Reports › KLAC › 10-Q FY2025

SEC filings, compared

What changed in Kla's 10-Q for the quarter ended December 31, 2025

Compared with the 10-Q for the quarter ended December 31, 2024. Part I, Item 2 and Part II, Item 1A analysed; every summary checked against the quoted filing text.

Registrant: KLA CORP · KLAC
This filing: 0000319201-26-000008 ↗ · filed Jan 30, 2026
Compared with: 0000319201-25-000006 ↗ · filed Jan 31, 2025
Processed: Sep 20, 2026 UTC · parser-v5 · classify-v4 · select-v1

Research tool. Describes what filings say. Not investment advice. Verify independently. Read the cited paragraph before relying on it.

How a report is made

68 material changes among 103 changed paragraphs · 3 held for review

13 shown by default across the three sections below; each section's "Show all" reaches the rest, in filing order. 3 held for review appear as diffs at the end.

Numbers from XBRL

Each figure is the one the filing itself tagged, taken from the filing that reported it. Not written by a model.

Concept	FY2025	FY2024	Change (our arithmetic)
Revenueus-gaap:RevenueFromContractWithCustomerExcludingAssessedTax	3,297,146,000USD · Oct 1, 2025 to Dec 31, 2025	3,076,851,000USD · Oct 1, 2024 to Dec 31, 2024	+220,295,000+7.2%
Net income or lossus-gaap:NetIncomeLoss	1,145,682,000USD · Oct 1, 2025 to Dec 31, 2025	824,527,000USD · Oct 1, 2024 to Dec 31, 2024	+321,155,000+39%
Cash and cash equivalentsus-gaap:CashAndCashEquivalentsAtCarryingValue	2,452,124,000USD · at Dec 31, 2025	1,838,278,000USD · at Dec 31, 2024	+613,846,000+33.4%
Net cash from operating activitiesus-gaap:NetCashProvidedByUsedInOperatingActivities	2,529,198,000USD · Jul 1, 2025 to Dec 31, 2025	1,844,753,000USD · Jul 1, 2024 to Dec 31, 2024	+684,445,000+37.1%

Values as tagged in the filing's inline XBRL, resolved by accession rather than by period matching. When a value is not tagged, we show that instead of estimating it. FY2025: 0000319201-26-000008 · FY2024: 0000319201-25-000006

What the company says for the first time

Paragraphs with no counterpart in the prior filing.

3 material additions

Part I, Item 2 · MD&A

3 of 3 shown · In filing order, too few to rank

01AddedPart I, Item 2 › SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

Summary · quote-checked

Added tariffs and other trade restrictions as a forward-looking statement topic.

The new bullet identifies tariffs and trade restrictions, introducing a distinct external risk topic rather than merely updating wording or dates.

Filing text · FY2024 10-Q · filed Jan 31, 2025

No corresponding language in the FY2024 10-Q.

Filing text · FY2025 10-Q · filed Jan 30, 2026

[added] • Tariffs and other trade restrictions;

Cite this change

"• Tariffs and other trade restrictions;"

Kla, Form 10-Q for FY2025, Part I, Item 2, accession 0000319201-26-000008, filed 30 January 2026.

Filing: https://www.sec.gov/Archives/edgar/data/319201/000031920126000008/klac-20251231.htm

Comparison: https://yearover.com/reports/klac/0000319201-26-000008?ref=quote

02AddedPart I, Item 2 › EXECUTIVE SUMMARY

Summary · quote-checked

Added disclosure of share repurchases, dividends, a dividend increase, and the company’s strategy of returning excess cash to stockholders.

The new paragraph introduces cash-return actions, specific amounts, a higher dividend, and a consecutive-increase milestone, changing the disclosed capital-allocation information.

Filing text · FY2024 10-Q · filed Jan 31, 2025

No corresponding language in the FY2024 10-Q.

Filing text · FY2025 10-Q · filed Jan 30, 2026

[added] We continue to focus on returning cash to our investors, making $547.8 million in share repurchases and paying $249.7 million in dividends in the three months ended December 31, 2025. We increased the dividend in the fourth quarter of fiscal 2025 to $1.90 per share per quarter, which was our 16th consecutive annual dividend increase. Refer to the "Liquidity and Capital Resources" section below for more information on our strong cash flow generation and strategy of returning excess cash to our stockholders.

Cite this change

"We continue to focus on returning cash to our investors, making $547.8 million in share repurchases and paying $249.7 million in dividends in the three months ended December 31, 2025."

