Stock Analysis on Net
Stock Analysis on Net

KLA Corp. (NASDAQ:KLAC)

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Common-Size Income Statement
Quarterly Data

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KLA Corp., common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019
Product
Service
Revenues
Costs of revenues
Gross margin
Research and development
Selling, general and administrative
Impairment of goodwill and purchased intangible assets
Income from operations
Interest expense
Loss on extinguishment of debt
Other income (expense), net
Income before income taxes
(Provision) benefit for income taxes
Net income
Net (income) loss attributable to non-controlling interest
Net income attributable to KLA

Based on: 10-Q (reporting date: 2026-03-31), 10-Q (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-K (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-Q (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-K (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-K (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-K (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-K (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-K (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30).

The common-size income statement reveals a general trajectory of expanding profitability and increased operational efficiency over the analyzed period. While certain quarters experienced volatility due to non-recurring impairment charges and tax adjustments, the underlying trend indicates a strengthening of margins and a disciplined approach to expense management.

Revenue Composition
The revenue mix is dominated by product sales, which typically fluctuate between 73% and 82% of total revenues. A peak in product concentration occurred in December 2022 at 82.56%, corresponding with a historical low in service revenues of 17.44%. More recent figures show a stabilization of the mix, with product revenues settling around 77% and service revenues contributing approximately 23%.
Gross Profitability
Gross margins have demonstrated a steady upward trend, rising from 57.25% in September 2019 to consistently exceeding 60% from 2021 onward. The margin reached a high of 61.97% in June 2023. This sustained increase suggests improved pricing power or a more favorable cost structure in the cost of revenues, which has generally decreased from 42.75% to approximately 38.88% over the period.
Operating Expense Efficiency
Both Research and Development (R&D) and Selling, General and Administrative (SG&A) expenses as a percentage of revenue have declined significantly. R&D spending shifted from roughly 15% in 2019 to approximately 11% by 2026. Similarly, SG&A expenses dropped from 13.33% to 8.52%. This downward trend indicates strong operating leverage, where revenue growth is outpacing the growth of fixed and semi-variable operating costs.
Operating Income and Impairments
Operating margins have grown from 29.03% in September 2019 to 41.21% by March 2026, excluding the impact of intermittent impairments. The data shows periodic volatility caused by impairment of goodwill and intangible assets, most notably in March 2020 (-18.02%), December 2023 (-8.81%), and March 2025 (-7.77%). Despite these one-time hits, the core operational profitability has remained robust.
Net Income and Tax Impact
Net income margins have generally improved, moving from the 24-25% range in 2019 to approximately 35% by March 2026. A significant anomaly is observed in September 2021, where net income surged to 51.27% due to a substantial tax benefit of 14.50% of revenues. Interest expenses have remained relatively stable, typically fluctuating between 2% and 3.4% of total revenues, suggesting a consistent debt service burden relative to the scale of operations.