Filing Flows › Micron Technology (MU) › Q1 FY26
Micron Technology (MU) Q1 FY26 earnings results (first quarter fiscal 2026)
10-Q filed Dec 18, 2025
Micron Technology (MU) reported revenue of $13.6B for the first quarter fiscal 2026 (Q1 FY26), +57% from a year earlier and +21% from the quarter before. Operating margin was 45.0%, net earnings $5.2B (38.4% of revenue).
Micron Technology, Q1 FY26: revenue $13.6B (+57% year over year), operating margin 45.0%, net earnings $5.2B, operating cash flow $8.4B. The chart follows the revenue to costs, profit and cash.
| Q1 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $13.6B | +21% | +57% |
| Gross profit | $7.6B | +51% | +128% |
| Operating profit | $6.1B | +68% | +182% |
| Net earnings | $5.2B | +64% | +180% |
| Operating cash flow | $8.4B | +47% | +159% |
| Free cash flow | $3.0B | 42× | 80× |
What changed
Revenue was $13.6B in Q1 FY26, up 57% year over year and up 21% from the previous quarter. DRAM was the largest line at 79% of revenue. DRAM added $4.4B year over year (up 69%), 89% of the total change.
Gross margin was 56.0%, up 17.6 points from a year earlier. Operating profit was $6.1B, a 45.0% margin (up 20.0 points year over year). Of the extra revenue versus a year earlier, 80% reached operating profit, above the 25% margin then. Operating expenses grew 29% against revenue growth of 57%. The fastest-growing cost line was Research & development (+32%). Net earnings were $5.2B, up 180% year over year. The effective tax rate was 13.7%.
Operating cash flow was $8.4B (up 159% year over year), 161% of net earnings. Non-cash charges added back $2.2B of depreciation and amortization and $0.29B of share-based compensation. Working capital and other items added $0.67B. Capital expenditures of $5.4B left free cash flow of $3.0B.
Questions
What was Micron Technology's revenue in the first quarter fiscal 2026?
Micron Technology (MU) reported revenue of $13.6B for the first quarter fiscal 2026 (Q1 FY26), +57% from a year earlier and +21% from the quarter before.
Was Micron Technology profitable in the first quarter fiscal 2026?
Operating profit was $6.1B (45.0% of revenue) and net earnings $5.2B.
Source: Micron Technology 10-Q on SEC EDGAR.