KLA Initiation 2026

KLA makes the machines that tell a chipmaker whether the last of a thousand process steps worked, and fiscal 2026 was the best year in its history: revenue of $13.58 billion for the twelve months to 30 June 2026, up 11.7%, net income of $4.83 billion, and a 35.6% net margin — the highest of any company in this coverage’s semiconductor equipment set. Its gross margin of 61.3% and its operating margin of 41.7% were both records too. KLA publishes neither of them. Its Consolidated Statements of Operations run Total revenues, then a single block headed Costs and expenses, then Income before income taxes: there is no gross profit line, no operating income line, and interest expense sits inside the cost block alongside cost of revenues and R&D. That is why the company stopped tagging us-gaap:OperatingIncomeLoss in its XBRL after fiscal 2014, and it means every gross and operating margin ever quoted for KLA — in the sell-side models and in our own workbook — is a reader’s arithmetic rather than a filed figure. This is a full institutional-grade equity research report on KLA Corporation (Nasdaq: KLAC), built from the filed Consolidated Statements of Operations for fiscal 2015 to fiscal 2026, SEC XBRL company facts for CIK 0000319201, the Forms 10-K from fiscal 2019 to fiscal 2026, the earnings release of 28 July 2026, the Forms 10-K of four US-listed peers, and eleven expert interviews dated March 2024 to October 2025 — into eight structured chapters and 60 rebuilt charts.