Micron Technology · 2025-12-17
Micron Technology (MU) Q1 FY2026 Earnings Release: Record revenue and margin expansion confirmed AI memory acceleration.
Revenue was $13.64B versus $11.32B in the prior quarter and $8.71B a year earlier.; GAAP gross margin was 56.0% and non-GAAP gross margin was 56.8%.; GAAP diluted EPS was $4.60 and non-GAAP diluted EPS was $4.78.; Operating cash flow was $8.41B and adjusted free cash flow was $3.9B.
Revenue was $13.64B versus $11.32B in the prior quarter and $8.71B a year earlier.
GAAP gross margin was 56.0% and non-GAAP gross margin was 56.8%.
GAAP diluted EPS was $4.60 and non-GAAP diluted EPS was $4.78.
Operating cash flow was $8.41B and adjusted free cash flow was $3.9B.
Reported data
MU's quarter is about pricing power, not just revenue
Revenue was $13.64B versus $11.32B in the prior quarter and $8.71B a year earlier.
The revenue step-up confirmed that the AI-memory cycle was still accelerating.
GAAP gross margin was 56.0% and non-GAAP gross margin was 56.8%.
Margin became the main signal for shortage-driven pricing power.
GAAP diluted EPS was $4.60 and non-GAAP diluted EPS was $4.78.
Earnings were rising faster than a normal semiconductor recovery would imply.
Operating cash flow was $8.41B and adjusted free cash flow was $3.9B.
The cycle was converting into cash even as investment needs rose.
Sources