Analyst Consensus ?
ConsensusBuy42 ratings
Bullish2764.3%
Neutral1330.9%
Bearish24.8%
1 unmapped firm rating excluded from the percentages.
KLA Corporation · KLAC · FY2026 Q3 · Calendar Q2 2026
KLA Q3 FY2026: Revenue Beats on AI-Driven Advanced Packaging, Guidance Raised
KLA's Q3 FY2026 results beat consensus on both revenue ($3.415B, +1.2% vs. estimate) and EPS ($9.40, +2.5% vs. estimate), with revenue up 11% year-over-year driven by AI-fueled advanced packaging demand. Management raised full-year guidance from mid-single-digit to high-teen revenue growth and lifted the WFE market outlook beyond $140 billion. A $7 billion incremental buyback authorization and 17th consecutive dividend increase reinforced management's confidence. Despite the beat and raised guidance, the stock declined 3.6% on the report versus a +1.0% benchmark move before drifting 9.8% higher over the subsequent period.
Reported After market closeNASDAQTechnology
$265.65B market cap
100quality score
Company 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.…
Earnings scorecard
Reported versus consensus
Reported EPS
$0.94
Consensus $1
EPS surprise
+2.5%
Reported versus consensus
Reported revenue
$3.42B
Consensus $3.37B
Revenue surprise
+1.2%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$179.66Current
$26.5Low
$143.83Average
$325High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 11, 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 current price $179.66. 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 | +11.3% | Sep 1, 2026 |
| RBC Capital | Analyst unavailable | $180 | $179.02 | +0.2% | Jul 29, 2026 |
| Susquehanna | Analyst unavailable | $215 | $190.8 | +19.7% | Jul 29, 2026 |
| Stifel Nicolaus | Analyst unavailable | $250 | $190.8 | +39.2% | Jul 29, 2026 |
| Wells Fargo | Analyst unavailable | $245 | $190.8 | +36.4% | Jul 29, 2026 |
| Bernstein | Stacy Rasgon | $225 | $190.8 | +25.2% | Jul 29, 2026 |
| Morgan Stanley | Shane Brett | $253 | $190.8 | +40.8% | Jul 29, 2026 |
| Jefferies | Analyst unavailable | $210 | $190.8 | +16.9% | Jul 29, 2026 |
| Deutsche Bank | Melissa Weathers | $195 | $190.8 | +8.5% | Jul 29, 2026 |
| Goldman Sachs | Analyst unavailable | $230 | $190.8 | +28.0% | Jul 28, 2026 |
| UBS | Timothy Arcuri | $240 | $210.16 | +33.6% | Jul 20, 2026 |
| Barclays | Tom O'Malley | $225 | $212.75 | +25.2% | Jul 20, 2026 |
| Oppenheimer | Edward Yang | $260 | $227.91 | +44.7% | Jul 16, 2026 |
| UBS | Analyst unavailable | $255 | $224.81 | +41.9% | Jul 15, 2026 |
| Stifel Nicolaus | Analyst unavailable | $270 | $229.52 | +50.3% | Jul 10, 2026 |
| Morgan Stanley | Analyst unavailable | $274 | $242.88 | +52.5% | Jul 6, 2026 |
| Susquehanna | Analyst unavailable | $275 | $278.39 | +53.1% | Jun 30, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $325 | $248.64 | +80.9% | Jun 29, 2026 |
| Wells Fargo | Analyst unavailable | $305 | $259.56 | +69.8% | Jun 22, 2026 |
| Barclays | Tom O'Malley | $225 | $213.56 | +25.2% | Jun 11, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $250 | $213.94 | +39.2% | Jun 10, 2026 |
| Scotiabank | Analyst unavailable | $200 | $213.94 | +11.3% | Jun 10, 2026 |
| UBS | Analyst unavailable | $218 | $210.81 | +21.3% | Jun 9, 2026 |
| Argus Research | Analyst unavailable | $195 | $173 | +8.5% | May 1, 2026 |
| Needham | Analyst unavailable | $200 | $173.42 | +11.3% | Apr 30, 2026 |
