Common-Size Income Statement
Quarterly Data
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KLA Corp. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
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KLA Corp., common-size consolidated income statement (quarterly data)
Based on: 10-K (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 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).
The financial performance over the analyzed period demonstrates a trajectory of expanding operating efficiency and resilient profitability. A primary characteristic is the steady improvement in operating margins, driven by disciplined control over operating expenses relative to revenue growth.
- Revenue Composition
- The revenue mix shifted toward product sales, which increased from 74.45% in September 2020 to a peak of 82.56% by December 2022. Conversely, service revenue declined to a low of 17.44% during the same period. From 2023 through 2026, the mix stabilized, with product revenue fluctuating between 74% and 78% and service revenue remaining within the 22% to 25% range.
- Gross Margin Stability
- Gross margins remained consistently high, generally oscillating between 58% and 62%. Despite minor fluctuations, the margin displayed significant resilience, reaching a peak of 61.97% in June 2025, indicating a strong ability to maintain pricing power and manage direct costs of revenue.
- Operating Expense Trends
- A consistent reduction in operating expenses as a percentage of revenue is observed. Research and development costs decreased from 14.24% in September 2020 to 10.91% by June 2026. Similarly, selling, general, and administrative expenses trended downward from 11.22% to 7.97%. This contraction suggests significant operating leverage and improved scale efficiency.
- Operating Income and Non-Recurring Items
- Income from operations exhibited a general upward trend, rising from 34.21% in September 2020 to 42.49% by June 2026. However, this growth was interrupted by periodic impairment charges related to goodwill and intangible assets, most notably in December 2023 (-8.81%) and December 2024 (-7.77%), which caused temporary contractions in operating profitability.
- Net Profitability and Taxation
- Net income as a percentage of revenue showed long-term growth, moving from approximately 27% in 2020 to 37.27% by June 2026. Significant volatility was noted in September 2021, where net income spiked to 51.27% due to a substantial tax benefit of 14.50%. Excluding such anomalies, the net margin reflects a steady upward progression aligned with the growth in operating income.