Analyst Consensus ?
ConsensusBuy42 ratings
Bullish2764.3%
Neutral1330.9%
Bearish24.8%
1 unmapped firm rating excluded from the percentages.
KLA Corporation · KLAC · FY2026 Q2 · Calendar Q1 2026
KLA: AI and packaging demand meet supply and China risks
KLA's earnings analysis supports a constructive demand case: AI infrastructure, advanced packaging and HBM are driving process-control intensity and share gains. The case is tempered by supply bottlenecks, DRAM cost inflation and China-related restrictions.
Reported After market closeNASDAQTechnology
$247.11B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.89
Consensus $0.88
EPS surprise
+1.1%
Reported versus consensus
Reported revenue
$3.30B
Consensus $3.25B
Revenue surprise
+1.5%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
-15.2%
Event window
SPY move
-0.3%
Same window
Abnormal move
-14.9%
Stock minus SPY
Volume
2.4×
Versus trailing sessions
Subsequent drift
+7.5%
Up to 20 sessions
KLACSPY benchmark
Ask FN2 about KLAC FY2026 Q2
Transcript, numbers and history already loaded
Why did KLAC fall 15.2% after beating EPS estimates in FY2026 Q2?What changed in KLAC's guidance and outlook in FY2026 Q2?Give me the bull and bear case for KLAC after FY2026 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
The current analysis places greater emphasis on first-half supply constraints and DRAM cost pressure as near-term execution risks, while AI-enabled analytics, advanced packaging and HBM remain the central growth drivers.
Guidance delta
Guidance sentiment remained maintained. The analysis points to mid-single-digit 2026 revenue growth and gross margin around 62%, with DRAM costs a headwind.
Key takeaways
- 2025 revenue grew 17% to a record $12.745 billion with 29% EPS growth and strong cash generation.
- AI infrastructure, advanced packaging and HBM are the main growth drivers in the analysis.
- Management expects mid-single-digit 2026 revenue growth and gross margin around 62%.
- Supply constraints, DRAM pricing and China restrictions are the key near-term challenges.
Management priorities
- Launch AI-enabled inspection and metrology platforms.
- Expand advanced-packaging, electron-beam and reticle-inspection products.
- Invest in service capabilities to sustain 12–14% service revenue growth.
- Maintain dividends and share repurchases.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$189.17Previous close
$26.5Low
$143.83Average
$325High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Sep 29, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| UBS | Neutral | Neutral | Maintain | Sep 1, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Jul 29, 2026 |
| Susquehanna | Neutral | Neutral | Maintain | Jul 29, 2026 |
| Stifel | Buy | Buy | Maintain | Jul 29, 2026 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Jul 29, 2026 |
| Needham | Buy | Buy | Maintain | Jul 29, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Jul 29, 2026 |
| Jefferies | Buy | Buy | Maintain | Jul 29, 2026 |
| Deutsche Bank | Hold | Hold | Maintain | Jul 29, 2026 |
| Cantor Fitzgerald | Overweight | Overweight | Maintain | Jul 29, 2026 |
| Oppenheimer | Outperform | Outperform | Maintain | Jul 16, 2026 |
| TD Cowen | Buy | Buy | Maintain | Jul 9, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Jul 6, 2026 |