| Deutsche Bank | Analyst unavailable | $175 | $173.99 | -2.6% | Apr 30, 2026 |
| RBC Capital | Srini Pajjuri | $170 | $169.33 | -5.4% | Apr 30, 2026 |
| Oppenheimer | Edward Yang | $200 | $169.06 | +11.3% | Apr 30, 2026 |
| Bernstein | Analyst unavailable | $187.5 | $181.62 | +4.4% | Apr 30, 2026 |
| Susquehanna | Analyst unavailable | $170 | $181.62 | -5.4% | Apr 30, 2026 |
| Morgan Stanley | Shane Brett | $190 | $181.62 | +5.8% | Apr 30, 2026 |
| Jefferies | Analyst unavailable | $200 | $181.62 | +11.3% | Apr 30, 2026 |
| UBS | Timothy Arcuri | $183.5 | $180.53 | +2.1% | Apr 21, 2026 |
| Wolfe Research | Chris Caso | $180 | $142.65 | +0.2% | Mar 13, 2026 |
| Bernstein | Stacy Rasgon | $183.5 | $143.94 | +2.1% | Mar 13, 2026 |
| RBC Capital | Srini Pajjuri | $160 | $148.23 | -10.9% | Jan 30, 2026 |
| Morgan Stanley | Analyst unavailable | $175.1 | $152.38 | -2.5% | Jan 30, 2026 |
| Oppenheimer | Analyst unavailable | $180 | $168.47 | +0.2% | Jan 30, 2026 |
| Stifel Nicolaus | Brian Chin | $170 | $168.47 | -5.4% | Jan 30, 2026 |
| Bernstein | Stacy Rasgon | $175 | $168.47 | -2.6% | Jan 30, 2026 |
| Goldman Sachs | Analyst unavailable | $145 | $168.47 | -19.3% | Jan 30, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $185 | $168.47 | +3.0% | Jan 30, 2026 |
| Wells Fargo | Joe Quatrochi | $190 | $168.47 | +5.8% | Jan 30, 2026 |
| UBS | Analyst unavailable | $157.5 | $168.47 | -12.3% | Jan 30, 2026 |
| Jefferies | Blayne Curtis | $185 | $168.47 | +3.0% | Jan 30, 2026 |
| Barclays | Tom O'Malley | $170 | $168.47 | -5.4% | Jan 30, 2026 |
| Deutsche Bank | Analyst unavailable | $163 | $168.47 | -9.3% | Jan 30, 2026 |
| Deutsche Bank | Analyst unavailable | $156 | $148.62 | -13.2% | Jan 21, 2026 |
| UBS | Analyst unavailable | $163.5 | $156.78 | -9.0% | Jan 20, 2026 |
| Needham | Analyst unavailable | $180 | $156.78 | +0.2% | Jan 20, 2026 |
| Morgan Stanley | Shane Brett | $169.4 | $156.52 | -5.7% | Jan 15, 2026 |
| Morgan Stanley | Analyst unavailable | $169.7 | $154.97 | -5.5% | Jan 15, 2026 |
| Barclays | Tom O'Malley | $159.5 | $143.45 | -11.2% | Jan 15, 2026 |
| Wells Fargo | Joe Quatrochi | $160 | $143.45 | -10.9% | Jan 15, 2026 |
| RBC Capital | Analyst unavailable | $155 | $143.45 | -13.7% | Jan 14, 2026 |
| Stifel Nicolaus | Brian Chin | $160 | $141.74 | -10.9% | Jan 14, 2026 |
| Bernstein | Stacy Rasgon | $170 | $144.18 | -5.4% | Jan 13, 2026 |
| Susquehanna | Analyst unavailable | $150 | $140 | -16.5% | Jan 12, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $175 | $135.97 | -2.6% | Jan 8, 2026 |
| Wolfe Research | Analyst unavailable | $150 | $135.24 | -16.5% | Jan 6, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $150 | $122.52 | -16.5% | Dec 16, 2025 |
| Jefferies | Analyst unavailable | $150 | $119.45 | -16.5% | Dec 15, 2025 |
| Morgan Stanley | Analyst unavailable | $121.4 | $118.97 | -32.4% | Dec 2, 2025 |
| Argus Research | Analyst unavailable | $140 | $123.44 | -22.1% | Oct 31, 2025 |
| UBS | Analyst unavailable | $126 | $123.53 | -29.9% | Oct 30, 2025 |
| Morgan Stanley | Analyst unavailable | $115.4 | $122.76 | -35.8% | Oct 30, 2025 |
| Goldman Sachs | Analyst unavailable | $128 | $123.53 | -28.8% | Oct 30, 2025 |
| Needham | Charles Shi | $135 | $123.53 | -24.9% | Oct 30, 2025 |
| Stifel Nicolaus | Analyst unavailable | $126 | $121.88 | -29.9% | Oct 30, 2025 |