Kla, Form 10-Q for FY2025, Part I, Item 2, accession 0000319201-26-000008, filed 30 January 2026.

Filing: https://www.sec.gov/Archives/edgar/data/319201/000031920126000008/klac-20251231.htm

Comparison: https://yearover.com/reports/klac/0000319201-26-000008?ref=quote

03AddedPart I, Item 2 › Revenues by region

Summary · quote-checked

Added MD&A disclosure describing changes in Taiwan revenue and their stated shipment and demand-related drivers.

A new regional revenue narrative states a decline, an increase, and specific drivers, adding substantive information about reported results and management’s explanation.

Filing text · FY2024 10-Q · filed Jan 31, 2025

No corresponding language in the FY2024 10-Q.

Filing text · FY2025 10-Q · filed Jan 30, 2026

[added] Revenues from our customers in Taiwan decreased 4% in the three months ended December 31, 2025 compared to the same period in the prior year, primarily due to the timing of shipments. Overall revenues from customers in Taiwan increased by 22% in the six months ended December 31, 2025, compared to the same period in the prior year, primarily due to increased investments in process control to meet leading-edge demand driven by innovation and growth of AI.

Cite this change

"Revenues from our customers in Taiwan decreased 4% in the three months ended December 31, 2025 compared to the same period in the prior year, primarily due to the timing of shipments. Overall revenues from customers in Taiwan increased by 22% in the six months ended December 31, 2025, compared to the same period in the prior year, primarily due to increased investments in process control to meet leading-edge demand driven by innovation and growth of AI."

Kla, Form 10-Q for FY2025, Part I, Item 2, accession 0000319201-26-000008, filed 30 January 2026.

Filing: https://www.sec.gov/Archives/edgar/data/319201/000031920126000008/klac-20251231.htm

Comparison: https://yearover.com/reports/klac/0000319201-26-000008?ref=quote

What the company no longer says

Paragraphs of the prior filing that this filing dropped. Only last year's text can show these.

24 material removals

Part I, Item 2 · MD&A

5 of 24 shown · Ordered by the model, quote-checked

01RemovedPart I, Item 2 › EXECUTIVE SUMMARY

Summary · quote-checked

Removed disclosure of export-control regulations, reduced remaining performance obligations, license uncertainty, and potential effects on customer shipments.

The removed paragraph disclosed regulatory restrictions, a substantial RPO reduction, licensing dependence, and uncertainty affecting shipments and customer operations.

Why the model ranked it here

This removes disclosure that export rules had already constrained shipments and reduced remaining obligations, making the company’s regulatory exposure and fulfillment uncertainty less visible.

Filing text · FY2024 10-Q · filed Jan 31, 2025

[removed] Furthermore, in December 2024 and January 2025, the U.S. government again issued incremental regulations (the "2024 BIS Rules" and the "2025 BIS Rules," respectively) adding even more companies to the U.S. Entity List and revising the definition of advanced DRAM, further restricting our ability to provide certain items and services to facilities in China producing advanced DRAM ICs. After the 2024 BIS Rules and 2025 BIS Rules were promulgated, we reduced our remaining performance obligations ("RPO") by an aggregate of approximately $430 million because we are currently unable to ship the products ordered by affected customers without an export license, of which approximately 50% was included in the RPO expected to be recognized as revenue in the following 12 months, as disclosed in our quarterly report on Form 10-Q for the quarter ended September 30, 2024. We are taking appropriate measures to comply with all BIS Rules, and will continue to apply for export licenses, when required, to avoid disruption to our customers' operations. To the extent that we or our customers are able to obtain export licenses in the future, we will increase RPO for the products we can ship to the customers or services we can provide the customers under the export license. There can be no assurance that export licenses applied for by either us or our customers, now or in the future, will be granted.

Filing text · FY2025 10-Q · filed Jan 30, 2026

No corresponding language in the FY2025 10-Q.

