Lam Research Corporation (LRCX) — Earnings Call X-Ray
Our AI read all 37 of LRCX's earnings calls (2016–2025) and answered the same battery of questions about each one. Every past call is free; the newest quarter unlocks with a free account.
Previous Call Grade
C+
Q2 2025
Calls Analyzed
37
2016–2025
Avg Candor
6.8/9
evasion 4/9
Call-by-call analysis
🔒 Q3 2025 earnings call
2025-04-23
NEWEST
Guidance: ■■■■■Demand: ■■■■■■
Margins: ■■■■Backlog: ■■■■
■ analysts, ■■ questionsexpected move ±■■%
Management ■■■■■■ guidance against ■■■■■■■■ demand and ■■■■■■■ margins. The delivery was ■■■■■■■■ and ■■■■ in specifics, with ■■■ questions left hanging.
🔒 The Q3 2025 call grade is ready
The full 37-point AI read of LRCX's newest earnings call — grade, expected move, and every question answered — is free with an account.
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C+
Q2 2025 earnings call
2025-01-29
Management raised guidance against accelerating demand. The delivery was rich in specifics.
Guidance: raisedDemand: acceleratingMargins: stableBacklog: shrinkingPricing: stableHeadcount: growingCapex: increasing 14 analysts · 28 questions
⚑ Critic ammunition✓ Skeptic reassured⚑ Question left hanging✓ Guidance underwritable✓ Resolves doubts✓ Early product, fast growth
All 20 questions our AI answered about this call
YES Would a skeptical short-seller find this call reassuring?
YES Would a careful investor underwrite management's guidance?
YES Is management's confidence proportionate to the evidence presented?
YES Does the call resolve more doubts than it creates?
YES Is there something a critic could fairly use against the company?
NO Is a claimed advantage dependent on scale they lack?
YES Does an obvious question remain unanswered?
YES Is a product early in its life but growing very fast?
NO Do they serve a small fraction of their addressable customers?
NO Is volume about to step up rather than grow gradually?
NO Are high fixed costs currently underutilised?
NO Is pricing recovering from a depressed level?
NO Do current results look bad while the direction looks better?
NO Are deferred revenue or customer prepayments growing?
NO Is consolidation happening among their peers?
NO Is a founder still running the company?
NO Does the final speaker sound like they are summarizing a finished story?
YES Is a fast-growing segment obscured by a declining one?
YES Does the CFO speak more than the CEO?
YES Does the call read rehearsed rather than lived?
C+
Q1 2025 earnings call
2024-10-23
Management raised guidance against accelerating demand. The delivery was rich in specifics.
Guidance: raisedDemand: acceleratingMargins: stableBacklog: growingPricing: stableHeadcount: growingCapex: increasing 12 analysts · 24 questions
⚑ Critic ammunition✓ Skeptic reassured⚑ Question left hanging✓ Guidance underwritable✓ Resolves doubts✓ Prepayments growing
All 20 questions our AI answered about this call
YES Would a skeptical short-seller find this call reassuring?
YES Would a careful investor underwrite management's guidance?
YES Is management's confidence proportionate to the evidence presented?
YES Does the call resolve more doubts than it creates?
YES Is there something a critic could fairly use against the company?
NO Is a claimed advantage dependent on scale they lack?
YES Does an obvious question remain unanswered?
YES Is a product early in its life but growing very fast?
NO Do they serve a small fraction of their addressable customers?
NO Is volume about to step up rather than grow gradually?
NO Are high fixed costs currently underutilised?
NO Is pricing recovering from a depressed level?
NO Do current results look bad while the direction looks better?
YES Are deferred revenue or customer prepayments growing?
NO Is consolidation happening among their peers?
NO Is a founder still running the company?
NO Does the final speaker sound like they are summarizing a finished story?
NO Is a fast-growing segment obscured by a declining one?
NO Does the CFO speak more than the CEO?
YES Does the call read rehearsed rather than lived?