| Barclays | Tom O'Malley | $130 | $123.53 | -27.6% | Oct 30, 2025 |
| UBS | Analyst unavailable | $113.5 | $110.67 | -36.8% | Oct 20, 2025 |
| Barclays | Tom O'Malley | $120 | $110.67 | -33.2% | Oct 20, 2025 |
| Stifel Nicolaus | Analyst unavailable | $105 | $98.28 | -41.6% | Oct 13, 2025 |
| Morgan Stanley | Shane Brett | $109.3 | $104.48 | -39.2% | Sep 22, 2025 |
| Goldman Sachs | James Schneider | $98 | $92.86 | -45.5% | Jul 10, 2025 |
| Oppenheimer | Edward Yang | $74 | $67.63 | -58.8% | May 1, 2025 |
| Stifel Nicolaus | Brian Chin | $75 | $67.34 | -58.3% | Apr 15, 2025 |
| Susquehanna | Mehdi Hosseini | $65.5 | $78.32 | -63.5% | Jan 22, 2025 |
| Susquehanna | Mehdi Hosseini | $62 | $69.18 | -65.5% | Oct 31, 2024 |
| Bank of America Securities | Vivek Arya | $86 | $69.18 | -52.1% | Oct 31, 2024 |
| Stifel Nicolaus | Brian Chin | $80 | $69.18 | -55.5% | Oct 31, 2024 |
| Barclays | Tom O'Malley | $75 | $69.18 | -58.3% | Oct 31, 2024 |
| Oppenheimer | Ed Yang | $85 | $69.18 | -52.7% | Oct 31, 2024 |
| Raymond James | Srini Pajjuri | $92.5 | $82.96 | -48.5% | Oct 15, 2024 |
| Argus Research | Jim Kelleher | $87.5 | $78.63 | -51.3% | Jul 26, 2024 |
| Evercore ISI | Mark Lipacis | $90 | $75.58 | -49.9% | Jul 25, 2024 |
| Barclays | Tom O'Malley | $80 | $75.58 | -55.5% | Jul 25, 2024 |
| Stifel Nicolaus | Brian Chin | $87.5 | $85.71 | -51.3% | Jul 16, 2024 |
| Raymond James | Srini Pajjuri | $87.5 | $78.06 | -51.3% | Jun 7, 2024 |
| Barclays | Tom O'Malley | $76.5 | $75.06 | -57.4% | Jun 5, 2024 |
| Argus Research | Jim Kelleher | $80 | $68.93 | -55.5% | Apr 30, 2024 |
| Stifel Nicolaus | Brian Chin | $76 | $69.33 | -57.7% | Apr 16, 2024 |
| Evercore ISI | Mark Lipacis | $80 | $67.85 | -55.5% | Apr 15, 2024 |
| Deutsche Bank | Meliss Weathers | $80 | $68.71 | -55.5% | Apr 11, 2024 |
| Wells Fargo | Joseph Quatrochi | $76 | $68.11 | -57.7% | Mar 19, 2024 |
| Citigroup | Analyst unavailable | $48 | $40.66 | -73.3% | Feb 6, 2023 |
| Wells Fargo | Analyst unavailable | $42 | $38.61 | -76.6% | Dec 7, 2022 |
| Wells Fargo | Joseph Quatrochi | $51 | $29.84 | -71.6% | Oct 10, 2022 |
| Barclays | Analyst unavailable | $26.5 | $30.84 | -85.2% | Sep 28, 2022 |
| Morgan Stanley | Analyst unavailable | $35.8 | $32.79 | -80.1% | Sep 6, 2022 |
| Deutsche Bank | Analyst unavailable | $40 | $38.67 | -77.7% | Jul 29, 2022 |
| Morgan Stanley | Analyst unavailable | $38.1 | $37.79 | -78.8% | Jul 29, 2022 |
| Morgan Stanley | Analyst unavailable | $37.7 | $34.9 | -79.0% | Jul 25, 2022 |
| Barclays | Analyst unavailable | $32.5 | $35.4 | -81.9% | Jul 25, 2022 |
| Deutsche Bank | Analyst unavailable | $38.5 | $33.19 | -78.6% | Jul 18, 2022 |
| Wells Fargo | Analyst unavailable | $37.5 | $31.71 | -79.1% | Jul 15, 2022 |
| UBS | Analyst unavailable | $34.5 | $34.3 | -80.8% | Jun 28, 2022 |
| Piper Sandler | Analyst unavailable | $35.2 | $33.8 | -80.4% | May 26, 2022 |
| Morgan Stanley | Analyst unavailable | $37.3 | $33.11 | -79.2% | Apr 29, 2022 |
| Barclays | Blayne Curtis | $36.5 | $33.28 | -79.7% | Apr 29, 2022 |
| Needham | Analyst unavailable | $39.5 | $33.28 | -78.0% | Apr 29, 2022 |
| Piper Sandler | Analyst unavailable | $38.5 | $33.28 | -78.6% | Apr 29, 2022 |
| Morgan Stanley | Analyst unavailable | $37.5 | $32.7 | -79.1% | Apr 25, 2022 |
