Micron Technology Inc. reported fiscal first‑quarter 2026 revenue of $13.64 billion, a 57 % year‑over‑year increase, and adjusted earnings per share of $4.78, beating the consensus estimate of $3.95 by $0.83 or 22 %. The revenue lift was driven by a 69 % jump in DRAM sales and a 22 % rise in NAND revenue, reflecting robust demand for high‑bandwidth memory (HBM) and data‑center memory solutions used by AI workloads.
The company’s data‑center segment accounted for 56 % of total revenue, up from 52 % in the prior year, and gross margins in that segment rose to 68 % from 52 %. Micron’s overall non‑GAAP gross margin reached 56.8 %, up from 45.7 % in Q4 FY2025, driven by higher pricing, a richer mix of high‑margin HBM and data‑center products, and manufacturing cost reductions. The mix shift toward AI‑centric memory products also contributed to the margin expansion.
Guidance for fiscal second‑quarter 2026 is a revenue range of $18.3 billion to $19.1 billion and adjusted EPS of $8.42, well above the consensus of $14.38 billion and $4.49 EPS. The upside reflects Micron’s expectation of continued AI‑driven demand, secured supply of HBM for the calendar 2026 cycle, and ongoing cost‑control initiatives. Management highlighted that the company’s pricing power and high‑margin product mix will sustain the strong outlook.
Micron also announced a quarterly dividend of $0.115 per share, payable on January 14, 2026. CEO Sanjay Mehrotra emphasized that the company’s technology leadership and differentiated product portfolio position it as an essential AI enabler, and that investments in capacity and R&D will support future growth.
Investors reacted positively to the results, with analysts upgrading their forecasts and raising price targets in response to the earnings beat and strong guidance. The market’s enthusiasm underscores confidence in Micron’s ability to capitalize on the AI megatrend and maintain profitability.
Management cautioned that supply constraints for DRAM and NAND could persist in calendar 2026, but emphasized that the company’s strategic investments in capacity and technology will mitigate potential headwinds and sustain the momentum in the AI‑driven memory market.
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