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 of 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
(in millions, except per share amounts)
GAAP(1)
Non-GAAP(2)
FQ1-26
FQ4-25
FQ1-25
FQ1-26
FQ4-25
FQ1-25
Revenue
$
13,643
$
11,315
$
8,709
$
13,643
$
11,315
$
8,709
Gross margin
7,646
5,054
3,348
7,753
5,169
3,441
Percent of revenue
56.0
%
44.7
%
38.4
%
56.8
%
45.7
%
39.5
%
Operating expenses
1,510
1,400
1,174
1,334
1,214
1,047
Operating income
6,136
3,654
2,174
6,419
3,955
2,394
Percent of revenue
45.0
%
32.3
%
25.0
%
47.0
%
35.0
%
27.5
%
Net income
5,240
3,201
1,870
5,482
3,469
2,037
Diluted earnings per share
4.60
2.83
1.67
4.78
3.03
1.79
For the first quarter of 2026, investments in capital expenditures, net(2) were $4.5 billion and adjusted free cash flow(2) 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
FQ1-26
FQ4-25
FQ1-25
Cloud Memory Business Unit
Revenue
$
5,284
$
4,543
$
2,648
Gross margin
66
%
59
%
51
%
Operating margin
55
%
48
%
40
%
Core Data Center Business Unit
Revenue
$
2,379
$
1,577
$
2,292
Gross margin
51
%
41
%
50
%
Operating margin
37
%
25
%
38
%
Mobile and Client Business Unit
Revenue
$
4,255
$
3,760
$
2,608
Gross margin
54
%
36
%
27
%
Operating margin
47
%
29
%
15
%
Automotive and Embedded Business Unit
Revenue
$
1,720
$
1,434
$
1,158
Gross margin
45
%
31
%
20
%
Operating margin
36
%
20
%
7
%
Business Outlook
The following table presents Micron's guidance for the second quarter of 2026:
FQ2-26
GAAP(1) Outlook
Non-GAAP(2) Outlook
Revenue
$18.70 billion ± $400 million
$18.70 billion ± $400 million
Gross margin
67.0% ± 1.0%
68.0% ± 1.0%
Operating expenses
$1.56 billion ± $20 million
$1.38 billion ± $20 million
Diluted earnings per share
$8.19 ± $0.20
$8.42 ± $0.20
Further information regarding Micron's business outlook is included in the prepared remarks and slides, which have been posted at investors.micron.com.
Investor Webcast
Micron will host a conference call on Wednesday, December 17, 2025 at 2:30 p.m. Mountain Time to investors.micron.comdiscuss its first quarter financial results and provide forward-looking guidance for its second quarter. A live webcast of the call will be available online at investors.micron.com. A webcast replay will be available for one year after the call.
We encourage you to visit our website at micron.com throughout the quarter for the most current information on the company, including information on financial conferences that we may be attending. You can also follow us on LinkedIn, X (@MicronTech) and YouTube
About Micron Technology, Inc.
Micron Technology, Inc. is an industry leader in innovative memory and storage solutions transforming how the world uses information to enrich life for all. With a relentless focus on our customers, technology leadership, and manufacturing and operational excellence, Micron delivers a rich portfolio of high-performance DRAM, NAND, and NOR memory and storage products. Every day, the innovations that our people create fuel 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. To learn more about Micron Technology, Inc. (NASDAQ:MU), visit micron.com.
© 2025 Micron Technology, Inc. All rights reserved. Micron, the Micron logo, and all other Micron trademarks are the property of Micron Technology, Inc. All other trademarks are the property of their respective owners.
Forward-Looking Statements
This press release contains forward-looking statements regarding our industry, our strategic position, and our financial and operating results, including our guidance for the second quarter of 2026. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially. Please refer to the documents we file with the Securities and Exchange Commission, including our most recent Form 10-K and Form 10-Q. These documents contain and identify important factors that could cause our actual results to differ materially from those contained in these forward-looking statements. These certain factors can be found at investors.micron.com/risk-factor. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We are under no duty to update any of the forward-looking statements to conform these statements to actual results.
(1)
GAAP represents U.S. Generally Accepted Accounting Principles.
(2)
Non-GAAP represents GAAP excluding the impact of certain activities, which management excludes in analyzing our operating results and understanding trends in our earnings; adjusted free cash flow; investments in capital expenditures, net; and business outlook. Further information regarding Micron's use of non-GAAP measures and reconciliations between GAAP and non-GAAP measures are included within this press release.
MICRON TECHNOLOGY, INC.CONSOLIDATED STATEMENTS OF OPERATIONS(In millions, except per share amounts)(Unaudited)
1st Qtr.
4th Qtr.
1st Qtr.
November 27,2025
August 28,2025
November 28,2024
Revenue
$
13,643
$
11,315
$
8,709
Cost of goods sold
5,997
6,261
5,361
Gross margin
7,646
5,054
3,348
Research and development
1,171
1,047
888
Selling, general, and administrative
337
314
288
Other operating (income) expense, net
2
39
(2
)
Operating income
6,136
3,654
2,174
Interest income
139
146
107
Interest expense
(74
