Lam Research Corporation (LRCX) Cash Flow Statement
Where LRCX’s cash came from and went, FY2026
June 30, 2026 · U.S. dollars- Cash from operations
- $5.86B −5.1% vs FY2025
- Capital expenditures
- $966.4M 4.2% of revenue
- Free cash flow
- $4.89B 21.1% margin
- Returned to shareholders
- $5.12B 105% of free cash flow
- Change in cash
- −$809.7M cash at year-end $5.60B
Drawn to scale: where the cash came from and how it was used. Hover for values.
LRCX operating cash flow, capex and free cash flow
LRCX cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $2.03BFY2017 | $5.86BFY2026 | +12.5%/yr | |
| Capital expenditures | $157.4MFY2017 | $966.4MFY2026 | +22.3%/yr | |
| Free cash flow | $1.87BFY2017 | $4.89BFY2026 | +11.3%/yr | |
| Free cash flow margin | 23.4%FY2017 | 21.1%FY2026 | −2.3 pts | |
| Operating cash flow / net income | 1.20FY2017 | 0.81FY2026 | −0.39 | |
| Stock-based compensation | $150.0MFY2017 | $386.4MFY2026 | +11.1%/yr | |
| Dividends paid | $243.5MFY2017 | $1.27BFY2026 | +20.2%/yr | |
| Share buybacks (net) | $811.7MFY2017 | $3.85BFY2026 | +18.9%/yr | |
| Capex / revenue | 2.0%FY2017 | 4.2%FY2026 | +2.2 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
LRCX cash flow by activity
LRCX net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
LRCX cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $7.27B | $5.36B | $3.83B | $4.51B | $4.61B | $3.91B | $2.25B | $2.19B | $2.38B | $1.70B |
| Depreciation & amortization | $441.5M | $386.3M | $359.7M | $342.4M | $333.7M | $307.2M | $268.5M | $309.3M | $326.4M | $306.9M |
| Stock-based compensation | $386.4M | $343.4M | $293.1M | $286.6M | $259.1M | $220.2M | $189.2M | $187.2M | $172.2M | $150.0M |
| Change in working capital | −$1.91B | $441.8M | $360.5M | $158.7M | −$1.80B | −$678.7M | −$571.9M | $491.5M | −$317.2M | −$310.8M |
| Other non-cash items | −$321.8M | −$356.4M | −$188.7M | −$119.8M | −$302.2M | −$168.9M | −$11.1M | −$3.5M | $93.6M | $185.5M |
| Cash from operating activities | $5.86B | $6.17B | $4.65B | $5.18B | $3.10B | $3.59B | $2.13B | $3.18B | $2.66B | $2.03B |
| Investing activities | ||||||||||
| Capital expenditures | −$966.4M | −$759.2M | −$396.7M | −$501.6M | −$546.0M | −$349.1M | −$203.2M | −$303.5M | −$273.5M | −$157.4M |
| Investments (net) | $0 | −$708.1M | −$370.6M | −$534.6M | $1.17B | $464.5M | −$15.0M | −$1.33B | $3.15B | −$1.88B |
| Acquisitions & other investing | $44.3M | $759.2M | $396.7M | $501.6M | −$7.6M | −$42.2M | −$25.8M | −$7.4M | −$131.0M | −$17.3M |
| Cash from investing activities | −$922.2M | −$708.1M | −$370.6M | −$534.6M | $612.3M | $73.3M | −$244.1M | −$1.64B | $2.75B | −$2.06B |
| Financing activities | ||||||||||
| Dividends paid | −$1.27B | −$1.15B | −$1.02B | −$907.9M | −$815.3M | −$727.0M | −$656.8M | −$678.3M | −$307.6M | −$243.5M |
| Share repurchases & issuance (net) | −$3.85B | −$3.42B | −$2.84B | −$2.02B | −$3.87B | −$2.70B | −$1.37B | −$3.78B | −$2.65B | −$811.7M |
