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Red Flags Detected

  • U.S. Customs Holds On China-Bound Shipments (new) — U.S. Customs recently held up products destined for China, questioning customer identity or product capabilities, introducing shipment-delay and revenue-recognition risk beyond existing export-license requirements.
  • Expanded Rare-Earth Export Controls (October 2025) (worsened) — China imposed October 2025 controls on five additional rare-earth elements and licensing requirements for items incorporating controlled elements (including those made outside China), expanding April 2025 restrictions and deepening supply-chain risk.
  • Tariff Authority Uncertainty And Refund Processes (new) — February 2026 Supreme Court ruling invalidated certain tariff authority, creating uncertainty around enforcement, refund timing, and future presidential authority; company is pursuing refunds but faces potential legal-challenge delays.
NASDAQ: KLAC KLA CORP 10-K

KLA revenue +12% to $13.6B, net income +19% to $4.83B on AI/HPC demand; backlog surges 60%

Filed August 6, 2026 · Period ending June 30, 2026 · Compared to 10-K Aug 8, 2025 · ~2 min read

Key Changes

  • high

    Backlog jumped 60% year-over-year to $12.57B (from $7.86B), driven by AI infrastructure buildout, signaling strong forward demand visibility.

    Business: Backlog view on EDGAR →
  • high

    Net income rose 19% to $4.83B and diluted EPS climbed 20% to $3.66 (post-split), outpacing the 12% revenue growth on improved gross margin (61.3%, +40bp) and operating leverage.

    MD&A: Net Income verify on EDGAR →
  • high

    China revenue held flat at ~$4.0B but fell to 30% of total (from 33%), while Taiwan (+14% to $3.6B), Korea (+26% to $1.8B), and North America (+29% to $1.8B) grew sharply on leading-edge foundry/logic and memory investments.

    MD&A: Geographic Revenue verify on EDGAR →

2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.

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View original filing on SEC.gov View full financials on EDGAR ↗

Figures/quotes linked to EDGAR · Narrative written by AI · Aug 21, 2026 · How we verify