KLA

KLA makes process control equipment for chipmakers. Its inspection and metrology systems find defects and measure the features on wafers and photomasks during production, so chipmakers can raise their yields. It also sells software and services for its installed base. It has three segments.

In Q1 fiscal 2027, which ended on September 30, 2026, Semiconductor Process Control had revenue of $3.75 billion, Specialty Semiconductor Process had revenue of $139 million, and PCB and Component Inspection had revenue of $242 million. Revenue for fiscal 2026, which ended on June 30, 2026, was $13.58 billion. KLA split its stock ten for one on June 11, 2026.

The market prices KLA as a supplier at a high point of the chip equipment cycle. AI chips need more and smaller features, more memory and more advanced packaging, and each step needs more inspection and measurement. This drove revenue up 29% to $4.14 billion in Q1 fiscal 2027, and KLA guides $4.7 billion for the December 2026 quarter. But chipmakers can cut spending quickly.

China gave 29.8% of revenue in fiscal 2026, and one customer gave about 19%. A U.S. rule that extends export limits to companies that listed parties own is suspended only until January 10, 2027. For the gap to close, three things must be true. Revenue must keep growing through calendar 2027, as KLA expects.

Non-GAAP gross margin must stay near the guided 62.5%. Growth from leading-edge logic, memory and packaging must be larger than any fall in sales to China. The Q2 fiscal 2027 report, expected in late January 2027, is the next test. If these checks pass, the gap can close over the next four to six quarters.

The main reason it may not close is a fall in chip equipment spending after the AI build-out slows.

1. Nov 2026Passed

   U.S. export rule for affiliates of listed partiesAn extension of the suspension or no new loss of China sales passes; a return of the rule that cuts sales to more Chinese customers fails.Outcome: On November 9, 2026, the Bureau of Industry and Security extended the suspension of the rule, but only to January 10, 2027.
2. Jan 10, 2027Pending

   End of the extended suspension of the affiliates export ruleA further extension or a permanent end of the rule passes; a return of the rule on January 10, 2027 that cuts sales to more Chinese customers fails.
3. Jan 28, 2027 · est.Pending

   Q2 fiscal 2027 results: December quarterRevenue near the $4.7 billion guidance and a view of growth through calendar 2027 pass; revenue below the range or a weaker 2027 view fail.

Every passed and failed checkpoint across all picks

• November 9, 2026The U.S. Bureau of Industry and Security extended the suspension of its rule that adds export limits for affiliates of listed parties, which are companies at least 50% owned by them. The suspension was to end on November 9, 2026, and now runs to January 10, 2027.
• October 28, 2026KLA reported Q1 fiscal 2027 results. Revenue was $4.14 billion, up 29%, and above the midpoint of guidance. GAAP EPS was $1.18 and non-GAAP EPS was $1.22. Free cash flow was $1.34 billion, and capital returns were $1.24 billion. For the December 2026 quarter, KLA guided revenue of $4.7 billion, plus or minus $200 million, and non-GAAP EPS of $1.44, plus or minus $0.11.
• August 6, 2026KLA declared a quarterly dividend of $0.23 per share, its first dividend after the stock split.

Last earnings

October 28, 2026 (8-K on sec.gov)

Next earnings

Expected about January 28, 2027. The company has not confirmed the date.

• 8-KShareholder vote results and Other company newsFiled November 6, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Sep 30, 2026Filed October 29, 2026 · klac-20260930
• 8-KEarnings releaseFiled October 28, 2026 · Press release and exhibits
• 10-KAnnual report for the period ended Jun 30, 2026Filed August 6, 2026 · klac-20260630
• 8-KOther company newsFiled August 6, 2026 · Read it on sec.gov
• 8-KEarnings releaseFiled July 28, 2026 · Press release and exhibits
• 8-KChange to shareholder rights or bylawsFiled June 12, 2026 · Read it on sec.gov
• 8-KOther company newsFiled May 7, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Mar 31, 2026Filed April 30, 2026 · klac-20260331
• 8-KEarnings releaseFiled April 29, 2026 · Press release and exhibits

Every filing on SEC EDGAR (CIK 319201)

• Chip equipment spending is cyclical. KLA's growth in 2026 depends on AI spending by chipmakers and their customers. If AI spending slows, chipmakers can cut orders quickly, and revenue and margins can fall together.
• China gave 29.8% of revenue in fiscal 2026. U.S. export rules limit sales to many Chinese customers. A rule that extends these limits to companies that listed parties own is suspended only until January 10, 2027.
• One customer gave about 19% of revenue in fiscal 2026 and in fiscal 2025. A delay in that customer's factory plans can lower revenue for several quarters.
• New global minimum tax rules (Pillar Two) added $20.2 million of tax in Q1 fiscal 2027. KLA expects this tax to reverse if a planned safe harbor for U.S. groups is adopted, but the timing is not certain.

KLA funds itself with senior unsecured notes. Principal was $5.95 billion at June 30, 2026, due from March 2029 to July 2062, and the carrying value of long-term debt was $5.72 billion at September 30, 2026. Read more

Yield at the current rate

0.6% (current annual rate, at today’s price)

Dividend yield

0.5% (last 12 months, at today’s price of $161.01)

Paid per share

$0.84 in the last 12 months (4 payments)

Current annual rate

$0.92 ($0.23 × 4 a year)

Payout ratio

22% of the last fiscal year’s earnings (the year that ended June 30, 2026)

Latest ex-dividend date

August 17, 2026, $0.23 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 16.2% a year. From 2015 to 2025, the dividend grew by about 13.8% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.