Cite this change

"Furthermore, in December 2024 and January 2025, the U.S. government again issued incremental regulations (the "2024 BIS Rules" and the "2025 BIS Rules," respectively) adding even more companies to the U.S. Entity List and revising the definition of advanced DRAM, further restricting our ability to provide certain items and services to facilities in China producing advanced DRAM ICs. After the 2024 BIS Rules and 2025 BIS Rules were promulgated, we reduced our remaining performance obligations ("RPO") by an aggregate of approximately $430 million because we are currently unable to ship the products ordered by affected customers without an export license, of which approximately 50% was included in the RPO expected to be recognized as revenue in the following 12 months, as disclosed in our quarterly report on Form 10-Q for the quarter ended September 30, 2024. We are taking appropriate measures to comply with all BIS Rules, and will continue to apply for export licenses, when required, to avoid disruption to our customers' operations. To the extent that we or our customers are able to obtain export licenses in the future, we will increase RPO for the products we can ship to the customers or services we can provide the customers under the export license. There can be no assurance that export licenses applied for by either us or our customers, now or in the future, will be granted."

Kla, Form 10-Q for FY2024, Part I, Item 2, accession 0000319201-25-000006, filed 31 January 2025.

Filing: https://www.sec.gov/Archives/edgar/data/319201/000031920125000006/klac-20241231.htm

Comparison: https://yearover.com/reports/klac/0000319201-26-000008?ref=quote

02RemovedPart I, Item 2 › EXECUTIVE SUMMARY

Summary · quote-checked

Removed disclosure describing 2023 BIS export controls, their effects on advanced semiconductor equipment, circumvention measures, and KLA’s submitted comments.

The removed paragraph disclosed regulatory obligations and KLA’s engagement with BIS, so its deletion changes the substance of the company’s regulatory-risk and compliance disclosure.

Why the model ranked it here

This removes the company’s description of expanded export controls and anti-circumvention measures, obscuring a material compliance constraint and its effect on operations.

Filing text · FY2024 10-Q · filed Jan 31, 2025

[removed] In October 2023, BIS issued additional rules that went into effect in November 2023 (the "2023 BIS Rules"). These 2023 BIS Rules are designed to update export controls on advanced computing semiconductors and semiconductor manufacturing equipment, as well as items that support supercomputing applications and end-uses, to arms embargoed countries, including China. The 2023 BIS Rules adjust the parameters included in the 2022 BIS Rules that determine whether an advanced computing chip is restricted and impose new measures to address risks of circumvention of the controls established by the 2022 BIS Rules. The 2023 BIS Rules are very complex and, in January 2024, KLA, among other companies, submitted comments to the BIS on the 2023 BIS Rules.

Filing text · FY2025 10-Q · filed Jan 30, 2026

No corresponding language in the FY2025 10-Q.

Cite this change

"In October 2023, BIS issued additional rules that went into effect in November 2023 (the "2023 BIS Rules"). These 2023 BIS Rules are designed to update export controls on advanced computing semiconductors and semiconductor manufacturing equipment, as well as items that support supercomputing applications and end-uses, to arms embargoed countries, including China. The 2023 BIS Rules adjust the parameters included in the 2022 BIS Rules that determine whether an advanced computing chip is restricted and impose new measures to address risks of circumvention of the controls established by the 2022 BIS Rules. The 2023 BIS Rules are very complex and, in January 2024, KLA, among other companies, submitted comments to the BIS on the 2023 BIS Rules."

Kla, Form 10-Q for FY2024, Part I, Item 2, accession 0000319201-25-000006, filed 31 January 2025.

Filing: https://www.sec.gov/Archives/edgar/data/319201/000031920125000006/klac-20241231.htm

Comparison: https://yearover.com/reports/klac/0000319201-26-000008?ref=quote

03RemovedPart I, Item 2 › EXECUTIVE SUMMARY

Summary · quote-checked

Removed disclosure of 2022 BIS Rules imposing export licensing requirements affecting KLA products and services provided to certain China-based customers.

The removed paragraph described export-control obligations and their applicability to KLA products and services, changing the disclosed regulatory dependency.

Why the model ranked it here

This removes disclosure that export licensing requirements applied to products and services for certain China-based customers, changing the stated regulatory dependency.

Filing text · FY2024 10-Q · filed Jan 31, 2025

[removed] In addition, in October 2022, BIS issued the 2022 BIS Rules (the "2022 BIS Rules"), which imposed export licensing requirements for certain U.S. semiconductor and high-performance computing technology (including wafer fab equipment), for the use of such technology for certain end uses in China, and for the provision of support by U.S. Persons to certain advanced IC fabs located in China. In particular, the 2022 BIS Rules impose export license requirements effectively on all KLA products and services to customers located in China that fabricate:

Filing text · FY2025 10-Q · filed Jan 30, 2026

No corresponding language in the FY2025 10-Q.

