NET INCOME PER SHARE

6 Months Ended

Dec. 28, 2025

Basic net income per share is computed by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted net income per share is computed using the treasury stock method, for dilutive stock options, and restricted stock units. The following table reconciles the inputs to the basic and diluted computations for net income per share.


	Three Months Ended				Six Months Ended
	December 28, 2025		December 29, 2024		December 28, 2025		December 29, 2024
	(in thousands, except per share data)
Numerator:
Net income	$	1,593,994	$	1,191,018	$	3,162,654	$	2,307,462
Denominator:
Basic average shares outstanding	1,254,856		1,287,109		1,259,651		1,293,173
Effect of potential dilutive securities:
Employee stock plans	6,883		4,360		5,875		4,594


Diluted average shares outstanding	1,261,739		1,291,469		1,265,526		1,297,767
Net income per share - basic	$	1.27	$	0.93	$	2.51	$	1.78
Net income per share - diluted	$	1.26	$	0.92	$	2.50	$	1.78

For purposes of computing diluted net income per share, weighted-average common shares do not include potentially dilutive securities that are anti-dilutive under the treasury stock method. These anti-dilutive securities, including options and RSUs, were not material for the three and six months ended December 28, 2025 and December 29, 2024.

LAM RESEARCH CORP 10-Q