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.
KLA Corp., consolidated income statement (quarterly data)
US$ in thousands
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
2,511,093)
2,465,006)
2,472,182)
2,393,821)
2,409,462)
2,197,389)
1,954,837)
1,769,369)
1,921,809)
1,836,664)
1,816,524)
1,903,484)
2,463,408)
2,195,609)
1,975,112)
1,800,659)
1,895,769)
1,629,888)
1,481,478)
1,375,320)
1,238,023)
1,145,495)
1,075,104)
1,051,096)
1,144,550)
1,057,975)
Service
786,053)
744,690)
702,559)
669,208)
667,389)
644,152)
613,898)
590,461)
564,917)
560,292)
538,613)
529,124)
520,479)
528,815)
511,627)
488,017)
456,861)
453,950)
443,993)
428,453)
412,847)
393,125)
384,489)
372,868)
364,903)
355,439)
Revenues
3,297,146)
3,209,696)
3,174,741)
3,063,029)
3,076,851)
2,841,541)
2,568,735)
2,359,830)
2,486,726)
2,396,956)
2,355,137)
2,432,608)
2,983,887)
2,724,424)
2,486,739)
2,288,676)
2,352,630)
2,083,838)
1,925,471)
1,803,773)
1,650,870)
1,538,620)
1,459,593)
1,423,964)
1,509,453)
1,413,414)
Costs of revenues
(1,271,210)
(1,243,070)
(1,207,286)
(1,175,689)
(1,221,461)
(1,147,431)
(1,010,551)
(993,885)
(976,746)
(946,891)
(962,949)
(1,005,346)
(1,208,786)
(1,041,226)
(978,564)
(892,091)
(908,162)
(813,624)
(772,241)
(709,629)
(669,733)
(620,562)
(621,544)
(590,158)
(633,618)
(604,241)
Gross margin
2,025,936)
1,966,626)
1,967,455)
1,887,340)
1,855,390)
1,694,110)
1,558,184)
1,365,945)
1,509,980)
1,450,065)
1,392,188)
1,427,262)
1,775,101)
1,683,198)
1,508,175)
1,396,585)
1,444,468)
1,270,214)
1,153,230)
1,094,144)
981,137)
918,058)
838,049)
833,806)
875,835)
809,173)
Research and development
(383,871)
(360,461)
(352,989)
(338,043)
(346,157)
(323,145)
(325,759)
(321,590)
(320,418)
(311,214)
(317,110)
(328,276)
(332,826)
(318,515)
(296,881)
(285,189)
(265,031)
(258,153)
(241,428)
(238,957)
(229,064)
(219,038)
(217,100)
(215,433)
(220,751)
(210,580)
Selling, general and administrative
(279,919)
(268,988)
(262,706)
(248,905)
(267,081)
(251,042)
(255,106)
(237,514)
(237,244)
(239,645)
(250,857)
(238,393)
(243,096)
(253,980)
(236,778)
(216,489)
(213,479)
(193,261)
(192,022)
(183,040)
(181,909)
(172,631)
(167,791)
(185,760)
(192,253)
(188,345)
Impairment of goodwill and purchased intangible assets
—)
—)
—)
—)
(239,100)
—)
—)
(70,474)
(219,000)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
(256,649)
—)
—)
Income from operations
1,362,146)
1,337,177)
1,351,760)
1,300,392)
1,003,052)
1,119,923)
977,319)
736,367)
733,318)
899,206)
824,221)
860,593)
1,199,179)
1,110,703)
974,516)
894,907)
965,958)
818,800)
719,780)
672,147)
570,164)
526,389)
453,158)
175,964)
462,831)
410,248)
Interest expense
(69,668)
(71,075)
(73,125)
(71,889)
(74,981)
(82,171)
(82,836)
(79,981)
(74,202)
(74,234)
(73,491)
(74,774)
(74,280)
(74,395)
(44,197)
(39,978)
(37,852)
(38,312)
(39,970)
(39,092)
(38,880)
(39,386)
(40,221)
(39,231)
(40,472)
(40,350)
Loss on extinguishment of debt
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
(13,286)
—)
—)
—)
—)
—)
—)
—)
—)
—)
(22,538)
—)
—)
Other income (expense), net
37,825)
43,374)
50,164)
35,930)
44,458)
40,935)
50,560)
45,622)
32,154)
26,739)
24,776)
14,864)
18,074)
47,006)
19,380)
(8,644)
(1,201)
(14,140)
29,033)
7,348)
(3,882)
(3,197)
(7,868)
1,004)
2,568)
1,618)
Income before income taxes
1,330,303)
1,309,476)
1,328,799)
1,264,433)
972,529)
1,078,687)
945,043)
702,008)
691,270)
851,711)
775,506)
800,683)
1,142,973)
1,070,028)
949,699)
846,285)
926,905)
766,348)
708,843)
640,403)
527,402)
483,806)
405,069)
115,199)
424,927)
371,516)
(Provision) benefit for income taxes
(184,621)
(188,436)
(125,950)
(176,017)
(148,002)
(132,836)
(108,597)
(100,467)
(108,736)