Cite this change

"In addition, in October 2022, BIS issued the 2022 BIS Rules (the "2022 BIS Rules"), which imposed export licensing requirements for certain U.S. semiconductor and high-performance computing technology (including wafer fab equipment), for the use of such technology for certain end uses in China, and for the provision of support by U.S. Persons to certain advanced IC fabs located in China. In particular, the 2022 BIS Rules impose export license requirements effectively on all KLA products and services to customers located in China that fabricate:"

Kla, Form 10-Q for FY2024, Part I, Item 2, accession 0000319201-25-000006, filed 31 January 2025.

Filing: https://www.sec.gov/Archives/edgar/data/319201/000031920125000006/klac-20241231.htm

Comparison: https://yearover.com/reports/klac/0000319201-26-000008?ref=quote

04RemovedPart I, Item 2 › EXECUTIVE SUMMARY

Summary · quote-checked

Removed disclosure that KLA is restricted from providing certain U.S.-origin tools, software and technology to certain China-based manufacturers without an export license.

The removed paragraph disclosed an export-control restriction and licensing obligation, changing the substance of the company’s stated regulatory dependencies.

Why the model ranked it here

This removes the explicit restriction on providing certain products and technology to China-based manufacturers without licenses, making a key operating constraint less apparent.

Filing text · FY2024 10-Q · filed Jan 31, 2025

~~[removed] KLA is also restricted from providing certain U.S. origin tools, software and technology to certain wafer fab equipment manufacturers located in China, absent an export license.~~

Filing text · FY2025 10-Q · filed Jan 30, 2026

No corresponding language in the FY2025 10-Q.

Cite this change

"KLA is also restricted from providing certain U.S. origin tools, software and technology to certain wafer fab equipment manufacturers located in China, absent an export license."

Kla, Form 10-Q for FY2024, Part I, Item 2, accession 0000319201-25-000006, filed 31 January 2025.

Filing: https://www.sec.gov/Archives/edgar/data/319201/000031920125000006/klac-20241231.htm

Comparison: https://yearover.com/reports/klac/0000319201-26-000008?ref=quote

05RemovedPart I, Item 2 › Cash, Cash Equivalents and Marketable Securities

Summary · quote-checked

Removed disclosure of foreign-held cash, indefinite reinvestment, potential repatriation taxes, and accrued taxes on remaining foreign cash.

The removed paragraph disclosed a foreign-cash concentration and tax obligations affecting repatriation, liquidity, and potential U.S. tax expense; its removal changes substantive disclosure.

Why the model ranked it here

This removes disclosure about foreign-held liquidity, reinvestment intentions, and potential repatriation taxes, obscuring an important cash-access and tax dependency.

Filing text · FY2024 10-Q · filed Jan 31, 2025

[removed] As of December 31, 2024, $1.15 billion of our $3.78 billion of cash, cash equivalents and marketable securities were held by our foreign subsidiaries and branch offices. We currently intend to indefinitely reinvest $90.6 million of the cash, cash equivalents and marketable securities held by our foreign subsidiaries for which we assert that earnings are permanently reinvested. If, however, a portion of these funds were to be repatriated to the United States, we would be required to accrue and pay state and foreign taxes of approximately 1% - 22% of the funds repatriated. The amount of taxes due will depend on the amount and manner of the repatriation, as well as the location from which the funds are repatriated. We have accrued state and foreign tax on the remaining cash of $1.06 billion of the $1.15 billion held by our foreign subsidiaries and branch offices. As such, these funds can be returned to the U.S. without accruing any additional U.S. tax expense.

Filing text · FY2025 10-Q · filed Jan 30, 2026

No corresponding language in the FY2025 10-Q.

Cite this change

"As of December 31, 2024, $1.15 billion of our $3.78 billion of cash, cash equivalents and marketable securities were held by our foreign subsidiaries and branch offices. We currently intend to indefinitely reinvest $90.6 million of the cash, cash equivalents and marketable securities held by our foreign subsidiaries for which we assert that earnings are permanently reinvested. If, however, a portion of these funds were to be repatriated to the United States, we would be required to accrue and pay state and foreign taxes of approximately 1% - 22% of the funds repatriated. The amount of taxes due will depend on the amount and manner of the repatriation, as well as the location from which the funds are repatriated. We have accrued state and foreign tax on the remaining cash of $1.06 billion of the $1.15 billion held by our foreign subsidiaries and branch offices. As such, these funds can be returned to the U.S. without accruing any additional U.S. tax expense."

