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Lam Research Corporation, taken apart.

Four panels built from the reported annual accounts, then the rest of the engine. Every figure below is Lam Research Corporation’s own filing, not an estimate of ours.

Income statement, four years

Read across, not down. Each line is shown for four fiscal years, so the direction matters more than any single column.

Lam Research Corporation annual income statement, as reported. Columns are fiscal years, most recent first.
LineFY2026FY2025FY2024FY2023
Revenue$23.23B$18.44B$14.91B$17.43B
Cost of revenue$11.51B$9.46B$7.85B$9.65B
Gross profit$11.73B$8.98B$7.05B$7.78B
Operating expenses$3.53B$3.08B$2.77B$2.56B
Operating income$8.20B$5.90B$4.28B$5.22B
Net income$7.27B$5.36B$3.83B$4.51B
Diluted EPS5.764.152.903.32

Net income moved +61.1% across these years while earnings per share moved +73.4% — more than the profit itself, because the share count changed. Profit split fewer ways is not the same as more profit.

The rest of the engine

The panels above are built from filings. These run against the live engine.