Key Takeaways:
- Micron Technology, Inc. reported record fiscal Q1 results, with revenue of $13.64 billion and GAAP net income of $5.24 billion.
- The company’s AI demand acceleration and execution drove significant margin expansion at the company level and in each of its business units.
- Micron’s technology leadership, differentiated product portfolio, and strong operational execution position it as an essential AI enabler.
- The company’s Q2 outlook reflects substantial records across revenue, gross margin, EPS, and free cash flow.
- Micron’s investments in capital expenditures, net, were $4.5 billion, and adjusted free cash flow was $3.9 billion.
Introduction to Micron Technology, Inc.
Micron Technology, Inc. is an industry leader in innovative memory and storage solutions that transform how the world uses information to enrich life for all. With a relentless focus on customers, technology leadership, and manufacturing and operational excellence, Micron delivers a rich portfolio of high-performance DRAM, NAND, and NOR memory and storage products. The company’s innovations fuel the data economy, enabling advances in artificial intelligence (AI) and compute-intensive applications that unleash opportunities — from the data center to the intelligent edge and across the client and mobile user experience.
Fiscal Q1 2026 Highlights
Micron announced its first quarter of fiscal 2026 results, which ended on November 27, 2025. The company reported revenue of $13.64 billion, compared to $11.32 billion for the prior quarter and $8.71 billion for the same period last year. GAAP net income was $5.24 billion, or $4.60 per diluted share, and non-GAAP net income was $5.48 billion, or $4.78 per diluted share. Operating cash flow was $8.41 billion, compared to $5.73 billion for the prior quarter and $3.24 billion for the same period last year.
Quarterly Financial Results
The company’s quarterly financial results showed significant improvement across all business units. The Cloud Memory Business Unit reported revenue of $5.28 billion, with a gross margin of 66% and an operating margin of 55%. The Core Data Center Business Unit reported revenue of $2.38 billion, with a gross margin of 51% and an operating margin of 37%. The Mobile and Client Business Unit reported revenue of $4.26 billion, with a gross margin of 54% and an operating margin of 47%. The Automotive and Embedded Business Unit reported revenue of $1.72 billion, with a gross margin of 45% and an operating margin of 36%.
Business Outlook
Micron provided guidance for the second quarter of 2026, with revenue expected to be $18.70 billion, plus or minus $400 million. Gross margin is expected to be 67.0%, plus or minus 1.0%, and operating expenses are expected to be $1.56 billion, plus or minus $20 million. Diluted earnings per share are expected to be $8.19, plus or minus $0.20. The company’s Q2 outlook reflects substantial records across revenue, gross margin, EPS, and free cash flow.
Investments and Cash Flow
Micron’s investments in capital expenditures, net, were $4.5 billion, and adjusted free cash flow was $3.9 billion. The company ended the year with cash, marketable investments, and restricted cash of $12.0 billion. On December 17, 2025, Micron’s Board of Directors declared a quarterly dividend of $0.115 per share, payable in cash on January 14, 2026, to shareholders of record as of the close of business on December 29, 2025.
Conclusion
In conclusion, Micron Technology, Inc. reported record fiscal Q1 results, driven by AI demand acceleration and execution. The company’s technology leadership, differentiated product portfolio, and strong operational execution position it as an essential AI enabler. With a strong Q2 outlook and significant investments in capital expenditures, Micron is well-positioned for continued growth and success in the memory and storage solutions market.
