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What changed in Lam Research's 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of Lam Research's 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+204 added−199 removedSource: 10-K (2025-08-11) vs 10-K (2024-08-29)

Top changes in Lam Research's 2025 10-K

204 paragraphs added · 199 removed · 176 edited across 6 sections

Item 1. Business

Business — how the company describes what it does

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Biggest changeWe currently hold a number of U.S. and foreign patents and applications covering various aspects of our products and processes. Our patents, which cover material aspects of our past and present core products, have current durations ranging from approximately one to twenty years.
Biggest changeOur patents, which cover material aspects of our past and present core products, have current durations ranging from approximately one to twenty years. We believe that, although the patents we own and may obtain in the future will be of value, they alone will not determine our success.
Harter earned her J.D. from Northwestern University School of Law, an M.B.A. in sociology from the University of Nebraska, and a B.A. in political science from Northwestern University. Vahid Vahedi is our senior vice president and chief technology and sustainability officer, a position he has held since March 2024. Dr.
Harter earned her J.D. from Northwestern University School of Law, an M.B.A. in sociology from the University of Nebraska, and a B.A. in political science from Northwestern University. Vahid Vahedi is our senior vice president, chief technology and sustainability officer, a position he has held since March 2024. Dr.
Compliance with Government Regulations As a public company with global operations, we are subject to a variety of governmental regulations across multiple jurisdictions, including those related to export controls, financial and other disclosures, corporate governance, anti-trust, intellectual property, privacy, anti-bribery, anti-corruption, anti-boycott, tax, labor, health and safety, conflict minerals, human trafficking, the management of hazardous materials, and carbon emissions, among others.
Compliance with Government Regulations As a public company with global operations, we are subject to a variety of governmental regulations across multiple jurisdictions, including those related to export controls, financial and other disclosures, corporate governance, anti-trust, intellectual property, privacy, anti-bribery, anti-corruption, anti-boycott, tax, tariffs, labor, health and safety, conflict minerals, human trafficking, the management of hazardous materials, and carbon emissions, among others.
Our ALTUS ® systems combine CVD and ALD technologies to deposit the highly conformal or selective films as needed for advanced tungsten or molybdenum metallization applications in both logic and memory. The Multi-Station Sequential Deposition architecture enables nucleation layer formation and bulk CVD/ALD fill to be performed in the same chamber (“in situ”).
Our ALTUS ® systems combine CVD and ALD technologies to deposit the highly conformal or selective films as needed for advanced tungsten or molybdenum metallization (ALTUS ® Halo) applications in both logic and memory. The Multi-Station Sequential Deposition architecture enables nucleation layer formation and bulk CVD/ALD fill to be performed in the same chamber (“in situ”).
Human Capital We endeavor to be a great place to work globally by investing in a multi-faceted strategy that is rooted in building an inclusive and diverse workplace. To support our employees, we tailor our programs to meet the unique cultural needs and priorities within different regions around the world.
Human Capital We endeavor to be a great place to work globally by investing in a multi-faceted strategy that is rooted in building an inclusive workplace. To support our employees, we tailor our programs to meet the unique cultural needs and priorities within different regions around the world.
Our core technical competency is integrating hardware, process, materials, software, and process control enabling results on the wafer. Semiconductor manufacturing, our customers’ business, involves the complete fabrication of multiple dies or integrated circuits (“ICs”) on a wafer. This involves the repetition of a set of core processes and can require hundreds of individual steps.
Our core technical competency is integrating hardware, process, materials, software, and process control enabling results on the wafer. Semiconductor manufacturing, our customers’ business, involves the fabrication of multiple dies or integrated circuits (“ICs”) on a wafer. This involves the repetition of a set of core processes and can require hundreds of individual steps.
In the etch market, our primary competitors are Applied Materials, Inc.; Hitachi, Ltd.; and Tokyo Electron, Ltd., and our primary competitors in the wet clean market are Screen Holding Co., Ltd.; Semes Co., Ltd.; and Tokyo Electron, Ltd. We face competition from a number of established and emerging companies in the industry.
In the etch market, our primary competitors are Applied Materials, Inc.; Hitachi, Ltd.; and Tokyo Electron, Ltd., and our primary competitors in the wet clean market are Screen Holding Co., Ltd.; Semes Co., Ltd.; and Tokyo Electron, Ltd. We face competition from a number of established and emerging equipment companies in the industry.
Lam Research Corporation 2024 10-K 4 Table of Content Products Market Process/Application Technology Products Deposition Metal Films Electrochemical Deposition (“ECD”) (Copper & Other) SABRE ® family Chemical Vapor Deposition (“CVD”) Atomic Layer Deposition (“ALD”) (Tungsten & Molybdenum) ALTUS ® family Dielectric Films Plasma-enhanced CVD (“PECVD”) ALD Gapfill High-Density Plasma CVD (“HDP-CVD”) VECTOR ® family Striker ® family SPEED ® family Etch Conductor Etch Reactive Ion Etch Kiyo ® family, Versys ® Metal family Dielectric Etch Reactive Ion Etch Flex ® family Vantex ® family Through-silicon Via (“TSV”) Etch Deep Reactive Ion Etch Syndion ® family Clean Wafer Cleaning Wet Clean EOS ® , DV-Prime ® , Da Vinci ® , SP Series Bevel Cleaning Dry Plasma Clean Coronus ® family Deposition Processes and Product Families Deposition processes create layers of dielectric (insulating) and metal (conducting) materials used to build a semiconductor device.
Lam Research Corporation 2025 10-K 4 Table of Contents Products Market Process/Application Technology Products Deposition Metal Films Electrochemical Deposition (“ECD”) (Copper & Other) SABRE ® family Chemical Vapor Deposition (“CVD”) Atomic Layer Deposition (“ALD”) (Tungsten & Molybdenum) ALTUS ® family Dielectric Films Plasma-enhanced CVD (“PECVD”) ALD Gapfill High-Density Plasma CVD (“HDP-CVD”) VECTOR ® family Striker ® family SPEED ® family Etch Conductor Etch Reactive Ion Etch Kiyo ® family, Versys ® Metal family Dielectric Etch Reactive Ion Etch Flex ® family Vantex ® family Through-silicon Via (“TSV”) Etch Deep Reactive Ion Etch Syndion ® family Clean Wafer Cleaning Wet Clean EOS ® , DV-Prime ® , Da Vinci ® , SP Series Bevel Cleaning Dry Plasma Clean Coronus ® family Deposition Processes and Product Families Deposition processes create layers of dielectric (insulating) and metal (conducting) materials used to build a semiconductor device.
Bettinger worked at Intel Corporation from 1993 to 2004, where he held several senior-level finance positions, including corporate planning and reporting controller and Malaysia site operations controller. Mr. Bettinger currently serves on the Board of Directors of Lattice Semiconductor Corporation, the SEMI Board of Industry Leaders, and the Industrial Advisory Board of the University of Wisconsin School of Engineering. Mr.
Bettinger worked at Intel Corporation from 1993 to 2004, where he held several senior-level finance positions, including corporate planning and reporting controller and Malaysia site operations controller. Mr. Bettinger currently serves on the Board of Directors of Lattice Semiconductor Corporation, the SEMI Board of Industry Leaders, and the Industrial Advisory Board of the University of Wisconsin College of Engineering. Mr.
Information contained on our website or in our annual ESG Report is not incorporated by reference into this or any other report we file with the Securities and Exchange Commission, or the SEC. Refer to Item 1A: Risk Factors for a discussion of risks and uncertainties we face related to ESG.
Information contained on our website or in our annual Global Impact Report is not incorporated by reference into this or any other report we file with the Securities and Exchange Commission, or the SEC. Refer to Item 1A: Risk Factors for a discussion of risks and uncertainties we face related to ESG.
We conduct a global survey at a regular cadence to gather input from employees on culture, I&D, career opportunity, and manager effectiveness. We also solicit employee feedback through in-person and online employee forums, engagement sessions, all-employee meetings, conversations with managers, and our Human Resource Support and Employee Relations programs.
We conduct a global survey at a regular cadence to gather input from employees on culture, career opportunity, and manager effectiveness. We also solicit employee feedback through in-person and online employee forums, engagement sessions, all-employee meetings, conversations with managers, and our Human Resource Support and Employee Relations programs.
We are a global supplier of innovative wafer fabrication equipment and services to the semiconductor industry. We have built a strong global presence with core competencies in areas such as nanoscale applications enablement, chemistry, plasma and fluidics, advanced systems engineering, and a broad range of operational disciplines.
We are a global supplier of innovative wafer fabrication equipment and services to the semiconductor industry. We have built a strong global presence with core competencies in areas such as nanoscale manufacturing enablement, chemistry, plasma and fluidics, advanced systems engineering, and a broad range of operational disciplines.
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.
Fabricating these devices requires a sequence of 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.
Bettinger served as senior vice president and chief financial officer of Avago Technologies from 2008 to 2013. From 2007 to 2008, he served as vice president of Finance and corporate controller at Xilinx, Inc., and from 2004 to 2007, he was chief financial officer at 24/7 Customer, a privately held company. Mr.
Bettinger served as senior vice president and chief financial officer of Avago Technologies (now Broadcom Inc.) from 2008 to 2013. From 2007 to 2008, he served as vice president of Finance and corporate controller at Xilinx, Inc., and from 2004 to 2007, he was chief financial officer at 24/7 Customer, a privately held company. Mr.
Our products and services are designed to help our customers build smaller and better performing devices that are used in a variety of electronic products, including mobile phones, personal computers, servers, wearables, automotive vehicles, and data storage devices.
Our products and services are designed to help our customers build smaller and better performing devices that are used in a variety of electronic products, including mobile phones, personal computers, cloud and enterprise servers, wearables, automotive vehicles, and data storage devices.
Refer to Note 19 of our Consolidated Financial Statements, included in Part II, Item 8 of this 2024 Form 10-K, for the attribution of revenue by geographic region. Long-lived Assets Refer to Note 19 of our Consolidated Financial Statements, included in Part II, Item 8 of this 2024 Form 10-K, for information concerning the geographic locations of long-lived assets.
Refer to Note 19 of our Consolidated Financial Statements, included in Part II, Item 8 of this 2025 Form 10-K, for the attribution of revenue by geographic region. Long-lived Assets Refer to Note 19 of our Consolidated Financial Statements, included in Part II, Item 8 of this 2025 Form 10-K, for information concerning the geographic locations of long-lived assets.
We maintain ongoing service relationships with our customers and have an extensive network of service engineers in place throughout the United States, China, Europe, India, Japan, Korea, Southeast Asia, and Taiwan. We believe that comprehensive support programs and close working relationships with customers are essential to maintaining high customer satisfaction and our competitiveness in the marketplace.
We maintain ongoing service relationships with our customers and have an extensive network of service engineers in place throughout the United States (“U.S.”), China, Europe, India, Japan, Korea, Southeast Asia, and Taiwan. We believe that comprehensive support programs and close working relationships with customers are essential to maintaining high customer satisfaction and our competitiveness in the marketplace.
SPEED ® products have excellent particle performance, and their design allows large batch sizes between cleans and faster cleans. Lam Research Corporation 2024 10-K 5 Table of Content Striker ® Product Family The latest memory, logic, and imaging devices require extremely thin, highly conformal dielectric films for continued device performance improvement and scaling.
SPEED ® products have excellent particle performance, and their design allows large batch sizes between cleans and faster cleans. Lam Research Corporation 2025 10-K 5 Table of Contents Striker ® Product Family The latest memory, logic, and imaging devices require extremely thin, highly conformal dielectric films for continued device performance improvement and scaling.
These processes can also be used to drill through metal hardmasks that are used to form the wiring for advanced devices. To enable these critical etch steps, the Versys ® Metal product family provides high-productivity capability on a flexible Lam Research Corporation 2024 10-K 6 Table of Content platform.
These processes can also be used to drill through metal hardmasks that are used to form the wiring for advanced devices. To enable these critical etch steps, the Versys ® Metal product family provides high-productivity capability on a flexible Lam Research Corporation 2025 10-K 6 Table of Contents platform.
Lam Research Corporation 2024 10-K 3 Table of Content The Lam Research logo, Lam Research, and all product and service names used in this report are either registered trademarks or trademarks of Lam Research Corporation or its subsidiaries in the United States and/or other countries. All other marks mentioned herein are the property of their respective holders.
Lam Research Corporation 2025 10-K 3 Table of Contents The Lam Research logo, Lam Research, and all product and service names used in this report are either registered trademarks or trademarks of Lam Research Corporation or its subsidiaries in the United States and/or other countries. All other marks mentioned herein are the property of their respective holders.
Environmental, Social, and Governance We strive to incorporate environmental, social and governance ("ESG") consi derations into everything we do – from our operations and workplace practices, to how we source our materials and design our products. Our ESG report for calendar year 2023 details, among other items, a number of ESG goals.
Environmental, Social, and Governance We strive to incorporate environmental, social and governance ("ESG") consi derations into everything we do – from our operations and workplace practices, to how we source our materials and design our products. Our Global Impact Report for calendar year 2024 details, among other items, a number of ESG goals.
Fiscal Periods Presented All references to fiscal years apply to our fiscal years, which ended June 30, 2024, June 25, 2023, and June 26, 2022. Research and Development The market for semiconductor capital equipment is characterized by rapid technological change and product innovation.
Fiscal Periods Presented All references to fiscal years apply to our fiscal years, which ended June 29, 2025, June 30, 2024, and June 25, 2023. Research and Development The market for semiconductor capital equipment is characterized by rapid technological change and product innovation.
For additional details regarding the impacts of compliance with trade laws and regulations, please refer to “Business and Operational Risks – Our Future Success Depends Heavily on International Sales and the Management of Global Operations” and “Legal, Regulatory and Tax Risks – Our Sales to Customers in China, a Significant Region for Us, Have Been Impacted, and are Likely to be Materially and Adversely Affected by Export License Requirements and Other Regulatory Changes, or Other Governmental Actions in the Course of the Trade Relationship Between the U.S. and China” in Item 1A: Risk Factors .
For additional details regarding the impacts of compliance with trade laws and regulations, please refer to “Business and Operational Risks – Our Lam Research Corporation 2025 10-K 8 Table of Contents Future Success Depends Heavily on International Sales and the Management of Global Operations” and “Legal, Regulatory and Tax Risks – Our Sales to Customers in China, a Significant Region for Us, Have Been Impacted, and are Likely to be Materially and Adversely Affected by Export License Requirements and Other Regulatory Changes, or Other Governmental Actions in the Course of the Trade Relationship Between the U.S. and China” in Item 1A: Risk Factors .
There have been no material impacts to capital expenditures or our results of operations associated with this goal, and there are no material cash commitments associated with the goal as of the fiscal year ended June 30, 2024.
There have been no material impacts to capital expenditures or our results of operations associated with this goal, and there are no material cash commitments associated with the goal as of the fiscal year ended June 29, 2025.
Lam Research Corporation 2024 10-K 8 Table of Content Regulations that impact trade, including tariffs, export controls, taxes, trade barriers, sanctions, the termination or modification of trade agreements, trade zones, and other duty mitigation initiatives, have the potential to increase our manufacturing costs, decrease margins, reduce the competitiveness of our products, or inhibit our ability to sell products or purchase necessary equipment and supplies, which could have a material adverse effect on our business, results of operations, or financial condition.
