Dear Lam Research Investors, Mark Your Calendars for April 22: Its Stock May Not Look Back

Lam Research (NASDAQ:LRCX) reports fiscal third-quarter 2026 results connected April 22 aft the close. With 4 consecutive beats down it and AI-driven instrumentality request accelerating, this people volition trial whether momentum tin clasp done rising macro and geopolitical headwinds.

Last quarter, Lam posted $5.344 cardinal successful revenue, beating estimates by 2.01% and increasing 22.14% twelvemonth implicit year. Non-GAAP EPS came successful astatine $1.27, clearing the statement of $1.1684 by 8.7%. Operating currency travel astir doubled twelvemonth implicit twelvemonth to $1.480 billion. CEO Tim Archer called it "another beardown 4th to headdress a grounds year," and guided Q3 gross to $5.70 billion, a sequential measurement up that would people continued acceleration. Since that report, the banal has pulled backmost from a filing-date terms of $252.41 to astir $218.90 today, adjacent arsenic the banal remains up 27.76% twelvemonth to date. The pullback provides discourse for however the banal is positioned heading into April 22.

Gross borderline warrants the closest attention. The trajectory has compressed modestly implicit the past 2 quarters: 50.6% successful Q1 FY26, past 49.6% successful Q2 FY26, with guidance pointing to astir 49.0% successful Q3. Management has flagged tariff pressures and lawsuit premix shifts arsenic the superior culprits. Any upside astonishment connected margins would awesome that Lam is managing outgo headwinds amended than expected and could reset the stock's post-pullback narrative.