MICRON TECHNOLOGY, INC. REPORTS RESULTS FOR THE FIRST QUARTER OF FISCAL 2026 (Form 8-K)

MICRON TECHNOLOGY, INC. REPORTS RESULTS FOR THE

FIRST QUARTER OF FISCAL 2026

AI demand acceleration and Micron execution drive record fiscal Q1 results,

including highest ever free cash flow

BOISE, Idaho, December 17, 2025 - Micron Technology, Inc. (Nasdaq: MU) today announced results for its first quarter of fiscal 2026, which ended November 27, 2025.

Fiscal Q1 2026 highlights

•Revenue of $13.64 billion versus $11.32 billion for the prior quarter and $8.71 billion for the same period last year

•GAAP net income of $5.24 billion, or $4.60 per diluted share

•Non-GAAP net income of $5.48 billion, or $4.78 per diluted share

•Operating cash flow of $8.41 billion versus $5.73 billion for the prior quarter and $3.24 billion for the same period last year

"In fiscal Q1, Micron delivered record revenue and significant margin expansion at the company level and also in each of our business units," said Sanjay Mehrotra, Chairman, President and CEO of Micron Technology. "Our Q2 outlook reflects substantial records across revenue, gross margin, EPS and free cash flow, and we anticipate our business performance to continue strengthening through fiscal 2026. Micron's technology leadership, differentiated product portfolio, and strong operational execution position us as an essential AI enabler, and we are investing to support our customers' growing need for memory and storage."

Quarterly Financial Results
(in millions, except per share amounts)			GAAP(1)												Non-GAAP(2)
			FQ1-26			FQ4-25			FQ1-25						FQ1-26			FQ4-25			FQ1-25
Revenue			$	13,643		$	11,315		$	8,709					$	13,643		$	11,315		$	8,709
Gross margin			7,646			5,054			3,348						7,753			5,169			3,441
Percent of revenue			56.0		%	44.7		%	38.4		%				56.8		%	45.7		%	39.5		%
Operating expenses			1,510			1,400			1,174						1,334			1,214			1,047
Operating income			6,136			3,654			2,174						6,419			3,955			2,394
Percent of revenue			45.0		%	32.3		%	25.0		%				47.0		%	35.0		%	27.5		%
Net income			5,240			3,201			1,870						5,482			3,469			2,037
Diluted earnings per share			4.60			2.83			1.67						4.78			3.03			1.79

For the first quarter of 2026, investments in capital expenditures, net(2) were $4.5 billion and adjusted free cash flow(2) was $3.9 billion. Micron ended the year with cash, marketable investments, and restricted cash of $12.0 billion. On December 17, 2025, Micron's Board of Directors declared a quarterly dividend of $0.115 per share, payable in cash on January 14, 2026, to shareholders of record as of the close of business on December 29, 2025.

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Quarterly Business Unit Financial Results
			FQ1-26			FQ4-25			FQ1-25
Cloud Memory Business Unit
Revenue			$	5,284		$	4,543		$	2,648
Gross margin			66		%	59		%	51		%
Operating margin			55		%	48		%	40		%
Core Data Center Business Unit
Revenue			$	2,379		$	1,577		$	2,292
Gross margin			51		%	41		%	50		%
Operating margin			37		%	25		%	38		%
Mobile and Client Business Unit
Revenue			$	4,255		$	3,760		$	2,608
Gross margin			54		%	36		%	27		%
Operating margin			47		%	29		%	15		%
Automotive and Embedded Business Unit
Revenue			$	1,720		$	1,434		$	1,158
Gross margin			45		%	31		%	20		%
Operating margin			36		%	20		%	7		%

Business Outlook

The following table presents Micron's guidance for the second quarter of 2026:

FQ2-26			GAAP(1) Outlook			Non-GAAP(2) Outlook
Revenue			$18.70 billion ± $400 million			$18.70 billion ± $400 million
Gross margin			67.0% ± 1.0%			68.0% ± 1.0%
Operating expenses			$1.56 billion ± $20 million			$1.38 billion ± $20 million
Diluted earnings per share			$8.19 ± $0.20			$8.42 ± $0.20

Further information regarding Micron's business outlook is included in the prepared remarks and slides, which have been posted at investors.micron.com.

Investor Webcast

Micron will host a conference call on Wednesday, December 17, 2025 at 2:30 p.m. Mountain Time to discuss its first quarter financial results and provide forward-looking guidance for its second quarter. A live webcast of the call will be available online at investors.micron.com. A webcast replay will be available for one year after the call.

We encourage you to visit our website at micron.com throughout the quarter for the most current information on the company, including information on financial conferences that we may be attending. You can also follow us on LinkedIn, X (@MicronTech) and YouTube (@MicronTechnology).

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About Micron Technology, Inc.

Micron Technology, Inc. is an industry leader in innovative memory and storage solutions transforming how the world uses information to enrich life for all. With a relentless focus on our customers, technology leadership, and manufacturing and operational excellence, Micron delivers a rich portfolio of high-performance DRAM, NAND, and NOR memory and storage products. Every day, the innovations that our people create fuel the data economy, enabling advances in artificial intelligence (AI) and compute-intensive applications that unleash opportunities - from the data center to the intelligent edge and across the client and mobile user experience. To learn more about Micron Technology, Inc. (Nasdaq: MU), visit micron.com.

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