Regulations that impact trade, including tariffs, export controls, taxes, trade barriers, sanctions, the termination or modification of trade agreements, trade zones, and other duty mitigation initiatives, have the potential to increase our manufacturing costs, decrease margins, reduce the competitiveness of our products, or inhibit our ability to sell products or purchase necessary equipment and supplies, which could have a material adverse effect on our business, results of operations, or financial condition.
Fernandes 57 Senior Vice President, Global Customer Operations Ava A. Harter 54 Senior Vice President, Chief Legal Officer and Secretary Vahid Vahedi 58 Senior Vice President, Chief Technology and Sustainability Officer Seshasayee (Sesha) Varadarajan 49 Senior Vice President, Global Products Group Timothy M. Archer has been our president and chief executive officer since December 2018.
Fernandes 58 Senior Vice President, Global Customer Operations Ava A. Harter 55 Senior Vice President, Chief Legal Officer and Secretary Vahid Vahedi 59 Senior Vice President, Chief Technology and Sustainability Officer Seshasayee (Sesha) Varadarajan 50 Senior Vice President, Global Products Group Timothy M. Archer has been our president and chief executive officer since December 2018.
Information about our Executive Officers As of August 22, 2024, the executive officers of Lam Research were as follows: Name Age Position(s) Timothy M. Archer 57 President, Chief Executive Officer Douglas R. Bettinger 57 Executive Vice President, Chief Financial Officer Patrick J. Lord 58 Executive Vice President, Chief Operating Officer Neil J.
Information about our Executive Officers As of August 7, 2025, the executive officers of Lam Research were as follows: Name Age Position(s) Timothy M. Archer 58 President, Chief Executive Officer Douglas R. Bettinger 58 Executive Vice President, Chief Financial Officer Patrick J. Lord 59 Executive Vice President, Chief Operating Officer Neil J.
International Sales A significant portion of our sales and operations occur outside the United States (“U.S.”) and, therefore, may be subject to certain risks, including but not limited to compliance with U.S. and international laws and regulations, including U.S. export restrictions; tariffs and other barriers; difficulties in staffing and managing non-U.S. operations; adverse tax consequences; foreign currency exchange rate fluctuations; changes in currency controls; and economic and political conditions.
Lam Research Corporation 2025 10-K 7 Table of Contents International Sales A significant portion of our sales and operations occur outside the United States and, therefore, may be subject to certain risks, including but not limited to compliance with U.S. and international laws and regulations, including U.S. export restrictions; tariffs and other barriers; difficulties in staffing and managing non-U.S. operations; adverse tax consequences; foreign currency exchange rate fluctuations; changes in currency controls; and economic and political conditions.
Our business depends upon the expenditures of semiconductor manufacturers. Semiconductor manufacturers’ businesses, in turn, depend on many factors, including their economic capability, the current and anticipated market demand for ICs, and the availability of equipment capacity to support that demand.
Semiconductor manufacturers’ businesses, in turn, depend on many factors, including their economic capability, the current and anticipated market demand for ICs, and the availability of equipment capacity to support that demand.
People managers in field support, manufacturing, R&D, warehouse, and logistics operations undergo formal safety leadership training biannually to enhance their skills in safety management and communication. We screen contractors’ safety performance and require contractor compliance with specified safety standards. We monitor our safety performance at the enterprise, regional, and site levels.
People managers in field support, manufacturing, R&D, warehouse, and logistics operations undergo formal safety leadership training biannually to enhance their skills in safety management and communication. We screen contractors’ safety performance and require contractor compliance with specified safety standards. Lam Research Corporation 2025 10-K 10 Table of Contents We monitor our safety performance at the enterprise, regional, and site levels.
Harter is our senior vice president, chief legal officer and secretary. She joined us in July 2024 and is responsible for global legal matters, ethics and compliance, global trade, and government affairs.
Harter is our senior vice president, chief legal officer and secretary. She joined us in July 2024 and is responsible for all global legal matters, ethics and compliance, and corporate secretary work.
Previously, he was group vice president of Business Development and Sales Operations and held other senior sales and customer-focused leadership positions at Lam. He joined the company in 2012 through the acquisition of Novellus, where he was the vice president of Sales Operations.
Previously, he was group vice president of Business Development and Sales Operations and held other senior sales and customer-focused leadership positions at Lam. He joined the company in 2012 through the acquisition of Novellus, where he was the vice president of Lam Research Corporation 2025 10-K 11 Table of Contents Sales Operations.
The warranty is limited to repair of the defect or replacement with new or like-new equivalent goods and is valid when the buyer provides prompt notification within the warranty period of the claimed defect Lam Research Corporation 2024 10-K 7 Table of Content or non-conformity and also makes the items available for inspection and repair.
The warranty is limited to repair of the defect or replacement with new or like-new equivalent goods and is valid when the buyer provides prompt notification within the warranty period of the claimed defect or non-conformity and also makes the items available for inspection and repair.
The sale of products covered by patents of others could require licenses that may not be available on terms acceptable to us, or at all. For further discussion of legal matters, see Item 3, “Legal Proceedings,” of this report.
In addition, other companies and inventors may receive patents that contain claims applicable to our products and processes. The sale of products covered by patents of others could require licenses that may not be available on terms acceptable to us, or at all. For further discussion of legal matters, see Item 3, “Legal Proceedings,” of this report.
If our competitors make Lam Research Corporation 2024 10-K 9 Table of Content acquisitions or enter into strategic relationships with leading semiconductor manufacturers, or other entities, covering products similar to those we sell, our ability to sell our products to those customers could be adversely affected.
If our competitors make acquisitions or enter into strategic relationships with leading semiconductor manufacturers, or other entities, covering products similar to those we sell, our ability to sell our products to those customers could be adversely affected.
Our most significant customers during the fiscal years ending June 30, 2024, June 25, 2023, and June 26, 2022 included Micron Technology, Inc.; Samsung Electronics Company, Ltd.; SK hynix Inc.; and Taiwan Semiconductor Manufacturing Company. A material reduction in orders from our customers could adversely affect our results of operations and projected financial condition.
Our most significant customers during the fiscal years ending June 29, 2025, June 30, 2024, and June 25, 2023 included Samsung Electronics Company, Ltd. and Taiwan Semiconductor Manufacturing Company. A material reduction in orders from our customers could adversely affect our results of operations and projected financial condition. Our business depends upon the expenditures of semiconductor manufacturers.
For example, ALD films are critical for spacer-based multiple patterning schemes where the spacers help define critical dimensions, as well as for insulating liners and gapfill in high aspect ratio features, which have little tolerance for voids and even the smallest defect.
For example, ALD films are critical for low-k spacers for device power consumption/speed, dielectric gapfills in high aspect ratio features for isolation and device performance, as well as for spacer-based multiple patterning schemes where the spacers help define critical dimensions. These applications have little tolerance for voids and even the smallest defect.
As of August 22, 2024, we had approximately 17,450 regular full-time employees, of which over 29% were engaged in research and development. Approximately 44% of our regular full-time employees are located in the United States, 49% in Asia, and 7% in Europe.
As of August 7, 2025, we had approximately 19,000 regular full-time employees, of which over 29% were engaged in research and development. Approximately 43% of our regular full-time employees are located in the United States, 50% in Asia, and 7% in Europe. Employment, Recruitment and Development Our talented people are what makes our success possible.
However, in the absence of patent protection, we may be vulnerable to competitors who attempt to imitate our products, manufacturing techniques, and processes and may be more limited in our ability to exclude competitors than would otherwise be the case. In addition, other companies and inventors may receive patents that contain claims applicable to our products and processes.
Our success depends principally upon our research and development, engineering, marketing, support, and delivery skills. However, in the absence of patent protection, we may be vulnerable to competitors who attempt to imitate our products, manufacturing techniques, and processes and may be more limited in our ability to exclude competitors than would otherwise be the case.
Employee Health and Safety Prioritizing the health, safety, and well-being of our employees is critical to our ongoing success. We invest in education, awareness, monitoring, and prevention programs to help recognize and control safety hazards.
Additionally, we offer paid parental leave benefits for parents welcoming a new child to the family through birth, adoption, or foster care placement. Employee Health and Safety Prioritizing the health, safety, and well-being of our employees is critical to our ongoing success. We invest in education, awareness, monitoring, and prevention programs to help recognize and control safety hazards.
We offer our employees a competitive 401(k) benefit, an employee stock purchase plan, tuition reimbursement, and annual cash bonuses. Stock awards are offered to executives and select employees.
We offer our employees a competitive 401(k) benefit, an employee stock purchase plan, tuition reimbursement, and annual cash bonuses. Stock awards are offered to executives and select employees. We recognize the importance of time away from work, so we offer annual paid holidays and time off to relax and recharge or take care of personal business.
Prior to that, Dr. Lord held the position of group vice president and deputy general Lam Research Corporation 2024 10-K 11 Table of Content manager of the Global Products Group from September 2013 to December 2016.
Lord previously served as executive vice president of CSBG and Global Operations from September 2020 to February 2023; and senior vice president and general manager of CSBG from December 2016 to September 2020. Prior to that, Dr. Lord held the position of group vice president and deputy general manager of the Global Products Group from September 2013 to December 2016.
There can be no assurance that we will continue to compete successfully in the future. Patents and Licenses Our policy is to seek patents on inventions relating to new or enhanced products and processes developed as part of our ongoing research, engineering, manufacturing, and support activities.
Patents and Licenses Our policy is to seek patents on inventions relating to new or enhanced products and processes developed as part of our ongoing research, engineering, manufacturing, and support activities. We currently hold a number of U.S. and foreign patents and applications covering various aspects of our products and processes.
Lord is responsible for several functions including, Global Operations; Customer Support; Global Quality; Environmental Health and Safety; Information Technology; and Global Resilience, Security, and Transformation. Dr. Lord previously served as executive vice president of CSBG and Global Operations from September 2020 to February 2023; and senior vice president and general manager of CSBG from December 2016 to September 2020.
Lord is responsible for several functions including, Global Operations; Customer Support; Global Quality; Environmental Health and Safety; Global Government Affairs and Trade; Information Technology; Cybersecurity; and Global Resilience, Security, and Transformation. Dr.
Strategic investments to encourage local semiconductor manufacturing and supply chain in China could increase competition from domestic equipment manufacturers in China. Additionally, the U.S. Government has enacted a number of export controls regulating the sales of certain technologies to customers in China, which provides an advantage to our international competitors.
Government and other initiatives to encourage local semiconductor manufacturing and supply chain in countries outside of the U.S., including China, could increase competition from domestic equipment and spare parts manufacturers in those countries. Additionally, the U.S.
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We also offer extended warranty packages to our customers to purchase as desired.
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Government has enacted a number of export controls regulating the sales of certain technologies to customers in China, including entity listings of Lam Research Corporation 2025 10-K 9 Table of Contents multiple customers, thus restricting the sales of equipment and spare parts by U.S. equipment suppliers.
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We believe that, although the patents we own and may obtain in the future will be of value, they alone will not determine our success. Our success depends principally upon our research and development, engineering, marketing, support, and delivery skills.
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This provides an advantage to our international competitors that are not subject to these restrictions. There can be no assurance that we will continue to compete successfully in the future.
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Inclusion and Diversity To achieve their full potential, we believe it is important for every employee to feel valued, included, and empowered. We embrace inclusion and diversity (“I&D”) and proactively create opportunities to attract, retain, develop, and reward our employees. I&D is one of our strategic focus areas for the company.
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The three core pillars of our strategy include fostering inclusion, increasing diversity, and sharing our progress. We employ an executive leader of I&D who is responsible for driving our I&D strategy, building partnerships, and aligning with best practices. Employment, Recruitment and Development Our talented people are what makes our success possible.
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Lam Research Corporation 2024 10-K 10 Table of Content We recognize the importance of time away from work, so we offer annual paid holidays and time off to relax and recharge or take care of personal business. Additionally, we offer paid parental leave benefits for parents welcoming a new child to the family through birth, adoption, or foster care placement.

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

60 edited+8 added−4 removed157 unchanged
Biggest changeWe may also experience significant interruptions of our manufacturing operations, delays in our ability to deliver or install products or perform services or to recognize revenue, increased costs or customer order cancellations as a result of: • the failure or inability to accurately forecast demand and obtain sufficient quantities of quality parts on a cost-effective basis; • volatility in the availability and cost of parts, materials or services, including increased costs due to rising inflation or interest rates or other market conditions; • difficulties or delays in obtaining required import or export approvals; • shipment delays and increased costs of shipment due to transportation interruptions, capacity constraints, or fuel shortages; • shortages of semiconductor or other components or materials as a result of increases in demand; • information technology or infrastructure failures, including those of a third-party supplier or service provider; and • transportation or supply disruptions based on factors outside our control, such as strikes, acts of God, wars, terrorist activities, widespread outbreak of illness, natural or man-made disasters, international conflict, or climate change.
Biggest changeWe may also experience significant interruptions of our manufacturing operations, delays in our ability to deliver or install products or perform services or to recognize revenue, increased costs or customer order cancellations as a result of: • the failure or inability to accurately forecast demand and obtain sufficient quantities of quality parts on a cost-effective basis; • volatility in the availability and cost of parts, materials or services, including increased costs due to tariffs, rising inflation or interest rates or other market conditions; • difficulties or delays in obtaining required import or export approvals; • restrictions on the import and sale of products that incorporate technologies developed or manufactured in whole or in part in certain countries; • shipment delays and increased costs of shipment due to transportation interruptions, capacity constraints, or fuel shortages; • shortages of semiconductor or other components or materials as a result of increases in demand or decreases in supply, including as a result of export restrictions on particular parts or materials used by us or our direct or indirect suppliers; • information technology or infrastructure failures, including those of a third-party supplier or service provider; and • transportation or supply disruptions based on factors outside our control, such as strikes, acts of God, wars, terrorist activities, international conflict, widespread outbreak of illness, or natural or man-made disasters (including disasters resulting from climate change), including earthquakes, wildfires, hurricanes, flooding, and heat waves.
As a result, changing economic, regulatory, political or business conditions can cause material adverse changes to our results of operations and financial condition, including, but not limited to: • a decline in demand for our products or services; • an increase in reserves on accounts receivable due to our customers’ inability to pay us; • an increase in reserves on inventory balances due to excess or obsolete inventory as a result of our inability to sell such inventory; • valuation allowances on deferred tax assets; • restructuring charges; • asset impairments including the potential impairment of goodwill and other intangible assets; • a decline in the value of our investments; • exposure to claims from our suppliers for payment on inventory that is ordered in anticipation of customer purchases that do not come to fruition; and • challenges maintaining reliable and uninterrupted sources of supply.
As a result, changing economic, regulatory, political or business conditions can cause material adverse changes to our results of operations and financial condition, including, but not limited to: • a decline in demand for our products and/or services; • an increase in reserves on accounts receivable due to our customers’ inability to pay us; • an increase in reserves on inventory balances due to excess or obsolete inventory as a result of our inability to sell such inventory; • valuation allowances on deferred tax assets; • restructuring charges; • asset impairments including the potential impairment of goodwill and other intangible assets; • a decline in the value of our investments; • exposure to claims from our suppliers for payment on inventory that is ordered in anticipation of customer purchases that do not come to fruition; and • challenges maintaining reliable and uninterrupted sources of supply.
