Income Statement
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
Paying user area
Try for free
KLA Corp. pages available for free this week:
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to KLA Corp. for $24.99.
This is a one-time payment. There is no automatic renewal.
We accept:
KLA Corp., consolidated income statement
US$ in thousands
Based on: 10-K (reporting date: 2024-06-30), 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30).
- Revenue Trends
- Overall revenues exhibit a consistent upward trajectory from 2019 through 2023, increasing from approximately $4.57 billion to around $10.5 billion. However, there is a notable decrease in 2024, dropping to roughly $9.81 billion. Both product and service revenues show growth until 2023, with product revenue peaking at $8.38 billion and then declining to $7.48 billion in 2024. Service revenue steadily rises throughout the entire period, reaching about $2.33 billion by 2024.
- Cost and Gross Margin Analysis
- Costs of revenues have increased in line with revenues up to 2023, reaching a peak of approximately $4.22 billion before declining to $3.93 billion in 2024. This reduction in costs in the latest period corresponds with the decrease in product revenue. Gross margin has increased steadily from $2.70 billion in 2019 to $6.28 billion in 2023, followed by a decline to $5.88 billion in 2024, mirroring revenue trends.
- Operating Expenses
- Research and development expenses have risen significantly over the six-year period, from $711 million in 2019 to nearly $1.28 billion in 2024, with a peak in 2023. Selling, general, and administrative expenses also increase from $599 million in 2019 to nearly $987 million in 2023 but dip slightly to $970 million in 2024. The expenses indicate sustained investment in innovation and operational support, albeit with a mild reduction in recent selling and administrative costs.
- Impairment Charges
- There are notable impairment losses recorded in 2020 and 2024, amounting to approximately $257 million and $289 million respectively. These one-off charges impact overall profitability during these periods.
- Income from Operations
- Income from operations rises progressively from about $1.39 billion in 2019 to a high of $3.99 billion in 2023, followed by a decline to $3.35 billion in 2024. The pattern is consistent with gross margin and revenue performance, reflecting operational leverage despite increased spending.
- Interest and Financial Income
- Interest expense escalates over time, lending pressure on net financial performance, nearly doubling from $125 million in 2019 to over $311 million in 2024. Interest income, however, shows a marked recovery from a low of $7 million in 2022 to $161 million in 2024, helping offset some of the expense growth. Other income components demonstrate variability but improve significantly overall in the final years, contributing positively to pre-tax income.
- Income Before Taxes and Tax Provision
- Income before income taxes doubles from approximately $1.30 billion in 2019 to $3.79 billion in 2023 before decreasing to $3.19 billion in 2024. The provision for income taxes fluctuates substantially, notably spiking in 2023 and 2024, aligning with higher pre-tax income but also reflecting an increased effective tax impact.
- Net Income Performance
- Net income attributable to the company shows sustained growth peaking in 2023 at about $3.39 billion, then declining to $2.76 billion in 2024. Despite some volatility from impairments and financial expenses, profit growth is strong overall but signs of softening emerge in the latest year.
- Summary Insights
- The company has demonstrated strong growth in revenues and profitability over the analyzed period, supported by increased investment in research, development, and operating activities. However, the decline in product revenue and overall revenues in the latest year, coupled with higher impairment charges and interest expenses, suggests emerging challenges. Continued focus on cost management and operational efficiency will be crucial to sustain profitability given these indicators.