(110,336)
(90,852)
(102,846)
(164,178)
(43,963)
(144,301)
(115,625)
(209,388)
302,137)
(75,785)
(73,233)
(70,419)
(63,664)
5,246)
(37,190)
(44,622)
(25,120)
Net income
1,145,682)
1,121,040)
1,202,849)
1,088,416)
824,527)
945,851)
836,446)
601,541)
582,534)
741,375)
684,654)
697,837)
978,795)
1,026,065)
805,398)
730,660)
717,517)
1,068,485)
633,058)
567,170)
456,983)
420,142)
410,315)
78,009)
380,305)
346,396)
Net (income) loss attributable to non-controlling interest
The financial performance presented demonstrates a generally positive trajectory over the observed period, with notable fluctuations and a recent shift in trends. Revenues exhibited consistent growth from the September 2019 period through the December 2022 period, peaking at approximately US$2.98 billion. However, revenues experienced a decline in the March 2023 period and remained relatively stable through the December 2023 period before resuming growth in the subsequent quarters, reaching approximately US$3.297 billion by September 2025. Gross margin generally increased over time, mirroring the revenue trend, with a significant increase observed between March 2021 and December 2021. A recent stabilization is observed in the gross margin, hovering around 35-36% in the latest reported periods.
Revenue Growth
Revenue growth was strong through December 2022, with a compound annual growth rate (CAGR) of approximately 18.5% from September 2019 to December 2022. The period from March 2023 to December 2023 showed a temporary stagnation, followed by a resumption of growth, albeit at a slower pace. The most recent quarters indicate a return to a more robust growth rate.
Profitability
Income from operations followed a similar pattern to revenue, increasing substantially through December 2022, experiencing a dip in the first half of 2023, and then recovering. Net income attributable to KLA mirrored this trend, with significant growth leading up to December 2022, a decline in the first half of 2023, and subsequent recovery. The company experienced a substantial increase in net income in the September 2021 period, driven by strong revenue and margin performance.
Cost Management
Costs of revenues increased in proportion to revenue growth, maintaining a relatively stable percentage of revenue. Research and development expenses remained consistently high throughout the period, indicating a continued commitment to innovation. Selling, general, and administrative expenses also increased over time, but at a slower rate than revenue, suggesting some degree of operating leverage. An impairment of goodwill and purchased intangible assets was recorded in March 2020 and again in September 2023, impacting overall profitability in those periods.
Recent Trends (2023-2025)
The period from March 2023 through December 2023 represents a period of relative stagnation in revenue and profitability. However, the subsequent quarters demonstrate a recovery, with both revenue and net income increasing. The service segment has shown consistent growth throughout the entire period, contributing increasingly to overall revenue. Interest expense remained relatively stable, while other income experienced fluctuations, including a significant positive impact in the June 2021 period.
Overall, the financial performance indicates a company capable of substantial growth, though subject to periodic fluctuations. The recent recovery in revenue and profitability, coupled with consistent growth in the service segment, suggests a positive outlook. The company’s continued investment in research and development is also a positive indicator of its long-term competitiveness.
