Q1 26 EPS
$4.78
BEAT +21.32%
Est. $3.94
Q1 26 Revenue
$13.64B
BEAT +5.91%
Est. $12.88B
vs S&P Since Q1 26
+293.4%
BEATING MARKET
MU +303.1% vs S&P +9.7%
Market Reaction
Did MU Beat Earnings? Q1 2026 Results
Micron Technology posted a blowout fiscal Q1 2026, with revenue of $13.64 billion beating the $12.88 billion consensus by 5.91% and marking a 56.6% surge from the year-ago period, as ferocious AI-driven demand for memory and storage lifted results we… Read more Micron Technology posted a blowout fiscal Q1 2026, with revenue of $13.64 billion beating the $12.88 billion consensus by 5.91% and marking a 56.6% surge from the year-ago period, as ferocious AI-driven demand for memory and storage lifted results well beyond Wall Street expectations. Non-GAAP EPS of $4.78 cleared the $3.94 consensus estimate by 21.33%, more than doubling the $1.79 earned a year earlier. The standout driver was the Cloud Memory Business Unit, which alone generated $5.28 billion in revenue at a 66% gross margin, reflecting the extraordinary pull of data center customers racing to build AI infrastructure; reports of Micron's order books extending into 2027 underscore just how tight supply remains. GAAP gross margin expanded sharply to 56.0%, up from 38.4% a year ago, as pricing power and mix shift rewarded the company's scale investments. Management's fiscal Q2 2026 guidance calls for revenue of $18.70 billion and non-GAAP EPS of $8.42, signaling that the acceleration is far from over.
Key Takeaways
- • AI demand acceleration driving record revenue and margin expansion across all business units
- • Cloud Memory Business Unit achieved 66% gross margin and 55% operating margin
- • Significant gross margin expansion to 56.0% GAAP (56.8% non-GAAP) from 38.4% (39.5% non-GAAP) year-over-year
- • Operating cash flow surged to $8.41 billion from $3.24 billion year-over-year
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
7 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT | $9.31 | $12.20 | +31.04% | $23.86B | +22.28% |
| Q1 26 BEAT | $3.94 | $4.78 | +21.32% | $13.64B | +5.91% |
| Q4 25 BEAT FY | $2.69 | $3.03 | +12.64% | $11.32B | +1.43% |
| FY Full Year | — | $8.29 | — | $37.38B | — |
| Q3 25 BEAT | $1.45 | $1.91 | +31.72% | $9.30B | +5.05% |
| Q2 25 BEAT | $1.28 | $1.56 | +21.88% | $8.05B | +1.97% |
| Q1 25 BEAT | $1.77 | $1.79 | +1.13% | $8.71B | +0.03% |
| Q4 24 BEAT FY | $1.14 | $1.18 | +3.51% | $7.75B | +1.51% |
| FY Full Year | — | $1.30 | — | $25.11B | — |