and June 29, 2025; are attributed to the geographic locations in which the assets are located. Revenues and long-lived assets by geographic region were as follows: Year Ended June 28, 2026 June 29, 2025 June 30, 2024 Revenue: (in thousands) China $ 7,859,811 $ 6,205,062 $ 6,293,990 Taiwan 5,222,915 3,445,220 1,671,815 Korea 4,505,327 4,127,766 2,874,015 Japan 2,171,088 1,880,882 1,460,429 United States 1,528,912 1,376,857 1,104,087 Southeast Asia 1,245,931 837,242 794,054 Europe 698,706 562,562 706,996 Total revenue $ 23,232,690 $ 18,435,591 $ 14,905,386 Lam Research Corporation 2026 10-K 69 Table of Contents June 28, 2026 June 29, 2025 June 30, 2024 Long-lived assets: (in thousands) United States $ 2,003,371 $ 1,716,574 $ 1,582,103 Southeast Asia 651,935 451,283 390,514 Korea 346,247 299,497 262,405 Taiwan 176,537 96,458 98,268 Europe 152,702 134,707 115,316 Japan 16,512 8,638 7,858 China 6,527 8,567 6,390 $ 3,353,831 $ 2,715,724 $ 2,462,854 In fiscal year 2026, four customers accounted for approximately 16%, 15%, 12%, and 12% of total revenues, respectively. In fiscal year 2025, two customer accounted for approximately 17% and 15% of total revenues. In fiscal year 2024, one customer accounted for approximately 17% of total revenues, respectively. No other customers accounted for 10% or more of total revenues. Note 20: Restructuring Charges, Net The Company records employee severance and separation costs that meet the requirements for recognition in accordance with the relevant guidance of ASC 420, Exit or Disposal Cost Obligations, or ASC 712, Compensation - Non-retirement Post-employment Benefits, as applicable. For involuntary termination benefits that are not provided under the terms of an ongoing benefit arrangement, the liability for the current fair value of expected future costs associated with a management-approved restructuring plan is recognized in the period in which the plan is communicated to the employees and the plan is not expected to change significantly. For ongoing benefit arrangements, inclusive of statutory requirements, employee termination costs are accrued when the existing situation or set of circumstances indicates that an obligation has been incurred, it is probable the benefits will be paid, and the amount can be reasonably estimated. Termination benefits associated with employees that elected to voluntarily terminate as part of the restructuring plan are recorded when the employee irrevocably accepts the offer and the amount can be reasonably estimated. If applicable, the Company records such costs into operating expense over the terminated employees’ future service period beyond any minimum or legally required retention period. The majority of restructuring charges that have been incurred but not yet paid are recorded in Accrued expenses and other current liabilities in the Consolidated Balance Sheets. During the fiscal year ended June 25, 2023, the Company initiated a restructuring plan designed to better align the Company’s cost structure with its outlook for the economic environment and business opportunities. Under the plan, through June 30, 2024, the Company terminated approximately 1,760 employees, incurring expenses related to employee severance and separation costs. Employee severance and separation costs are primarily related to severance, non-cash severance, including equity award compensation expense, pension and other termination benefits. Additionally, the Company made a strategic decision to relocate certain manufacturing activities to pre-existing facilities and incurred charges to move inventory and equipment and exit selected supplier arrangements. No restructuring costs were recorded during the fiscal year ended June 28, 2026 or June 29, 2025. During the fiscal year ended June 30, 2024, net restructuring costs of $43.4 million and $18.2 million were recorded in Restructuring charges, net - cost of goods sold, and Restructuring charges, net - operating expenses, respectively in the Consolidated Statements of Operations. The restructuring plan was substantially completed as of June 30, 2024, and cumulative costs as of June 30, 2024 totaled $181.9 million. The associated restructuring liability was substantially satisfied in the three months ended September 29, 2024. Lam Research Corporation 2026 10-K 70 Table of Contents Report of Independent Registered Public Accounting Firm To the Stockholders and Board of Directors Lam Research Corporation: Opinions on the Consolidated Financial Statements and Internal Control Over Financial Reporting We have audited the accompanying consolidated balance sheet of Lam Research Corporation (the Company) as of June 28, 2026, the related consolidated statements of operations, comprehensive income, stockholders’ equity, and cash flows for the year then ended, and the related notes (collectively, the consolidated financial statements). We also have audited the Company’s internal control over financial reporting as of June 28, 2026, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of June 28, 2026, and the results of its operations and its cash flows for the year then ended, in conformity with U.S. generally accepted accounting principles. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of June 28, 2026 based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Basis for Opinions The Company’s management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s consolidated financial statements and an opinion on the Company’s internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects. Our audit of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions. Definition and Limitations of Internal Control Over Financial Reporting A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Critical Audit Matter The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates. Lam Research Corporation 2026 10-K 71 Table of Contents Evaluation of sufficiency of audit evidence over revenue As discussed in Notes 2, 4, and 19 to the consolidated financial statements, the Company recorded $23,232,690 thousand in revenue for the year ended June 28, 2026. The Company generates revenue by designing, manufacturing, refurbishing, and servicing semiconductor processing equipment used in the fabrication of integrated circuits. The Company’s process to account for and recognize revenue differs across revenue streams. We identified the evaluation of the sufficiency of audit evidence obtained over revenue as a critical audit matter. Evaluating the sufficiency of audit evidence required subjective auditor judgment due to the number of revenue streams and separate processes to account for and recognize revenue. This included determining the nature and extent of audit evidence obtained over each revenue stream. The following are the primary procedures we performed to address this critical audit matter. We applied auditor judgment to determine the revenue streams over which procedures were performed as well as the nature and extent of such procedures. For revenue streams where procedures were performed, we: •evaluated the design and tested the operating effectiveness of certain internal controls over the Company’s revenue recognition processes, including the Company’s controls over the accurate recording of revenue •evaluated the Company’s revenue recognition accounting policies •evaluated, for a sample of revenue transactions, (1) the accounting for consistency with the Company’s accounting policies, as applicable, including timing of revenue recognition, and (2) the recorded amounts by comparing them for consistency to underlying documentation, including the customer contracts. In addition, we evaluated the sufficiency of audit evidence obtained by assessing the results of the procedures performed, including the appropriateness of the nature and extent of audit effort over revenue. /s/ KPMG LLP We have served as the Company’s auditor since 2025. Santa Clara, California August 7, 2026 Lam Research Corporation 2026 10-K 72 Table of Contents Report of Independent Registered Public Accounting Firm To the Stockholders and the Board of Directors of Lam Research Corporation Opinion on the Financial Statements We have audited the accompanying consolidated balance sheet of Lam Research Corporation (the Company) as of June 29, 2025, the related consolidated statements of operations, comprehensive income, stockholders' equity and cash flows for each of the two years in the period ended June 29, 2025, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at June 29, 2025 and the results of its operations and its cash flows for each of the two years in the period ended June 29, 2025, in conformity with U.S. generally accepted accounting principles. Basis for Opinion These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. /s/ Ernst & Young LLP We served as the Company’s auditor from 1981 to 2025. San Jose, California August 11, 2025 Lam Research Corporation 2026 10-K 73 Table of Contents