C
Q4 2024 earnings call
2024-07-31
Management held guidance steady against accelerating demand and contracting margins. The delivery was unusually candid, rich in specifics, frequently evasive.
Guidance: maintainedDemand: acceleratingMargins: contractingBacklog: shrinkingPricing: stableHeadcount: flatCapex: flat 12 analysts · 23 questions
⚑ Critic ammunition✓ Skeptic reassured✓ Guidance underwritable✓ Resolves doubts✓ Early product, fast growth⚑ Reads rehearsed
All 20 questions our AI answered about this call
YES Would a skeptical short-seller find this call reassuring?
YES Would a careful investor underwrite management's guidance?
YES Is management's confidence proportionate to the evidence presented?
YES Does the call resolve more doubts than it creates?
YES Is there something a critic could fairly use against the company?
NO Is a claimed advantage dependent on scale they lack?
NO Does an obvious question remain unanswered?
YES Is a product early in its life but growing very fast?
NO Do they serve a small fraction of their addressable customers?
NO Is volume about to step up rather than grow gradually?
NO Are high fixed costs currently underutilised?
NO Is pricing recovering from a depressed level?
NO Do current results look bad while the direction looks better?
NO Are deferred revenue or customer prepayments growing?
NO Is consolidation happening among their peers?
NO Is a founder still running the company?
NO Does the final speaker sound like they are summarizing a finished story?
NO Is a fast-growing segment obscured by a declining one?
NO Does the CFO speak more than the CEO?
YES Does the call read rehearsed rather than lived?
C+
Q3 2024 earnings call
2024-04-24
Management held guidance steady against accelerating demand. The delivery was unusually candid, rich in specifics.
Guidance: maintainedDemand: acceleratingMargins: stablePricing: stableHeadcount: flatCapex: decreasing 12 analysts · 25 questions
⚑ Critic ammunition✓ Skeptic reassured✓ Guidance underwritable✓ Resolves doubts✓ Early product, fast growth
All 20 questions our AI answered about this call
YES Would a skeptical short-seller find this call reassuring?
YES Would a careful investor underwrite management's guidance?
YES Is management's confidence proportionate to the evidence presented?
YES Does the call resolve more doubts than it creates?
YES Is there something a critic could fairly use against the company?
NO Is a claimed advantage dependent on scale they lack?
NO Does an obvious question remain unanswered?
YES Is a product early in its life but growing very fast?
NO Do they serve a small fraction of their addressable customers?
NO Is volume about to step up rather than grow gradually?
NO Are high fixed costs currently underutilised?
NO Is pricing recovering from a depressed level?
NO Do current results look bad while the direction looks better?
NO Are deferred revenue or customer prepayments growing?
NO Is consolidation happening among their peers?
NO Is a founder still running the company?
NO Does the final speaker sound like they are summarizing a finished story?
NO Is a fast-growing segment obscured by a declining one?
NO Does the CFO speak more than the CEO?
NO Does the call read rehearsed rather than lived?
C+
Q2 2024 earnings call
2024-01-24
Management held guidance steady against accelerating demand. The delivery was unusually candid, rich in specifics.
Guidance: maintainedDemand: acceleratingMargins: stableBacklog: growingPricing: stableHeadcount: cuttingCapex: increasing 13 analysts · 29 questions
⚑ Critic ammunition✓ Skeptic reassured✓ Guidance underwritable✓ Resolves doubts✓ Prepayments growing✓ Early product, fast growth
All 20 questions our AI answered about this call
YES Would a skeptical short-seller find this call reassuring?
YES Would a careful investor underwrite management's guidance?
YES Is management's confidence proportionate to the evidence presented?
YES Does the call resolve more doubts than it creates?
YES Is there something a critic could fairly use against the company?
NO Is a claimed advantage dependent on scale they lack?
NO Does an obvious question remain unanswered?
YES Is a product early in its life but growing very fast?
NO Do they serve a small fraction of their addressable customers?
NO Is volume about to step up rather than grow gradually?
YES Are high fixed costs currently underutilised?
