Companies / KLA COMPANY FILINGS
KLA KLAC In fiscal 2026, KLA supplied inspection, metrology, process equipment, software and services for semiconductor and electronics manufacturing. Its three reportable segments were Semiconductor Process Control, Specialty Semiconductor Process, and PCB (printed circuit board) and Component Inspection.
Business description: FY2026 CIK 0000319201 Source: SEC EDGAR
Overview 10-K summary Balance sheet Original filings
Annual reports 9
Report coverage 2018–2026
Financial statement focus Balance sheet READ THE FILING
Annual report insights AI summary AI-generated summaries of the cited 10-K filings. For informational purposes only; not personalized investment advice.
Choose a fiscal year FY2026 FY2025 FY2024 FY2023 FY2022 Fiscal 2026 revenue increased 12% from fiscal 2025. Management attributed the increase primarily to higher product revenue from leading-edge customer investment in foundry/logic, memory and advanced packaging, supported by AI and high-performance computing demand.
Source: 2026 Backlog increased from $7.86 billion at June 30, 2025 to $12.57 billion at June 30, 2026, which management attributed to demand from AI infrastructure investment. Orders remain subject to modification, delay or cancellation, and KLA cautioned that backlog does not indicate when future revenue will be recognized.
Source: 2026 View full 10-K summary 2026 Hide full 10-K summary 2026 Signals describe observations in the selected filing, not forecasts or investment ratings. Risk disclosures do not establish that a loss occurred.
Negative signals Tariff costs and shipment holds KLA reported higher tariff-related costs in fiscal 2026. It also disclosed that U.S. Customs and Border Protection had held up some products destined for China over questions about customers or product capabilities.
Source: 2026 Expected DRAM cost pressure Management expected the additional cost of procuring certain DRAM chips used in KLA products to continue weighing on gross margin in fiscal 2027. This was a forward-looking expectation, following supplier production discontinuations and sharply higher chip procurement prices.
Source: 2026 Business context Purchase commitments At June 30, 2026, KLA estimated significant purchase commitments of approximately $5.97 billion, primarily for materials, services, supplies and assets, with a majority due within the next 12 months. Actual expenditure could vary with transaction volumes, service duration and renegotiations or cancellations; certain agreements carried potential cancellation penalties.
Source: 2026 Business in fiscal 2026 In fiscal 2026, KLA supplied inspection, metrology, process equipment, software and services for semiconductor and electronics manufacturing. Its three reportable segments were Semiconductor Process Control, Specialty Semiconductor Process, and PCB (printed circuit board) and Component Inspection.
Source: 2026
5-year changes FY2022–FY2026 Selected changes based on passages from the cited five fiscal-year filings, ending in this report year. This is not an exhaustive review of the filings. Later fiscal-year filings are excluded.
Revenue recovery and service growth KLA's consolidated revenue was US$9,211,883 thousand in FY2022 and US$10,496,056 thousand in FY2023, before falling to US$9,812,247 thousand in FY2024. It subsequently reached US$12,156,162 thousand in FY2025 and US$13,579,476 thousand in FY2026. Service revenue increased in each of these years, from US$1,910,455 thousand to US$3,125,939 thousand. Services span multiple segments, so these amounts do not represent a standalone service segment.
Source: 2023 , 2026 Display exit FY2022 disclosures included display inspection within KLA's PCB (printed circuit board), Display and Component Inspection segment. In FY2024, KLA reported its March 2024 decision to exit Display, scheduling the end of most Display product manufacturing by December 31, 2024 while continuing service for installed products. The FY2026 filing reported restructuring charges of US$1.2 million, compared with US$7.7 million in FY2025 and US$21.6 million in FY2024, primarily related to restructuring the former PCB and Display operating segment.
Source: 2022 , 2024 , 2026 Memory-chip shortage and purchase commitments The selected FY2025 disclosure described the risk that supplier discontinuations could require large purchases of parts to maintain supply for customers. In FY2026, KLA described an actual shortage after several large suppliers stopped manufacturing certain DRAM chips used in its products. Management said the shortage sharply increased chip acquisition prices and that procurement efforts contributed to higher purchase commitments in FY2026.
Source: 2025 , 2026 Request a correction For the year ended June 30, 2025, KLA reported revenue of $12,156,162 thousand, compared with $9,812,247 thousand in fiscal 2024. Gross margin (revenue less costs of revenues, as a share of revenue) was 60.9%, compared with 60.0%.
