Stock Analysis on Net
Stock Analysis on Net

KLA Corp. (NASDAQ:KLAC)

$24.99

Common-Size Income Statement
Quarterly Data

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

Microsoft Excel
3 months ended: 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: 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 several noteworthy trends in the company’s financial performance over the analyzed period. Revenue composition shifted modestly, with a slight increase in the proportion of revenue derived from services and a corresponding decrease from product sales. Gross margin exhibited overall improvement, though with some fluctuations, while operating income demonstrated a more substantial and consistent upward trend, particularly from 2019 to 2021. However, more recent periods show some volatility in operating income.

Revenue Composition
Product revenue consistently represented the majority of total revenue, ranging from approximately 73.66% to 82.56% over the period. Service revenue accounted for the remaining portion, fluctuating between 17.44% and 26.34%. A gradual shift is observed, with product revenue decreasing and service revenue increasing, though this trend appears to stabilize in the most recent quarters. The most recent quarter shows a decrease in the percentage of revenue from products and an increase in the percentage of revenue from services.
Profitability – Gross Margin
Gross margin generally increased from 57.25% in September 2019 to a peak of 61.62% in March 2021. It then experienced some volatility, dipping to 57.88% in September 2021 before recovering. The most recent quarter shows a gross margin of 60.30%, indicating a return to levels seen earlier in the period. This suggests improved cost management or pricing power.
Profitability – Operating Income
Income from operations showed a significant increase from 29.03% of revenues in September 2019 to 42.45% in December 2022. A notable decline occurred in the following periods, reaching 23.43% in December 2023, before a partial recovery to 40.35% in December 2025. This suggests that while the company has demonstrated an ability to improve operational efficiency, recent performance has been more variable.
Operating Expenses
Research and development expenses remained relatively stable as a percentage of revenue, generally ranging between 11.04% and 15.13%. Selling, general, and administrative expenses exhibited a decreasing trend as a percentage of revenue, falling from 13.33% in September 2019 to 8.13% in December 2022, before increasing slightly in more recent periods. This indicates improved efficiency in these expense categories.
Other Income and Expenses
Other income (expense), net, fluctuated considerably, ranging from -0.54% to 1.97%. A significant positive impact was observed in the period ending March 2021 (1.51%) and June 2021 (1.97%). The impact of impairment charges and loss on debt extinguishment were infrequent but notable when they occurred, impacting income before taxes in specific quarters.
Net Income
Net income followed a similar pattern to income from operations, increasing from 24.51% in September 2019 to 37.89% in September 2022, then declining to 23.43% in December 2023, and recovering to 34.75% in December 2025. The impact of income taxes varied, with tax rates fluctuating significantly, particularly in 2021, impacting the final net income percentage.

Overall, the company demonstrated strong profitability improvements through 2022, followed by a period of increased volatility. The shift in revenue composition towards services and the management of operating expenses appear to be key factors influencing performance. The fluctuations in recent periods warrant further investigation to understand the underlying drivers and potential risks.