NO Is pricing recovering from a depressed level?
YES Do current results look bad while the direction looks better?
YES Are deferred revenue or customer prepayments growing?
NO Is consolidation happening among their peers?
NO Is a founder still running the company?
NO Does the final speaker sound like they are summarizing a finished story?
NO Is a fast-growing segment obscured by a declining one?
NO Does the CFO speak more than the CEO?
NO Does the call read rehearsed rather than lived?
C
Q1 2024 earnings call
2023-10-18
Management held guidance steady against mixed demand signals and expanding margins. The delivery was rich in specifics.
Guidance: maintainedDemand: mixedMargins: expandingBacklog: shrinkingPricing: stableHeadcount: cuttingCapex: flat 13 analysts · 27 questions
⚑ Critic ammunition✓ Skeptic reassured⚑ Question left hanging✓ Guidance underwritable✓ Resolves doubts✓ Early product, fast growth
All 20 questions our AI answered about this call
YES Would a skeptical short-seller find this call reassuring?
YES Would a careful investor underwrite management's guidance?
YES Is management's confidence proportionate to the evidence presented?
YES Does the call resolve more doubts than it creates?
YES Is there something a critic could fairly use against the company?
NO Is a claimed advantage dependent on scale they lack?
YES Does an obvious question remain unanswered?
YES Is a product early in its life but growing very fast?
NO Do they serve a small fraction of their addressable customers?
NO Is volume about to step up rather than grow gradually?
NO Are high fixed costs currently underutilised?
NO Is pricing recovering from a depressed level?
YES Do current results look bad while the direction looks better?
NO Are deferred revenue or customer prepayments growing?
NO Is consolidation happening among their peers?
NO Is a founder still running the company?
NO Does the final speaker sound like they are summarizing a finished story?
YES Is a fast-growing segment obscured by a declining one?
YES Does the CFO speak more than the CEO?
YES Does the call read rehearsed rather than lived?
B
Q4 2023 earnings call
2023-07-26
Management raised guidance against mixed demand signals and expanding margins. The delivery was unusually candid, rich in specifics.
Guidance: raisedDemand: mixedMargins: expandingBacklog: shrinkingPricing: stableHeadcount: cuttingCapex: decreasing 12 analysts · 23 questions
⚑ Critic ammunition✓ Skeptic reassured✓ Guidance underwritable✓ Resolves doubts✓ Early product, fast growth⚑ Reads rehearsed
All 20 questions our AI answered about this call
YES Would a skeptical short-seller find this call reassuring?
YES Would a careful investor underwrite management's guidance?
YES Is management's confidence proportionate to the evidence presented?
YES Does the call resolve more doubts than it creates?
YES Is there something a critic could fairly use against the company?
NO Is a claimed advantage dependent on scale they lack?
NO Does an obvious question remain unanswered?
YES Is a product early in its life but growing very fast?
NO Do they serve a small fraction of their addressable customers?
NO Is volume about to step up rather than grow gradually?
YES Are high fixed costs currently underutilised?
NO Is pricing recovering from a depressed level?
YES Do current results look bad while the direction looks better?
NO Are deferred revenue or customer prepayments growing?
NO Is consolidation happening among their peers?
NO Is a founder still running the company?
NO Does the final speaker sound like they are summarizing a finished story?
YES Is a fast-growing segment obscured by a declining one?
YES Does the CFO speak more than the CEO?
YES Does the call read rehearsed rather than lived?