| Net borrowing (repayment) | −$755.4M | −$507.5M | −$256.1M | −$23.2M | −$11.9M | −$862.1M | $1.31B | $2.00B | −$396.1M | −$1.69B |
| Shares issued | $17.4M | $2.5M | $15.6M | $11.1M | $5.7M | $24.1M | $8.1M | $84.8M | $0 | $0 |
| Other financing | $142.2M | $140.3M | $106.4M | $106.3M | $108.2M | $95.7M | $87.4M | −$13.2M | $84.9M | $111.1M |
| Cash from financing activities | −$5.72B | −$4.94B | −$4.00B | −$2.83B | −$4.58B | −$4.17B | −$623.9M | −$2.39B | −$3.27B | −$2.63B |
| Summary | ||||||||||
| Net change in cash | −$809.7M | $556.9M | $263.4M | $1.81B | −$897.2M | −$498.3M | $1.26B | −$855.2M | $2.13B | −$2.66B |
| Cash at end of period | $5.60B | $6.41B | $5.85B | $5.59B | $3.77B | $4.67B | $5.17B | $3.91B | $4.51B | $2.38B |
| Free cash flow | $4.89B | $5.41B | $4.26B | $4.68B | $2.55B | $3.24B | $1.92B | $2.87B | $2.38B | $1.87B |
| Free cash flow margin | 21.1% | 29.4% | 28.6% | 26.8% | 14.8% | 22.1% | 19.1% | 29.8% | 21.5% | 23.4% |
| Capex / revenue | 4.2% | 4.1% | 2.7% | 2.9% | 3.2% | 2.4% | 2.0% | 3.1% | 2.5% | 2.0% |
| Operating cash flow / net income | 0.81 | 1.15 | 1.22 | 1.15 | 0.67 | 0.92 | 0.94 | 1.45 | 1.12 | 1.20 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $2.28B | $1.83B | $1.59B | $1.57B | $1.72B | $1.33B | $1.19B | $1.12B | $1.02B | $965.8M | $954.3M | $887.4M |
| Depreciation & amortization | $119.6M | $116.3M | $103.9M | $101.6M | $98.4M | $97.3M | $96.2M | $94.3M | $88.4M | $89.9M | $90.9M | $90.5M |
| Stock-based compensation | $104.0M | $96.6M | $88.5M | $97.2M | $94.3M | $87.1M | $82.0M | $80.0M | $79.1M | $76.9M | $69.9M | $67.2M |
| Change in working capital | −$1.04B | −$874.6M | −$76.2M | $76.2M | $778.8M | −$188.1M | −$386.9M | $386.9M | −$259.9M | $266.6M | $423.3M | −$69.5M |
| Other non-cash items | −$4.4M | −$22.3M | −$230.2M | −$64.8M | −$137.4M | −$18.3M | −$240.3M | −$109.2M | −$65.4M | −$14.4M | −$84.6M | −$24.4M |
| Cash from operating activities | $1.46B | $1.14B | $1.48B | $1.78B | $2.55B | $1.31B | $741.9M | $1.57B | $862.4M | $1.38B | $1.45B | $951.2M |
| Investing activities | ||||||||||||
| Capital expenditures | −$188.8M | −$331.6M | −$260.9M | −$185.1M | −$172.2M | −$288.1M | −$188.3M | −$110.6M | −$100.7M | −$103.7M | −$115.3M | −$77.0M |
| Investments (net) | — | — | — | −$186.0M | −$129.3M | −$292.9M | −$175.4M | −$110.6M | −$101.6M | −$92.4M | −$102.0M | −$74.7M |
| Acquisitions & other investing | $45.1M | −$3.0M | $3.1M | $185.1M | $172.2M | $288.1M | $188.3M | $110.6M | $100.7M | $103.7M | $115.3M | $77.0M |
| Cash from investing activities | −$143.7M | −$334.6M | −$257.8M | −$186.0M | −$129.3M | −$292.9M | −$175.4M | −$110.6M | −$101.6M | −$92.4M | −$102.0M | −$74.7M |
| Financing activities | ||||||||||||
| Dividends paid | −$325.3M | −$325.8M | −$327.5M | −$292.0M | −$295.2M | −$295.7M | −$297.6M | −$261.0M | −$261.5M | −$262.7M | −$264.4M | −$230.3M |