In addition, the emergence of “big data” and new tools such as machine learning and artificial intelligence that capitalize on the availability of large data sets is leading semiconductor manufacturers and equipment manufacturers to pursue new products and approaches that exploit those tools to advance technology development.
In addition, the emergence of “big data” and new tools such as machine learning and artificial intelligence (“AI”) that capitalize on the availability of large data sets is leading semiconductor manufacturers and equipment manufacturers to pursue new products and approaches that exploit those tools to advance technology development.
Our Credit Agreements Contain Covenant Restrictions That May Limit Our Ability to Operate Our Business We may be unable to respond to changes in business and economic conditions, engage in transactions that might otherwise be beneficial to us, or obtain additional financing because our debt agreements contain, and any of our other future similar agreements may contain, covenant restrictions that limit our ability to, among other things: • incur additional debt, assume obligations in connection with letters of credit, or issue guarantees; • create liens; • enter into transactions with our affiliates; • sell certain assets; and • merge or consolidate with any person.
Our Credit Agreements Contain Covenant Restrictions That May Limit Our Ability to Operate Our Business We may be unable to respond to changes in business and economic conditions, engage in transactions that might otherwise be beneficial to us, or obtain additional financing because our debt agreements contain, and any of our other future similar agreements may contain, covenant restrictions that limit our ability to, among other things: • incur additional debt, assume obligations in connection with letters of credit, or issue guarantees; • create liens; • enter into transactions with our affiliates; • change the nature of our business; • sell certain assets; and • merge or consolidate with any person.
Item 1A. Risk Factors In addition to the other information in this Annual Report on Form 10-K (“2024 Form 10-K”), the following risk factors should be carefully considered in evaluating us and our business because such factors may significantly impact our business, operating results, and financial condition.
Item 1A. Risk Factors In addition to the other information in this Annual Report on Form 10-K (“2025 Form 10-K”), the following risk factors should be carefully considered in evaluating us and our business because such factors may significantly impact our business, operating results, and financial condition.
We Depend on Creating New Products and Processes and Enhancing Existing Products and Processes for Our Success; Consequently, We Are Subject to Risks Associated with Rapid Technological Change Rapid technological changes in semiconductor manufacturing processes subject us to increased pressure to develop technological advances that enable those processes.
INDUSTRY AND CUSTOMER RISKS We Depend on Creating New Products and Processes and Enhancing Existing Products and Processes for Our Success; Consequently, We Are Subject to Risks Associated with Rapid Technological Change Rapid technological changes in semiconductor manufacturing processes subject us to increased pressure to develop technological advances that enable those processes.
Furthermore, there are risks that foreign governments may, among other things, take retaliatory actions; insist on the use of local suppliers; compel companies to partner with local companies to design and supply equipment on a local basis, requiring the transfer of intellectual property rights and/or local manufacturing; utilize their influence over their judicial systems to respond to intellectual property disputes or issues; and provide special incentives to government-backed local customers to buy from local competitors, even if their products are inferior to ours; all of which could adversely impact our revenues and margins.
Furthermore, there are risks that foreign governments may, among other things, take retaliatory actions; insist on the use of local suppliers; compel companies to partner with local companies to design and supply equipment on a local basis, requiring the transfer of intellectual property rights and/or local manufacturing; utilize their influence over their judicial systems to respond to intellectual property disputes or issues; and provide special incentives to government-backed local customers to buy from local competitors, even if their products are inferior to ours; all of which could adversely impact our ability to compete as well as our revenues and margins.
In addition, the fact that we offer limited product lines creates the risk that our customers may view us as less important to their business than our competitors that offer additional products and/or product capabilities, including new products that take advantage of “big data” or other new technologies such as machine learning and artificial intelligence.
In addition, the fact that we offer limited product lines creates the risk that our customers may view us as less important to their business than our competitors that offer additional products and/or product capabilities, including new products that take advantage of “big data” or other new technologies such as machine learning and AI.
Further, the use of artificial intelligence by us, our customers, suppliers, and third-party providers, among others, may also introduce unique vulnerabilities whose existence or exploitation could have a material adverse effect on our business or operations. We experience cybersecurity and other threats and incidents in the course of our operations.
Further, the use of AI by us, our customers, suppliers, and third-party providers, among others, may also introduce unique vulnerabilities whose existence or exploitation could have a material adverse effect on our business or operations. We experience cybersecurity and other threats and incidents in the course of our operations.
The implementation, interpretation and impact on our business of these rules and other regulatory actions taken by the U.S. government is uncertain and evolving, and these rules, other regulatory actions or changes, and other actions taken by the governments of either the U.S. or China, or both, that have occurred and may occur in the future could materially and adversely affect our results of operations.
The implementation, interpretation, and impact on our business of these rules and other regulatory actions taken by the U.S. government is uncertain and evolving, and these rules, other regulatory actions or changes, and other actions taken by the governments of either the U.S. or China, or both, that have occurred and may occur in the future could weaken our competitive position and materially and adversely affect our results of operations.
Additionally, we have funding available to us under our $1.5 billion commercial paper program and our $1.5 billion revolving credit facility, which serves as a backstop to our commercial paper program. Our revolving credit facility also includes an option to increase the amount up to an additional $600.0 million, for a potential total commitment of $2.1 billion.
Additionally, we have funding available to us under our $1.5 billion commercial paper program and our $2.0 billion revolving credit facility, which serves as a backstop to our commercial paper program. Our revolving credit facility also includes an option to increase the amount up to an additional $750.0 million, for a potential total commitment of $2.75 billion.
We are subject to various challenges related to international sales and the management of global operations including, but not limited to: • domestic and international trade regulations, policies, practices, relations, disputes and issues; • domestic and international tariffs, export controls and other barriers; • developing customers and/or suppliers, who may have limited access to capital resources; • global or national economic and political conditions; • changes in currency controls; • differences in the enforcement of intellectual property and contract rights in varying jurisdictions; • our ability to respond to customer and foreign government demands for locally sourced systems, spare parts, and services and develop the necessary relationships with local suppliers; • changes in and compliance with U.S. and international laws and regulations affecting foreign operations, including U.S. and international trade restrictions and sanctions, international data privacy regulations, such as the General Data Protection Regulation, anti-bribery, anti-corruption, anti-boycott, environmental, tax, and labor laws; • fluctuations in interest and foreign currency exchange rates; • the need for technical support resources in different locations; and • our ability to secure and retain qualified people, and effectively manage people, in all necessary locations for the successful operation of our business.
Lam Research Corporation 2025 10-K 16 Table of Contents We are subject to various challenges related to international sales and the management of global operations including, but not limited to: • domestic and international trade regulations, policies, practices, relations, disputes and issues; • domestic and international tariffs, export controls and other barriers; • developing customers and/or suppliers, who may have limited access to capital resources; • global or national economic and political conditions; • changes in currency controls; • differences in the enforcement of intellectual property and contract rights in varying jurisdictions; • our ability to respond to customer and foreign government demands for locally sourced systems, spare parts, and services and develop the necessary relationships with local suppliers; • changes in and compliance with U.S. and international laws and regulations affecting foreign operations, including U.S. and international trade restrictions and sanctions, international data privacy regulations, such as the General Data Protection Regulation, anti-bribery, anti-corruption, anti-boycott, environmental, tax, and labor laws; • fluctuations in interest and foreign currency exchange rates; • the need for technical support resources in different locations; and • our ability to secure and retain qualified people, and effectively manage people, in all necessary locations for the successful operation of our business.
Increasing and Evolving Environmental Regulations May Adversely Affect Our Operating Results We are subject to a variety of domestic and international governmental regulations related to the handling, discharge, sale, and disposal of toxic, volatile, or otherwise hazardous or potentially hazardous substances, and the regulatory environment is dynamic.
LEGAL, REGULATORY AND TAX RISKS Increasing and Evolving Environmental Regulations May Adversely Affect Our Operating Results We are subject to a variety of domestic and international governmental regulations related to the handling, discharge, sale, and disposal of toxic, volatile, or otherwise hazardous or potentially hazardous substances, and the regulatory environment is dynamic.
Revenue in China, which includes global customers and domestic Chinese customers with manufacturing facilities in China, represented approximately 42%, 26%, and 31% of our total revenue for fiscal years 2024, 2023, and 2022, respectively. The U.S. and China have historically had a complex relationship that has included actions that have impacted trade between the two countries.
Revenue in China, which includes global customers and domestic Chinese customers with manufacturing facilities in China, represented approximately 34%, 42%, and 26% of our total revenue for fiscal years 2025, 2024, and 2023, respectively. The U.S. and China have historically had a complex relationship that has included actions that have impacted trade between the two countries.
These impacts caused and, in the future, may cause delays in product shipments and product development, increases in costs, and decreases in revenue, profitability and cash from operations, which caused and, in the future, may cause an adverse effect on our results of operations that may be material.
These impacts may cause delays in product shipments and product development, increases in costs, and decreases in revenue, profitability and cash from operations, which may cause an adverse effect on our results of operations that may be material.
We are exposed to potentially adverse movements in foreign currency exchange rates. The majority of our sales and expenses are denominated in U.S. dollars. However, we are exposed to foreign currency exchange rate fluctuations primarily related to revenues denominated in Japanese yen and expenses denominated in euro, Korean won, Malaysian ringgit, and Indian rupee.
The majority of our sales and expenses are denominated in U.S. dollars. However, we are exposed to foreign currency exchange rate fluctuations primarily related to revenues denominated in Japanese yen and expenses denominated in euro, Korean won, Malaysian ringgit, and Indian rupee.
Demand for electronic products and other factors, such as the COVID-19 pandemic, 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.
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.
These factors include, but are not limited to, the following: • general market, semiconductor, or semiconductor equipment industry conditions; • economic or political events, trends, and unexpected developments occurring nationally, globally, or in any of our key sales regions; • macroeconomic, industry and market conditions, including those caused by the Russian invasion of Ukraine, conflict in the Middle East, or bank failures; and geopolitical issues; • variations in our quarterly operating results and financial condition, including our liquidity; • variations in our revenues, earnings, or other business and financial metrics from forecasts by us or securities analysts or from those experienced by other companies in our industry; • announcements of restructurings, reductions in force, departure of key employees, and/or consolidations of operations; • margin trading, short sales, hedging and derivative transactions involving our Common Stock; • government regulations; • developments in, or claims relating to, patent or other proprietary rights; • technological innovations and the introduction of new products by us or our competitors; • commercial success or failure of our new and existing products; or • disruptions of relationships with key customers or suppliers.
These factors include, but are not limited to, the following: • general market, semiconductor, or semiconductor equipment industry conditions; • economic or political events, trends, and unexpected developments occurring nationally, globally, or in any of our key sales regions such as uncertainty regarding economic and other policies and priorities; • macroeconomic, industry and market conditions, including those caused by war, conflict in the Middle East or elsewhere, or bank failures; and geopolitical issues; • the impact of reductions in government spending; • variations in our quarterly operating results and financial condition, including our liquidity; • variations in our revenues, earnings, or other business and financial metrics from forecasts by us or securities analysts or from those experienced by other companies in our industry; • announcements of restructurings, reductions in force, departure of key employees, and/or consolidations of operations; • margin trading, short sales, hedging and derivative transactions involving our Common Stock; • government regulations; • developments in, or claims relating to, patent or other proprietary rights; • technological innovations and the introduction of new products by us or our competitors; • commercial success or failure of our new and existing products; or • disruptions of relationships with key customers or suppliers.
Lam Research Corporation 2024 10-K 17 Table of Content While we have implemented International Organization for Standardization (“ISO”) 27001 compliant security procedures and virus protection software, intrusion prevention systems, identity and access control, and emergency recovery processes, and we carefully select our third-party providers of information systems, to mitigate risks to the information systems that we rely on and to the technology, data, intellectual property and other sensitive information we seek to protect, those security procedures and mitigation and protection systems cannot be guaranteed to be fail-safe, and we may still suffer cybersecurity and other incidents, which could have a material adverse effect on our business or operations.
While we have implemented International Organization for Standardization (“ISO”) 27001 compliant security procedures and virus protection software, intrusion prevention systems, identity and access control, and emergency recovery processes, and we carefully select our third-party providers of information systems, to mitigate risks to the information systems that we rely on and to the technology, data, intellectual property and other sensitive information we seek to protect, those security procedures and mitigation and protection systems cannot be guaranteed to be fail-safe, and we may still suffer cybersecurity and other incidents, which could have a material adverse effect on our business or operations.
Factors that may cause our financial results to fluctuate unpredictably include, but are not limited to: • legal, tax, accounting, or regulatory changes (including, but not limited to, changes in import/export regulations and tariffs, such as regulations imposed by the U.S. government restricting exports to China) or changes in the interpretation or enforcement of existing requirements; • macroeconomic, industry and market conditions, including those caused by the Russian invasion of Ukraine, conflict in the Middle East, bank failures; and geopolitical issues; • changes in average selling prices, customer mix, and product mix; • foreign currency exchange rate fluctuations; • economic conditions in the electronics and semiconductor industries in general and specifically the semiconductor equipment industry; • the size and timing of orders from customers; • changes in our deferred revenue balance, including as a result of factors such as volume purchase agreements, multi-year service contracts, back orders, and down payments toward purchases; • consolidation of the customer base, which may result in the investment decisions of one customer or market having a significant effect on demand for our products or services; • procurement shortages; • the failure of our suppliers or outsource providers to perform their obligations in a manner consistent with our expectations; • manufacturing difficulties; • customer cancellations or delays in shipments, installations, customer payments, and/or customer acceptances; • the extent that customers continue to purchase and use our products and services in their business; • our customers’ reuse of existing and installed products, to the extent that such reuse decreases their need to purchase new products or services; • our ability to develop, introduce, and market new, enhanced, and competitive products in a timely manner; • our competitors’ introduction of new products; • legal or technical challenges to our products and technologies; • transportation, communication, demand, information technology, or supply disruptions based on factors outside our control, such as strikes, acts of God, wars, terrorist activities, widespread outbreak of illness, natural or man-made disasters, international conflict, or climate change; • management of supply chain risks; • rising inflation or interest rates; and • changes in our estimated effective tax rate.