| B of A Securities | Buy | Buy | Maintain | Jun 23, 2026 |
| Barclays | Overweight | Overweight | Maintain | Jun 11, 2026 |
| Citigroup | Buy | Buy | Maintain | May 1, 2026 |
| Bernstein | Outperform | Outperform | Maintain | Apr 30, 2026 |
| Goldman Sachs | Neutral | Neutral | Maintain | Oct 30, 2025 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Oct 30, 2025 |
| Raymond James | Outperform | Outperform | Maintain | Aug 1, 2025 |
| TD Securities | Hold | Hold | Maintain | May 1, 2025 |
| Argus Research | Buy | Buy | Maintain | Jul 26, 2024 |
| Berenberg | Buy | Buy | Maintain | Jan 26, 2024 |
| Keybanc | Overweight | Downgrade | Jul 7, 2023 | |
| Exane BNP Paribas | Neutral | Outperform | Downgrade | Apr 6, 2023 |
| Cowen & Co. | Market Perform | Market Perform | Maintain | Jan 27, 2023 |
| Piper Sandler | Neutral | Neutral | Maintain | May 26, 2022 |
| Credit Suisse | Outperform | Outperform | Maintain | Oct 28, 2021 |
| Nomura | Buy | Buy | Maintain | Nov 20, 2019 |
| Bank of America | Buy | Buy | Maintain | Oct 31, 2019 |
| Stifel Nicolaus | Buy | Buy | Maintain | Jul 31, 2018 |
| B. Riley Securities | Buy | Buy | Maintain | Jul 31, 2018 |
| B. Riley FBR | Buy | Buy | Maintain | Jul 31, 2018 |
| Argus | Buy | Buy | Maintain | Nov 29, 2017 |
| Summit Redstone Partners | Sell | Neutral | Downgrade | Oct 27, 2016 |
| Summit Insights Group | Sell | Neutral | Downgrade | Oct 27, 2016 |
| B. Riley | Buy | Buy | Maintain | Oct 6, 2016 |
| PiperJaffray | Neutral | Overweight | Downgrade | Oct 22, 2015 |
| CLSA | Outperform | Underperform | Upgrade | Sep 25, 2015 |
| ISI Group | Neutral | Strong Buy | Downgrade | Oct 3, 2014 |
| Pacific Crest | Sector Perform | Outperform | Downgrade | Apr 8, 2014 |
| Northland Securities | Perform | Market Perform | Maintain | Aug 28, 2013 |
| Credit Agricole | Outperform | Buy | Maintain | Apr 26, 2013 |
Named analyst price targets
Upside is calculated against the persisted previous close $189.17. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| UBS | Analyst unavailable | $200 | $175.45 | +5.7% | Sep 1, 2026 |
| RBC Capital | Analyst unavailable | $180 | $179.02 | -4.8% | Jul 29, 2026 |
| Susquehanna | Analyst unavailable | $215 | $190.8 | +13.7% | Jul 29, 2026 |
| Stifel Nicolaus | Analyst unavailable | $250 | $190.8 | +32.2% | Jul 29, 2026 |
| Wells Fargo | Analyst unavailable | $245 | $190.8 | +29.5% | Jul 29, 2026 |
| Bernstein | Stacy Rasgon | $225 | $190.8 | +18.9% | Jul 29, 2026 |
| Morgan Stanley | Shane Brett | $253 | $190.8 | +33.7% | Jul 29, 2026 |
| Jefferies | Analyst unavailable | $210 | $190.8 | +11.0% | Jul 29, 2026 |
| Deutsche Bank | Melissa Weathers | $195 | $190.8 | +3.1% | Jul 29, 2026 |
| Goldman Sachs | Analyst unavailable | $230 | $190.8 | +21.6% | Jul 28, 2026 |
| UBS | Timothy Arcuri | $240 | $210.16 | +26.9% | Jul 20, 2026 |
| Barclays | Tom O'Malley | $225 | $212.75 | +18.9% | Jul 20, 2026 |
| Oppenheimer | Edward Yang | $260 | $227.91 | +37.4% | Jul 16, 2026 |
| UBS | Analyst unavailable | $255 | $224.81 | +34.8% | Jul 15, 2026 |
| Stifel Nicolaus | Analyst unavailable | $270 | $229.52 | +42.7% | Jul 10, 2026 |
| Morgan Stanley | Analyst unavailable | $274 | $242.88 | +44.8% | Jul 6, 2026 |
| Susquehanna | Analyst unavailable | $275 | $278.39 | +45.4% | Jun 30, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $325 | $248.64 | +71.8% | Jun 29, 2026 |
