Lam Research’s FY 2025 revenue hit a record high of $18.4 billion.
During Q2 2025, Foundry revenue reached $1.79 billion – a record high – accounting for 52% of net system sales.
DRAM revenue rose 13% YoY to reach a record high of $2.44 billion in FY 2025, with spending focused on technology upgrades to the 1-beta and 1-gamma nodes enabling DDR5 and LPDDR5.
Non-volatile memory revenue grew 2.5x YoY in Q2 2025 and accounted for 27% of net systems sales, since the last peak in Q4 2022.
Lam Research’s multiple new innovative product launches to address rising semiconductor complexities will support customers roadmap across DRAM, NAND and foundry/logic driving revenue growth in the long-term.

Access to the full report here: Lam Research Posts Record FY 2025 Revenue Driven by Strong Systems Sales

Lam Research’s FY 2025 net revenue rose 24% YoY to hit a record high of $18.4 billion, driven by strong system sales. The US-based wafer fabrication equipment supplier’s Foundry revenue reached a record high of $5.14 billion in FY 2025, accounting for 45% of net system sales. This increase was driven by strong momentum in leading-edge processes as well as investments in mature nodes by domestic Chinese customers and an all-time high gross margin of 50.3% during the June quarter, 2025.

Lam Research’s CSBG revenue grew 16% YoY in FY 2025 to reach $7 billion. With revenue from installed‑base upgrades and service expanding rapidly, the company expects CSBG revenue to increase more than 1.5x times by CY 2028 as compared to 2024. Between FY 2018 and FY 2024, Lam Research’s installed base grew 9% CAGR while CSBG revenue rose 8% CAGR during the same period. The company’s growing installed base is expected to exceed 100,000 units in 2025.

China Contributed to 35% of the System Revenues during Q2 2025

Commenting on China’s share of System Revenues, Lam Research CEO Timothy Archer said, “The China region came in at 35%, an increase from the prior quarter level of 31%, with increasing investment from global multinational customers in this region to the highest level since the December quarter of 2022 with the majority of China revenue continued to come from domestic Chinese customers.” Archer further said that Lam Research expects stronger China revenue in the September quarter driven by foundry spending.

Commenting on the increased demand from Chinese Foundries, Senior Analyst Ashwath Rao, said “Lam Research saw a modest increase in demand –especially from back-end facilities, packaging chips designed abroad, and mid-tier Chinese fabs producing legal chips under export thresholds. Lam Research will benefit indirectly from loosened AI chip rules, if Chinese fabs increase capacity for allowable chips or legacy nodes. Easing of China restrictions should help restart or boost CSBG revenue growth in China by enabling more normal service and upgrade activity for installed equipment there. However, the overall effect may be gradual and moderated by ongoing export controls and Lam Research’s diversified global strategy.

Lam Research Revenue by Segment ($ Billion)

On the technology innovation and multiple product launches during FY 2025, Lam Research CEO Archer said, “These newly launched products join Lam Research's differentiated product portfolio that empowers chipmakers to overcome the industry's hardest scaling challenges and will help revenue growth in the long-term for Lam Research.”

Commenting on Lam Research’s future performance, Rao said, “Lam Research’s series of new innovations and solutions across the product portfolio will drive revenue growth and strong margin expansion in the coming years. These products are critical for high-volume production across DRAM, NAND, foundry, and logic markets, and will significantly boost profitability. With increasing continued investment in R&D and Capex, in addition to a differentiated etch and deposition portfolio, Lam Research is well-positioned for long-term growth, vital for enabling more scalable, high-performance device architectures.”

Commenting on the rising demand for advanced WFE tools, Research Analyst Shivani Parashar said, “Leading nodes (3nm and 2nm) will account for roughly one-third of the smartphone SoC shipments in 2026, according to Counterpoint’s latest Global AP-SoC Long-term forecast by Nodes, June 2025 Update. Rising demand for premium SoCs, expanding advanced packaging use-cases, and the surging demand for AI from data center accelerators to on-device AI in smartphones, significantly increases semiconductor content per device, as AI workloads require larger, more complex APs, GPUs, and NPUs built on cutting-edge nodes. Growing process complexity at leading-edge nodes will drive more etch and deposition intensity, increasing the need of additional advanced tools to address these challenges, boosting Lam Research’s revenue in the long-term.”

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