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Sentiment · FY2026 Q3
What companies say about each other on earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“Which is I think consistent with what Lam said yesterday.”
KLA notes its total 2026 WFE market forecast (mid-$130 billion range, including advanced packaging) aligns with peer Lam Research's outlook, corroborating the industry spending trajectory.
“even ASML spoke about introducing new i-line tool for advanced packaging”
An analyst references ASML introducing a new i-line tool for advanced packaging, framing peer activity in KLA's advanced-packaging inspection market.
“Lam went out and talked about $100 billion of AI spend is roughly equivalent to $8 billion in WFE or additional spend”
An analyst cites peer Lam Research's framing that $100 billion of AI spend equates to roughly $8 billion of WFE; KLA's management broadly agrees while adding advanced-packaging upside.
“Most of our business when our biggest customers that were in centric. So that isn't -- most of that is going to Taiwan and not into Arizona. Arizona has been a slow investment cycle over the last few years.”
In response to an analyst question about TSMC's Arizona investment, KLA's CFO clarifies that the bulk of its leading-edge customer's capital spending remains concentrated in Taiwan rather than Arizona, indicating Arizona fab investment has been comparatively slow to ramp.
KLA delivered record full-year revenue of $12.745 billion, up 17% year-over-year, with Q2 FY2026 (December quarter) revenue of $3.3 billion and non-GAAP EPS of $8.85. Advanced packaging revenue reached $950 million in FY2025, and the WFE market outlook strengthened to the low $120 billion range. DRAM component cost headwinds of 75-100 basis points pressured gross margins, though record free cash flow of $1.26 billion was achieved. Supply constraints were expected to limit first-half 2026 growth, with the March quarter guided to $3.35 billion.
Demand | Competitive Dynamics | Innovation & R&D | Revenue Growth | Capex Investment | Trade Tariffs | Margin | Supply Chain | |
|---|---|---|---|---|---|---|---|---|
| 2025Q2 | 10 | 8 | 4 | 9 | 2 | 5 | 1 | |
| 2025Q3 | 6 | 3 | 5 | 4 | 4 | 6 | 4 | 3 |
| 2025Q4 | 9 | 6 | 7 | 3 | 2 | 3 | 1 | |
| 2026Q1 | 12 | 8 | 7 | 2 | 7 | 3 | 2 | |
| 2026Q2 | 11 | 9 | 4 | 4 | 4 | 3 | 2 | 3 |
| 2026Q3 | 8 | 5 | 2 | 7 | 9 | 1 | 2 | 3 |
| '25Q2 | '25Q3 | '25Q4 | '26Q1 | '26Q2 | '26Q3 | |
|---|---|---|---|---|---|---|
| Demand | 10 | 6 | 9 | 12 | 11 | 8 |
| Competitive Dynamics | 8 | 3 | 6 | 8 | 9 | 5 |
| Innovation & R&D | 4 | 5 | 7 | 7 | 4 | 2 |
| Revenue Growth | 9 | 4 | 3 | 2 | 4 | 7 |
| Capex Investment | 2 | 4 | 2 | 7 | 4 | 9 |
| Trade Tariffs | 5 | 6 | 3 | 3 | 3 | 1 |
| Margin | 1 | 4 | 1 | 2 | 2 | 2 |
| Supply Chain | 3 | 3 | 3 |
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Harlan Sur | JPMorgan | 12 (0%) |
| Tim Arcuri | UBS | 12 (42%) |
| Joe Quatrochi | Wells Fargo | 11 |
| CJ Muse | Cantor Fitzgerald | 11 (0%) |
| Tom O'Malley | Barclays | 9 (11%) |
| Charles Shi | Needham | 8 (0%) |
| Chris Caso | Wolfe Research | 8 (0%) |
| Shane Brett | Morgan Stanley | 7 (0%) |
| Vivek Arya | Bank of America | 7 (14%) |
| Srini Pajjuri | Raymond James | 6 (17%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| UBS | 1 | 12 (42%) |
| JPMorgan | 1 | 12 (0%) |
| Cantor Fitzgerald | 1 | 11 (0%) |
| Wells Fargo | 1 | 11 (0%) |
| TD Cowen | 3 | 10 (10%) |
| Bank of America | 2 | 9 (11%) |
| Barclays | 1 | 9 (11%) |
| Needham | 1 | 8 (0%) |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
KLAC KLA Corporation | 7 | +11.5% | |
| ADI Analog Devices | 9 | +37.3% | |
| ALAB Astera Labs, Inc. Common Stock | 9 | +93.4% | |
| AMAT Applied Materials | 9 | +11.4% | |
| AMD Advanced Micro Devices, Inc. | 9 | +37.9% | |
| ARM Arm Holdings | 7 | +20.1% | |
| ASML ASML Holding | 9 | +13.3% | |
| AVGO Broadcom Inc. | 10 | +47.9% | |
| INTC Intel Corporation | 6 | +7.2% | |
| LRCX Lam Research | 9 | +23.8% | |
| MCHP Microchip Technology | 9 | +35.1% | |
| MPWR Monolithic Power Systems | 10 | +26.1% | |
| MRVL Marvell Technology | 10 | +27.6% | |
| MU Micron Technology, Inc. | 9 | +345.7% | |
| NVDA NVIDIA Corporation | 9 | +85.2% | |
| NXPI NXP Semiconductors | 7 | +12.2% | |
| ON ON Semiconductor | 6 | +4.7% | |
| Q Qnity Electronics, Inc. | 10 | +17.6% | |
| QCOM Qualcomm | 3 | -3.5% | |
| SWKS Skyworks Solutions | 3 | -1.0% | |
| TER Teradyne | 9 | +87.0% | |
| TXN Texas Instruments | 9 | +18.6% |