Equity Profile

LRCX

Lam Research Corporation

Information TechnologySemiconductor Materials & Equipment$418.9B

Jul29Wed

Pre-Earnings Brief

UpcomingQ4-2026After Close5:00 PM EDT

Company Snapshot

Lam Research Corporation (LRCX) is a leading supplier of semiconductor manufacturing equipment, crucial for producing chips used in various technologies, including AI and cloud computing. With a market cap of $419 billion, the company plays a vital role in the information technology sector, particularly as demand for semiconductors continues to grow.

Key Metrics to Watch

Earnings Per Share (EPS)

EPS is a key indicator of profitability and will help gauge the company's financial health this quarter.

N/A

Revenue Growth

Revenue growth reflects the company's ability to expand its market share and meet demand in the semiconductor industry.

N/A

1 more metrics, Wall Street expectations, options signals, track record, and call prep available with Pro.

LRCX Q4-2026 Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

100%

Avg EPS Surprise

+127.28%

Avg Stock Reaction

+1.79%

Last Quarter Recap

In Q3-2026, Lam Research reported an EPS of $1.47, beating estimates by 8.17%. The stock reacted positively, gaining 2.78% the following day.

Management Promises & Guidance

Expectations

Wall Street Expectations

Investors are generally optimistic about Lam Research's upcoming earnings, especially given its strong track record of beating EPS estimates.

Bull Case

If Lam Research continues its trend of beating EPS estimates, it could signal strong demand in the semiconductor market, leading to further stock price appreciation.

Bear Case

Conversely, any signs of slowing demand or increased competition could lead to disappointing results, which may negatively impact the stock.

Expectations

Two Questions That Matter

The print will turn on these two things.

What will be the EPS for Q4-2026?

Given Lam Research's history of beating EPS estimates, this number will be closely scrutinized to assess ongoing demand and profitability.

How is Lam Research addressing competition in the semiconductor space?

Insights into competitive positioning will help investors understand potential risks and growth opportunities in the current market landscape.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating the impact of increased demand for semiconductor equipment driven by AI and cloud technologies, which could lead to stronger-than-expected results.

Supporting Evidence

Lam Research has consistently beaten EPS estimates, suggesting stronger operational performance than anticipated.

The options market is pricing a larger move than historical averages, indicating heightened expectations for volatility.

Insider trading activity has shown mixed signals, which may suggest uncertainty among insiders about the company's future performance.

Key Risk

If the EPS comes in above $1.50, it could challenge the current cautious consensus on the company's growth prospects.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

Investors are weighing the potential for continued growth against the backdrop of a competitive semiconductor market.

Bull Confirmed If

An EPS of $1.50 or higher would confirm strong demand and effective cost management.

Bear Confirmed If

An EPS below $1.30 could raise concerns about demand weakness and competitive pressures.

Pre-Earnings Positioning

Options Market

Implied Move

±11.71%

Historical Avg

±2.5%

Pricing rich

The options market is pricing in a significant potential move, indicating that traders expect volatility around the earnings announcement.

Options are pricing ±11.7% while LRCX has averaged ±2.5% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.7%

30d HV

52.1%

Calls (702K)P/C Ratio: 1.90Puts (2.0M)

Edge

Historical Setup Match

Cross-company pattern from 30 similar setups.

Prior-quarter beat + options rich in Semiconductors

n=30

Fade rate: 4 of 9 (44%)

This setup has occurred 30 times across Information Technology in the last 2 years. 4 of 9 faded and 5 held — no strong directional bias after the initial reaction. The average absolute 1-day move is 4.4%, with a raw directional average of -0.5% (modestly negative historical bias).

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

History suggests that if Lam Research beats expectations, the stock could rise by an average of 1.79%, confirming strong demand.

In-Line / Cautious

If results are in line with expectations, the stock may see muted movement as investors await further guidance.

Miss

If the company misses expectations, history suggests a potential decline of around 2.61%, reflecting investor disappointment.

Preparation

Congressional Activity

House & Senate STOCK Act disclosures over the trailing 6 months.