| Stifel Nicolaus | Patrick Ho | $50.5 | $33.15 | -71.9% | Apr 11, 2022 |
| Argus Research | Jim Kelleher | $45 | $37.74 | -75.0% | Feb 6, 2022 |
| Cowen & Co. | Krish Sankar | $41.5 | $36.57 | -76.9% | Jan 28, 2022 |
| Morgan Stanley | Joseph Moore | $40 | $36.57 | -77.7% | Jan 28, 2022 |
| Jefferies | Mark Lipacis | $51.5 | $44.38 | -71.3% | Jan 14, 2022 |
| Bank of America Securities | Vivek Arya | $50 | $41.76 | -72.2% | Jan 10, 2022 |
| Wells Fargo | Joseph Quatrochi | $50 | $40.83 | -72.2% | Dec 21, 2021 |
| Citigroup | Atif Malik | $45 | $38.45 | -75.0% | Dec 20, 2021 |
| Deutsche Bank | Sidney Ho | $47.5 | $40.88 | -73.6% | Dec 15, 2021 |
| Atlantic Equities | Ianjit Bhatti | $49 | $41.2 | -72.7% | Nov 15, 2021 |
| Credit Suisse | John Pitzer | $43 | $35.35 | -76.1% | Oct 28, 2021 |
| J.P. Morgan | Harlan Sur | $46 | $35.35 | -74.4% | Oct 28, 2021 |
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What changed
Revenue of $3.415 billion beat the $3.374B estimate by 1.2%, and non-GAAP EPS of $9.40 beat the $9.17 estimate by 2.5%. Revenue grew 11% YoY, driven by advanced packaging and AI-related demand. Services revenue increased 16% YoY with a 31% free-cash-flow margin. The WFE market outlook was raised to over $140 billion for 2026, and full-year revenue growth guidance was lifted from mid-single-digit to high-teen percent. Advanced packaging revenue is now expected near $1 billion in 2026, up from $635 million in 2025. The company announced a $7 billion incremental share-repurchase authorization and its 17th consecutive dividend increase, with $875 million returned in the quarter. A long-term 2030 financial model targets 13-17% revenue CAGR and 13-15% services CAGR.
Guidance delta
Guidance was raised from the prior quarter's mid-single-digit revenue growth outlook to high-teen percent revenue growth for full-year 2026. The gross margin target remained at approximately 62%. The wafer-fabrication-equipment market outlook was lifted to over $140 billion for 2026. Advanced packaging revenue is now expected to approach $1 billion in 2026, up from $635 million in 2025. Prior-quarter guidance sentiment was 'maintained'; this quarter it shifted to 'raised.'
Key takeaways
- Revenue grew 11% YoY to $3.415 billion, beating estimates by 1.2%.
- Non-GAAP EPS of $9.40 beat consensus by 2.5%.
- Guidance raised from mid-single-digit to high-teen revenue growth for 2026.
- Advanced packaging revenue projected near $1 billion in 2026, up from $635 million in 2025.
- $7 billion incremental buyback authorization and 17th consecutive dividend increase announced.
- WFE market outlook raised to over $140 billion for 2026.
Management priorities
- Implement the 2030 financial model with higher long-term revenue targets.
- Invest in next-generation product development and infrastructure.
- Expand services revenue targeting 13-15% CAGR.
- Develop new products in X-ray metrology and advanced inspection technologies.
- Maintain strong capital return program through dividends and share repurchases.
- Sustain leadership in advanced wafer-level packaging process control.
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 · 2026-07-28T11:31:25.535278+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-28T11:31:25.532416+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 . For educational purposes only; not investment advice.