Lam Research
LRCXQ3 2025(LRCX Q4 FY2025)Estimated15% AI
AI Revenue %
15%
AI Fair Value
$23.1B
AI Revenue (Q)
$801.7M
Total Revenue (Q)
$5.3B
Source: SEC EDGAR 10-K Filing
View 10-K on SEC.govAnalysis
Q4 FY2025 (Jun 2025, annual 10-K): Full year FY2025 revenue $18.44B, up 24% from $14.91B in FY2024. Annual: Foundry 45%, Memory 42%, Logic 13%. Foundry overtook Memory as largest market for first time — driven by massive AI chip production capacity builds. Systems Revenue $11.49B, Customer support $6.94B. Full year AI revenue estimate: HBM equipment ~35-40% of Memory equipment + ~12-15% of Foundry equipment for AI chips + minor AI-related advanced packaging in Customer Support. FY2025 annual AI: ~$18.44B * 0.15 = ~$2.77B. This reflects the significant AI-driven equipment spending cycle.
Analyzed by claude-opus-4-6
Quoted Figures
Foundry 45%, Memory 42%, Logic/integrated device manufacturing 13%
10-K FY2025, Note 4 Revenue disaggregation
Systems Revenue $11,491,280; Customer support-related revenue and other $6,944,311; Total $18,435,591
10-K FY2025, Note 4 Revenue
Demand from cloud computing (the Cloud), artificial intelligence, 5G, the Internet of Things (IoT), and other markets is driving the need for increasingly powerful and cost-efficient semiconductors
10-K FY2025, Item 1 Business
AI Products Identified (Ring 1)
Etch systems for HBM DRAM productionDeposition for advanced packaging (CoWoS, HBM stacking)Equipment for AI chip foundry productionAdvanced packaging/WLP solutions for AI chiplets
AI-Enabled Items (Ring 2 — Not Counted)
These items use AI but are not counted in the AI revenue estimate because they primarily serve non-AI functions.
HBM production volumes across 3 major DRAM makersTSMC AI chip capacity (CoWoS/advanced nodes)AI chip capex cycle trends
Confidence Tier
EstimatedNo direct AI revenue disclosure — estimated from product mix