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Side-by-side financial comparison of Lam Research (LRCX) and Union Pacific Corporation (UNP). Click either name above to swap in a different company.
Union Pacific Corporation is the larger business by last-quarter revenue ($6.2B vs $5.8B, roughly 1.1× Lam Research). Lam Research runs the higher net margin — 31.2% vs 27.4%, a 3.9% gap on every dollar of revenue. On growth, Lam Research posted the faster year-over-year revenue change (23.8% vs 3.2%). Over the past eight quarters, Lam Research's revenue compounded faster (22.8% CAGR vs 1.7%).
Lam Research Corporation is an American supplier of wafer-fabrication equipment and related services to the semiconductor industry. Its products are used primarily in front-end wafer processing, which involves the steps that create the active components of semiconductor devices and their wiring (interconnects). The company also builds equipment for back-end wafer-level packaging (WLP) and for related manufacturing markets such as for microelectromechanical systems (MEMS).
The Union Pacific Railroad Company is a Class I freight-hauling railroad that operates 8,300 locomotives over 32,200 miles (51,800 km) routes in 23 U.S. states west of Chicago and New Orleans. Union Pacific is the second-largest railroad in the United States after BNSF.
LRCX vs UNP — Head-to-Head
Income Statement — Q3 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $5.8B | $6.2B |
| Net Profit | $1.8B | $1.7B |
| Gross Margin | 49.8% | — |
| Operating Margin | 35.0% | 39.5% |
| Net Margin | 31.2% | 27.4% |
| Revenue YoY | 23.8% | 3.2% |
| Net Profit YoY | 37.2% | -2.1% |
| EPS (diluted) | $1.45 | $2.87 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $5.8B | $6.2B | ||
| Q4 25 | $5.3B | $6.1B | ||
| Q3 25 | $5.3B | $6.2B | ||
| Q2 25 | $5.2B | $6.2B | ||
| Q1 25 | $4.7B | $6.0B | ||
| Q4 24 | $4.4B | $6.1B | ||
| Q3 24 | $4.2B | $6.1B | ||
| Q2 24 | $3.9B | $6.0B |
| Q1 26 | $1.8B | $1.7B | ||
| Q4 25 | $1.6B | $1.8B | ||
| Q3 25 | $1.6B | $1.8B | ||
| Q2 25 | $1.7B | $1.9B | ||
| Q1 25 | $1.3B | $1.6B | ||
| Q4 24 | $1.2B | $1.8B | ||
| Q3 24 | $1.1B | $1.7B | ||
| Q2 24 | $1.0B | $1.7B |
| Q1 26 | 49.8% | — | ||
| Q4 25 | 49.6% | — | ||
| Q3 25 | 50.4% | — | ||
| Q2 25 | 50.1% | — | ||
| Q1 25 | 49.0% | — | ||
| Q4 24 | 47.4% | — | ||
| Q3 24 | 48.0% | — | ||
| Q2 24 | 47.5% | — |
| Q1 26 | 35.0% | 39.5% | ||
| Q4 25 | 33.9% | 39.5% | ||
| Q3 25 | 34.4% | 40.8% | ||
| Q2 25 | 33.7% | 41.0% | ||
| Q1 25 | 33.1% | 39.3% | ||
| Q4 24 | 30.5% | 41.3% | ||
| Q3 24 | 30.3% | 39.7% | ||
| Q2 24 | 29.1% | 40.0% |
| Q1 26 | 31.2% | 27.4% | ||
| Q4 25 | 29.8% | 30.4% | ||
| Q3 25 | 29.5% | 28.6% | ||
| Q2 25 | 33.3% | 30.5% | ||
| Q1 25 | 28.2% | 27.0% | ||
| Q4 24 | 27.2% | 28.8% | ||
| Q3 24 | 26.8% | 27.4% | ||
| Q2 24 | 26.4% | 27.9% |
| Q1 26 | $1.45 | $2.87 | ||
| Q4 25 | $1.26 | $3.12 | ||
| Q3 25 | $1.24 | $3.01 | ||
| Q2 25 | $1.34 | $3.15 | ||
| Q1 25 | $1.03 | $2.70 | ||
| Q4 24 | $0.92 | $2.91 | ||
