Lam Research Posted a Record $8.22B Quarter. The Stock Fell 11.8% the Next Day.

Lam Research reported on 21 Oct 2026 that revenue for the September quarter (ended 27 Sep 2026) was a record $8,219.4M, up 54% from $5,324.2M a year earlier and up 22% on the prior quarter. Non-GAAP operating margin was 40.2%, its first above 40%, and non-GAAP EPS was $2.20; China was 35% of revenue. Lam guided December-quarter revenue to $8.60B ± $400M. The next session, 22 Oct, LRCX fell 11.8% from $260.81 to $230.15, the worst performer in the S&P 500, after the CFO cited near-term supply-chain constraints holding back guidance; the PHLX Semiconductor index fell 6.7%.