Lam Research Corp (LRCX)

Operating profit margin

		Jun 30, 2025	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020
Operating income (ttm)	US$ in thousands	5,900,970	5,286,400	4,781,750	4,505,080	4,263,910	3,991,955	3,877,098	4,500,048	5,174,858	5,787,463	6,037,310	5,695,290	5,369,680	5,218,400	5,221,610	4,893,190	4,482,024	3,921,816	3,420,620	3,097,411
Revenue (ttm)	US$ in thousands	18,435,600	17,135,720	16,209,100	15,591,310	14,905,390	14,241,140	14,317,150	15,836,460	17,428,520	18,838,510	19,029,360	17,978,390	17,208,730	16,736,660	16,523,890	15,753,530	14,626,150	13,272,830	11,928,800	11,056,060
Operating profit margin		32.01%	30.85%	29.50%	28.89%	28.61%	28.03%	27.08%	28.42%	29.69%	30.72%	31.73%	31.68%	31.20%	31.18%	31.60%	31.06%	30.64%	29.55%	28.68%	28.02%

June 30, 2025 calculation

Operating profit margin = Operating income (ttm) ÷ Revenue (ttm)
= $5,900,970K ÷ $18,435,600K
= 32.01%

The operating profit margin of Lam Research Corp has exhibited a generally upward trend from September 30, 2020, through June 30, 2025. Starting at 28.02%, it increased gradually over the subsequent quarters, reaching a peak of approximately 31.73% at the end of December 2022. During this period, the margin demonstrated a steady improvement, reflecting enhanced operational efficiency or favorable pricing and cost management.

From the first quarter of 2023 onward, the margin showed signs of slight contraction, declining to 30.72% by March 31, 2023, and further decreasing to 29.69% by June 30, 2023. This modest decline persisted into the third quarter of 2023, where the margin stood at 28.42%. Subsequently, the margin continued to decrease, reaching a low of 27.08% at the end of December 2023.

However, the margin entered a recovery phase starting in the first quarter of 2024, rising to 28.03%, then further improving to 28.61% by June 30, 2024, and continuing upward to 28.89% in September 2024. The positive trend persisted into the subsequent quarters, with the margin reaching approximately 29.50% at the end of December 2024, and then increasing further to 30.85% and 32.01% by March and June 2025, respectively.

Overall, the operating profit margin has demonstrated resilience and adaptability, with periods of growth and slight contraction reflecting changes in operational conditions, cost structures, market prices, or product mix. The recent upward trajectory suggests an improving profitability outlook for Lam Research Corp.