Kla, Form 10-Q for FY2024, Part I, Item 2, accession 0000319201-25-000006, filed 31 January 2025.

Filing: https://www.sec.gov/Archives/edgar/data/319201/000031920125000006/klac-20241231.htm

Comparison: https://yearover.com/reports/klac/0000319201-26-000008?ref=quote

Show all 24 in Part I, Item 2 (19 more, in filing order)

What the company says differently

Paragraphs that changed between the two filings, shown as a word diff.

41 material changes

Part I, Item 2 · MD&A

5 of 41 shown · Ordered by the model, quote-checked

01ChangedPart I, Item 2 › EXECUTIVE SUMMARY

Summary · quote-checked

The outlook shifted from broad semiconductor-industry improvement to reported geopolitical headwinds, improved recent performance, and expected margin pressure from rising DRAM costs.

The paragraph removes industry and customer investment improvements while adding realized adverse impacts, period-specific performance, and a forward-looking gross-margin risk, substantively changing management’s outlook.

Why the model ranked it here

This changes management’s outlook from broad industry improvement to acknowledged geopolitical harm and potential margin pressure.

Filing text · FY2024 10-Q · filed Jan 31, 2025

[removed] Recently, the semiconductor industry environment has improved as the emergence of disruptive technologies such as AI and continuing advancement of innovation, as well as rising semiconductor content across end-markets and strategic investments in legacy nodes fuel growth. Our foundry/logic customers are slowly increasing their capital intensity, as they continue to scale and incorporate new technologies. Additionally, technology development investments supporting AI and high bandwidth memory are improving the environment for memory device manufacturers. While we continue to invest in technological innovation, factors such as delays from customers in adopting new chips and technology methods, could impact process control capital intensity. Push out or cancellation of deliveries to our customers could still cause earnings volatility, due to the timing of revenue recognition as well as increased risk of inventory-related charges.

Filing text · FY2025 10-Q · filed Jan 30, 2026

[added] While we continue to invest in technological innovation, factors such as delays from customers in adopting new chips and technology methods could impact process control capital intensity. Pushouts or cancellations of deliveries to our customers could cause earnings volatility, due to the timing of revenue recognition as well as increased risk of inventory-related charges. Geopolitical factors, such as government regulations and tariffs, have had an adverse impact on our results of operations. However, despite these headwinds, our gross margin and overall financial performance improved in the three months ended December 31, 2025 compared to the three months ended December 31, 2024. Looking ahead to calendar year 2026, while we expect continued revenue growth, escalating costs for DRAM chips used in the Company's image computers is likely to negatively impact our gross margin.

Cite this change

"Geopolitical factors, such as government regulations and tariffs, have had an adverse impact on our results of operations."

Kla, Form 10-Q for FY2025, Part I, Item 2, accession 0000319201-26-000008, filed 30 January 2026.

Filing: https://www.sec.gov/Archives/edgar/data/319201/000031920126000008/klac-20251231.htm

Comparison: https://yearover.com/reports/klac/0000319201-26-000008?ref=quote

02ChangedPart I, Item 2 › Revenues by region

Summary · quote-checked

The disclosure shifts from China’s regional significance and export-control framework to reported revenue declines attributed primarily to export controls and regulations.

The current paragraph reports changed revenue results, quantifies declines, and identifies different drivers, making the MD&A statement substantively different rather than merely rephrased.

Why the model ranked it here

This reports a realized regional revenue decline and attributes it primarily to export controls and regulations.

Filing text · FY2024 10-Q · filed Jan 31, 2025

[removed] A majority of our revenues are derived from outside the U.S., and include geographic regions such as China, Taiwan, Korea, Japan, Europe and Israel, and Rest of Asia. China remains a major region for manufacturing of legacy node logic and memory chips, adding to its role as the world's largest consumer of ICs. Additionally, a significant portion of global FPD and PCB manufacturing has migrated to China. Chinese government initiatives around self-sustainability are propelling China to expand its domestic manufacturing capacity and attracting investment from semiconductor manufacturers from Taiwan, Korea, Japan and the U.S. Although China is currently seen as an important long-term growth region for the semiconductor and electronics capital equipment sector, the U.S. government has tightened export controls [removed] for commodities, software, and technology (collectively, "items") destined to China over the past several years. In the last few years, Commerce has adopted regulations and added certain China-based entities to the U.S. Entity List (a list of parties that are generally ineligible to receive U.S.-regulated items without prior licensing from BIS), restricting our ability to provide products and services to such entities without an export license. In addition, Commerce has imposed export licensing requirements on China-based customers that are military end users or engaged in military end uses, as well as requiring our customers to obtain an export license when they use certain semiconductor capital equipment based on U.S. technology to manufacture products connected to certain entities on the U.S. Entity List.