Trades

2 buys·1 sell

Members

House only

Est. Notional

$17,003.00–$80,000.00

disclosed dollar ranges

Most Active Members

R-OHDavid J. TaylorRep.
2

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on demand trends in the semiconductor market.
2Insights into cost management strategies and their impact on margins.
3Comments on competitive pressures and how Lam Research plans to address them.
4Guidance on revenue expectations for the next quarter.
5Any commentary on new product developments or technological advancements.

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Company Snapshot

Key Metrics to Watch

Earnings Per Share (EPS)

EPS is a key indicator of profitability and will help gauge the company's financial health this quarter.

N/A

Revenue Growth

Revenue growth reflects the company's ability to expand its market share and meet demand in the semiconductor industry.

N/A

1 more metrics, Wall Street expectations, options signals, track record, and call prep available with Pro.

LRCX Q4-2026 Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

100%

Avg EPS Surprise

+127.28%

Avg Stock Reaction

+1.79%

Last Quarter Recap

In Q3-2026, Lam Research reported an EPS of $1.47, beating estimates by 8.17%. The stock reacted positively, gaining 2.78% the following day.

Management Promises & Guidance

Expectations

Wall Street Expectations

Investors are generally optimistic about Lam Research's upcoming earnings, especially given its strong track record of beating EPS estimates.

Bull Case

If Lam Research continues its trend of beating EPS estimates, it could signal strong demand in the semiconductor market, leading to further stock price appreciation.

Bear Case

Conversely, any signs of slowing demand or increased competition could lead to disappointing results, which may negatively impact the stock.

Expectations

Two Questions That Matter

The print will turn on these two things.

What will be the EPS for Q4-2026?

Given Lam Research's history of beating EPS estimates, this number will be closely scrutinized to assess ongoing demand and profitability.

How is Lam Research addressing competition in the semiconductor space?

Insights into competitive positioning will help investors understand potential risks and growth opportunities in the current market landscape.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating the impact of increased demand for semiconductor equipment driven by AI and cloud technologies, which could lead to stronger-than-expected results.

Supporting Evidence

Lam Research has consistently beaten EPS estimates, suggesting stronger operational performance than anticipated.

The options market is pricing a larger move than historical averages, indicating heightened expectations for volatility.

Insider trading activity has shown mixed signals, which may suggest uncertainty among insiders about the company's future performance.

Key Risk

If the EPS comes in above $1.50, it could challenge the current cautious consensus on the company's growth prospects.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

Investors are weighing the potential for continued growth against the backdrop of a competitive semiconductor market.

Bull Confirmed If

An EPS of $1.50 or higher would confirm strong demand and effective cost management.

Bear Confirmed If

An EPS below $1.30 could raise concerns about demand weakness and competitive pressures.

Pre-Earnings Positioning

Options Market

Implied Move

±11.71%

Historical Avg

±2.5%

Pricing rich

The options market is pricing in a significant potential move, indicating that traders expect volatility around the earnings announcement.

Options are pricing ±11.7% while LRCX has averaged ±2.5% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.7%

30d HV

52.1%

Calls (702K)P/C Ratio: 1.90Puts (2.0M)

Edge

Historical Setup Match

Cross-company pattern from 30 similar setups.

Prior-quarter beat + options rich in Semiconductors

n=30

Fade rate: 4 of 9 (44%)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

History suggests that if Lam Research beats expectations, the stock could rise by an average of 1.79%, confirming strong demand.

In-Line / Cautious

If results are in line with expectations, the stock may see muted movement as investors await further guidance.

Miss

If the company misses expectations, history suggests a potential decline of around 2.61%, reflecting investor disappointment.

Preparation

Congressional Activity

House & Senate STOCK Act disclosures over the trailing 6 months.

Trades

2 buys·1 sell

Members

House only

Est. Notional

$17,003.00–$80,000.00

disclosed dollar ranges

Most Active Members

R-OHDavid J. TaylorRep.
2

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on demand trends in the semiconductor market.
2Insights into cost management strategies and their impact on margins.
3Comments on competitive pressures and how Lam Research plans to address them.
4Guidance on revenue expectations for the next quarter.
5Any commentary on new product developments or technological advancements.