MU Q1 2026 Earnings
Reported Dec 17, 2025 at 4:03 PM ET · SEC Source
Q1 26 EPS
$4.78
BEAT +21.33%
Est. $3.94
Q1 26 Revenue
$13.64B
BEAT +5.91%
Est. $12.88B
vs S&P Since Q1 26
+116.0%
BEATING MARKET
MU +122.5% vs S&P +6.5%
Market Reaction
Did MU Beat Earnings? Q1 2026 Results
Micron Technology delivered a blowout fiscal first quarter for 2026, posting non-GAAP earnings of $4.78 per share against a Wall Street consensus of $3.94, a beat of 21.33%, while revenue of $13.64 billion topped estimates by 5.91% and surged 56.6% y… Read more Micron Technology delivered a blowout fiscal first quarter for 2026, posting non-GAAP earnings of $4.78 per share against a Wall Street consensus of $3.94, a beat of 21.33%, while revenue of $13.64 billion topped estimates by 5.91% and surged 56.6% year over year from $8.71 billion. The standout driver was an explosive acceleration in AI-related memory demand, most visibly in the Cloud Memory Business Unit, which nearly doubled revenue to $5.28 billion and achieved 66% gross margins as hyperscalers and cloud providers rushed to secure high-bandwidth memory for AI infrastructure. GAAP gross margin expanded to 56.0% from 38.4% a year ago, reflecting both favorable pricing and a richer product mix that powered operating income to $6.14 billion. With order books reportedly stretching into 2027 amid a broader memory supercycle, management issued fiscal Q2 guidance that raised expectations sharply higher, calling for revenue of $18.70 billion and non-GAAP EPS of $8.42, signaling that Micron's AI-fueled growth trajectory is still gaining momentum.
Key Takeaways
- • AI demand acceleration driving record revenue and margin expansion
- • Record revenue and significant margin expansion across all four business units
- • Cloud Memory Business Unit achieved 66% gross margin and 55% operating margin
- • Operating cash flow more than doubled year-over-year to $8.41 billion
- • Record adjusted free cash flow of $3.9 billion
MU Forward Guidance & Outlook
For fiscal Q2 2026, Micron guided revenue of $18.70 billion ± $400 million, GAAP gross margin of 67.0% ± 1.0%, non-GAAP gross margin of 68.0% ± 1.0%, GAAP operating expenses of $1.56 billion ± $20 million, non-GAAP operating expenses of $1.38 billion ± $20 million, GAAP diluted EPS of $8.19 ± $0.20, and non-GAAP diluted EPS of $8.42 ± $0.20. Management anticipates business performance to continue strengthening through fiscal 2026.
MU YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
MU Revenue by Segment
With YoY comparisons, source: SEC Filings
“In fiscal Q1, Micron delivered record revenue and significant margin expansion at the company level and also in each of our business units.”
— Sanjay Mehrotra, Q1 2026 Earnings Press Release
MU Earnings Trends
MU vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
MU EPS Trend
Earnings per share: estimate vs actual
MU Revenue Trend
Quarterly revenue: estimate vs actual
MU Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $3.94 | $4.78 | +21.33% | $13.64B | +5.91% |
| Q4 25 BEAT FY | $2.86 | $3.03 | +5.94% | $11.32B | +1.53% |
| FY Full Year | $8.09 | $8.29 | +2.42% | $37.38B | +0.46% |
| Q3 25 BEAT | $1.61 | $1.91 | +18.94% | $9.30B | +5.05% |
| Q2 25 BEAT | $1.42 | $1.56 | +9.49% | $8.05B | +1.97% |