| Wells Fargo | Analyst unavailable | $305 | $259.56 | +61.2% | Jun 22, 2026 |
| Barclays | Tom O'Malley | $225 | $213.56 | +18.9% | Jun 11, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $250 | $213.94 | +32.2% | Jun 10, 2026 |
| Scotiabank | Analyst unavailable | $200 | $213.94 | +5.7% | Jun 10, 2026 |
| UBS | Analyst unavailable | $218 | $210.81 | +15.2% | Jun 9, 2026 |
| Argus Research | Analyst unavailable | $195 | $173 | +3.1% | May 1, 2026 |
| Needham | Analyst unavailable | $200 | $173.42 | +5.7% | Apr 30, 2026 |
| Deutsche Bank | Analyst unavailable | $175 | $173.99 | -7.5% | Apr 30, 2026 |
| RBC Capital | Srini Pajjuri | $170 | $169.33 | -10.1% | Apr 30, 2026 |
| Oppenheimer | Edward Yang | $200 | $169.06 | +5.7% | Apr 30, 2026 |
| Bernstein | Analyst unavailable | $187.5 | $181.62 | -0.9% | Apr 30, 2026 |
| Susquehanna | Analyst unavailable | $170 | $181.62 | -10.1% | Apr 30, 2026 |
| Morgan Stanley | Shane Brett | $190 | $181.62 | +0.4% | Apr 30, 2026 |
| Jefferies | Analyst unavailable | $200 | $181.62 | +5.7% | Apr 30, 2026 |
| UBS | Timothy Arcuri | $183.5 | $180.53 | -3.0% | Apr 21, 2026 |
| Wolfe Research | Chris Caso | $180 | $142.65 | -4.8% | Mar 13, 2026 |
| Bernstein | Stacy Rasgon | $183.5 | $143.94 | -3.0% | Mar 13, 2026 |
| RBC Capital | Srini Pajjuri | $160 | $148.23 | -15.4% | Jan 30, 2026 |
| Morgan Stanley | Analyst unavailable | $175.1 | $152.38 | -7.4% | Jan 30, 2026 |
| Oppenheimer | Analyst unavailable | $180 | $168.47 | -4.8% | Jan 30, 2026 |
| Stifel Nicolaus | Brian Chin | $170 | $168.47 | -10.1% | Jan 30, 2026 |
| Bernstein | Stacy Rasgon | $175 | $168.47 | -7.5% | Jan 30, 2026 |
| Goldman Sachs | Analyst unavailable | $145 | $168.47 | -23.3% | Jan 30, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $185 | $168.47 | -2.2% | Jan 30, 2026 |
| Wells Fargo | Joe Quatrochi | $190 | $168.47 | +0.4% | Jan 30, 2026 |
| UBS | Analyst unavailable | $157.5 | $168.47 | -16.7% | Jan 30, 2026 |
| Jefferies | Blayne Curtis | $185 | $168.47 | -2.2% | Jan 30, 2026 |
| Barclays | Tom O'Malley | $170 | $168.47 | -10.1% | Jan 30, 2026 |
| Deutsche Bank | Analyst unavailable | $163 | $168.47 | -13.8% | Jan 30, 2026 |
| Deutsche Bank | Analyst unavailable | $156 | $148.62 | -17.5% | Jan 21, 2026 |
| UBS | Analyst unavailable | $163.5 | $156.78 | -13.6% | Jan 20, 2026 |
| Needham | Analyst unavailable | $180 | $156.78 | -4.8% | Jan 20, 2026 |
| Morgan Stanley | Shane Brett | $169.4 | $156.52 | -10.5% | Jan 15, 2026 |
| Morgan Stanley | Analyst unavailable | $169.7 | $154.97 | -10.3% | Jan 15, 2026 |
| Barclays | Tom O'Malley | $159.5 | $143.45 | -15.7% | Jan 15, 2026 |
| Wells Fargo | Joe Quatrochi | $160 | $143.45 | -15.4% | Jan 15, 2026 |
| RBC Capital | Analyst unavailable | $155 | $143.45 | -18.1% | Jan 14, 2026 |
| Stifel Nicolaus | Brian Chin | $160 | $141.74 | -15.4% | Jan 14, 2026 |
| Bernstein | Stacy Rasgon | $170 | $144.18 | -10.1% | Jan 13, 2026 |
| Susquehanna | Analyst unavailable | $150 | $140 | -20.7% | Jan 12, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $175 | $135.97 | -7.5% | Jan 8, 2026 |
| Wolfe Research | Analyst unavailable | $150 | $135.24 | -20.7% | Jan 6, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $150 | $122.52 | -20.7% | Dec 16, 2025 |