Source: 2025 KLA repurchased $2.15 billion of shares and paid $904.6 million in dividends in the year ended June 30, 2025. In the fourth quarter, it increased its quarterly dividend to $1.90 per share.
Source: 2025 View full 10-K summary 2025 Hide full 10-K summary 2025 Signals describe observations in the selected filing, not forecasts or investment ratings. Risk disclosures do not establish that a loss occurred.
Positive signals No positive signals are highlighted in this summary. This does not mean the filing contains none.
Negative signals PCB asset write-downs KLA recorded $239.1 million of asset write-downs (impairment charges) for goodwill and purchased intangible assets in the second quarter of fiscal 2025. Goodwill is the excess of purchase price over the fair value of assets acquired less liabilities assumed; purchased intangible assets are acquired nonphysical assets. The company reported continued deterioration in its PCB business's long-term outlook and an internal reorganization that triggered impairment testing.
Source: 2025 China restrictions KLA disclosed that its inability to obtain export licenses had reduced backlog (unfilled customer orders), required the return of some Chinese customer deposits, and limited sales and contractual performance in China. Management attributed China's lower revenue share in fiscal 2025 partly to stricter U.S. export controls and partly to moderating investment by larger Chinese customers.
Source: 2025 Business context Year-end debt At June 30, 2025, KLA had $5.95 billion in debt principal (the amount borrowed, excluding interest) and no borrowings under its prior revolving credit facility (credit line). The company reported compliance with all covenants (required commitments and restrictions) under both the Senior Notes bond agreement and the prior credit agreement at that date.
Source: 2025 Business in fiscal 2025 In fiscal 2025, KLA operated three reportable segments: Semiconductor Process Control, Specialty Semiconductor Process, and PCB (printed circuit board) and Component Inspection. Its offerings included semiconductor inspection, metrology (precision measurement) and data analytics, deposition and etching tools, and inspection and patterning products for printed circuit boards and electronic components.
Source: 2025
5-year changes FY2021–FY2025 Selected changes based on passages from the cited five fiscal-year filings, ending in this report year. This is not an exhaustive review of the filings. Later fiscal-year filings are excluded.
Wafer inspection share rises overall In the selected product-category disclosures, wafer inspection (defect checks on wafers used to make chips) accounted for 39% of KLA’s total revenue in FY2021, 44% in FY2022, 41% in FY2023, 44% in FY2024 and 51% in FY2025. Its share was higher at the end of the window, although it did not increase every year. These percentages describe a product category within Semiconductor Process Control, rather than the entire segment.
Source: 2021 , 2023 , 2025 China share falls from window peak On a ship-to-location basis, China represented 26% of total revenue in FY2021, 29% in FY2022, 27% in FY2023, 43% in FY2024 and 33% in FY2025. The FY2025 share remained above FY2021 despite falling from FY2024. Management attributed the recent decline to moderating investment by larger Chinese customers and said tighter U.S. export controls also contributed to the lower revenue share.
Source: 2021 , 2022 , 2024 , 2025 Operating cash recovers to window high The selected consolidated cash-flow disclosures show net cash from operating activities of approximately US$2.19 billion in FY2021, US$3.31 billion in FY2022, US$3.67 billion in FY2023, US$3.31 billion in FY2024 and US$4.08 billion in FY2025. Operating cash generation declined in FY2024 before recovering in FY2025 to the highest reported amount within this five-year comparison.
Source: 2021 , 2022 , 2025 Request a correction Fiscal 2024 total revenue declined to $9,812,247 thousand from $10,496,056 thousand in fiscal 2023, while gross margin (revenue less costs of revenues, as a share of revenue) rose from 59.8% to 60.0%. Management attributed the margin improvement primarily to lower other service and manufacturing costs and a more profitable sales mix, partly offset by lower revenue volume.
Source: 2024 In March 2024, KLA decided to exit the Display business, announcing plans to end manufacturing of most Display products by December 31, 2024 while continuing service for existing customers. The decision triggered a $70.5 million goodwill write-down (impairment charge) in the quarter ended March 31, 2024; goodwill is the excess of purchase price over the fair value of assets acquired less liabilities assumed. The exit did not qualify for separate reporting as a discontinued operation under the relevant accounting guidance.
