Stock Analysis on Net
Stock Analysis on Net

KLA Corp. (NASDAQ:KLAC)

$24.99

Common-Size Income Statement
Quarterly Data

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KLA Corp., common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: 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
Service
Revenues
Costs of revenues
Gross margin
Research and development
Selling, general and administrative
Impairment of goodwill and purchased intangible assets
Income from operations
Interest expense
Loss on extinguishment of debt
Other income (expense), net
Income before income taxes
(Provision) benefit for income taxes
Net income
Net (income) loss attributable to non-controlling interest
Net income attributable to KLA

Based on: 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), 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).

Product and Service Revenue Composition
The percentage of revenues from products showed a general increasing trend over the periods, rising from approximately 74.85% in September 2019 to a peak around 82.56% in December 2022, followed by a slight decline but remaining close to 77-78% in the most recent quarters. Conversely, the service segment exhibited an inverse movement, beginning near 25.15% in 2019 and decreasing to about 17.44% by the end of 2022, before stabilizing around the low 20% range subsequently.
Cost Structure
Costs of revenues as a percentage of total revenues generally decreased from around 42.75% in late 2019 to about 38-39% in more recent quarters, indicating an improvement in cost efficiency or changes in product mix. This reduction in costs contributed to an upward trend in gross margin percentages, which increased from approximately 57.25% in 2019 to peaks slightly above 61% in several periods after 2021, demonstrating enhanced profitability at the gross profit level.
Operating Expenses
Research and development expenses relative to revenues have decreased moderately, moving from nearly 14.9% in 2019 down to about 11-13% in later quarters, illustrating some control over R&D spending relative to revenue. Selling, general, and administrative expenses also declined from over 13% to about 8-10%, showing improved operational efficiencies or cost management during the period.
Impairment Charges
Significant impairment losses were recorded in the first quarter of 2020, indicated by an 18.02% reduction relative to revenues, with subsequent lesser impairments noted intermittently such as in recent quarters of 2024. These impairments considerably impacted income from operations and net income during affected periods.
Profitability
Income from operations as a percentage of revenues improved overall from about 29% in 2019 to peaks above 41% in the recent periods, despite the volatility caused by impairments. Income before income taxes followed a similar pattern, showing growth from the mid-20% range in 2019 to over 40% in some later quarters. However, fluctuations were observed, particularly coinciding with impairment charges and variable other income/expense items.
Interest and Other Expenses
Interest expense relative to revenues decreased moderately from approximately 2.85% in 2019 to near or below 2% in several quarters, though it increased again toward some of the recent periods to around 3%. Other income (expense) showed variability but generally improved, turning positive and reaching values near 1.5-2% of revenues in the latest quarters, which contributed favorably to pre-tax income.
Income Taxes
The provision for income taxes as a percentage of revenues showed notable fluctuations, including instances of negative tax rates and a marked positive tax adjustment of 14.5% in September 2021, likely due to a tax benefit or accounting adjustment. Overall, the tax provision tends to oscillate around 3-5% of revenues in most quarters, introducing variability in net income calculations.
Net Income
Net income margin displayed considerable volatility, with a notable dip in early 2020 corresponding to impairments but generally improved to reach upward of 37% in some quarters post-2022. The margins demonstrate strong profitability, albeit with sensitivity to exceptional items and tax effects. The net income attributable to the parent company closely mirrors overall net income trends.