Micron Technology: Fiscal 1Q26 Financial Results

Micron Technology, Inc. announced results for its first quarter of fiscal 2026, which ended November 27, 2025.Fiscal Q1 2026 highlights

Revenue of $13.64 billion versus $11.32 billion for the prior quarter and $8.71 billion for the same period last year
GAAP net income of $5.24 billion, or $4.60 per diluted share
Non-GAAP net income of $5.48 billion, or $4.78 per diluted share
Operating cash flow of $8.41 billion versus $5.73 billion for the prior quarter and $3.24 billion for the same period last year

“In fiscal Q1, Micron delivered record revenue and significant margin expansion at the company level and also in each of our business units,” said Sanjay Mehrotra, chairman, president and CEO, Micron Technology. “Our Q2 outlook reflects substantial records across revenue, gross margin, EPS and free cash flow, and we anticipate our business performance to continue strengthening through fiscal 2026. Micron’s technology leadership, differentiated product portfolio, and strong operational execution position us as an essential AI enabler, and we are investing to support our customers’ growing need for memory and storage.”

Quarterly Financial Results

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For the first quarter of 2026, investments in capital expenditures, net were $4.5 billion and adjusted free cash flow was $3.9 billion. Micron 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.

Quarterly Business Unit Financial Results

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Business Outlook

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Comments

Micron delivered a new solid quarter for the first 3 months of FY26 at $13.64 billion, above previous guidance, showing a growth of 21% sequentially and 57% YoY, which demonstrated good and clever choices around memory and market demands. The last 6 months have generated almost $25 billion which was the annual revenue of 2024, the ARR passed $42 billion, already $5 billion above 2025 revenue. The 2Q26 outlook shows $18 billion. We can fairly estimate an annual revenue between $70 and $80 billion for FY26 which appears to be more than the double of FY 2025. It illustrates the dynamism of the sector and the battle among top players.

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In terms of product lines, 80% - in fact 79% - of the revenue comes from DRAM at $10.8 billion, up 20% QoQ and up 69% YoY, NAND represents 20% at $2.7 billion, up 22% QoQ and up 22% also YoY. The NOR business is really anecdotic and produced $88 million !! In various sectors, DRAM, NAND, HBM and data center lines, revenue presented new records.

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As AI really drives the memory market, HBM TAM has now a horizon around $100 billion in 2028. Micron is positioned as a major enabler for AI systems and wish to drive US business in the domain. At the same time, to dedicated resources on this gigantic business and strategic opportunity, the company announced recently the stop of Crucial consumer activity and will concentrate its effort on datacenter and enterprises needs as the market pressure is high. Production then pricing are 2 key concerns in the coming months and market observers scrutinize this carefully as it will impact companies' results, data centers and neoclouds players and at the end end-users projects.

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