Source: 2024 View full 10-K summary 2024 Hide full 10-K summary 2024 Signals describe observations in the selected filing, not forecasts or investment ratings. Risk disclosures do not establish that a loss occurred.
Positive signals Services Services revenue increased to $2,329,568 thousand in fiscal 2024 from $2,117,031 thousand in fiscal 2023. Services represented 24% of fiscal 2024 total revenue and were offered across multiple segments.
Source: 2024 Business context Geography China accounted for 43% of fiscal 2024 revenue, compared with 27% in fiscal 2023, based on ship-to location. This geographic measure describes shipment destinations rather than customers' ultimate end markets.
Source: 2024 Business in fiscal 2024 For fiscal 2024, ended June 30, KLA's offerings included wafer inspection and patterning products, specialty semiconductor process tools, printed circuit board (PCB) and component inspection solutions, and services across multiple segments.
Source: 2024
5-year changes FY2020–FY2024 Selected changes based on passages from the cited five fiscal-year filings, ending in this report year. This is not an exhaustive review of the filings. Later fiscal-year filings are excluded.
Services grow despite final-year revenue decline The selected disclosures show consolidated revenue of approximately US$5.81 billion in FY2020, US$6.92 billion in FY2021, US$9.21 billion in FY2022 and US$10.50 billion in FY2023, followed by US$9.81 billion in FY2024. Service revenue rose from approximately US$1.48 billion in FY2020 to US$2.33 billion in FY2024. In the final year, services increased from approximately US$2.12 billion despite the decline in consolidated revenue, and their reported revenue share moved from 20% to 24%. Services span multiple segments; all fiscal years ended June 30.
Source: 2020 , 2021 , 2022 , 2023 , 2024 Asset sale, revised segments and exit plan The FY2020 disclosure described an agreement to sell core assets of KLA’s non-strategic solar business. The FY2022 filing reported completion in the first quarter of FY2021. By FY2023, KLA presented three reportable segments and moved the former Other segment’s revenue and gross profit into amounts used to reconcile segment totals with consolidated results, revising the FY2021 and FY2022 presentations. In March 2024, management decided to exit Display, announcing that manufacturing of most Display products would end by December 31, 2024 while service for existing customers would continue. The FY2024 segment was named PCB (printed circuit board) and Component Inspection; these disclosures reflect both business decisions and reporting changes.
Source: 2020 , 2022 , 2023 , 2024 Request a correction KLA's product revenue increased 15% and service revenue increased 11% in fiscal 2023 compared with fiscal 2022. Management attributed service growth primarily to an increase in the installed base.
Source: 2023 Gross margin declined from 61.0% in fiscal 2022 to 59.8% in fiscal 2023. Management attributed the decline primarily to higher service and manufacturing costs, partially offset by higher product and service revenue volume.
Source: 2023 View full 10-K summary 2023 Hide full 10-K summary 2023 Signals describe observations in the selected filing, not forecasts or investment ratings. Risk disclosures do not establish that a loss occurred.
Negative signals Workforce reduction charges KLA recorded $44.0 million of restructuring charges in fiscal 2023, primarily for workforce reductions announced and substantially completed in the third and fourth fiscal quarters.
Source: 2023 Export risk KLA warned that failure to obtain export licenses under the U.S. Bureau of Industry and Security (BIS) export-control rules could materially affect future business, substantially reduce unfulfilled commitments to deliver products and services or require the return of substantial customer deposits for China purchase orders. This was a conditional risk; KLA stated that the rules had not significantly affected operations to date.
Source: 2023 Business context Backlog decline Backlog, representing remaining obligations to deliver products and services, was $11.40 billion at June 30, 2023, compared with $13.11 billion a year earlier. KLA cautioned that backlog was not necessarily indicative of future sales because customers could change delivery schedules, delay orders or cancel them.
Source: 2023 Business in fiscal 2023 In fiscal 2023, KLA supplied process equipment, process control equipment and data analytics products for semiconductor, printed circuit board and display manufacturing, together with support and services for equipment already installed at customer sites.
Source: 2023
5-year changes FY2019–FY2023 Selected changes based on passages from the cited five fiscal-year filings, ending in this report year. This is not an exhaustive review of the filings. Later fiscal-year filings are excluded.