| Q3 24 | $0.86 | $2.75 | ||
| Q2 24 | $7.78 | $2.74 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $4.8B | $735.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | — | — |
| Total Assets | $20.8B | $69.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $4.8B | $735.0M | ||
| Q4 25 | $6.2B | $1.3B | ||
| Q3 25 | $6.7B | $808.0M | ||
| Q2 25 | $6.4B | $1.1B | ||
| Q1 25 | $5.5B | $1.4B | ||
| Q4 24 | $5.7B | $1.0B | ||
| Q3 24 | $6.1B | $947.0M | ||
| Q2 24 | $5.8B | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | $3.7B | $30.3B | ||
| Q3 25 | $3.7B | $30.3B | ||
| Q2 25 | $3.7B | $30.3B | ||
| Q1 25 | $3.7B | $30.6B | ||
| Q4 24 | $4.5B | $29.8B | ||
| Q3 24 | $4.5B | $29.8B | ||
| Q2 24 | $4.5B | $31.2B |
| Q1 26 | — | — | ||
| Q4 25 | $10.1B | $18.5B | ||
| Q3 25 | $10.2B | $17.3B | ||
| Q2 25 | $9.9B | $16.3B | ||
| Q1 25 | $9.5B | $16.0B | ||
| Q4 24 | $8.8B | $16.9B | ||
| Q3 24 | $8.5B | $16.6B | ||
| Q2 24 | $8.5B | $16.5B |
| Q1 26 | $20.8B | $69.6B | ||
| Q4 25 | $21.4B | $69.7B | ||
| Q3 25 | $21.9B | $68.6B | ||
| Q2 25 | $21.3B | $68.6B | ||
| Q1 25 | $20.0B | $68.5B | ||
| Q4 24 | $19.8B | $67.7B | ||
| Q3 24 | $19.5B | $67.6B | ||
| Q2 24 | $18.7B | $67.8B |
| Q1 26 | — | — | ||
| Q4 25 | 0.37× | 1.64× | ||
| Q3 25 | 0.37× | 1.75× | ||
| Q2 25 | 0.38× | 1.86× | ||
| Q1 25 | 0.39× | 1.91× | ||
| Q4 24 | 0.51× | 1.76× | ||
| Q3 24 | 0.53× | 1.79× | ||
| Q2 24 | 0.52× | 1.89× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $1.1B | — |
| Free Cash FlowOCF − Capex | — | $631.0M |
| FCF MarginFCF / Revenue | — | 10.1% |
| Capex IntensityCapex / Revenue | 5.7% | — |
| Cash ConversionOCF / Net Profit | 0.63× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $4.8B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $1.1B | — | ||
| Q4 25 | $1.5B | $2.2B | ||
| Q3 25 | $1.8B | $2.5B | ||
| Q2 25 | $2.6B | $2.3B | ||
| Q1 25 | $1.3B | $2.2B | ||
| Q4 24 | $741.9M | $2.7B | ||
| Q3 24 | $1.6B | $2.7B | ||
| Q2 24 | $862.4M | $1.9B |
| Q1 26 | — | $631.0M | ||
| Q4 25 | $1.2B | $1.2B | ||
| Q3 25 | $1.6B | $1.6B | ||
| Q2 25 | $2.4B | $1.4B | ||
| Q1 25 | $1.0B | $1.3B | ||
| Q4 24 | $553.6M | $1.7B | ||
| Q3 24 | $1.5B | $1.8B | ||
| Q2 24 | $761.7M | $1.0B |
| Q1 26 | — | 10.1% | ||
| Q4 25 | 22.8% | 20.1% | ||
| Q3 25 | 29.9% | 25.2% | ||
| Q2 25 | 46.1% | 22.7% | ||
| Q1 25 | 21.6% | 21.6% | ||
| Q4 24 | 12.7% | 28.4% | ||
| Q3 24 | 35.0% | 29.9% | ||
| Q2 24 | 19.7% | 16.8% |
| Q1 26 | 5.7% | — | ||
| Q4 25 | 4.9% | 16.4% | ||
| Q3 25 | 3.5% | 15.2% | ||
| Q2 25 | 3.3% | 15.2% | ||
| Q1 25 | 6.1% | 15.0% | ||
| Q4 24 | 4.3% | 15.1% | ||
| Q3 24 | 2.7% | 13.6% | ||
| Q2 24 | 2.6% | 15.0% |
| Q1 26 | 0.63× | — | ||
| Q4 25 | 0.93× | 1.20× | ||
| Q3 25 | 1.13× | 1.41× | ||
| Q2 25 | 1.48× | 1.24× | ||
| Q1 25 | 0.98× | 1.36× | ||
| Q4 24 | 0.62× | 1.51× | ||
| Q3 24 | 1.40× | 1.59× | ||
| Q2 24 | 0.85× | 1.14× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LRCX
Segment breakdown not available.
UNP
| Freight revenues | $5.9B | 95% |
| Other revenues | $324.0M | 5% |
