Key Takeaways
- Micron Technology, Inc. announced its first quarter fiscal 2026 results, with revenue of $13.64 billion and GAAP net income of $5.24 billion.
- The company delivered record revenue and significant margin expansion across all business units.
- Micron’s Q2 outlook reflects substantial records across revenue, gross margin, EPS, and free cash flow.
- The company is investing to support its customers’ growing need for memory and storage, positioning itself as an essential AI enabler.
- Micron’s technology leadership, differentiated product portfolio, and strong operational execution are expected to drive continued strengthening of its business performance through fiscal 2026.
Introduction to Micron Technology’s Q1 Fiscal 2026 Results
Micron Technology, Inc. (Nasdaq: MU) announced its first quarter fiscal 2026 results on December 17, 2025. The company reported revenue of $13.64 billion, a significant increase from $11.32 billion in the prior quarter and $8.71 billion in the same period last year. GAAP net income was $5.24 billion, or $4.60 per diluted share, compared to $3.20 billion, or $2.83 per diluted share, in the prior quarter, and $1.87 billion, or $1.67 per diluted share, in the same period last year.
Financial Highlights and Business Performance
The company’s non-GAAP net income was $5.48 billion, or $4.78 per diluted share, compared to $3.47 billion, or $3.03 per diluted share, in the prior quarter, and $2.04 billion, or $1.79 per diluted share, in the same period last year. Operating cash flow was $8.41 billion, compared to $5.73 billion in the prior quarter and $3.24 billion in the same period last year. Micron’s investments in capital expenditures, net, were $4.5 billion, and adjusted free cash flow was $3.9 billion. The company ended the quarter with cash, marketable investments, and restricted cash of $12.0 billion.
Business Unit Performance and Outlook
Micron’s business units delivered strong performance, with the Cloud Memory Business Unit reporting revenue of $5.28 billion and gross margin of 66%. The Core Data Center Business Unit reported revenue of $2.38 billion and gross margin of 51%. The Mobile and Client Business Unit reported revenue of $4.26 billion and gross margin of 54%. The Automotive and Embedded Business Unit reported revenue of $1.72 billion and gross margin of 45%. The company’s Q2 outlook reflects substantial records across revenue, gross margin, EPS, and free cash flow, with revenue expected to be $18.70 billion, ± $400 million, and gross margin expected to be 67.0%, ± 1.0%.
Micron’s Positioning as an AI Enabler and Future Prospects
Micron’s technology leadership, differentiated product portfolio, and strong operational execution position the company as an essential AI enabler. The company is investing to support its customers’ growing need for memory and storage, which is expected to drive continued strengthening of its business performance through fiscal 2026. Micron’s innovations are fueling 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.
Conclusion and Future Outlook
In conclusion, Micron Technology, Inc. delivered strong Q1 fiscal 2026 results, with record revenue and significant margin expansion across all business units. The company’s Q2 outlook reflects substantial records across revenue, gross margin, EPS, and free cash flow. Micron’s positioning as an essential AI enabler, combined with its technology leadership, differentiated product portfolio, and strong operational execution, is expected to drive continued strengthening of its business performance through fiscal 2026. As the company continues to invest in innovation and support its customers’ growing needs, it is well-positioned for long-term success and growth.