| Jefferies | Analyst unavailable | $150 | $119.45 | -20.7% | Dec 15, 2025 |
| Morgan Stanley | Analyst unavailable | $121.4 | $118.97 | -35.8% | Dec 2, 2025 |
| Argus Research | Analyst unavailable | $140 | $123.44 | -26.0% | Oct 31, 2025 |
| UBS | Analyst unavailable | $126 | $123.53 | -33.4% | Oct 30, 2025 |
| Morgan Stanley | Analyst unavailable | $115.4 | $122.76 | -39.0% | Oct 30, 2025 |
| Goldman Sachs | Analyst unavailable | $128 | $123.53 | -32.3% | Oct 30, 2025 |
| Needham | Charles Shi | $135 | $123.53 | -28.6% | Oct 30, 2025 |
| Stifel Nicolaus | Analyst unavailable | $126 | $121.88 | -33.4% | Oct 30, 2025 |
| Barclays | Tom O'Malley | $130 | $123.53 | -31.3% | Oct 30, 2025 |
| UBS | Analyst unavailable | $113.5 | $110.67 | -40.0% | Oct 20, 2025 |
| Barclays | Tom O'Malley | $120 | $110.67 | -36.6% | Oct 20, 2025 |
| Stifel Nicolaus | Analyst unavailable | $105 | $98.28 | -44.5% | Oct 13, 2025 |
| Morgan Stanley | Shane Brett | $109.3 | $104.48 | -42.2% | Sep 22, 2025 |
| Goldman Sachs | James Schneider | $98 | $92.86 | -48.2% | Jul 10, 2025 |
| Oppenheimer | Edward Yang | $74 | $67.63 | -60.9% | May 1, 2025 |
| Stifel Nicolaus | Brian Chin | $75 | $67.34 | -60.4% | Apr 15, 2025 |
| Susquehanna | Mehdi Hosseini | $65.5 | $78.32 | -65.4% | Jan 22, 2025 |
| Susquehanna | Mehdi Hosseini | $62 | $69.18 | -67.2% | Oct 31, 2024 |
| Bank of America Securities | Vivek Arya | $86 | $69.18 | -54.5% | Oct 31, 2024 |
| Stifel Nicolaus | Brian Chin | $80 | $69.18 | -57.7% | Oct 31, 2024 |
| Barclays | Tom O'Malley | $75 | $69.18 | -60.4% | Oct 31, 2024 |
| Oppenheimer | Ed Yang | $85 | $69.18 | -55.1% | Oct 31, 2024 |
| Raymond James | Srini Pajjuri | $92.5 | $82.96 | -51.1% | Oct 15, 2024 |
| Argus Research | Jim Kelleher | $87.5 | $78.63 | -53.7% | Jul 26, 2024 |
| Evercore ISI | Mark Lipacis | $90 | $75.58 | -52.4% | Jul 25, 2024 |
| Barclays | Tom O'Malley | $80 | $75.58 | -57.7% | Jul 25, 2024 |
| Stifel Nicolaus | Brian Chin | $87.5 | $85.71 | -53.7% | Jul 16, 2024 |
| Raymond James | Srini Pajjuri | $87.5 | $78.06 | -53.7% | Jun 7, 2024 |
| Barclays | Tom O'Malley | $76.5 | $75.06 | -59.6% | Jun 5, 2024 |
| Argus Research | Jim Kelleher | $80 | $68.93 | -57.7% | Apr 30, 2024 |
| Stifel Nicolaus | Brian Chin | $76 | $69.33 | -59.8% | Apr 16, 2024 |
| Evercore ISI | Mark Lipacis | $80 | $67.85 | -57.7% | Apr 15, 2024 |
| Deutsche Bank | Meliss Weathers | $80 | $68.71 | -57.7% | Apr 11, 2024 |
| Wells Fargo | Joseph Quatrochi | $76 | $68.11 | -59.8% | Mar 19, 2024 |
| Citigroup | Analyst unavailable | $48 | $40.66 | -74.6% | Feb 6, 2023 |
| Wells Fargo | Analyst unavailable | $42 | $38.61 | -77.8% | Dec 7, 2022 |
| Wells Fargo | Joseph Quatrochi | $51 | $29.84 | -73.0% | Oct 10, 2022 |
| Barclays | Analyst unavailable | $26.5 | $30.84 | -86.0% | Sep 28, 2022 |
| Morgan Stanley | Analyst unavailable | $35.8 | $32.79 | -81.1% | Sep 6, 2022 |
| Deutsche Bank | Analyst unavailable | $40 | $38.67 | -78.9% | Jul 29, 2022 |
| Morgan Stanley | Analyst unavailable | $38.1 | $37.79 | -79.9% | Jul 29, 2022 |
| Morgan Stanley | Analyst unavailable | $37.7 | $34.9 | -80.1% | Jul 25, 2022 |
| Barclays | Analyst unavailable | $32.5 | $35.4 | -82.8% | Jul 25, 2022 |
| Deutsche Bank | Analyst unavailable | $38.5 | $33.19 | -79.6% | Jul 18, 2022 |
