Micron, the world's No. 3 memory semiconductor corporations, beat market expectations in the first quarter of the 2026 fiscal year (September–November) as sales of High Bandwidth Memory (HBM) rose on the back of the artificial intelligence (AI) industry's growth. Because Micron is the first among major memory semiconductor corporations to report earnings, it serves as a "barometer" for the memory semiconductor industry's results. The outlook Micron offered for the next quarter also exceeded market expectations.
On the 17th (local time), Micron said revenue for the first quarter of the 2026 fiscal year was $13.643 billion (about 20.1643 trillion won), up 56% from a year earlier. Operating profit in the same period, on a Non-GAAP basis, rose 168% year over year to $6.419 billion (about 9.4872 trillion won), and the operating margin was 47%, up 19.5 percentage points (P) from the same period a year earlier. It reported adjusted earnings per share (EPS) of $4.78. Both revenue and EPS beat market expectations (revenue $12.95 billion, EPS $3.95).
The company's official guidance for the second quarter of the 2026 fiscal year (December 2025–February 2026) also topped the consensus. Revenue guidance was $18.3 billion–$19.1 billion, far above the consensus of $14.38 billion, and EPS was $8.42, higher than the consensus of $4.71.
By business unit, cloud memory revenue was $5.284 billion, up 98% from a year earlier. The mobile & client unit posted revenue of $4.255 billion, up 63%, and the automotive & embedded unit recorded $1.72 billion, up 48.0%. Core data center revenue was $2.379 billion, up 3%.
Micron Chief Executive Officer Sanjay Mehrotra said, "Micron posted record revenue in the first quarter, and margins improved meaningfully across all businesses," adding, "Revenue, margins, EPS, and cash flow will improve in the second quarter of the 2026 fiscal year, and full-year results for the 2026 fiscal year will also increase."
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