Factors that may cause our financial results to fluctuate unpredictably include, but are not limited to: • legal, tax, accounting, or regulatory changes (including, but not limited to, changes in import/export regulations and tariffs, such as regulations imposed by the U.S. government restricting exports to China, or potential additional tariffs on imports, and tariffs imposed by other countries) or changes in the interpretation or enforcement of existing requirements; • macroeconomic, industry and market conditions, including those caused by war, conflict in the Middle East, bank failures; uncertainty regarding economic and other policies and priorities; and geopolitical issues; • the impact of reductions in government spending; • changes in average selling prices, customer mix, and product mix; • foreign currency exchange rate fluctuations; • economic conditions in the electronics and semiconductor industries in general and specifically the semiconductor equipment industry; • the size and timing of orders from customers; • changes in our deferred revenue balance, including as a result of factors such as volume purchase agreements, multi-year service contracts, back orders, and down payments toward purchases; • consolidation of the customer base, which may result in the investment decisions of one customer or market having a significant effect on demand for our products or services; • procurement shortages; • the failure of our suppliers or outsource providers to perform their obligations in a manner consistent with our expectations; • manufacturing difficulties; • customer cancellations or delays in shipments, installations, customer payments, and/or customer acceptances; • the extent that customers continue to purchase and use our products and services in their business; • our customers’ reuse of existing and installed products, to the extent that such reuse decreases their need to purchase new products or services; • our ability to develop, introduce, and market new, enhanced, and competitive products in a timely manner; • our competitors’ introduction of new products; • legal or technical challenges to our products and technologies; • transportation, communication, demand, information technology, or supply disruptions based on factors outside our control, such as strikes, acts of God, wars, terrorist activities, international conflict, widespread outbreak of illness, or natural or man-made disasters (including disasters resulting from climate change), including earthquakes, wildfires, hurricanes, flooding, and heat waves; • management of supply chain risks; • effects of inflation or interest rates; and • changes in our estimated effective tax rate.
The magnitude of our overseas business also affects where our cash is generated. Certain uses of cash, such as share repurchases, payment of dividends, or the repayment of our notes, can usually only be made with onshore cash balances. Since the majority of our cash is generated outside of the United States, this may impact certain business decisions and outcomes.
Certain uses of cash, such as share repurchases, payment of dividends, or the repayment of our notes, can usually only be made with onshore cash balances. Since the majority of our cash is generated outside of the United States, this may impact certain business decisions and outcomes.
In addition, to the extent artificial intelligence capabilities improve and are increasingly adopted, they may be used to identify vulnerabilities and to implement increasingly sophisticated cybersecurity attacks.
In addition, to the extent AI capabilities improve and are increasingly adopted, they may be used to identify vulnerabilities and to implement increasingly sophisticated cybersecurity attacks.
This is an ongoing challenge due to intense competition for top talent, fluctuations in industry or business economic conditions, as well as increasing geographic expansion, and these factors in combination may result in cycles of hiring activity and workforce reductions.
This has been and may continue to be an ongoing challenge due to intense competition for top talent, fluctuations in industry or business economic conditions, as well as increasing geographic expansion, and these factors in combination may result in cycles of hiring activity and workforce reductions.
If we fail to achieve some or all of the expected benefits, it could have a material adverse effect on our business, operations, financial condition, results of operations and competitive position. For more information about our restructuring plan, see Note 21: Restructuring charges, net of our Consolidated Financial Statements in Part II, Item 8 of this 2024 Form 10-K.
If we fail to achieve some or all of the expected benefits, it could have a material adverse effect on our business, operations, financial condition, results of operations and competitive position. For more information about our restructuring plan, see Note 2 0 to our Consolidated Financial Statements in Part II, Item 8 of this 2025 Form 10-K.
As a public company with global operations, we are subject to the laws of multiple jurisdictions and the rules and regulations of various governing bodies, including those related to export controls, financial and other disclosures, corporate governance, privacy, anti-corruption, such as the Foreign Corrupt Practices Act and other local laws prohibiting corrupt payments to governmental officials, anti-boycott compliance, conflict minerals or other social responsibility legislation, immigration or travel regulations, antitrust regulations, and laws or regulations relating to carbon emissions, as well as other laws or regulations imposed in response to climate change concerns, among others.
As a public company with global operations, we are subject to the laws of multiple jurisdictions and the rules and regulations of various governing bodies, including those related to export controls, financial and other disclosures, corporate governance, privacy, anti-corruption, such as the Foreign Corrupt Practices Act and other local laws prohibiting corrupt payments to governmental officials, anti-boycott compliance, conflict minerals or other social responsibility legislation, immigration or travel regulations, antitrust regulations, and laws or regulations relating to carbon emissions such as the recent reporting requirements imposed by the State of California that will require corporations to provide climate-related disclosures, as well as other laws or regulations imposed in response to climate change concerns, among others.
The implementation by the U.S. government of broad export controls restricting access to our technology (such as recent controls limiting exports to China) may cause customers with international operations to reconsider their use of and reliance on our products, which could adversely impact our future revenue and profits.
The implementation by the U.S. government of broad export controls restricting access to our technology (such as recent controls limiting exports to China) may cause customers with international operations to reconsider their use of and reliance on our products, which could adversely impact our future revenue and profits and strengthen competitors who are not subject to such restrictions.
Managing an acquired business, disposing of product technologies, or reducing personnel entails numerous operational and financial risks, including difficulties in assimilating acquired operations and new personnel or separating existing business or product groups, diversion of management’s attention away from other business concerns, amortization of acquired intangible assets, adverse customer reaction to our decision to cease support for a product, and potential loss of key employees or customers of acquired or disposed operations.
Managing an acquired business, disposing of product Lam Research Corporation 2025 10-K 20 Table of Contents technologies, or reducing personnel entails numerous operational and financial risks, including difficulties in assimilating acquired operations and new personnel or separating existing business or product groups, diversion of management’s attention away from other business concerns, amortization of acquired intangible assets, adverse customer reaction to our decision to cease support for a product, and potential loss of key employees or customers of acquired or disposed operations.
We have agreed, under certain conditions, to hold these third parties harmless against specified losses, such as those arising from a breach of representations or covenants, other third-party claims that our products when used for their intended purposes infringe the intellectual Lam Research Corporation 2024 10-K 21 Table of Content property rights of such other third parties, or other claims made against certain parties.
We have agreed, under certain conditions, to hold these third parties harmless against specified losses, such as those arising from a breach of representations or covenants, other third-party claims that our products when used for their intended purposes infringe the intellectual property rights of such other third parties, or other claims made against certain parties.
Our business, operating results, financial condition, and cash flows could therefore be adversely affected by: • a decline in demand for even a limited number of our products; • a failure to achieve continued market acceptance of our key products; • export restrictions or other regulatory or legislative actions that could limit our ability to sell those products to key customers or customers within certain markets; • an improved version of products being offered by a competitor in the markets in which we participate; • increased pressure from competitors that offer broader product lines; • increased pressure from regional competitors; Lam Research Corporation 2024 10-K 19 Table of Content • technological changes that we are unable to address with our products; or • a failure to release new or enhanced versions of our products on a timely basis.
Our business, operating results, financial condition, and cash flows could therefore be adversely affected by: • a decline in demand for even a limited number of our products; • a failure to achieve continued market acceptance of our key products; • export restrictions or other regulatory or legislative actions that could limit our ability to sell those products to key customers or customers within certain markets; • an improved version of products being offered by a competitor in the markets in which we participate; • increased pressure from competitors that offer broader product lines; • increased pressure from regional competitors; • technological changes that we are unable to address with our products; • slower than anticipated development of various target markets that utilize new technologies; or • a failure to release new or enhanced versions of our products on a timely basis.
Lam Research Corporation 2024 10-K 12 Table of Content During periods of rapid growth or decline in demand for our products and services, we face significant challenges in maintaining adequate financial and business controls, management processes, information systems, and procedures for training, assimilating, and managing our workforce, and in appropriately sizing our supply chain infrastructure and facilities, work force, and other components of our business on a timely basis.
During periods of rapid growth or decline in demand for our products and services, we may face significant challenges in maintaining adequate financial and business controls, management processes, information systems, and procedures for training, assimilating, and managing our workforce, and in appropriately sizing our supply chain infrastructure and facilities, work force, and other components of our business on a timely basis.
Lam Research Corporation 2024 10-K 15 Table of Content Our Future Success Depends Heavily on International Sales and the Management of Global Operations Non-U.S. sales, as reflected in Part II Item 7. Results of Operations of this 2024 Form 10-K, accounted for approximately 93%, 91%, and 92% of total revenue in fiscal years 2024, 2023, and 2022, respectively.
Our Future Success Depends Heavily on International Sales and the Management of Global Operations Non-U.S. sales, as reflected in Part II Item 7. Results of Operations of this 2025 Form 10-K, accounted for approximately 93%, 93%, and 91% of total revenue in fiscal years 2025, 2024, and 2023, respectively.
From time to time, other persons send us notices alleging that our products infringe or misappropriate their patent or other intellectual property rights. In addition, law enforcement authorities may seek criminal charges relating to intellectual property or other issues. We also face risks of claims arising from commercial and other relationships.
From time to time, other persons send us notices alleging that our products infringe or misappropriate their patent or other intellectual property rights. In addition, law enforcement authorities may seek criminal charges relating to intellectual property or other Lam Research Corporation 2025 10-K 21 Table of Contents issues. We also face risks of claims arising from commercial and other relationships.
If one of our counterparties were to become insolvent or file for bankruptcy, our ability to recover losses incurred as a result of default, or our assets deposited or held in accounts with such counterparty, may be limited by the counterparty's liquidity or the applicable laws governing the insolvency or bankruptcy proceedings.
If one of our counterparties were to Lam Research Corporation 2025 10-K 24 Table of Contents become insolvent or file for bankruptcy, our ability to recover losses incurred as a result of default, or our assets deposited or held in accounts with such counterparty, may be limited by the counterparty's liquidity or the applicable laws governing the insolvency or bankruptcy proceedings.
In addition, we face competition from companies that exist in a more favorable legal or regulatory environment than we do, who are able to sell products for certain applications at certain customers that we are prohibited from selling to under applicable export controls, allowing the freedom of action in ways that we may be unable to match.
In addition, we face competition from companies that exist in a more favorable legal or regulatory environment than we do, who are able to sell products for certain applications at certain customers that we are prohibited from selling to under applicable export controls, allowing the freedom of action in ways that we may be unable to match and potentially contributing to the strengthening of such companies’ ability to compete with us.
Our Business Relies on Technology, Data, Intellectual Property and Other Sensitive Information That is Susceptible to Cybersecurity and Other Threats or Incidents Our business is dependent upon the use and protection of technology, data, intellectual property and other sensitive information, which may be owned by, or licensed to, us or third parties, such as our customers and vendors.
Lam Research Corporation 2025 10-K 15 Table of Contents Our Business Relies on Technology, Data, Intellectual Property and Other Sensitive Information That is Susceptible to Cybersecurity and Other Threats or Incidents Our business is dependent upon the use and protection of technology, data, intellectual property and other sensitive information, which may be owned by, or licensed to, us or third parties, such as our customers and vendors.
Lam Research Corporation 2024 10-K 20 Table of Content LEGAL, REGULATORY AND TAX RISKS Our Sales to Customers in China, a Significant Region for Us, Have Been Impacted, and are Likely to Be Materially and Adversely Affected by Export License Requirements and Other Regulatory Changes, or Other Governmental Actions in the Course of the Trade Relationship Between the U.S. and China China represents a large and fast-developing market for the semiconductor equipment industry and therefore is important to our business.
Our Sales to Customers in China, a Significant Region for Us, Have Been Impacted, and are Likely to Be Materially and Adversely Affected by Export License Requirements and Other Regulatory Changes, or Other Governmental Actions in the Course of the Trade Relationship Between the U.S. and China China represents a large and fast-developing market for the semiconductor equipment industry and therefore is important to our business.
In order to develop new products and processes and enhance existing products and processes, we expect to continue to make significant investments in R&D, to investigate the acquisition of products and technologies, to invest in or acquire businesses or technologies, and to pursue joint development relationships with customers, suppliers, or other members of the industry.
Lam Research Corporation 2025 10-K 12 Table of Contents In order to develop new products and processes and enhance existing products and processes, we expect to continue to make significant investments in R&D, to investigate the acquisition of products and technologies, to invest in or acquire businesses or technologies, and to pursue joint development relationships with customers, suppliers, or other members of the industry.
In the event of default or failure of one or more of our counterparties, we could incur significant losses, which could negatively impact our results of operations and financial condition.
In the event of default or failure of one or more of our counterparties, we could incur significant losses, which could negatively impact our results of operations and financial condition. Item 1B. Unresolved Staff Comments None.
Strategic Alliances and Customer Consolidation May Have Negative Effects on Our Business Semiconductor manufacturing companies from time to time enter into strategic alliances or consolidate with one another to expedite the development of processes and other manufacturing technologies and/or achieve economies of scale.
Lam Research Corporation 2025 10-K 14 Table of Contents Strategic Alliances and Customer Consolidation May Have Negative Effects on Our Business Semiconductor manufacturing companies from time to time enter into strategic alliances or consolidate with one another to expedite the development of processes and other manufacturing technologies and/or achieve economies of scale.
These locations are subject to disruption for a variety of reasons, such as natural or man-made disasters, widespread outbreaks of illness, war, terrorist activities, political or governmental unrest or instability, disruptions of our information technology resources, utility interruptions, international conflict, the effects of climate change, or other events beyond our control.
These locations are subject to disruption for a variety of reasons, such as natural or man-made disasters (including disasters resulting from climate change), including earthquakes, wildfires, hurricanes, flooding, and heat waves, widespread outbreaks of illness, war, terrorist activities, political or governmental unrest or instability, disruptions of our information technology resources, utility interruptions, international conflict, or other events beyond our control.
We Are Subject to Risks Relating to Product Concentration and Lack of Product Revenue Diversification We derive a substantial percentage of our revenues from a limited number of products. Our products are priced up to the tens of millions of dollars per system.
Lam Research Corporation 2025 10-K 19 Table of Contents We Are Subject to Risks Relating to Product Concentration and Lack of Product Revenue Diversification We derive a substantial percentage of our revenues from a limited number of products. Our products are priced up to the tens of millions of dollars per system.
INDUSTRY AND CUSTOMER RISKS The Semiconductor Capital Equipment Industry Is Subject to Variability and Periods of Rapid Growth or Decline; We Therefore Face Risks Related to Our Strategic Resource Allocation Decisions The semiconductor capital equipment industry has historically been characterized by rapid changes in demand.
Lam Research Corporation 2025 10-K 13 Table of Contents The Semiconductor Capital Equipment Industry Is Subject to Variability and Periods of Rapid Growth or Decline; We Therefore Face Risks Related to Our Strategic Resource Allocation Decisions The semiconductor capital equipment industry has historically been characterized by rapid changes in demand.
Lam Research Corporation 2024 10-K 22 Table of Content FINANCIAL, ACCOUNTING AND CAPITAL MARKETS RISKS The Market for Our Common Stock Is Volatile, Which May Affect Our Ability to Raise Capital or Make Acquisitions or May Subject Our Business to Additional Costs The market price for our Common Stock is volatile and has fluctuated significantly over the past years.
FINANCIAL, ACCOUNTING AND CAPITAL MARKETS RISKS The Market for Our Common Stock Is Volatile, Which May Affect Our Ability to Raise Capital or Make Acquisitions or May Subject Our Business to Additional Costs The market price for our Common Stock is volatile and has fluctuated significantly over the past years.
We may, in the future, decide to enter into additional debt arrangements. Lam Research Corporation 2024 10-K 23 Table of Content In addition, we have entered, and in the future may enter, into derivative instrument arrangements to hedge against the variability of cash flows due to changes in the benchmark interest rate of fixed rate debt.
We may, in the future, decide to enter into additional debt arrangements. In addition, we have entered, and in the future may enter, into derivative instrument arrangements to hedge against the variability of cash flows due to changes in the benchmark interest rate of fixed rate debt.