Filing text · FY2025 10-Q · filed Jan 30, 2026

[added] Revenues from our customers in China decreased 9% and 1% in the three and six months ended December 31, 2025, respectively, compared to the same period in the prior year, primarily due to the effects of U.S. export controls [added] and regulations, partially offset by continued legacy node demand.

Cite this change

"Revenues from our customers in China decreased 9% and 1% in the three and six months ended December 31, 2025, respectively, compared to the same period in the prior year, primarily due to the effects of U.S. export controls and regulations, partially offset by continued legacy node demand."

Kla, Form 10-Q for FY2025, Part I, Item 2, accession 0000319201-26-000008, filed 30 January 2026.

Filing: https://www.sec.gov/Archives/edgar/data/319201/000031920126000008/klac-20251231.htm

Comparison: https://yearover.com/reports/klac/0000319201-26-000008?ref=quote

03ChangedPart I, Item 2 › Cash Flows Used in Investing Activities

Summary · quote-checked

Investing cash flow changed from net cash provided to net cash used, with different securities, capital expenditure, and government assistance drivers.

The cash-flow direction reverses, and the stated causes change from securities sales and asset-sale proceeds to securities purchases, higher capital expenditures, and government assistance.

Why the model ranked it here

This reverses the direction of investing cash flow and identifies securities purchases and higher capital spending as the principal uses.

Filing text · FY2024 10-Q · filed Jan 31, 2025

Net cash ~~[removed] provided by (used in)~~ investing activities during the six months ended December 31, ~~[removed] 2024 was $442.7~~ million compared to ~~[removed] $(480.1) million~~ during the six months ended December 31, ~~[removed] 2023.~~ This increase in cash ~~[removed] provided resulted from~~ increases in net ~~[removed] proceeds from sale~~ of available-for-sale securities of ~~[removed] $933.2 million and net proceeds from sales of trading securities of $2.4~~ million, partially offset by ~~[removed] decreases in capital expenditures of $7.9 million and~~ proceeds from ~~[removed] sale of assets of $4.9 million.~~

Filing text · FY2025 10-Q · filed Jan 30, 2026

Net cash [added] used in investing activities during the six months ended December 31, [added] 2025 was $522.7 million compared to [added] $442.7 million of net cash provided during the six months ended December 31, [added] 2024. This increase in cash [added] used was primarily due to increases in net [added] purchases of available-for-sale securities of [added] $931.8 million, and capital expenditures of $48.7 million, partially offset by [added] a $16.8 million increase in proceeds from [added] capital-related government assistance.

Cite this change

"Net cash used in investing activities during the six months ended December 31, 2025 was $522.7 million compared to $442.7 million of net cash provided during the six months ended December 31, 2024. This increase in cash used was primarily due to increases in net purchases of available-for-sale securities of $931.8 million, and capital expenditures of $48.7 million, partially offset by a $16.8 million increase in proceeds from capital-related government assistance."

Kla, Form 10-Q for FY2025, Part I, Item 2, accession 0000319201-26-000008, filed 30 January 2026.

Filing: https://www.sec.gov/Archives/edgar/data/319201/000031920126000008/klac-20251231.htm

Comparison: https://yearover.com/reports/klac/0000319201-26-000008?ref=quote

04ChangedPart I, Item 2 › Revolving Credit Facility

Summary · quote-checked

The facility maturity was extended, increase capacity doubled, and covenant measurement and threshold changed.

These changes alter financing capacity, maturity and covenant headroom; only the December dates and fiscal-year reference are routine roll-forwards.

Why the model ranked it here

This changes the company’s available borrowing capacity, facility maturity, and covenant requirements, materially altering its financing flexibility.

