Income Statement
Quarterly Data
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.
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KLA Corp., consolidated income statement (quarterly data)
US$ in thousands
Based on: 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), 10-K (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30).
- Product Revenue
- Product revenue demonstrates a general upward trajectory from September 2018 to June 2024, increasing from $829.2 million to a peak above $2.46 billion by December 2022. After this peak, there is a noticeable decline in early 2023 with values around $1.9 billion mid-2023, followed by a gradual recovery nearing $2.4 billion in mid-2024. This pattern suggests an overall growth trend with short-term volatility in recent quarters.
- Service Revenue
- Service revenue has steadily increased across the entire period, rising from approximately $264 million in late 2018 to $669 million by mid-2024. Unlike product revenue, service revenue maintains a consistent growth without significant downturns, indicating a stable expansion in this segment.
- Total Revenues
- Total revenues reflect the combined behavior of product and service revenues, growing overall from about $1.09 billion in September 2018 to over $3 billion in early 2024. The progression is marked by incremental increases interrupted by slight dips occurring mostly in early 2023, aligning with the observed product revenue contraction, before resuming growth.
- Costs of Revenues
- Costs of revenues have increased in absolute terms from around $381 million in September 2018 to peaks exceeding $1.2 billion by late 2024, generally mirroring revenue trends. Notably, costs jumped markedly during 2022, reflecting either increased production expenses or investment in revenue-generating activities. Despite cost increases, the costs relative to revenues appear contained as gross margin growth continues.
- Gross Margin
- Gross margin shows substantial growth, rising from approximately $711.9 million in late 2018 to nearly $1.89 billion by mid-2024. The margin increases appear relatively stable with slight dips coinciding with periods of lower product revenue in early 2023. The progressive expansion suggests improved operational efficiency or favorable product mix over time.
- Research and Development Expenses
- Research and development expenditures steadily escalate, growing from about $153.5 million in September 2018 to a peak near $346 million by mid-2024. This trend indicates a consistent and increasing investment in innovation and product development throughout the period.
- Selling, General and Administrative Expenses
- These expenses moderately increase from about $114.4 million to approximately $267 million by mid-2024, with fluctuations. Notable spikes occur in the first half of 2019, followed by slight moderation, but the overall trend reflects rising costs in support functions correlating with business expansion.
- Impairment of Goodwill and Purchased Intangible Assets
- There are significant charges related to impairment recorded sporadically, notably in March 2020 with a large $256.6 million expense and again in recent periods—late 2023 and early 2024—with major impairments nearing $239 million. These charges negatively impact operating income in their respective quarters by reducing asset values.
- Income from Operations
- Operating income grows generally from $443.9 million in late 2018 to over $1.3 billion by mid-2024. However, operating income exhibits volatility, especially in early 2020 where impairment and operational challenges reduce it to approximately $176 million, with recovery and growth following thereafter. The increase from 2021 forward points to improving profitability and operational leverage.
- Interest Expense and Debt Extinguishments
- Interest expense remains relatively stable around $25 million to $82 million per quarter, with a large increase in the latter part of 2021 and early 2022. Losses on extinguishment of debt occur infrequently, with notable losses in early 2020 and mid-2022, indicating occasional debt refinancing or restructuring costs.
- Other Income (Expense), Net
- Other income and expense figures fluctuate, with positive spikes in mid-2021 and throughout 2023 and 2024, suggesting gains or favorable adjustments. Negative offsets occur intermittently, reflecting variable non-operational financial impact.
- Income Before Income Taxes
- Income before income taxes generally aligns with income from operations, increasing from around $427.6 million in late 2018 to over $1.26 billion by mid-2024. The pattern of dips and recoveries mirrors operating income trends, with reductions during impairment events and subsequent growth.
- Provision for Income Taxes
- The provision for income taxes shows significant variability, including large deferred tax benefits in the third quarter of 2021 indicating tax adjustments, and regular tax expense fluctuations consistent with income before tax movements. The tax benefit in late 2021 has an unusual positive impact, lifting net income in that quarter.
- Net Income and Net Income Attributable to KLA
- Net income follows the overall operational pattern with growth from roughly $396 million in late 2018 to a peak over $1 billion in the first half of 2024. The net income attributable to the company mirrors this trend, showing resilience despite interim impairments and restructuring costs. Periods of sharp increase, such as in late 2021, are influenced by tax benefits and improved operating results.