Micron Technology · Q1 FY2026 · December 17, 2025
Micron Technology (MU) Q1 FY2026 Earnings: Record revenue and margin expansion confirmed AI memory acceleration.
A structured quarterly research file based on the earnings release and cited primary documents. Consensus, transcript, Q&A, and price-reaction fields are shown only when verified data are available.
Reported result
Reported result
Reported result
Reported result
Investment read
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%. The next research checkpoint is earnings were rising faster than a normal semiconductor recovery would imply.
Results check
Reported results
| Metric | Reported | YoY |
|---|---|---|
| Revenue | $13.64BRevenue was $13.64B versus $11.32B in the prior quarter and $8.71B a year earlier. Source | — |
| Margin | 56.0%GAAP gross margin was 56.0% and non-GAAP gross margin was 56.8%. Source | — |
| EPS | $4.60GAAP diluted EPS was $4.60 and non-GAAP diluted EPS was $4.78. Source | — |
| Cash flow | $8.41BOperating cash flow was $8.41B and adjusted free cash flow was $3.9B. Source | — |
Investor focus
What investors are likely to focus on
Potential result drivers
- 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.
Verified after-hours, next-day, and benchmark-relative price data are not stored in this record. The factors above are research considerations, not a measured attribution of the stock move.
Next quarter
What to watch next
| Indicator | Current baseline | Next check | Source |
|---|---|---|---|
| Revenue | $13.64B | The revenue step-up confirmed that the AI-memory cycle was still accelerating. | Primary source |
| Margin | 56.0% | Margin became the main signal for shortage-driven pricing power. | Primary source |
| EPS | $4.60 | Earnings were rising faster than a normal semiconductor recovery would imply. | Primary source |
| Cash flow | $8.41B | The cycle was converting into cash even as investment needs rose. | Primary source |
Primary documents
Sources and documents
FAQ
Reader questions
What did Micron Technology report for Revenue?
Revenue was $13.64B versus $11.32B in the prior quarter and $8.71B a year earlier.
What did Micron Technology report for Margin?
GAAP gross margin was 56.0% and non-GAAP gross margin was 56.8%.
What did Micron Technology report for EPS?
GAAP diluted EPS was $4.60 and non-GAAP diluted EPS was $4.78.