Micron Technology, Inc. Q1 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Overview

  • Micron delivered record-breaking fiscal Q1 2026 results, with revenue, gross margin, and EPS all exceeding the high end of guidance.
  • Company-wide records were set in total revenue, DRAM and NAND revenue, HBM and data center revenue, and each business unit’s revenue.
  • The demand environment remains exceptionally tight, driven by AI data center build-outs and constrained global memory supply.

Key Financial Results (Compared to Fiscal Q4 2025 and Fiscal Q1 2025)

  • Revenue: $13.6B, up 21% QoQ and up 57% YoY.
  • Gross Margin: 56.8%, up 11 percentage points QoQ.
  • Non‑GAAP EPS: $4.78, up 58% QoQ and up 167% YoY.
  • Record free cash flow of $3.9B (20% above prior all‑time high from fiscal Q4 2018).
  • Debt reduced by $2.7B; Micron returned to a net cash position of over $250M.

Business Unit Performance (Sequential Growth)

  • Cloud Memory (CMBU): $5.3B revenue, +16%; 66% gross margin (+620 bps).
  • Core Data Center (CDBU): $2.4B revenue, +51%; 51% gross margin (+990 bps).
  • Mobile & Client (MCBU): $4.3B revenue, +13%; 54% gross margin (+17 pts).
  • Automotive & Embedded (AEBU): $1.7B revenue, +20%; 45% gross margin (+14 pts).

Product & Technology Highlights

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Operator: Thank you for standing by. Welcome to Micron Technology, Inc.'s First Quarter 2026 Financial Call. At this time, all participants are in listen-only mode. After the speakers' presentation, there will be a question and answer session. To ask a question during the session, you will need to press 11 on your telephone. If your question has been answered and you would like to remove yourself from the queue, please press the pound key. As a reminder, today's program is being recorded. And now I would like to introduce your host for today's program, Satya Kumar, Investor Relations. Please go ahead, sir. Satya Kumar: Thank you, and welcome to Micron Technology, Inc.'s fiscal first quarter 2026 Financial Conference Call. On the call with me today are Sanjay Mehrotra, our Chairman, President and CEO, and Mark Murphy, our CFO. Today's call is being webcast from our Investor Relations site at investors.micron.com, including audio and slides. In addition, the press release detailing our quarterly results has been posted on the website along with the prepared remarks for this call. Today's discussion contains forward-looking statements that are subject to risks and uncertainties. These forward-looking statements include statements regarding our future financial and operating performance, as well as trends and expectations in our business, contractual terms, market, industry, products, and regulatory and other matters. These statements are based on our current assumptions, and we

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