Future technologies, processes, or product developments may render our Lam Research Corporation 2024 10-K 14 Table of Content current product offerings obsolete, leaving us with non-competitive products, obsolete inventory, or both. Moreover, customers may adopt new technologies or processes to address the complex challenges associated with next-generation devices.
Future technologies, processes, or product developments may render our current product offerings obsolete, leaving us with non-competitive products, obsolete inventory, or both. Moreover, customers may adopt new technologies or processes to address the complex challenges associated with next-generation devices.
In addition, difficulties in obtaining parts, materials or services necessary to deliver or install products or perform services have adversely impacted, and may in the future adversely impact, our ability to recognize revenue, our gross margins on the revenue we Lam Research Corporation 2024 10-K 18 Table of Content recognize, and our other operating results.
In addition, difficulties in obtaining parts, materials or services necessary to deliver or install products or perform services have adversely impacted, and may in the future adversely impact, our ability to recognize revenue, our gross margins on the revenue we recognize, and our other operating results.
As a Delaware corporation, Delaware law controls issues of our internal affairs, including duties that our directors, officers, employees, and others owe to the Company and its stockholders.
Lam Research Corporation 2025 10-K 22 Table of Contents As a Delaware corporation, Delaware law controls issues of our internal affairs, including duties that our directors, officers, employees, and others owe to the Company and its stockholders.
We expect to continue to enter into hedging transactions, for the purposes outlined, for the foreseeable future. However, these hedging transactions may not achieve their desired effect because differences between the actual timing of the underlying exposures and our forecasts of those exposures may leave us either over or under hedged on any given transaction.
However, these hedging transactions may not achieve their desired effect because differences between the actual timing of the underlying exposures and our forecasts of those exposures may leave us either over or under hedged on any given transaction.
In some cases, the requirements of our business mandate that we obtain certain components and sub-assemblies included in our products from a single supplier or a limited group of suppliers.
In some cases, the requirements Lam Research Corporation 2025 10-K 18 Table of Contents of our business mandate that we obtain certain components and sub-assemblies included in our products from a single supplier or a limited group of suppliers.
Our Leverage and Debt Service Obligations May Adversely Affect Our Financial Condition, Results of Operations, and Earnings per Share We have $5.0 billion in aggregate principal amount of senior unsecured notes outstanding (the “Senior Notes”).
Lam Research Corporation 2025 10-K 23 Table of Contents Our Leverage and Debt Service Obligations May Adversely Affect Our Financial Condition, Results of Operations, and Earnings per Share We have $4.5 billion in aggregate principal amount of senior unsecured notes outstanding (the “Senior Notes”).
Moreover, by hedging these foreign currency denominated revenues, expenses, monetary Lam Research Corporation 2024 10-K 16 Table of Content assets, and liabilities, we may miss favorable currency trends that would have been advantageous to us but for the hedges.
Moreover, by hedging these foreign currency denominated revenues, expenses, monetary assets, and liabilities, we may miss favorable currency trends that would have been advantageous to us but for the hedges.
While the exceptional COVID-19 related challenges have mostly subsided, these restrictions and measures, incidents of confirmed or suspected infections within our workforce or those of our suppliers or other business partners, and our efforts to act in the best interests of our employees, customers, and suppliers, previously affected and in the future may affect our business and operations by, among other things, causing facility closures, production delays and capacity limitations; disrupting production by our supply chain; disrupting the transport of goods from our supply chain to us and from us to our customers; requiring modifications to our business processes; requiring the implementation of business continuity plans; requiring the development and qualification of alternative sources of supply; requiring the implementation of social distancing measures that impede manufacturing processes; disrupting business travel; disrupting our ability to staff our on-site manufacturing and research and development facilities; delaying capital expansion projects; and necessitating teleworking by portions of our workforce.
In addition, restrictions resulting from global health crises and related measures aimed at containing the applicable disease, incidents of confirmed or suspected infections within our workforce or those of our suppliers or other business partners, and efforts to act in the best interests of our employees, customers, and suppliers, in connection with a pandemic or disease outbreak, may affect our business and operations by, among other things, causing facility closures, production delays and capacity limitations; disrupting production by our supply chain; disrupting the transport of goods from our supply chain to us and from us to our customers; requiring modifications to our business processes; requiring the implementation of business continuity plans; requiring the development and qualification of alternative sources of supply; requiring the implementation of social distancing measures that impede manufacturing processes; disrupting business travel; disrupting our ability to staff our on-site manufacturing and research and development facilities; delaying capital expansion projects; and necessitating teleworking by portions of our workforce.
In particular, the carrying value of deferred tax assets, which are predominantly in the United States, is dependent upon our ability to generate future taxable income in the United States. On August 16, 2022, the Inflation Reduction Act (the “IRA”) was signed into law.
In particular, the carrying value of deferred tax assets, which are predominantly in the United States, is dependent upon our ability to generate future taxable income in the United States.
In certain instances, this could work to our disadvantage if a competitor’s tools or equipment become the standard equipment for such functions or processes. Additional outcomes of such consolidation may include our customers re-evaluating their future supplier relationships to consider our competitors’ products and/or gaining additional influence over the pricing of products and the control of intellectual property or data.
Additional outcomes of such consolidation may include our customers re-evaluating their future supplier relationships to consider our competitors’ products and/or gaining additional influence over the pricing of products and the control of intellectual property or data.
Accordingly, competition may intensify, and we may be unable to continue to compete successfully in our markets, which could have a material adverse effect on our revenues, operating results, financial condition, and/or cash flows.
Accordingly, competition may intensify, and we may be unable to continue to compete successfully in our markets, which could have a material adverse effect on our revenues, operating results, financial condition, and/or cash flows. With increased consolidation efforts in our industry, as well as the emergence and strengthening of new, regional competitors, we may face increasing competitive pressures.
The pandemic resulted at various times in significant disruption of global financial markets, increases in levels of unemployment, and economic uncertainty, which adversely impacted our business and may do so in the future, and may lead to significant negative impacts on customer spending, demand for our products, the ability of our customers to pay, our financial condition and the financial condition of our suppliers, and our access to external sources of financing to fund our operations and capital expenditures.
This may lead to significant negative impacts on customer spending, demand for our products, the ability of our customers to pay, our financial condition and the financial condition of our suppliers, and our access to external sources of financing to fund our operations and capital expenditures.
The outcomes of such an alliance can be the definition of a particular tool set for a certain function and/or the standardization of a series of process steps that use a specific set of manufacturing equipment, while the outcomes of consolidation can lead to an overall reduction in the market for semiconductor manufacturing equipment as customers’ operations achieve economies of scale and/or increased purchasing power based on their higher volumes.
The outcomes of such an alliance can be the definition of a particular tool set for a certain function and/or the standardization of a series of process steps that use a specific set of manufacturing equipment.
The changes in demand may require our management to adjust spending and other resources allocated to operating activities.
The changes in demand may require our management to adjust spending and other resources allocated to operating activities, which can be made more challenging due to the multi-year nature of investments made in certain technology programs and other initiatives.
In addition, our currency hedges do not necessarily mitigate the potential negative impact of a strong U.S. dollar on demand for our products. Therefore, we are subject to potential unfavorable foreign currency exchange rate fluctuations to the extent that we transact business (including intercompany transactions) in these currencies.
Therefore, we are subject to potential unfavorable foreign currency exchange rate fluctuations to the extent that we transact business (including intercompany transactions) in these currencies. The magnitude of our overseas business also affects where our cash is generated.
The COVID-19 Pandemic Adversely Impacted, and May in the Future Adversely Impact, Our Business, Operations, and Financial Results The COVID-19 pandemic and efforts by national, state and local governments worldwide to control its spread resulted in measures aimed at containing the disease such as quarantines, travel bans, shutdowns, and shelter in place or “stay at home” orders, which collectively significantly restricted the movement of people and goods and the ability of businesses to operate.
Such governmental efforts may result in measures aimed at containing the applicable disease such as quarantines, travel bans, shutdowns, and shelter in place or “stay at home” orders, which collectively have the potential to significantly restrict the ability of businesses to operate.
Removed
Lam Research Corporation 2024 10-K 13 Table of Content With increased consolidation efforts in our industry, as well as the emergence and strengthening of new, regional competitors, we may face increasing competitive pressures.
Added
In addition, the outcomes of consolidation can potentially lead to an overall reduction in the market for semiconductor manufacturing equipment as customers’ operations achieve economies of scale and/or increased purchasing power based on their higher volumes. In certain instances, this could work to our disadvantage if a competitor’s tools or equipment become the standard equipment for such functions or processes.
Removed
Further, in periods in which the U.S. dollar is strong relative to the local currencies of our international customers, this can potentially reduce demand for our products, which may compound the adverse effect of foreign exchange translation on our revenue.
Added
Our customers (and their customers and other downstream parties) may also be adversely affected by the tariffs, export controls and other trade issues described above. Additionally, certain materials are primarily available in a limited number of countries, including rare earth elements, minerals, and metals.
Removed
In general, the provisions of the IRA are effective beginning with our fiscal year 2024, with certain exceptions. The IRA includes a new 15% corporate alternative minimum tax. We have evaluated the impacts of the IRA, including guidance issued by the Treasury Department, and do not expect it to have a material impact on our effective tax rate.
Added
The supplies, equipment, raw materials and other inputs necessary for the businesses of our customers and other downstream parties could become more difficult to obtain for various reasons not limited to business interruptions of suppliers, reduced availability of labor, transit disruptions, consolidation in their supply chain, export controls, sanctions, trade restrictions, tariffs, geopolitical tensions, economic circumstances, conflict, or political conditions.
Removed
In addition, the U.S. has made several corporate income tax proposals, including changes in the taxation of non-U.S. income. If enacted, such changes could have a material impact on our effective tax rate.
Added
If the ability of downstream parties to source the inputs needed to produce their products is impaired, then demand for our products may be adversely impacted. This could have a material adverse effect on our business, results of operations or financial condition. We are exposed to potentially adverse movements in foreign currency exchange rates.
Added
We expect to continue to enter into hedging transactions, for the Lam Research Corporation 2025 10-K 17 Table of Contents purposes outlined, for the foreseeable future.
Added
Epidemics, Pandemics or Outbreaks of Diseases May Adversely Impact Our Business, Operations, and Financial Results Epidemics, pandemics or outbreaks of diseases may arise at any time and may have significant business, operational, and financial impacts.
Added
For example, the COVID-19 pandemic has in the past and additional global heath crises may in the future result in efforts by national, state and local governments worldwide to control the applicable disease’s spread.
Added
Global health crises may also have significant macroeconomic impacts, including, but not limited to, significant disruption of global financial markets, increases in levels of unemployment, and economic uncertainty.

Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeFor additional information on certain risks associated with cybersecurity, please refer to “Our Business Relies on Technology, Data, Intellectual Property and Other Sensitive information That is Susceptible to Cybersecurity and Other Threats or Incidents” in Item 1A: Risk Factors . Lam Research Corporation 2024 10-K 25 Table of Content
Biggest changeLam Research Corporation 2025 10-K 25 Table of Contents For additional information on certain risks associated with cybersecurity, please refer to “Our Business Relies on Technology, Data, Intellectual Property and Other Sensitive information That is Susceptible to Cybersecurity and Other Threats or Incidents” in Item 1A: Risk Factors .
In addition, the audit committee is responsible for regularly reporting to the Board on the substance of such reviews and, as necessary, recommending to the Board such actions as it deems appropriate. Our CISO reports on information security risks at least quarterly to the audit committee and at least annually to the Board.
In addition, the audit committee is responsible for regularly reporting to the Board on the substance of such reviews and, as necessary, recommending to the Board such actions as it deems appropriate. Our CISO reports on information security risks at least annually to the Board and quarterly to the audit committee or Board.
Our global information security program, led by our CISO, includes dedicated teams specialized in (i) identity access management, (ii) data protection, (iii) incident response, (iv) vulnerability governance, (v) security operations and engineering (vi) governance, risk, and compliance, and (vii) insider risk and intelligence.
Our global information security program, led by our CISO, includes dedicated teams specialized in (i) identity access management, (ii) incident response, (iii) vulnerability governance, (iv) security operations and engineering (v) governance, risk, and compliance, and (vi) insider risk and intelligence.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest changeOn May 21, 2024, we announced a 10-for-one stock split, which is expected to be effective after market close on October 2, 2024, for stockholders of record at that time. Share and per share information throughout this Annual Report on Form 10-K has not been adjusted for the effects of the stock split.
Biggest changeShare and per share information throughout this Annual Report on Form 10-K have been retroactively adjusted to reflect the stock split. Dividends Our Board of Directors has declared quarterly dividends since April 2014.
During fiscal year 2024, our quarterly dividend declared was $2.00 per share. Repurchases of Company Shares In May 2024, the Board of Directors authorized management to repurchase up to an additional $10.0 billion of Common Stock; this authorization supplements the remaining balance from any prior authorization.
During fiscal year 2025, our quarterly dividend declared was $0.23 per share. Repurchases of Company Shares In May 2024, the Board of Directors authorized management to repurchase up to an additional $10.0 billion of Common Stock; this authorization supplements the remaining balance from any prior authorization.
COMPARISON OF FIVE-YEAR CUMULATIVE TOTAL RETURN* Among Lam Research Corporation, the Philadelphia Semiconductor Sector Total Return Index, the Nasdaq Composite Total Return Index, and the S&P 500 (TR) Index. *$100 invested on June 30, 2019 in stock or index, including reinvestment of dividends. Copyright © 2024 Standard & Poor’s, a division of S&P Global. All rights reserved.
COMPARISON OF FIVE-YEAR CUMULATIVE TOTAL RETURN* Among Lam Research Corporation, the Philadelphia Semiconductor Sector Total Return Index, the Nasdaq Composite Total Return Index, and the S&P 500 (TR) Index. *$100 invested on June 28, 2020 in stock or index, including reinvestment of dividends. Copyright © 2025 Standard & Poor’s, a division of S&P Global. All rights reserved.
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Stock Information Our Common Stock is traded on the Nasdaq Global Select Market SM under the symbol “LRCX.” As of August 22, 2024, we had 416 stockholders of record.
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Stock Information Our Common Stock is traded on the Nasdaq Global Select Market SM under the symbol “LRCX.” As of August 7, 2025, we had 325 stockholders of record.
The graph tracks the performance of a $100 investment in our Common Stock and in each of the indices (with the reinvestment of all dividends) for the five years ended June 30, 2024.
The graph tracks the performance of a $100 investment in our Common Stock and in each of the indices (with the reinvestment of all dividends) for the five years ended June 29, 2025.
Cumulative Five-Year Return The graph below compares Lam Research Corporation’s cumulative five-year total shareholder return on Common Stock with the cumulative total returns of the Philadelphia Semiconductor Sector Total Return Index, the Nasdaq Composite Total Return index, and the Standard & Poor’s (“S&P”) 500 (TR) index.
Lam Research Corporation 2025 10-K 27 Table of Contents Cumulative Five-Year Return The graph below compares Lam Research Corporation’s cumulative five-year total shareholder return on Common Stock with the cumulative total returns of the Philadelphia Semiconductor Sector Total Return Index, the Nasdaq Composite Total Return index, and the Standard & Poor’s (“S&P”) 500 (TR) index.