| Share repurchases & issuance (net) | −$246.6M | −$1.16B | −$1.47B | −$975.8M | −$1.29B | −$435.3M | −$697.7M | −$997.0M | −$373.6M | −$980.6M | −$645.5M | −$843.2M |
| Net borrowing (repayment) | −$1.4M | −$751.2M | −$1.5M | −$1.4M | −$1.5M | −$504.0M | −$1.0M | −$934,000 | — | — | — | −$253.1M |
| Shares issued | $4.4M | $9.2M | $0 | $0 | $696,000 | $0 | $0 | $0 | $2.8M | $8.2M | $1.7M | $2.8M |
| Other financing | $88.5M | $55,000 | $69.9M | −$12.4M | $78.7M | $2.5M | $61.1M | −$367,000 | $58.1M | −$760,000 | $48.3M | −$2.2M |
| Cash from financing activities | −$480.3M | −$2.23B | −$1.73B | −$1.28B | −$1.51B | −$1.23B | −$935.2M | −$1.26B | −$574.2M | −$1.24B | −$859.9M | −$1.33B |
| Summary | ||||||||||||
| Net change in cash | $831.1M | −$1.43B | −$516.3M | $304.2M | $944.7M | −$214.4M | −$394.7M | $221.3M | $177.1M | $48.2M | $498.7M | −$460.6M |
| Cash at end of period | $5.60B | $4.77B | $6.20B | $6.71B | $6.41B | $5.46B | $5.68B | $6.07B | $5.85B | $5.67B | $5.63B | $5.13B |
| Free cash flow | $1.27B | $809.8M | $1.29B | $1.59B | $2.38B | $1.02B | $553.6M | $1.46B | $761.7M | $1.28B | $1.34B | $874.2M |
| Free cash flow margin | 18.9% | 13.9% | 24.2% | 29.9% | 46.1% | 21.6% | 12.7% | 35.0% | 19.7% | 33.8% | 35.6% | 25.1% |
| Capex / revenue | 2.8% | 5.7% | 4.9% | 3.5% | 3.3% | 6.1% | 4.3% | 2.7% | 2.6% | 2.7% | 3.1% | 2.2% |
| Operating cash flow / net income | 0.64 | 0.63 | 0.93 | 1.13 | 1.48 | 0.98 | 0.62 | 1.40 | 0.85 | 1.43 | 1.52 | 1.07 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
LRCX cash generation
In fiscal 2026 (ended June 30, 2026), Lam Research generated $5.9 billion of cash from operations (down 5.1%) and spent $966.4 million on capital expenditures, leaving free cash flow of $4.9 billion, 21.1% of revenue. It returned $5.1 billion to shareholders through dividends ($1.3 billion) and net share buybacks ($3.9 billion). Cash and equivalents fell by $809.7 million over the year.
Related: LRCX income statement, LRCX balance sheet, LRCX dividend history. See the LRCX stock overview for the latest quote and news.
LRCX cash flow FAQ
What is Lam Research's free cash flow?
Lam Research's free cash flow was $4.9 billion in fiscal 2026: $5.9 billion of operating cash flow minus $966.4 million of capital expenditures It was $5.4 billion a year earlier..
How much cash does Lam Research generate from operations?
Lam Research generated $5.9 billion of cash from operating activities in fiscal 2026, 0.81 times its net income of $7.3 billion.
How much does Lam Research spend on capital expenditures?
Lam Research spent $966.4 million on capital expenditures in fiscal 2026, 4.2% of revenue, compared with $759.2 million the year before.
How much stock does Lam Research buy back?
Lam Research spent $3.9 billion on net share repurchases in fiscal 2026.
How much does Lam Research pay in dividends?
Lam Research paid $1.3 billion in dividends in fiscal 2026, 26.0% of free cash flow.