Filing text · FY2024 10-Q · filed Jan 31, 2025

We have in place a Credit Agreement ("Credit Agreement") for an unsecured Revolving Credit Facility ("Revolving Credit Facility") with a maturity date of ~~[removed] June 8, 2027~~ that allows us to borrow up to $1.50 billion. Subject to the terms of the Credit Agreement, the Revolving Credit Facility may be increased by an amount up to ~~[removed] $250.0~~ million in the aggregate. As of December 31, ~~[removed] 2024,~~ we had no outstanding borrowings under the Revolving Credit Facility. We were in compliance with all covenants under the Credit Agreement as of December 31, ~~[removed] 2024 (the~~ leverage ratio was ~~[removed] 1.19~~ to 1.00, compared to a maximum leverage ratio of ~~[removed] 3.50~~ to 1.00 on a quarterly basis covering the trailing four consecutive fiscal quarters for each fiscal quarter). Considering our current liquidity position, short-term financial forecasts and ability to prepay the Revolving Credit Facility, if necessary, we expect to continue to be in compliance with our financial covenants at the end of our fiscal year ending June 30, ~~[removed] 2025.~~

Filing text · FY2025 10-Q · filed Jan 30, 2026

We have in place a Credit Agreement ("Credit Agreement") for an unsecured Revolving Credit Facility ("Revolving Credit Facility") with a maturity date of [added] July 3, 2030 that allows us to borrow up to $1.50 billion. Subject to the terms of the Credit Agreement, the Revolving Credit Facility may be increased by an amount up to [added] $500.0 million in the aggregate. As of December 31, [added] 2025, we had no outstanding borrowings under the Revolving Credit Facility. We were in compliance with all covenants under the Credit Agreement as of December 31, [added] 2025 (the net leverage ratio was [added] 0.56 to 1.00, compared to a maximum [added] net leverage ratio of [added] 3.25 to 1.00 on a quarterly basis covering the trailing four consecutive fiscal quarters for each fiscal quarter). Considering our current liquidity position, short-term financial forecasts and ability to prepay the Revolving Credit Facility, if necessary, we expect to continue to be in compliance with our financial covenants at the end of our fiscal year ending June 30, [added] 2026.

Cite this change

"We have in place a Credit Agreement ("Credit Agreement") for an unsecured Revolving Credit Facility ("Revolving Credit Facility") with a maturity date of July 3, 2030 that allows us to borrow up to $1.50 billion."

Kla, Form 10-Q for FY2025, Part I, Item 2, accession 0000319201-26-000008, filed 30 January 2026.

Filing: https://www.sec.gov/Archives/edgar/data/319201/000031920126000008/klac-20251231.htm

Comparison: https://yearover.com/reports/klac/0000319201-26-000008?ref=quote

05ChangedPart I, Item 2 › EXECUTIVE SUMMARY

Summary · quote-checked

The company removed its FPD inspection activities and disclosed its exit from the Display business and related service commitments no longer applies.

The change removes a business scope reference and, more substantially, a disclosed exit decision, manufacturing cessation, and ongoing installed-base service obligation.

Why the model ranked it here

This removes the disclosed Display business exit and related customer service obligation, changing the stated scope and commitments of the business.

Filing text · FY2024 10-Q · filed Jan 31, 2025

• PCB and Component Inspection: a range of inspection, testing and measurement, and direct imaging for patterning products used by manufacturers of PCBs, ~~[removed] FPDs,~~ advanced packaging, microelectromechanical systems ("MEMS") and other electronic components.[removed] In March 2024, we made the decision to exit the Display business by announcing the end of manufacturing of most Display products, but will continue to provide services to the installed base of Display products for existing customers.

Filing text · FY2025 10-Q · filed Jan 30, 2026

• PCB and Component Inspection: a range of inspection, testing and measurement, and direct imaging for patterning products used by manufacturers of PCBs, advanced packaging, microelectromechanical systems ("MEMS") and other electronic components.

Cite this change

"• PCB and Component Inspection: a range of inspection, testing and measurement, and direct imaging for patterning products used by manufacturers of PCBs, advanced packaging, microelectromechanical systems ("MEMS") and other electronic components."

Kla, Form 10-Q for FY2025, Part I, Item 2, accession 0000319201-26-000008, filed 30 January 2026.

Filing: https://www.sec.gov/Archives/edgar/data/319201/000031920126000008/klac-20251231.htm

Comparison: https://yearover.com/reports/klac/0000319201-26-000008?ref=quote

Show all 41 in Part I, Item 2 (36 more, in filing order)

What the company reported as changed this quarter

We have not parsed the annual report this quarter's risk factors refers to, so we cannot tell whether it restates the section or reports changes to it. Nothing is compared until we can.