(4) Includes shares received at initial or final settlement of accelerated share repurchase agreements; see additional disclosures above regarding our accelerated share repurchase activity during the fiscal year. (5) Average price paid per share presented is for the quarter ended June 30, 2024.
(3) Includes shares received at initial settlement of accelerated share repurchase agreements; see additional disclosures above regarding our accelerated share repurchase activity during the fiscal year. (4) Average price paid per share presented is for the quarter ended June 29, 2025.
Accelerated Share Repurchase Agreements On February 1, 2024, we entered into accelerated share repurchase agreements (the "February 2024 ASRs") with two financial institutions to repurchase a total of $700 million of Common Stock. We took an initial delivery of approximately 631 thousand shares, which represented 75% of the prepayment amount divided by our closing stock price on February 1, 2024.
Accelerated Share Repurchase Agreements On April 30, 2025, we entered into accelerated share repurchase agreements (the "April 2025 ASRs") with two financial institutions to repurchase a total of $500 million of Common Stock. We took an initial delivery of approximately 5.2 million shares, which represented 75% of the prepayment amount divided by our closing stock price on April 30, 2025.
The total number of shares received under the February 2024 ASRs was based upon the average daily volume weighted average price of our Common Stock during the repurchase period, less an agreed upon discount.
The total number of shares received under the April 2025 ASRs will be based upon the average daily volume weighted average price of our Common Stock during the repurchase period, less an agreed upon discount. Final settlement of the April 2025 ASRs will occur no later than September 8, 2025.
Lam Research Corporation 2024 10-K 27 Table of Content (3) Our net share repurchases are subject to a 1% excise tax under the Inflation Reduction Act.
See additional disclosure above regarding our accelerated share repurchase activity during the fiscal year. (2) Our net share repurchases are subject to a 1% excise tax under the Inflation Reduction Act.
June 30, 2019 June 28, 2020 June 27, 2021 June 26, 2022 June 25, 2023 June 30, 2024 Lam Research Corporation $ 100.00 $ 163.97 $ 345.41 $ 249.39 $ 341.98 $ 604.09 Philadelphia Semiconductor Sector Total Return Index $ 100.00 $ 134.13 $ 229.27 $ 194.74 $ 254.85 $ 402.02 Nasdaq Composite Total Return Index $ 100.00 $ 123.12 $ 182.53 $ 148.57 $ 174.25 $ 230.80 S&P 500 (TR) Index $ 100.00 $ 104.32 $ 150.75 $ 139.77 $ 158.06 $ 201.53 Lam Research Corporation 2024 10-K 28 Table of Content Item 6. [Reserved]
June 28, 2020 June 27, 2021 June 26, 2022 June 25, 2023 June 30, 2024 June 29, 2025 Lam Research Corporation $ 100.00 $ 210.65 $ 152.10 $ 208.56 $ 368.38 $ 340.09 Philadelphia Semiconductor Sector Total Return Index $ 100.00 $ 170.93 $ 145.19 $ 190.01 $ 299.72 $ 306.52 Nasdaq Composite Total Return Index $ 100.00 $ 148.25 $ 120.67 $ 141.53 $ 187.46 $ 215.81 S&P 500 (TR) Index $ 100.00 $ 144.51 $ 133.98 $ 151.52 $ 193.19 $ 221.32 Lam Research Corporation 2025 10-K 28 Table of Contents Item 6. [Reserved]
Removed
Dividends Our Board of Directors has declared quarterly dividends since April 2014.
Added
A substantially greater number of holders of our Common Stock are street name or beneficial holders, whose shares are held by banks, brokers and other financial institutions. On October 2, 2024, the Company effected a 10-for-one stock split of its common stock and a proportional increase in the number of authorized shares.
Removed
Final settlement of the February 2024 ASRs occurred during April 2024, resulting in the receipt of approximately 140 thousand additional shares, which yielded a weighted-average share price of $917.38 (net of applicable excise taxes) for the transaction period.
Added
Share repurchases, including those under the repurchase program, were as follows: Period Total Number of Shares Repurchased Average Price Paid per Share (1,2) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Amount Available Under Repurchase Program (in thousands, except per share data) Available balance as of June 30, 2024 $ 10,824,660 Quarter ended September 29, 2024 11,952 $ 83.97 11,952 9,821,006 Quarter ended December 29, 2024 8,336 $ 78.03 8,336 9,170,561 Quarter ended March 30, 2025 4,448 $ 77.91 4,448 8,824,012 March 31, 2025 - April 27, 2025 4,289 (3) $ 67.06 4,289 (3) 8,536,414 April 28, 2025 - May 25, 2025 8,891 $ 77.23 8,891 7,749,275 May 26, 2025 - June 29, 2025 2,583 $ 89.85 2,583 7,517,184 Total 40,499 $ 76.18 (4) 40,499 $ 7,517,184 (1) Average price paid per share excludes the effect of accelerated share repurchase activities.
Removed
Share repurchases, including those under the repurchase program, were as follows: Period Total Number of Shares Repurchased (1) Average Price Paid per Share (2, 3) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Amount Available Under Repurchase Program (in thousands, except per share data) Available balance as of June 25, 2023 $ 3,537,217 Quarter ended September 24, 2023 1,266 $ 659.88 1,257 2,707,343 Quarter ended December 24, 2023 976 $ 660.25 970 2,067,076 Quarter ended March 31, 2024 951 $ 853.12 828 (4) 1,206,992 April 1, 2024 - April 28, 2024 142 $ 882.88 140 (4) 1,206,729 Board authorization, $10.0 billion, May 2024 — $ — — 11,206,729 April 29, 2024 - May 26, 2024 24 $ 974.07 21 11,186,612 May 27, 2024 - June 30, 2024 365 $ 994.90 364 10,824,660 Total 3,724 $ 993.29 (5) 3,580 $ 10,824,660 (1) During the fiscal year ended June 30, 2024, we acquired 144 thousand shares at a total cost of $135.9 million which we withheld through net share settlements to cover minimum tax withholding obligations upon the vesting of restricted stock unit awards granted under our equity compensation plans.
Removed
The shares retained by us through these net share settlements are not a part of the Board-authorized repurchase program but instead are authorized under our equity compensation plan. (2) Average price paid per share excludes the effect of accelerated share repurchase activities. See additional disclosure above regarding our accelerated share repurchase activity during the fiscal year.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

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Biggest changeFY22 (in thousands, except per share data, percentages and basis points) Revenue $ 14,905,386 $ 17,428,516 $ 17,227,039 $ (2,523,130) (14.5) % $ 201,477 1.2 % Gross margin $ 7,052,791 $ 7,776,925 $ 7,871,807 $ (724,134) (9.3) % $ (94,882) (1.2) % Gross margin as a percent of total revenue 47.3 % 44.6 % 45.7 % + 270 bps - 110 bps Total operating expenses $ 2,788,878 $ 2,602,065 $ 2,489,985 $ 186,813 7.2 % $ 112,080 4.5 % Net income $ 3,827,772 $ 4,510,931 $ 4,605,286 $ (683,159) (15.1) % $ (94,355) (2.0) % Net income per diluted share $ 29.00 $ 33.21 $ 32.75 $ (4.21) (12.7) % $ 0.46 1.4 % Fiscal year 2024 revenue decreased 14.5% compared to fiscal year 2023.
Biggest changeFY23 (in thousands, except per share data, percentages and basis points) Revenue $ 18,435,591 $ 14,905,386 $ 17,428,516 $ 3,530,205 23.7 % $ (2,523,130) (14.5) % Gross margin $ 8,979,059 $ 7,052,791 $ 7,776,925 $ 1,926,268 27.3 % $ (724,134) (9.3) % Gross margin as a percent of total revenue 48.7 % 47.3 % 44.6 % + 140 bps + 270 bps Total operating expenses $ 3,078,091 $ 2,788,878 $ 2,602,065 $ 289,213 10.4 % $ 186,813 7.2 % Net income $ 5,358,217 $ 3,827,772 $ 4,510,931 $ 1,530,445 40.0 % $ (683,159) (15.1) % Net income per diluted share $ 4.15 $ 2.90 $ 3.32 $ 1.25 43.1 % $ (0.42) (12.7) % Fiscal year 2025 revenue increased 23.7% compared to fiscal year 2024, driven by strong customer demand for semiconductor equipment systems as well as customer support-related revenues from customer investments across memory and non-memory markets.
Our actual results could differ materially from those anticipated in the forward-looking statements as a result of certain factors, including but not limited to those discussed in “Risk Factors” and elsewhere in this 2024 Form 10-K and other documents we file from time to time with the Securities and Exchange Commission.
Our actual results could differ materially from those anticipated in the forward-looking statements as a result of certain factors, including but not limited to those discussed in “Risk Factors” and elsewhere in this 2025 Form 10-K and other documents we file from time to time with the Securities and Exchange Commission.
(See “Cautionary Statement Regarding Forward-Looking Statements” in Part I of this 2024 Form 10-K.) Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) provides a description of our results of operations and should be read in conjunction with our Consolidated Financial Statements and accompanying Notes to Consolidated Financial Statements included in Part II, Item 8 of this 2024 Form 10-K.
(See “Cautionary Statement Regarding Forward-Looking Statements” in Part I of this 2025 Form 10-K.) Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) provides a description of our results of operations and should be read in conjunction with our Consolidated Financial Statements and accompanying Notes to Consolidated Financial Statements included in Part II, Item 8 of this 2025 Form 10-K.
Foreign exchange fluctuations were primarily due to currency movements against portions of our unhedged balance sheet exposures for all periods presented. The variation in other, net for the fiscal year 2024 compared to fiscal years 2023 and 2022 was primarily driven by fluctuations in the fair market value of equity investments.
Foreign exchange fluctuations were primarily due to currency movements against portions of our unhedged balance sheet exposures for all periods presented. The variation in other, net for the fiscal year 2025 compared to fiscal years 2024 and 2023 was primarily driven by fluctuations in the fair market value of equity investments.
Certain obligations that are recorded on our balance sheet in accordance with GAAP include our long-term debt, operating leases and finance leases; refer to Notes 14 and 15 of our Consolidated Financial Statements in Part II, Item 8 of this 2024 Form 10-K for further discussion.
Certain obligations that are recorded on our balance sheet in accordance with GAAP include our long-term debt, operating leases and finance leases; refer to Notes 14 and 15 of our Consolidated Financial Statements in Part II, Item 8 of this 2025 Form 10-K for further discussion.
Recent Accounting Pronouncements For a description of recent accounting pronouncements, including the expected dates of adoption and estimated effects, if any, on our consolidated financial statements, see Note 3: Recent Accounting Pronouncements of our Consolidated Financial Statements, included in Part II, Item 8 of this 2024 Form 10-K.
Recent Accounting Pronouncements For a description of recent accounting pronouncements, including the expected dates of adoption and estimated effects, if any, on our consolidated financial statements, see Note 3: Recent Accounting Pronouncements of our Consolidated Financial Statements, included in Part II, Item 8 of this 2025 Form 10-K.
We have built a strong global presence with core competencies in areas like nanoscale applications enablement, chemistry, plasma and fluidics, advanced systems engineering and a broad range of operational disciplines.
We have built a strong global presence with core competencies in areas like nanoscale manufacturing enablement, chemistry, plasma and fluidics, advanced systems engineering and a broad range of operational disciplines.
FY22 (in thousands, except percentages and basis points) Restructuring charges, net $ 61,562 $ 120,316 $ — $ (58,754) (48.8) % $ 120,316 100.0 % Percent of revenue 0.4 % 0.7 % — % - 30 bps + 70 bps In fiscal year 2023, we initiated a restructuring plan, that continued into fiscal year 2024, designed to better align our cost structure with our outlook for the economic environment and business opportunities.
FY23 (in thousands, except percentages and basis points) Restructuring charges, net $ — $ 61,562 $ 120,316 $ (61,562) (100.0) % $ (58,754) (48.8) % Percent of revenue — % 0.4 % 0.7 % - 40 bps - 30 bps In fiscal year 2023, we initiated a restructuring plan, that continued into fiscal year 2024, designed to better align our cost structure with our outlook for the economic environment and business opportunities.
See Note 2: Summary of Significant Accounting Policies of our Consolidated Financial Statements in Part II, Item 8 of this 2024 Form 10-K for additional information regarding our accounting policies.
See Note 2: Summary of Significant Accounting Policies of our Consolidated Financial Statements in Part II, Item 8 of this 2025 Form 10-K for additional information regarding our accounting policies.
Lam Research Corporation 2024 10-K 33 Table of Content Critical Accounting Policies and Estimates A critical accounting policy is defined as one that has both a material impact on our financial condition and results of operations and requires us to make difficult, complex and/or subjective judgments, often as a result of the need to make estimates about matters that are inherently uncertain.
Lam Research Corporation 2025 10-K 33 Table of Contents Critical Accounting Policies and Estimates A critical accounting policy is defined as one that has both a material impact on our financial condition and results of operations and requires us to make difficult, complex and/or subjective judgments, often as a result of the need to make estimates about matters that are inherently uncertain.
Anticipated cash flows from operations based on our current business outlook, combined with our current levels of cash and cash equivalents as of June 30, 2024, are expected to be sufficient to support our anticipated levels of operations, investments, debt service requirements, capital expenditures, capital redistributions, and dividends through at least the next twelve months.
Anticipated cash flows from operations based on our current business outlook, combined with our current levels of cash and cash equivalents as of June 29, 2025, are expected to be sufficient to support our anticipated levels of operations, investments, debt service requirements, capital expenditures, capital redistributions, and dividends through at least the next twelve months.
The restructuring plan is substantially complete as of June 30, 2024. Restructuring charges decreased during fiscal year 2024 compared to fiscal year 2023 primarily due to lower employee severance and separation costs. Please refer to Note 21: Restructuring charges, net of our Consolidated Financial Statements in Part II, Item 8 of this 2024 Form 10-K for additional information.
The restructuring plan was substantially complete as of June 30, 2024. Restructuring charges decreased during fiscal year 2024 compared to fiscal year 2023 primarily due to lower employee severance and separation costs. Please refer to Note 20: Restructuring charges, Net of our Consolidated Financial Statements in Part II, Item 8 of this 2025 Form 10-K for additional information.
The increase in operating expenses in fiscal year 2024 compared to fiscal year 2023 was driven by higher employee-related costs primarily as a result of increased research and development-related headcount, increased spending on transformational activities, higher deferred compensation plan-related costs, and increased spending on supplies. Fiscal year 2023 revenue was slightly higher than fiscal year 2022.
The increase in operating expenses in fiscal year 2024 compared to fiscal year 2023 was driven by higher employee-related costs primarily as a result of increased research and development-related headcount, increased spending on transformational activities, higher deferred compensation plan-related costs, and increased spending on supplies.
Liquidity and Capital Resources Total gross cash, cash equivalents, and restricted cash balances were $5.9 billion at the end of fiscal year 2024 compared to $5.6 billion at the end of fiscal year 2023.
Liquidity and Capital Resources Total gross cash, cash equivalents, and restricted cash balances were $6.4 billion at the end of fiscal year 2025 compared to $5.9 billion at the end of fiscal year 2024.
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. We generally invoice customers at shipment and for professional services either as provided or upon meeting certain milestones.
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. We generally invoice customers at shipment and for professional services as provided.