| Wells Fargo | Analyst unavailable | $37.5 | $31.71 | -80.2% | Jul 15, 2022 |
| UBS | Analyst unavailable | $34.5 | $34.3 | -81.8% | Jun 28, 2022 |
| Piper Sandler | Analyst unavailable | $35.2 | $33.8 | -81.4% | May 26, 2022 |
| Morgan Stanley | Analyst unavailable | $37.3 | $33.11 | -80.3% | Apr 29, 2022 |
| Barclays | Blayne Curtis | $36.5 | $33.28 | -80.7% | Apr 29, 2022 |
| Needham | Analyst unavailable | $39.5 | $33.28 | -79.1% | Apr 29, 2022 |
| Piper Sandler | Analyst unavailable | $38.5 | $33.28 | -79.6% | Apr 29, 2022 |
| Morgan Stanley | Analyst unavailable | $37.5 | $32.7 | -80.2% | Apr 25, 2022 |
| Stifel Nicolaus | Patrick Ho | $50.5 | $33.15 | -73.3% | Apr 11, 2022 |
| Argus Research | Jim Kelleher | $45 | $37.74 | -76.2% | Feb 6, 2022 |
| Cowen & Co. | Krish Sankar | $41.5 | $36.57 | -78.1% | Jan 28, 2022 |
| Morgan Stanley | Joseph Moore | $40 | $36.57 | -78.9% | Jan 28, 2022 |
| Jefferies | Mark Lipacis | $51.5 | $44.38 | -72.8% | Jan 14, 2022 |
| Bank of America Securities | Vivek Arya | $50 | $41.76 | -73.6% | Jan 10, 2022 |
| Wells Fargo | Joseph Quatrochi | $50 | $40.83 | -73.6% | Dec 21, 2021 |
| Citigroup | Atif Malik | $45 | $38.45 | -76.2% | Dec 20, 2021 |
| Deutsche Bank | Sidney Ho | $47.5 | $40.88 | -74.9% | Dec 15, 2021 |
| Atlantic Equities | Ianjit Bhatti | $49 | $41.2 | -74.1% | Nov 15, 2021 |
| Credit Suisse | John Pitzer | $43 | $35.35 | -77.3% | Oct 28, 2021 |
| J.P. Morgan | Harlan Sur | $46 | $35.35 | -75.7% | Oct 28, 2021 |
Track every rating change on KLAC the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationKLA Corporation specializes in creating, manufacturing, and distributing advanced solutions vital for process control, process optimization, and yield enhancement throughout the global semiconductor and broader electronics industries. The company organizes its business into four main segments: Semiconductor Process Control, Specialty Semiconductor Process, PCB, Display and Component Inspection, and an 'Other' category. For integrated circuit (IC) fabrication, KLA offers a comprehensive range of products. These include systems for wafer inspection, review, and metrology; defect inspection and metrology for both wafers/substrates and reticles; chemical and materials quality analysis tools; and real-time process management and wafer handling diagnostics essential for IC and original equipment manufacturer (OEM) production. Furthermore, the company develops software for live process control, defect excursion identification, process corrections, and defect classification. KLA also supplies refurbished and remanufactured equipment.…
Historical context
All KLAC earningsTechnology peers this season
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| CIEN Ciena Corporation | FY2026 Q3 · Calendar Q3 2026 | +22.0% | -10.4% | Ciena raises outlook as AI networking demand lifts backlog |
| DOCU DocuSign, Inc. | FY2027 Q2 · Calendar Q3 2026 | +6.4% | +3.7% | DocuSign Q2 FY27: IAM momentum supports a raised outlook |
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Get the KLAC recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-09-29T07:41:00.543009+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-29T07:41:00.540137+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-09-29. For educational purposes only; not investment advice.