---
ticker: KLAC
company: KLA Corporation
filing_type: 10-K
year_current: 2026
year_prior: 2025
risks_added: 1
risks_removed: 0
risks_modified: 12
risks_unchanged: 31
source: SEC EDGAR
url: https://riskdiff.com/klac/2026-vs-2025/
markdown_url: https://riskdiff.com/klac/2026-vs-2025/index.md
access: public_preview
generated: 2026-09-28
---

# KLA Corporation: 10-K Risk Factor Changes 2026 vs 2025

> Source: U.S. Securities and Exchange Commission (EDGAR)  
> Generated: 2026-09-28  
> All data extracted directly from official filings. No hallucinated content.

## AI Risk Brief

> **AI interpretation layer.** The brief below was generated by an AI model from the deterministic diff. AI never invents facts.

> **A new interest-rate hedging risk and expanded AI, supply-chain, geopolitical, and trade disclosures signal broader exposure to financial and operating disruptions.**

- **Direction:** More concerning
- **Themes:** Interest Rates & Inflation, Artificial Intelligence, Tariffs & Trade Policy

---

## Summary

| Status | Count |
|--------|-------|
| New risks added | 1 |
| Risks removed | 0 |
| Risks modified | 12 |
| Unchanged | 31 |

---

## Selected change

This public preview includes one change. Pro access provides the complete comparison and historical data.

## New in Current Filing: We are exposed to risks associated with our interest rate hedging activities.

In 2026, we entered into interest rate swaps which are designated as fair value hedges and allow us to convert a portion of our fixed-rate payments under the senior, unsecured long-term notes issued in June 2022 ("2022 Senior Notes") into floating-rate payments based on the Daily Secured Overnight Financing Rate swap rate plus a fixed number of basis points. As of June 30, 2026, we had an aggregate principal amount of $2.00 billion in fixed-rate debt that was swapped to floating-rate debt. Because the interest rate swaps convert a portion of our fixed-rate debt to floating-rate debt, an increase in interest rates would require us to pay additional interest on the swapped debt, which may have an adverse effect on our results of operations and cash flows. These hedges may be inadequate to achieve their intended purpose of managing the fair value of our fixed-rate debt exposure. Furthermore, if a financial counterparty to our hedges experiences financial difficulties or is otherwise unable to honor the terms of the interest rate hedges, we may experience material financial losses.

---

## Source filings

- [2026 10-K filing on SEC EDGAR](https://www.sec.gov/Archives/edgar/data/319201/000031920126000027/0000319201-26-000027-index.htm)
- [2025 10-K filing on SEC EDGAR](https://www.sec.gov/Archives/edgar/data/319201/000031920125000024/0000319201-25-000024-index.htm)

[View the full comparison with Pro](https://riskdiff.com/klac/2026-vs-2025/full/)

*Data sourced from SEC EDGAR. Last updated 2026-09-28.*