These gross deferred tax assets were offset by gross deferred tax liabilities of $218 million and $238 million and a valuation allowance primarily representing our entire California deferred tax asset balance due to the single sales factor apportionment resulting in lower taxable income in California of $389 million and $352 million at the end of fiscal years 2024 and 2023, respectively.
These gross deferred tax assets were offset by gross deferred tax liabilities of $197 million and $218 million and a valuation allowance primarily representing our entire California deferred tax asset balance due to the single sales factor apportionment resulting in lower taxable income in California of $424 million and $389 million at the end of fiscal years 2025 and 2024, respectively.
This increase was primarily due to cash provided by operating activities, partially offset by Common Stock repurchases in connection with our stock repurchase program, dividends paid, and capital expenditures.
This increase was primarily due to cash provided by operating activities, partially offset by Common Stock repurchases in connection with our stock repurchase program, dividends paid, capital expenditures, and principal payments on debt instruments.
Lam Research Corporation 2024 10-K 32 Table of Content Interest expense in fiscal year 2024 was flat compared to fiscal years 2023 and 2022. The gains or losses on deferred compensation plan related assets, net were driven by fluctuations in the fair market value of the underlying funds for all periods presented.
Interest expense was flat in fiscal year 2024 compared to fiscal year 2023. Lam Research Corporation 2025 10-K 32 Table of Contents The gains on deferred compensation plan related assets, net were driven by fluctuations in the fair market value of the underlying funds for all periods presented.
Our cash and cash equivalents and restricted cash balances totaled approximately $5.9 billion as of June 30, 2024, compared to $5.6 billion as of June 25, 2023. Cash flows provided from operating activities was $4.7 billion for fiscal year 2024 compared to $5.2 billion for fiscal year 2023.
Our cash and cash equivalents and restricted cash balances totaled approximately $6.4 billion as of June 29, 2025, compared to $5.9 billion as of June 30, 2024. Cash flows provided from operating activities were $6.2 billion for fiscal year 2025 compared to $4.7 billion for fiscal year 2024.
Over the longer term, we believe that secular demand for semiconductors, combined with technology inflections in our industry, including 3D device scaling, multiple patterning, process flow, and advanced packaging chip integration, will Lam Research Corporation 2024 10-K 29 Table of Content drive sustainable growth and lead to an increase in the served available market for our products and services in the deposition, etch, and clean businesses.
Over the longer term, we believe that secular demand for semiconductors, combined with technology inflections in our industry, including 3D device scaling, multiple patterning, process flow, and advanced packaging chip integration, will drive sustainable growth and lead to an increase in the served available market for our products and services in the deposition, etch, and clean businesses.
The increase in R&D expense during fiscal year 2024 compared to fiscal year 2023 was primarily driven by an increase of $58 million in employee-related costs primarily as a result of increased headcount, $33 million in spending for supplies, $18 million in deferred compensation plan-related costs, and $13 million in spending for transformational activities.
Lam Research Corporation 2025 10-K 31 Table of Contents The increase in R&D expense during fiscal year 2024 compared to fiscal year 2023 was primarily driven by an increase of $58 million in employee-related costs primarily as a result of increased headcount, $33 million in spending for supplies, $18 million in deferred compensation plan-related costs, and $13 million in spending for transformational activities.
Our gross deferred tax assets were $1,516 million and $1,303 million at the end of fiscal years 2024 and 2023, respectively.
Our gross deferred tax assets were $1,897 million and $1,516 million at the end of fiscal years 2025 and 2024, respectively.
Income Tax Expense Our provision for income taxes and effective tax rate for the periods indicated were as follows: Year Ended Change June 30, 2024 June 25, 2023 June 26, 2022 FY24 vs. FY23 FY23 vs.
Income Tax Expense Our provision for income taxes and effective tax rate for the periods indicated were as follows: Year Ended Change June 29, 2025 June 30, 2024 June 25, 2023 FY25 vs. FY24 FY24 vs.
Our off-balance sheet arrangements and our transition tax liability are presented as purchase obligations, refer to Note 17 of our Consolidated Financial Statements in Part II, Item 8 of this 2024 Form 10-K for further discussion. Lam Research Corporation 2024 10-K 35 Table of Content
Our off-balance sheet arrangements and our transition tax liability are presented as purchase obligations, refer to Note 17 of our Consolidated Financial Statements in Part II, Item 8 of this 2025 Form 10-K for further discussion.
The following table presents our revenue disaggregated between system and customer support-related revenue: Year Ended June 30, 2024 June 25, 2023 June 26, 2022 (in thousands) Systems Revenue $ 8,921,643 $ 10,695,897 $ 11,322,271 Customer support-related revenue and other 5,983,743 6,732,619 5,904,768 $ 14,905,386 $ 17,428,516 $ 17,227,039 Please refer to Note 4: Revenue of our Consolidated Financial Statements in Part II, Item 8 of this 2024 Form 10-K for additional information regarding the composition of the two categories into which revenue has been disaggregated.
The following table presents our revenue disaggregated between system and customer support-related revenue: Year Ended June 29, 2025 June 30, 2024 June 25, 2023 (in thousands) Systems Revenue $ 11,491,280 $ 8,921,643 $ 10,695,897 Customer support-related revenue and other 6,944,311 5,983,743 6,732,619 $ 18,435,591 $ 14,905,386 $ 17,428,516 Please refer to Note 4: Revenue of our Consolidated Financial Statements in Part II, Item 8 of this 2025 Form 10-K for additional information regarding the composition of the two categories into which revenue has been disaggregated.
The percentage of leading- and non-leading-edge equipment and upgrade revenue from each of the markets we serve was as follows: Year Ended June 30, 2024 June 25, 2023 June 26, 2022 Memory 42 % 42 % 60 % Foundry 40 % 38 % 26 % Logic/integrated device manufacturing 18 % 20 % 14 % Gross Margin Year Ended Change June 30, 2024 June 25, 2023 June 26, 2022 FY24 vs.
The percentage of leading- and non-leading-edge equipment and upgrade revenue from each of the markets we serve was as follows: Year Ended June 29, 2025 June 30, 2024 June 25, 2023 Foundry 45 % 40 % 38 % Memory 42 % 42 % 42 % Logic/integrated device manufacturing 13 % 18 % 20 % Gross Margin Year Ended Change June 29, 2025 June 30, 2024 June 25, 2023 FY25 vs.
The change in gross deferred tax assets, gross deferred tax liabilities, and valuation allowance between fiscal year 2024 and 2023 is primarily due to increases in gross deferred tax assets for outside basis differences of foreign subsidiaries, tax credits, and capitalized research and experimental expenditures.
The change in gross deferred tax assets, gross deferred tax liabilities, and valuation allowance between fiscal year 2025 and 2024 is primarily due to increases in gross deferred tax assets for outside basis differences of foreign subsidiaries.
Demand from cloud computing, artificial intelligence, 5G, the Internet of Things, and other markets is driving the need for increasingly powerful and cost - efficient semiconductors. At the same time, there are growing technical challenges with traditional two-dimensional scaling.
Along with meeting technical requirements, wafer processing equipment must deliver high productivity and be cost-effective. Demand from cloud computing, artificial intelligence, 5G, the Internet of Things, and other markets is driving the need for increasingly powerful and cost - efficient semiconductors. At the same time, there are growing technical challenges with traditional two-dimensional scaling.
Other Income (Expense), Net Other income (expense), net, consisted of the following: Year Ended Change June 30, 2024 June 25, 2023 June 26, 2022 FY24 vs. FY23 FY23 vs.
Other Income (Expense), Net Other income (expense), net, consisted of the following: Year Ended Change June 29, 2025 June 30, 2024 June 25, 2023 FY25 vs. FY24 FY24 vs.
Off-Balance Sheet Arrangements and Contractual Obligations We have certain obligations to make future payments under various contracts, some of which are recorded on our balance sheet and some of which are not.
Lam Research Corporation 2025 10-K 35 Table of Contents Off-Balance Sheet Arrangements and Contractual Obligations We have certain obligations to make future payments under various contracts, some of which are recorded on our balance sheet and some of which are not.
FY22 (in thousands, except percentages and basis points) Research & development $ 1,902,444 $ 1,727,162 $ 1,604,248 $ 175,282 10.1 % $ 122,914 7.7 % Percent of revenue 12.8 % 9.9 % 9.3 % + 290 bps + 60 bps We continued to make significant R&D investments focused on leading-edge deposition, etch, clean, and other semiconductor manufacturing processes.
FY23 (in thousands, except percentages and basis points) Research & development $ 2,096,387 $ 1,902,444 $ 1,727,162 $ 193,943 10.2 % $ 175,282 10.1 % Percent of revenue 11.4 % 12.8 % 9.9 % - 140 bps + 290 bps We continued to make significant R&D investments focused on leading-edge deposition, etch, clean, and other semiconductor manufacturing processes.
Selling, General, and Administrative Year Ended Change June 30, 2024 June 25, 2023 June 26, 2022 FY24 vs. FY23 FY23 vs.
Selling, General, and Administrative Year Ended Change June 29, 2025 June 30, 2024 June 25, 2023 FY25 vs. FY24 FY24 vs.
Cash flows provided from operating activities in fiscal year 2024 was primarily used for $2.8 billion in treasury stock purchases, including net share settlement on employee stock-based compensation; $1.0 billion in dividends paid to our stockholders; and $397 million of capital expenditures.
Cash flows provided from operating activities in fiscal year 2025 were primarily used for $3.4 billion in treasury stock purchases, including net share settlement of employee stock-based compensation; $1.1 billion in dividends paid to our stockholders; $759 million of capital expenditures; and $507 million of principal payment on debt instruments and debt issuance costs.
Our products and services are designed to help our customers build smaller, and better performing devices that are used in a variety of electronic products, including mobile phones, personal computers, servers, wearables, automotive vehicles, and data storage devices. Our customer base includes leading semiconductor memory, foundry, and integrated device manufacturers that make products such as NVM, DRAM, and logic devices.
Our products and services are designed to help our customers build smaller and better performing devices that are used in a variety of electronic products, including mobile phones, personal computers, cloud and enterprise servers, wearables, automotive vehicles, and data storage devices.
We recognize 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.
We have an accounting policy election to record deferred taxes related to Global Intangible Low-Taxed Income (“GILTI”). We recognize 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 decrease in gross margin as a percentage of revenue for fiscal year 2023 compared to fiscal year 2022 was due to inflationary cost pressures that led to higher spending on material costs, partially offset by favorable customer and product mix. Research and Development Year Ended Change June 30, 2024 June 25, 2023 June 26, 2022 FY24 vs.
The increase in gross margin as a percentage of revenue for fiscal year 2024 compared to fiscal year 2023 was due to a more favorable customer mix, reduced spending on material costs, and higher field resource utilization, partially offset by lower factory efficiencies. Research and Development Year Ended Change June 29, 2025 June 30, 2024 June 25, 2023 FY25 vs.
The deferred revenue balance decreased to $1.6 billion as of June 30, 2024 compared to $1.8 billion as of June 25, 2023. primarily due to a decrease in advance deposits from newer customers.
The deferred revenue balance increased to $2.7 billion as of June 29, 2025 compared to $1.6 billion as of June 30, 2024 primarily due to an increase in advance deposits from newer customers.
FY22 (in thousands, except percentages and basis points) Income tax expense $ 532,450 $ 598,279 $ 587,828 $ (65,829) (11.0) % $ 10,451 1.8 % Effective tax rate 12.2 % 11.7 % 11.3 % + 50 bps + 40 bps The increase in the effective tax rate in fiscal year 2024 as compared to fiscal year 2023 and the increase in the effective tax rate in fiscal year 2023 compared to fiscal year 2022 was primarily due to the change in level and proportion of income in higher and lower tax jurisdictions.
FY23 (in thousands, except percentages and basis points) Income tax expense $ 599,912 $ 532,450 $ 598,279 $ 67,462 12.7 % $ (65,829) (11.0) % Effective tax rate 10.1 % 12.2 % 11.7 % - 210 bps + 50 bps The decrease in the effective tax rate in fiscal year 2025 as compared to fiscal year 2024 was primarily due to the recognition of previously unrecognized tax benefits from lapses of statutes of limitation in fiscal year 2025 and the change in level and proportion of income in higher and lower tax jurisdictions.
Deferred Income Taxes 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.
We are currently assessing the potential implications of these changes to our fiscal year 2026 Consolidated Financial Statements. Deferred Income Taxes 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.
FY22 (in thousands, except percentages and basis points) Selling, general, and administrative ("SG&A") $ 868,247 $ 832,753 $ 885,737 $ 35,494 4.3 % $ (52,984) (6.0) % Percent of revenue 5.8 % 4.8 % 5.1 % + 100 bps - 30 bps The increase in SG&A expense during fiscal year 2024 compared to fiscal year 2023 was primarily driven by an increase of $30 million in transformational activity spend.
FY23 (in thousands, except percentages and basis points) Selling, general, and administrative ("SG&A") $ 981,704 $ 868,247 $ 832,753 $ 113,457 13.1 % $ 35,494 4.3 % Percent of revenue 5.3 % 5.8 % 4.8 % - 50 bps + 100 bps The increase in SG&A expense during fiscal year 2025 compared to fiscal year 2024 was primarily driven by an increase of $112 million in employee-related costs as a result of increased headcount.
Cash Flow from Financing Activities Net cash used for financing activities during fiscal year 2024 was $3,996 million, primarily consisting of $2,843 million in Common Stock repurchases, including net share settlement on employee stock-based compensation; $1,019 million of dividends paid; and $256 million of repayment of debt, largely associated with the purchase of certain properties under finance leases; partially offset by $136 million of stock issuance and treasury stock reissuances associated with our employee stock-based compensation plans.
Cash Flows from Financing Activities Net cash used for financing activities during fiscal year 2025 was $4,937 million, primarily consisting of $3,422 million in Common Stock repurchases, including net share settlement on employee stock-based compensation; $1,150 million of dividends paid; and $507 million of principal payments on debt instrument and debt issuance costs, partially offset by $143 million of stock issuance and treasury stock reissuances associated with our employee stock-based compensation plans.
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.
Semiconductor manufacturing, our customers’ business, involves the 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 a sequence of highly sophisticated process technologies to integrate an increasing array of new materials with precise control at the atomic scale.
Results of Operations Revenue Year Ended June 30, 2024 June 25, 2023 June 26, 2022 Revenue (in millions) $ 14,905 $ 17,429 $ 17,227 China 42 % 26 % 31 % Korea 19 % 20 % 23 % Taiwan 11 % 20 % 17 % Japan 10 % 10 % 9 % United States 7 % 9 % 8 % Southeast Asia 6 % 8 % 8 % Europe 5 % 7 % 4 % Lam Research Corporation 2024 10-K 30 Table of Content Revenue decreased in fiscal year 2024 compared to fiscal year 2023 mainly due to decreases in non-volatile memory, partially offset by increases in DRAM spending by our customers.
