Semiconductor Equipment Tracking: LRCX Q2 Gross Margin Exceeds Guidance Upper Limit, Full-Year WFE Market Size Raised

English summary

Q2 FY26 revenue of $6.722 billion, +30.0% yoy / +15.1% qoq, above prior guidance midpoint ($6.6 billion), fourth consecutive quarter record high; gross margin 52.0%, +1.7pcts yoy / +2.1pcts qoq, above prior guidance upper limit; operating margin 38.4%, +4.0pcts yoy / +3.4pcts qoq. By segment, equipment systems revenue $4.250 billion, +23.6% yoy / +13.9% qoq; CSBG revenue $2.472 billion, +42.6% yoy / +17.1% qoq. In equipment systems, storage revenue hit record high, accounting for 46% / +7pcts qoq, of which NAND accounted for 23% / +11pcts qoq; DRAM accounted for 23% / -4pcts qoq, foundry business accounted for 44%, mainland China mature process investment declined, but 2nm and 3nm advanced process and advanced packaging investment remained strong.…