Part II, Item 1A · Risk Factors

Held for review

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3 changes held

HeldPart I, Item 2 › Research and Development

Filing text · FY2024 10-Q · filed Jan 31, 2025

Our future operating results will depend significantly on our ability to ~~[removed] produce~~ products and provide services that have a competitive advantage in our marketplace. To do this, we believe we must continue to make substantial and focused investments in our R&D. We remain committed to product development in new and emerging technologies.

Filing text · FY2025 10-Q · filed Jan 30, 2026

Our future operating results will depend significantly on our ability to [added] make products and provide services that have a competitive advantage in our marketplace. To do this, we believe [added] that we must continue to make substantial and focused investments in our R&D. We remain committed to product development in new and emerging technologies.

HeldPart I, Item 2 › Stock Repurchases

Filing text · FY2024 10-Q · filed Jan 31, 2025

The shares of common stock repurchased under our stock repurchase program have reduced our basic and diluted weighted-average shares outstanding for the six months ended December 31, ~~[removed] 2024 and 2023.~~ The stock repurchase program is intended, in part, to mitigate the potential dilutive impact related to our equity incentive plans and shares issued in connection with our Employee Stock Purchase Program as well as to return excess cash to our stockholders.

Filing text · FY2025 10-Q · filed Jan 30, 2026

The shares of common stock repurchased under our stock repurchase program have reduced our basic and diluted weighted-average shares outstanding for the six months ended December 31, [added] 2025 and 2024. The total amount of stock repurchases during the six months ended December 31, 2025 and 2024 were $1.09 billion and $1.22 billion, respectively. The stock repurchase program is intended, in part, to mitigate the potential dilutive impact related to our equity incentive plans and shares issued in connection with our Employee Stock Purchase Program as well as to return excess cash to our stockholders.[added] As of December 31, 2025, an aggregate of $3.94 billion was available for repurchase under our stock repurchase program, which reflects an increase in the authorized repurchase amount of $5.00 billion in the fourth quarter of fiscal 2025.

HeldPart I, Item 2 › Working Capital

Filing text · FY2024 10-Q · filed Jan 31, 2025

Working capital was ~~[removed] $5.63~~ billion as of December 31, ~~[removed] 2024,~~ which represents an increase of ~~[removed] $264.0~~ million compared to our working capital of ~~[removed] $5.37~~ billion as of June 30, ~~[removed] 2024.~~ As of December 31, ~~[removed] 2024,~~ our principal sources of liquidity consisted of ~~[removed] $3.78~~ billion of cash, cash equivalents ~~[removed] and,~~ marketable securities, as well as $1.50 billion availability under our Revolving Credit Facility. Our liquidity may be affected by many factors, some of which are based on the normal ongoing operations of the business, spending for business acquisitions, and other factors such as uncertainty in the global and regional economies and the semiconductor, semiconductor-related and electronic device industries. Although cash requirements will fluctuate based on the timing and extent of these factors, we believe that cash generated from operations, together with the liquidity provided by existing cash and cash equivalents balances, marketable securities and our ~~[removed] $1.50 billion~~ Revolving Credit Facility, will be sufficient to satisfy our liquidity requirements associated with working capital needs, capital expenditures, cash dividends, stock repurchases and other contractual ~~[removed] obligations, including repayment of outstanding debt,~~ for at least the next 12 months.

Filing text · FY2025 10-Q · filed Jan 30, 2026

Working capital was [added] $7.28 billion as of December 31, [added] 2025, which represents an increase of [added] $668.3 million compared to our working capital of [added] $6.61 billion as of June 30, [added] 2025. As of December 31, [added] 2025, our principal sources of liquidity consisted of [added] $5.21 billion of cash, cash equivalents [added] and marketable securities, as well as $1.50 billion availability under our Revolving Credit Facility. Our liquidity may be affected by many factors, some of which are based on the normal ongoing operations of the business, spending for business acquisitions, and other factors such as uncertainty in the global and regional economies and the semiconductor, semiconductor-related and electronic device industries. Although cash requirements will fluctuate based on the timing and extent of these factors, we believe that cash generated from operations, together with the liquidity provided by existing cash and cash equivalents balances, marketable securities and our Revolving Credit Facility, will be sufficient to satisfy our liquidity requirements associated with working capital needs, capital expenditures, cash dividends, stock repurchases and other contractual [added] obligations for at least the next 12 months.

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