Lam Research Corporation (LRCX) SEC Filings & Earnings Calls

China export control risk

“Revenue in China, which includes global customers and domestic Chinese customers with manufacturing facilities in China, represented approximately 35%, 34%, and 34% of our total revenue for the three months ended September 27, 2026 and fiscal years 2026 and 2025, respectively.” · word for word

Supply chain disruption risk

“Difficulties in obtaining sufficient and timely supply of parts, materials, or services, and delays in and unpredictability of shipments due to transportation interruptions, have adversely impacted, and may in the future adversely impact, our manufacturing, installation, and service operations and our ability to meet customer demand.” · word for word

Customer concentration risk

“Sales to a limited number of large customers constitute a significant portion of our overall shipments, revenue, cash flows, and profitability.” · word for word

Geopolitical and trade risks, including export controls and tariffs, could impact sales

“Trade regulations, export controls, tariffs, trade disputes may inhibit ability to sell products”

Supply chain disruptions or capacity constraints may limit manufacturing

“Supply chain disruptions or manufacturing capacity constraints may limit ability to manufacture and sell”

Customer concentration in China (35% of revenue) poses geopolitical risk

“China 35% of revenue”

Potential leadership instability due to director departure.

“Director departure disclosed without context.”

Export control and tariff risk

“Tariffs, export controls, additional taxes, trade barriers, sanctions, the termination or modification of trade agreements, trade zones, and other duty mitigation initiatives, and any reciprocal retaliatory actions, can increase our manufacturing costs, decrease margins, reduce the competitiveness of our products, disrupt our supply chain operations, or inhi” · word for word

Geopolitical conflict risk

“the conflict that began in February 2026 between the United States, Israel, a number of states in the Persian Gulf, and Iran has led to significant regional instability and disruption in the Middle East, including the closure of or restrictions on the Strait of Hormuz, threatened or actual attacks on vessels in the Red Sea, and threatened or actual attacks o” · word for word

Customer concentration risk

“Sales to a limited number of large customers constitute a significant portion of our overall shipments, revenue, cash flows, and profitability.” · word for word

Geographic concentration: Taiwan 27%, China 26%, Korea 20% — significant exposure to Asia semiconductor cycle.

“Taiwan 27%, China 26%, Korea 20%” · word for word

China Export Control Risk

“In the short term, volatility in the semiconductor industry environment from trade restrictions, tariffs, as well as other direct and indirect risks and uncertainties discussed in Part II, Item 1A, "Risk Factors," have had, and in the future may have, a negative impact on our revenue and operating margin.” · word for word

Geopolitical Conflict Risk

“The conflict that began in February 2026 between the United States, Israel, a number of states in the Persian Gulf, and Iran has led to significant regional instability and disruption in the Middle East, including the closure of or restrictions on the Strait of Hormuz and attacks on transportation and energy infrastructure, which has significantly and advers” · word for word

Supply Chain Disruption

“Demand for electronic products and other factors have resulted in, and may in the future result in, a shortage of parts, materials and services needed to manufacture, deliver and install our products, as well as delays in and unpredictability of shipments due to transportation interruptions.” · word for word

Geographic concentration in China (34% of revenue) exposes to export control and geopolitical risks.

“Region China 34%”

Deferred revenue does not include Japan shipments; estimated future revenue from Japan shipments increased to $434M from $226M, indicating potential revenue recognition lag.

“Estimated future revenue from shipments to customers in Japan was approximately $434 million as of March 29, 2026 and $226 million as of December 28, 2025.” · word for word

Leadership change could introduce uncertainty, but no details provided.

“Departure of a director or principal officer (CEO/CFO change).”

Export Control and Tariff Risk

“volatility in the semiconductor industry environment from trade restrictions, tariffs, as well as other direct and indirect risks and uncertainties, have had, and in the future may have, a negative impact on our revenue and operating margin.” · word for word

Customer Concentration Risk

“Sales to a limited number of large customers constitute a significant portion of our overall shipments, revenue, cash flows and profitability.” · word for word

Cybersecurity Risk

“We experience cybersecurity and other threats and incidents in the course of our operations. Although past threats and incidents have not resulted in a material adverse effect, we may incur material losses related to cybersecurity or other threats or incidents in the future.” · word for word

Industry Cyclicality Risk

“The semiconductor capital equipment industry has historically been characterized by rapid changes in demand.” · word for word

Geographic concentration: China 35% of revenue, Taiwan 20%, Korea 20%.

“China 35%, Taiwan 20%, Korea 20%.” · word for word

Deferred revenue decreased QoQ, indicating potential revenue recognition timing.

“Deferred revenue at the end of the December 2025 quarter decreased to $2.25 billion compared to $2.77 billion.” · word for word

Leadership change may introduce short-term uncertainty, but no financial impact quantified.

“Item 5.02 departure of director/principal officer”

Export Control and Tariff Risk

“In the short term, volatility in the semiconductor industry environment from trade restrictions, tariffs, as well as other direct and indirect risks and uncertainties, have had, and in the future may have, a negative impact on our revenue and operating margin.” · word for word

Customer Concentration Risk

“Sales to a limited number of large customers constitute a significant portion of our overall shipments, revenue, cash flows and profitability.” · word for word