Key Takeaways:
- Micron Technology reported record fiscal Q1 2026 results with revenue of $13.64 billion and GAAP net income of $5.24 billion.
- The company’s operating cash flow was $8.41 billion, and adjusted free cash flow was $3.9 billion.
- Micron provided guidance for FQ2-26, including revenue of $18.70 billion ± $400 million and GAAP diluted EPS of $8.19 ± $0.20.
- The company declared a quarterly cash dividend of $0.115 per share, payable on January 14, 2026.
- Micron’s capital expenditures were $4.5 billion, and the company ended FQ1 2026 with $12.0 billion of cash, marketable investments, and restricted cash.
Introduction to Micron Technology’s Fiscal Q1 2026 Results
Micron Technology, Inc. (Nasdaq: MU) announced its fiscal Q1 2026 results, which ended on November 27, 2025. The company reported record revenue of $13.64 billion, a significant increase from the prior quarter and the same period last year. GAAP net income was $5.24 billion, or $4.60 per diluted share, while non-GAAP net income was $5.48 billion, or $4.78 per diluted share. Operating cash flow was $8.41 billion, and adjusted free cash flow was $3.9 billion, the highest ever reported by the company.
Financial Highlights and Guidance
Micron’s financial highlights for FQ1 2026 include revenue of $13.64 billion, GAAP gross margin of 56.0%, and operating income of $6.136 billion. The company’s non-GAAP gross margin was 56.8%, and non-GAAP operating income was $6.419 billion. For FQ2-26, Micron provided guidance of $18.70 billion ± $400 million in revenue, GAAP gross margin of 67.0% ± 1.0%, and GAAP diluted EPS of $8.19 ± $0.20. The company also declared a quarterly cash dividend of $0.115 per share, payable on January 14, 2026, to holders of record on December 29, 2025.
Market Reaction and Key Figures
Following the announcement, Micron’s stock price increased by 8.90%, reflecting a positive market reaction to the company’s record results. The stock is currently trading at $245.60, with a market capitalization of $253.79 billion. Key figures for Micron include Q1 2026 revenue of $13.64 billion, GAAP net income of $5.24 billion, and operating cash flow of $8.41 billion. The company’s capital expenditures were $4.5 billion, and adjusted free cash flow was $3.9 billion. Micron ended FQ1 2026 with $12.0 billion of cash, marketable investments, and restricted cash.
Historical Context and Business Outlook
Micron’s news flow has centered on strong financial performance and strategic repositioning over the last several months. The company reported record Q4 FY25 results and robust Q3 and Q2 FY25 earnings, with rising revenue and net income. Micron announced an exit from the Crucial consumer business to prioritize enterprise and AI data-center demand. The company’s Q2 outlook reflects substantial records across revenue, gross margin, EPS, and free cash flow, and Micron anticipates its business performance to continue strengthening through fiscal 2026.
Key Terms and Definitions
Several key terms and definitions are relevant to understanding Micron’s financial results, including GAAP (Generally Accepted Accounting Principles), non-GAAP, operating cash flow, free cash flow, capital expenditures, gross margin, operating margin, and diluted earnings per share. These terms are essential for investors to understand the company’s financial performance and make informed decisions. Micron’s use of non-GAAP measures provides additional insight into the company’s operating results and earnings, enabling enhanced comparison of its performance between periods and with peer companies.
