Aslan Research · Chip equipment
KLA CORP (KLAC)
Data as of 2026-09-03 · 28 quarters · filed in USD
Revenue reached $13.4 billion over the trailing year, while expenses were $8.7 billion. Committed obligations grew 17% per year, faster than revenue growth of 15%.
Earned, collected early, and merely signed
Reports $5.9B of debt; has promised $12B
Total committed money is 2.1x reported debt. Purchases account for $6.0 billion of commitments, while leases add $264 million beyond the $5.9 billion of reported debt.
What the promised total is made of, latest quarter
Spending, by reported line
When the promises come due
The next five years carry $10.4 billion of commitments against $1.8 billion of future revenue promised for that period. Commitments due in years five to ten add $1.1 billion, with $2.1 billion beyond ten years.
The rates that matter
Expenses as filed vs after cited reconciliation
9 patterns worth a second look
The sharpest flag is the conditional-revenue pattern: conditional revenue balances grew 4.8x while quarterly revenue grew 1.4x over the last 8 periods. Filings also report $230.4 million tied to a goodwill impairment charge and $8.7 million tied to a purchased-intangible impairment charge, alongside restructuring charges.
circular financing · 1
The filings report customer-related financing through factoring and sales of customer letters of credit while also reporting substantial customer deposits and remaining performance obligations.
conditional ratio · 1
Over the last 8 periods, conditional revenue balances grew 4.8x while quarterly revenue grew 1.4x.
off balance sheet · 1
The FY2022 quarterly filing identifies $22.1 million of obligations for lease agreements not yet commenced.
one time dressing · 1
The FY2025 filing reports a $230.4 million goodwill impairment charge and an $8.7 million purchased-intangible impairment charge alongside restructuring charges.
redefinition · 1
The filings change the stated revenue-recognition horizon for remaining performance obligations from approximately 5%-15% beyond 12 months to approximately 25%-40% and then 40%-50% beyond 12 months.
related party exposure · 1
Related-party sales and receivables increased materially in the FY2023 filing compared with prior filings.
subsequent event · 1
The FY2022 filing reports post-period borrowing, debt tender activity, and an early-extinguishment loss shortly after year-end.
tagging quality · 1
4 XBRL facts were reported at inconsistent scales across filings (e.g. us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding).
value revision · 1
The equity-securities unrealized gain/loss claim changes from $0 to a $18.9 million loss for the same FY2022 period; the revision is substantive.