Micron Technology Stock Earnings Reports

Micron reported an exceptional start to fiscal 2026 with Q1 revenue of $13.6B (up 57% YoY, +21% sequential), record DRAM revenue ($10.8B) and NAND revenue ($2.7B). Results exceeded the high end of guidance across revenue, gross margin (56.8%), and EPS ($4.78 non-GAAP). Free cash flow was a quarterly record at $3.9B; the company reduced debt and returned to net cash. Management attributes performance to very strong AI-driven demand, tight industry supply, and Micron's technology leadership (1-gamma DRAM and G9 NAND ramps, HBM4 performance >11Gbps). Micron now expects HBM TAM to grow at ~40% CAGR to ~$100B by 2028 (arriving two years earlier than prior outlook). Supply is expected to remain tight through and beyond calendar 2026, so Micron is increasing fiscal 2026 CapEx to about $20B (up from $18B) to expand HBM and 1-gamma capacity, accelerate equipment orders, and pull forward fabs (Idaho fab first wafers now expected mid-2027). For fiscal Q2 Micron guided record revenue of $18.7B (+/- $400M), gross margin ~68% (+/-100 bps), OpEx ~$1.38B, and EPS ~$8.42 (+/- $0.20) on ~1.15B shares. Key investor takeaways: strong near-term demand and pricing driven by AI; durable tight supply that supports elevated pricing and margins; accelerated CapEx to expand capacity (with longer lead times for clean rooms); ongoing multiyear customer contracts (LTAs) being negotiated; continued focus on cost, yield, and margin expansion as advanced nodes ramp.