Earlier calls
| Call | Date | Grade | Guidance | Demand | Margins | Candor | Evasion |
|---|
| Q3 2023 |
2023-04-19 |
D |
lowered | slowing | contracting |
7/9 |
4/9 |
| Q2 2023 |
2023-01-25 |
D |
lowered | slowing | contracting |
8/9 |
4/9 |
| Q1 2023 |
2022-10-19 |
F |
lowered | slowing | contracting |
7/9 |
6/9 |
| Q4 2022 |
2022-07-27 |
D |
lowered | mixed | contracting |
7/9 |
3/9 |
| Q3 2022 |
2022-04-20 |
D |
maintained | stable | contracting |
8/9 |
4/9 |
| Q2 2022 |
2022-01-26 |
C |
lowered | accelerating | contracting |
8/9 |
2/9 |
| Q4 2021 |
2021-07-28 |
B |
raised | accelerating | stable |
7/9 |
4/9 |
| Q3 2021 |
2021-04-21 |
B+ |
raised | accelerating | stable |
6/9 |
5/9 |
| Q2 2021 |
2021-01-27 |
C+ |
raised | accelerating | stable |
6/9 |
5/9 |
| Q1 2021 |
2020-10-21 |
C+ |
raised | accelerating | stable |
7/9 |
4/9 |
| Q4 2020 |
2020-07-30 |
A |
raised | accelerating | expanding |
7/9 |
3/9 |
| Q3 2020 |
2020-04-23 |
D |
withdrawn | stable | contracting |
8/9 |
4/9 |
| Q2 2020 |
2020-01-29 |
B+ |
raised | accelerating | expanding |
7/9 |
4/9 |
| Q1 2020 |
2019-10-23 |
B+ |
raised | accelerating | stable |
7/9 |
3/9 |
| Q4 2019 |
2019-07-31 |
D |
lowered | mixed | contracting |
7/9 |
4/9 |
| Q3 2019 |
2019-04-25 |
C+ |
maintained | slowing | stable |
7/9 |
3/9 |
| Q2 2019 |
2019-01-23 |
D |
lowered | slowing | contracting |
7/9 |
4/9 |
| Q1 2019 |
2018-10-16 |
C+ |
maintained | mixed | stable |
7/9 |
3/9 |
| Q4 2018 |
2018-07-26 |
D |
lowered | slowing | contracting |
7/9 |
5/9 |
| Q3 2018 |
2018-04-17 |
B |
maintained | stable | stable |
6/9 |
4/9 |
| Q2 2018 |
2018-01-24 |
A |
raised | accelerating | stable |
7/9 |
3/9 |
| Q1 2018 |
2017-10-17 |
A |
raised | accelerating | expanding |
7/9 |
3/9 |
| Q4 2017 |
2017-07-26 |
B+ |
raised | accelerating | expanding |
6/9 |
4/9 |
| Q3 2017 |
2017-04-19 |
B+ |
raised | accelerating | expanding |
6/9 |
4/9 |
| Q2 2017 |
2017-01-26 |
A |
raised | accelerating | expanding |
7/9 |
3/9 |
| Q1 2017 |
2016-10-19 |
B+ |
raised | accelerating | stable |
6/9 |
5/9 |
| Q4 2016 |
2016-07-27 |
C+ |
raised | accelerating | expanding |
6/9 |
4/9 |
| Q3 2016 |
2016-04-21 |
B |
raised | mixed | expanding |
7/9 |
4/9 |
| Q2 2016 |
2016-01-28 |
B |
lowered | stable | contracting |
7/9 |
3/9 |
Research question bank — earlier calls
During our 1,600-question research program, batches of experimental hypotheses were tested directly against some of LRCX's earlier calls. The YES answers — the rare hits — are shown; click any question to see every company that matched it. Full list: the question bank.
B
Q3 2018 earnings call
2018-04-17
2 more research questions answered NO
How to read this page
The grade is a transparent composite of call quality — candor, specificity, low evasion, low stress, whether the call resolves more doubts than it creates, and the guidance action — not a buy or sell signal. The expected move is a volatility estimate from the one signal that survived our out-of-sample tests: how a stock's own reaction and pre-call volatility predict the size (not direction) of its next move. Full detail, including everything that failed: methodology.
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Not investment advice. Artul.ai publishes AI-generated earnings-call quality grades and expected-volatility estimates — never buy or sell recommendations. We tested over 1,600 predictive hypotheses against 165,000 transcripts; the honest result, including what failed, is documented in our
methodology.