Balance Sheet: Liabilities and Stockholders’ Equity

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

KLA Corp., consolidated balance sheet: liabilities and stockholders’ equity

US$ in thousands

	Jun 30, 2025	Jun 30, 2024	Jun 30, 2023	Jun 30, 2022	Jun 30, 2021	Jun 30, 2020
Accounts payable	458,509)	359,487)	371,026)	443,338)	342,083)	264,280)
Deferred system revenue	816,834)	985,856)	651,720)	500,969)	295,192)	336,237)
Deferred service revenue	548,011)	501,926)	416,606)	381,737)	284,936)	233,493)
Short-term debt	—)	—)	—)	—)	20,000)	—)
Current portion of long-term debt	—)	749,936)	—)	—)	—)	—)
Customer deposits	636,369)	645,893)	769,000)	394,016)	—)	—)
Compensation and benefits	418,515)	371,713)	370,536)	351,924)	305,445)	251,379)
Executive Deferred Savings Plan (EDSP)	350,426)	303,088)	258,223)	225,867)	268,028)	215,167)
Income taxes payable	167,262)	146,740)	383,012)	126,964)	87,320)	35,640)
Interest payable	110,056)	128,727)	105,270)	39,683)	36,135)	36,265)
Current operating lease liabilities	45,192)	36,391)	34,042)	32,218)	32,322)	28,994)
Other liabilities and accrued expenses	534,621)	431,017)	383,407)	374,367)	431,766)	298,331)
Other current liabilities	2,262,441)	2,063,569)	2,303,490)	1,545,039)	1,161,016)	865,776)
Current liabilities	4,085,795)	4,660,774)	3,742,842)	2,871,083)	2,103,227)	1,699,786)
Long-term debt, excluding current portion	5,884,257)	5,880,199)	5,890,736)	6,660,718)	3,422,767)	3,469,670)
Deferred tax liabilities	446,945)	486,690)	529,287)	658,937)	650,623)	660,885)
Deferred service revenue	348,844)	294,460)	176,681)	124,618)	87,575)	96,325)
Income taxes payable	221,808)	291,106)	322,113)	367,052)	333,866)	383,447)
Non-current operating lease liabilities	158,833)	153,117)	138,354)	81,369)	70,739)	70,885)
Pension liabilities	51,750)	51,778)	63,672)	78,525)	87,602)	78,911)
Customer deposits	6,823)	99,794)	156,874)	204,914)	—)	—)
Other non-current liabilities	170,418)	147,320)	132,045)	150,782)	139,083)	139,041)
Other non-current liabilities	609,632)	743,115)	813,058)	882,642)	631,290)	672,284)
Non-current liabilities	7,289,678)	7,404,464)	7,409,762)	8,326,915)	4,792,255)	4,899,164)
Total liabilities	11,375,473)	12,065,238)	11,152,604)	11,197,998)	6,895,482)	6,598,950)
Preferred stock, $0.001 par value, none outstanding	—)	—)	—)	—)	—)	—)
Common stock, $0.001 par value	132)	134)	137)	142)	153)	155)
Capital in excess of par value	2,511,790)	2,279,999)	2,107,526)	1,061,798)	2,175,835)	2,090,113)
Retained earnings	2,179,330)	1,137,270)	848,431)	366,882)	1,277,123)	654,930)
Accumulated other comprehensive income (loss)	1,201)	(49,075)	(36,341)	(27,471)	(75,557)	(79,774)
Total KLA stockholders’ equity	4,692,453)	3,368,328)	2,919,753)	1,401,351)	3,377,554)	2,665,424)
Non-controlling interest in consolidated subsidiaries	—)	—)	—)	(2,261)	(1,912)	15,586)
Total stockholders’ equity	4,692,453)	3,368,328)	2,919,753)	1,399,090)	3,375,642)	2,681,010)
Total liabilities and stockholders’ equity	16,067,926)	15,433,566)	14,072,357)	12,597,088)	10,271,124)	9,279,960)

Based on: 10-K (reporting date: 2025-06-30), 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).

Current liabilities: Current liabilities showed a consistent upward trend from 1,699,786 thousand USD in mid-2020 to a peak of 4,660,774 thousand USD by mid-2024, before decreasing to 4,085,795 thousand USD in mid-2025. Key components such as accounts payable fluctuated but generally increased, with a notable dip in 2023 before rising sharply in 2025. Deferred system and service revenue increased substantially, reflecting potentially higher prepayments or advanced billings. Customer deposits within current liabilities surged markedly between 2021 and 2024 but declined in 2025.
Long-term liabilities: Long-term debt excluding the current portion spiked dramatically from 3,429,767 thousand USD in 2021 to 6,660,718 thousand USD in 2022, then moderated but remained above 5.8 million thousand USD through 2025. Deferred tax liabilities gradually decreased over the years, indicating changes in tax obligations or asset bases. Pension liabilities steadily declined, suggesting reduced future pension obligations or improvements in plan funding. Non-current liabilities overall rose sharply in 2022 from 4,792,255 to 8,326,915 thousand USD, before declining slightly but remaining elevated relative to earlier years.
Total liabilities: Total liabilities grew substantially from 6,598,950 thousand USD in 2020 to a peak of 12,065,238 thousand USD in 2024, before declining to 11,375,473 thousand USD in 2025. This substantial increase primarily reflects the rise in both current and non-current liabilities, possibly driven by increased debt financing and deferred revenues.
Equity: Total stockholders’ equity experienced fluctuations with a drop in 2022 to around 1,399,090 thousand USD from prior highs, then rebounded strongly to 4,692,453 thousand USD by mid-2025. Retained earnings showed variability but generally trended upward over the period, with substantial growth by 2025. Capital in excess of par value also increased substantially, indicating possible equity injections or stock issuances. Accumulated other comprehensive income (loss) shifted from negative values toward near neutral by 2025, reflecting changes in other comprehensive income components.
Debt and financing structure: The appearance of short-term debt at 20,000 thousand USD in 2021 and a large current portion of long-term debt valued at 749,936 thousand USD in 2024 highlight a possible restructuring or refinancing activity. This contributed to current liabilities elevating significantly in 2024, suggesting increased near-term debt obligations. The significant spike and then stabilization in long-term debt points to substantial financing events during 2022-2023, impacting the company’s leverage profile.
Other liabilities and expenses: Other liabilities and accrued expenses were volatile but generally increased over time. Interest payable exhibited an increasing trend, peaking in 2024 before moderating, consistent with elevated debt levels. Income taxes payable showed sharp growth in 2023, potentially indicating increased taxable income or changes in tax payments, followed by declines in subsequent years.
Liability components related to leases: Both current and non-current operating lease liabilities showed a steady upward trend over the period, signifying increasing lease-related financial commitments, possibly from new or renewed lease agreements.
Summary of financial position trends: Overall, the data reflects a period of increased leverage and deferred revenue accumulation, with total liabilities rising sharply through 2024 before a moderate reduction in 2025. Equity recovery after a drop in 2022 suggests improved profitability or capital raising efforts. The balance sheet expanded significantly in size, nearly doubling total liabilities and equity from 2020 to 2025, indicating growth but also potentially elevated financial risk from higher debt levels and deferred revenue obligations.

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KLA Corp. (NASDAQ:KLAC)

Balance Sheet: Liabilities and Stockholders’ Equity