Companies
Micron Technology Inc
NASDAQ: MU
$1,045.56
▼ $18.40 (−1.73%) today
Markets closed · 4:39pm ET

Micron Technology (MU) Q1 2026 Earnings

Reported Dec 17, 2025, 4:03pm ET · SEC source
$4.78
Beat +21.32%
EPS · est. $3.94
$13.6B
Beat +5.91%
Revenue · est. $12.9B
+58.1%
Beating market
MU vs S&P since report
9 quarters
Consecutive EPS beats

How Did MU Stock React to Q1 2026 Earnings?

% change · around the report
−5%0+5%+10%Dec 17Dec 18report 4:03pm ETearnings+0.7%+5.2%
−5%0+5%+10%Dec 17Dec 18earnings+0.7%+5.2%
MU +5.2%S&P 500 +0.7%
−5%0+5%+10%Dec 17Dec 18report 4:03pm ETearnings+1.2%+5.2%
−5%0+5%+10%Dec 17Dec 18earnings+1.2%+5.2%
MU +5.2%NASDAQ +1.2%
−8%0+8%+16%Dec 16Dec 24report 4:03pm ETearnings+2.6%+20.7%
−8%0+8%+16%Dec 16Dec 24earnings+2.6%+20.7%
MU +20.7%S&P 500 +2.6%
−8%0+8%+16%Dec 16Dec 24report 4:03pm ETearnings+3.5%+20.7%
−8%0+8%+16%Dec 16Dec 24earnings+3.5%+20.7%
MU +20.7%NASDAQ +3.5%
+10.21%
Day of report
+6.99%
Next session
+14.58%
One week
+59.96%
30 days

S&P 500 over the same 30 days: +1.85%.

Did MU Beat Earnings? Q1 2026 Results

Yes. Micron Technology reported Q1 2026 earnings of $4.78 a share on Dec 17, 2025, beating the $3.94 consensus estimate by 21.3%. Revenue was $13.6B against a $12.9B estimate.

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

“In fiscal Q1, Micron delivered record revenue and significant margin expansion at the company level and also in each of our business units.”

Micron Technology CEO, on the earnings call

What Was Micron Technology's Outlook in Q1 2026?

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 throughout fiscal 2026, driven by AI demand acceleration.

MU YoY Financials

Q1 2026 vs Q1 2025 · SEC filings Q1 2025 Q1 2026
$0$4.0B$8.0B$12.0B$8.7B$13.6BRevenue$3.3B$7.6BGross Profit$2.2B$6.1BOperating Income$1.9B$5.2BNet Income
$0$4.0B$8.0B$12.0BRevenueGross ProfitOperating IncomeNet Income
MU income statement, Q1 2026 versus Q1 2025
Metric Q1 2026 Q1 2025 Year over year
Revenue $13.6B $8.7B +56.7%
Gross Profit $7.6B $3.3B +128.4%
Operating Income $6.1B $2.2B +182.2%
Net Income $5.2B $1.9B +180.2%

MU Revenue by Segment

Core Data Center$2.4B
Cloud Memory$5.3B
Mobile and Client$4.3B
Automotive and Embedded$1.7B

Figures from SEC filings and company reports. Not investment advice.