Lam Research Corp (LRCX)
Pretax 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 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings before tax but after interest (EBT) (ttm) | US$ in thousands | 5,958,130 | 5,333,510 | 4,889,970 | 4,628,870 | 4,360,220 | 4,069,475 | 3,915,217 | 4,480,097 | 5,109,207 | 5,604,492 | 5,800,270 | 5,504,480 | 5,193,120 | 5,142,980 | 5,168,270 | 4,791,913 | 4,370,805 | 3,810,214 | 3,279,719 | 2,972,523 |
| 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 |
| Pretax margin | 32.32% | 31.13% | 30.17% | 29.69% | 29.25% | 28.58% | 27.35% | 28.29% | 29.32% | 29.75% | 30.48% | 30.62% | 30.18% | 30.73% | 31.28% | 30.42% | 29.88% | 28.71% | 27.49% | 26.89% |
June 30, 2025 calculation
Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $5,958,130K ÷ $18,435,600K
= 32.32%
The pretax margin of Lam Research Corp exhibits a pattern of gradual fluctuation over the observed period from September 30, 2020, through June 30, 2025. Starting at approximately 26.89% at the end of September 2020, the pretax margin increased consistently, reaching a peak of roughly 31.13% in March 2025. The highest recorded pretax margin within this timeframe is approximately 32.32% in June 2025.
Throughout the period, there is an observable upward trend, indicative of improving profitability margins before income taxes. The margin experienced minor declines at various points, such as a slight decrease from 31.28% in December 2021 to 30.73% in March 2022, and from 30.62% in September 2022 to 30.48% in December 2022. These fluctuations suggest periods of marginal compression possibly attributable to changes in operating costs or shifts in revenue mix.
Between mid-2021 and mid-2023, the pretax margin maintained relative stability, generally oscillating between approximately 30% and 31%. After reaching the low of about 27.35% in December 2023, the margin resumed an upward trajectory, gradually increasing and reaching approximately 32.32% by June 2025.
Overall, the data reflects a management capacity to sustain and slightly enhance profitability margins through the period, despite short-term fluctuations. The trend toward higher pretax margins toward the latter part of the observed timeline may indicate favorable operational efficiencies, product mix improvements, or advantageous market conditions.
Peer comparison
Jun 30, 2025