Results of Operations Revenue Year Ended June 29, 2025 June 30, 2024 June 25, 2023 Revenue (in millions) $ 18,436 $ 14,905 $ 17,429 China 34 % 42 % 26 % Korea 22 % 19 % 20 % Taiwan 19 % 11 % 20 % Japan 10 % 10 % 10 % United States 7 % 7 % 9 % Southeast Asia 5 % 6 % 8 % Europe 3 % 5 % 7 % Lam Research Corporation 2025 10-K 30 Table of Contents Revenue increased in fiscal year 2025 compared to fiscal year 2024 due to increased equipment spending by our customers across Memory and Foundry market segments as well as increased customer support-related revenue for upgrades, spares, and services.
FY22 (in thousands, except percentages and basis points) Gross margin $ 7,052,791 $ 7,776,925 $ 7,871,807 $ (724,134) (9.3) % $ (94,882) (1.2) % Percent of revenue 47.3 % 44.6 % 45.7 % + 270 bps - 110 bps The increase in gross margin as a percentage of revenue for fiscal year 2024 compared to fiscal year 2023 was due to a more favorable customer mix, reduced spending on material costs, and higher field resource utilization, partially offset by lower factory efficiencies.
FY23 (in thousands, except percentages and basis points) Gross margin $ 8,979,059 $ 7,052,791 $ 7,776,925 $ 1,926,268 27.3 % $ (724,134) (9.3) % Percent of revenue 48.7 % 47.3 % 44.6 % + 140 bps + 270 bps The increase in gross margin as a percentage of revenue for fiscal year 2025 compared to fiscal year 2024 was largely due to improved factory efficiencies and favorable product mix, partially offset by increased transformational charges.
FY22 (in thousands, except percentages) Interest income $ 251,938 $ 138,984 $ 15,209 $ 112,954 81.3 % $ 123,775 813.8 % Interest expense (185,236) (186,462) (184,759) $ 1,226 (0.7) % $ (1,703) 0.9 % Gains (losses) on deferred compensation plan related assets, net 58,767 20,186 (38,053) $ 38,581 191.1 % $ 58,239 (153.0) % Foreign exchange losses, net (4,837) (7,078) (723) $ 2,241 (31.7) % $ (6,355) 879.0 % Other, net (24,323) (31,280) 19,618 $ 6,957 (22.2) % $ (50,898) (259.4) % $ 96,309 $ (65,650) $ (188,708) $ 161,959 (246.7) % $ 123,058 (65.2) % Interest income increased in fiscal year 2024 compared to fiscal years 2023 and 2022 primarily because of higher yields and higher cash balances.
FY23 (in thousands, except percentages) Interest income $ 231,331 $ 251,938 $ 138,984 $ (20,607) (8.2) % $ 112,954 81.3 % Interest expense (178,203) (185,236) (186,462) $ 7,033 (3.8) % $ 1,226 (0.7) % Gains on deferred compensation plan related assets, net 39,121 58,767 20,186 $ (19,646) (33.4) % $ 38,581 191.1 % Foreign exchange losses, net (26,412) (4,837) (7,078) $ (21,575) 446.0 % $ 2,241 (31.7) % Other, net (8,676) (24,323) (31,280) $ 15,647 (64.3) % $ 6,957 (22.2) % $ 57,161 $ 96,309 $ (65,650) $ (39,148) (40.6) % $ 161,959 (246.7) % Interest income decreased in fiscal year 2025 compared to fiscal year 2024 primarily due to lower interest rates, partially offset by higher cash balances.
Their continued success is part of our commitment to driving semiconductor breakthroughs that define the next generation. Our core technical competency is integrating hardware, process, materials, software, and process control, enabling results on the wafer. Semiconductor manufacturing, our customers’ business, involves the complete fabrication of multiple dies or integrated circuits on a wafer.
Our customer base includes leading semiconductor memory, foundry, and integrated device manufacturers that make products such as NVM, DRAM, and logic devices. Their continued success is part of our commitment to driving semiconductor breakthroughs that define the next generation. Our core technical competency is integrating hardware, process, materials, software, and process control, enabling results on the wafer.
Lam Research Corporation 2024 10-K 34 Table of Content Cash Flow from Operating Activities Net cash provided by operating activities of $4.7 billion during fiscal year 2024 consisted of (in thousands): Net income $ 3,827,772 Non-cash charges: Depreciation and amortization 359,699 Deferred income taxes (198,981) Equity-based compensation expense 293,058 Changes in operating asset and liability accounts 360,478 Other 10,243 $ 4,652,269 Significant changes in operating asset and liability accounts, net of foreign exchange impact, included the following sources of cash: decreases in inventory of $529 million, and accounts receivable of $303 million, and increases in accounts payable of $126 million.
Lam Research Corporation 2025 10-K 34 Table of Contents Cash Flows from Operating Activities Net cash provided by operating activities of $6.2 billion during fiscal year 2025 consisted of (in thousands): Net income $ 5,358,217 Non-cash charges: Depreciation and amortization 386,277 Deferred income taxes (363,247) Equity-based compensation expense 343,371 Changes in operating asset and liability accounts 441,801 Other 6,845 $ 6,173,264 Significant changes in operating asset and liability accounts, net of foreign exchange impact, included the following sources of cash: increases in deferred gross profit of $1.1 billion, accrued expenses and other liabilities of $328 million, and accounts payable of $212 million.
In the short term, the uncertain semiconductor demand environment, as well as other risks and uncertainties, may continue to negatively impact our revenue and operating margin.
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.
Lam Research Corporation 2024 10-K 31 Table of Content The increase in R&D expense during fiscal year 2023 compared to fiscal year 2022 was mainly driven by an increase of $43 million in employee-related costs as a result of increased headcount, $26 million in deferred compensation plan-related costs, $22 million in spending for supplies, and $14 million of depreciation and amortization.
The increase in R&D expense during fiscal year 2025 compared to fiscal year 2024 was primarily driven by an increase of $118 million in employee-related costs mainly as a result of increased headcount and $35 million in higher outside service expense, inclusive of transformational and lab-related activities.
The increase in operating expenses in fiscal year 2023 compared to fiscal year 2022 was driven by higher deferred compensation plan-related costs, restructuring-related charges, employee-related costs as a result of increased headcount, depreciation and amortization, and supplies, partially offset by a decrease in amortization of intangible assets as the intangible assets associated with the acquisition of Novellus have fully amortized.
The increase in operating expenses in fiscal year 2025 compared to fiscal year 2024 was driven by higher employee-related costs primarily as a result of increased headcount, increased spending on transformational activities, and higher outside service expense. Fiscal year 2024 revenue decreased 14.5% compared to fiscal year 2023.
The following table summarizes certain key financial information for the periods indicated below: Year Ended Change June 30, 2024 June 25, 2023 June 26, 2022 FY24 vs. FY23 FY23 vs.
All references made to share or per share amounts throughout this Management’s Discussion and Analysis of Financial Condition and Results of Operations have been retroactively adjusted to reflect the stock split. The following table summarizes certain key financial information for the periods indicated below: Year Ended Change June 29, 2025 June 30, 2024 June 25, 2023 FY25 vs.
Cash Flow from Investing Activities Net cash used for investing activities during fiscal year 2024 was $371 million, primarily consisting of $397 million in capital expenditures, partially offset by proceeds from maturities and sales of available-for-sale securities of $38 million.
These sources of cash are offset by the following uses of cash: increases in accounts receivable of $859 million, prepaid expenses and other current assets of $207 million, and inventory of $181 million. Cash Flows from Investing Activities Net cash used for investing activities during fiscal year 2025 was $708 million, primarily consisting of $759 million in capital expenditures.
Please refer to Note 7 of our Consolidated Financial Statements in Part II, Item 8 of this 2024 Form 10-K. Beginning in our fiscal year 2023, a provision enacted as part of the 2017 Tax Cuts & Jobs Act requires us to capitalize research and experimental expenditures for tax purposes.
Please refer to Note 14, “Long-term Debt and Other Borrowing s" to our Consolidated Financial Statements, included in Part II, Item 8 of this 2025 Form 10-K for additional information.
Removed
During fiscal year 2024, wafer fabrication equipment spending was roughly flat on a year-on-year basis, with strength in the DRAM market, offset by declines in the non-volatile memory, Foundry, and Logic markets. In the quarter ended March 26, 2023, we initiated a restructuring plan designed to better align the Company’s cost structure with industry investment levels.
Added
Wafer fabrication equipment spending levels were strong in the 2025 fiscal year driven by an increase in both the memory and non-memory market segments.
Removed
We invested in a number of business process improvements and initiatives and incurred expenditures from these activities of approximately $315 million, inclusive of the restructuring activity during the second half of fiscal year 2023 and the 2024 fiscal year.
Added
Lam Research Corporation 2025 10-K 29 Table of Contents On October 2, 2024, the Company effected a ten-for-one stock split of its common stock and a proportional increase in the number of authorized shares.
Removed
Customer support-related revenue increased in fiscal year 2023 due to continued strength in specialty node investments, which was offset by a decline in our systems revenue as a result of semiconductor demand weakness, largely in the memory market.
Added
Gross margin as a percentage of revenue increased in fiscal year 2025 compared to fiscal year 2024 largely due to improved factory efficiencies and favorable product mix, partially offset by increased transformational charges.
Removed
Gross margin as a percentage of revenue decreased due to inflationary cost pressures that led to higher spending on material costs, as well as costs associated with restructuring related activities, partially offset by favorable customer and product mix .
Added
Revenue decreased in fiscal year 2024 compared to fiscal year 2023 mainly due to decreases in non-volatile memory spending, partially offset by increases in DRAM spending by our customers.
Removed
The China region had the largest geographic concentration with 42% of our revenues during this period. Revenue increased in fiscal year 2023 compared to fiscal year 2022 primarily due higher revenue from CSBG related to strength in mature node equipment, w hile the overall Asia region continued to account for a majority of our revenues.
Added
The increase in SG&A expense during fiscal year 2024 compared to fiscal year 2023 was primarily driven by an increase of $30 million in transformational activity spend. Restructuring Charges, Net Year Ended Change June 29, 2025 June 30, 2024 June 25, 2023 FY25 vs. FY24 FY24 vs.
Removed
The decrease in SG&A expense during fiscal year 2023 compared to fiscal year 2022 was primarily driven by a decrease of $44 million in amortization of intangible assets, as the intangible assets associated with the acquisition of Novellus have fully amortized, as well as from $12 million in lower employee-related costs, partially offset by $17 million in higher deferred compensation plan-related costs.
Added
Interest income increased in fiscal year 2024 compared to fiscal year 2023 primarily because of higher yields and higher cash balances. Interest expense decreased in fiscal year 2025 compared to fiscal year 2024 primarily due to the maturity of $500 million of the Company’s senior notes in March 2025.
Removed
Restructuring Charges, Net Year Ended Change June 30, 2024 June 25, 2023 June 26, 2022 FY24 vs. FY23 FY23 vs.
Added
The increase in the effective tax rate in fiscal year 2024 compared to fiscal year 2023 was primarily due to the change in level and proportion of income in higher and lower tax jurisdictions.
Removed
Due to this provision, we expect our cash tax payments to increase significantly in the near term and stabilize in future years as the capitalized expenditures continue to amortize. On August 16, 2022, the IRA was signed into law. In general, the provisions of the IRA are effective beginning with our fiscal year 2024, with certain exceptions.
Added
Please refer to Note 7: Income Taxes of our Consolidated Financial Statements in Part II, Item 8 of this 2025 Form 10-K. On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was signed into law by U.S. President Donald Trump.
Removed
The IRA includes a new 15% corporate alternative minimum tax. We have evaluated the impacts of the IRA, including guidance issued by the Treasury Department, and do not expect it to have a material impact on our effective tax rate.
Added
The impact on income taxes due to change in legislation is required, under Accounting Standards Codification (“ASC”) 740, Income Taxes, to be recognized in the period in which the law is enacted, which is during our fiscal year 2026. In general, the OBBBA introduces changes to U.S. taxation, including changes in the taxation of non-U.S. income.
Removed
These sources of cash are offset by the following uses of cash: decreases in accrued expenses and other liabilities of $305 million, a decrease in deferred gross profit of $277 million, and an increase in prepaid expenses and other current assets of $16 million.
Added
We have a policy to include interest and penalties related to uncertain tax positions as a component of income tax expense.
Added
In March 2025, $500 million principal value of our 2025 Notes were settled upon maturity using available cash on hand. In January 2025, we entered into a Third Amended and Restated Credit Agreement.
Added
The amendment increased the unsecured revolving credit facility commitment from $1.5 billion to $2.0 billion and extended the maturity of the facility from June 2026 to January 2030.
Added
The facility provides for an expansion option that will allow us, subject to certain requirements, to request an increase in the facility of up to an additional $750 million, for a potential total commitment of $2.75 billion.
Added
In addition, in the ordinary course of business, we issue purchase orders based on estimates of our production needs, many times well in advance of delivery dates.
Added
The commitments under these open purchase orders are not included in the off-balance sheet commitments disclosed in the Notes to the Consolidated Financial Statements, as we generally have the option to cancel the purchase orders at our convenience, reschedule, and/or adjust quantities based on our business needs.
Added
As of June 29, 2025, we expect to fulfill approximately $387 million within one year related to these arrangements.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

4 edited+0 added−0 removed9 unchanged
Biggest changeItem 7A. Quantitative and Qualitative Disclosures About Market Risk Interest Rate Risk Long-Term Debt As of June 30, 2024, we had $5.0 billion in principal amount of fixed-rate long-term debt outstanding, with a fair value of $4.3 billion. The fair value of our Notes is subject to interest rate risk and market risk.
Biggest changeItem 7A. Quantitative and Qualitative Disclosures About Market Risk Interest Rate Risk Long-Term Debt As of June 29, 2025, we had $4.5 billion in principal amount of fixed-rate long-term debt outstanding, with a fair value of $3.9 billion. The fair value of our Notes is subject to interest rate risk and market risk.
The unrealized gain of our outstanding forward and option contracts that are designated as cash flow hedges, as of June 30, 2024, and the change in fair value of these cash flow hedges assuming a hypothetical foreign currency exchange rate movement of plus or minus 10 percent and plus or minus 15 percent are not significant.
The unrealized gain of our outstanding forward and option contracts that are designated as cash flow hedges, as of June 29, 2025, and the change in fair value of these cash flow hedges assuming a hypothetical foreign currency exchange rate movement of plus or minus 10 percent and plus or minus 15 percent are not significant.
The unrealized loss of our outstanding foreign currency forward contracts that are designated as balance sheet hedges, as of June 30, 2024, and the change in fair value of these balance sheet hedges, assuming a hypothetical foreign currency exchange rate movement of plus or minus 10 percent and plus or minus 15 percent are not significant.
The unrealized loss of our outstanding foreign currency forward contracts that are designated as balance sheet hedges, as of June 29, 2025, and the change in fair value of these balance sheet hedges, assuming a hypothetical foreign currency exchange rate movement of plus or minus 10 percent and plus or minus 15 percent are not significant.
These changes in fair values would be offset in other income (expense), net, by corresponding change in fair values of the foreign currency denominated monetary assets and liabilities, assuming the hedge contract fully covers the intercompany and trade receivable balances. Lam Research Corporation 2024 10-K 36 Table of Content
These changes in fair values would be offset in other income (expense), net, by corresponding changes in fair values of the foreign currency denominated monetary assets and liabilities, assuming the hedge contract fully covers the intercompany and trade receivable balances. Lam Research Corporation 2025 10-K 36 Table of Contents