Lam Research said U.S. export-license rules have already reduced its China revenue and may weigh more heavily, even as the market supplied 35% of sales in the quarter ended Sept. 27.
China generated $2.89 billion, or 35% of Lam’s quarterly revenue. Its share was 26% in June and 43% in September 2025. The latest figure marks a recovery from the previous quarter, while remaining below the year-earlier level. The period also set a company revenue record, covered in EconoTimes’ report on Lam’s September-quarter results.
In its Form 10-Q filing, Lam said expanded U.S. licensing requirements have constrained its access to the China market and adversely affected revenue. The company warned that the effect could grow. It also said the requirements increase its exposure to foreign competition; the filing did not identify specific companies that could benefit.
Lam’s filing describes U.S.-China actions as having affected trade historically. The current disclosure links export licensing to revenue pressure, while the quarterly sales figures show China’s share of Lam’s business rose from June.
For the quarter ending Dec. 27, Lam projected revenue of $8.6 billion, with a $400 million range on either side.