Operating cash increased The selected cash-flow statements show higher consolidated operating cash inflows in each successive fiscal year. For the years ended June 30, KLA reported 1,152,632 in FY2019, 1,778,850 in FY2020, 2,185,026 in FY2021, 3,312,702 in FY2022 and 3,669,805 in FY2023, all in US$ thousands. FY2019 included Orbotech’s results only from its acquisition date, limiting comparisons on the basis of an unchanged set of businesses.
Source: 2021 , 2023 , 2019 Segment scope changed KLA completed its Orbotech acquisition in February 2019. In FY2020, it agreed to sell certain core assets of its non-strategic solar business; the FY2022 filing reports that the sale closed in the first quarter of FY2021. The FY2022 filing described four reportable segments, while FY2023 presented three. The FY2023 report also revised the FY2021 and FY2022 presentation by moving Other’s revenue and gross profit into amounts used to reconcile segment totals with consolidated results for corporate allocations and foreign-exchange effects. Segment subtotals therefore require attention to the presentation used in each filing.
Source: 2019 , 2020 , 2022 , 2023 Request a correction Fiscal 2022 total revenue increased 33% from fiscal 2021, and gross margin rose from 59.9% to 61.0%. Management attributed the margin improvement primarily to higher sales volume and a more profitable product and service mix, partly offset by higher service and manufacturing costs.
Source: 2022 At June 30, 2022, KLA reported $13.11 billion of remaining performance obligations (commitments to deliver products and services), excluding $1.01 billion of contract liabilities (amounts billed or received before the products or services qualify as revenue). Management expected approximately 40% to 50% to become revenue beyond the next 12 months, with timing subject to supply constraints, customer scheduling changes and demand.
Source: 2022 View full 10-K summary 2022 Hide full 10-K summary 2022 Signals describe observations in the selected filing, not forecasts or investment ratings. Risk disclosures do not establish that a loss occurred.
Negative signals Longer component lead times KLA reported extended supply lead times and shortages that sometimes required earlier planning and increased purchase commitments to secure critical components.
Source: 2022 Export risk KLA warned that additional U.S. Entity List designations or licensing restrictions limiting sales to Chinese customers could significantly harm its business. It reported that the existing rules had not significantly affected operations to date.
Source: 2022 Business context Tax benefit Fiscal 2022 tax expense included a $392.7 million non-recurring benefit from transfers of intellectual property rights between entities within the company, according to management's tax discussion.
Source: 2022 Debt financing KLA had $6.73 billion of outstanding debt principal at June 30, 2022, including $3.00 billion of bonds issued without pledged collateral in the fourth quarter. The filing states that proceeds remaining after the amount intended for a debt repurchase were used for share repurchases and general corporate purposes.
Source: 2022 Business in fiscal 2022 In fiscal 2022, KLA supplied process equipment, process control equipment and data analytics products for semiconductor, printed circuit board and display manufacturing, with support and services for equipment already installed at customer sites.
Source: 2022
5-year changes FY2018–FY2022 Selected changes based on passages from the cited five fiscal-year filings, ending in this report year. This is not an exhaustive review of the filings. Later fiscal-year filings are excluded.
Orbotech acquisition closes; segments increase KLA reported one segment in FY2018, when its Orbotech acquisition was still pending. The transaction closed on February 20, 2019, and KLA subsequently reorganized into four reportable segments; FY2022 still disclosed four. The FY2019 filing included Orbotech’s financial results only from the acquisition date, while presenting earlier segment figures under the new structure. Consequently, the presentation of earlier periods under the new segment structure does not mean those periods included Orbotech’s operations.
Source: 2018 , 2019 , 2022 Operating cash grows after initial decline Reported consolidated operating cash inflows, in US$ thousands, were 1,229,120 in FY2018, 1,152,632 in FY2019, 1,778,850 in FY2020, 2,185,026 in FY2021 and 3,312,702 in FY2022. These are reported amounts across a period that included the Orbotech acquisition. The FY2022 liquidity discussion also identified US$3.97 billion of stock repurchases and a separate US$900.0 million payment under an accelerated share-repurchase agreement for shares still to be delivered, alongside US$3.22 billion of net debt proceeds including borrowing under revolving credit lines.
Source: 2018 , 2019 , 2020 , 2021 , 2022 Request a correction FINANCIAL STATEMENTS
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Annual reports & SEC 10-K filings SEC EDGAR 9 reports in this collection
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