Micron Technology(MU) - 2026 Q1 - Quarterly Results

Revenue Performance - Revenue for Q1 2026 reached $13.64 billion, a 20.5% increase from $11.32 billion in Q4 2025 and a 56.5% increase from $8.71 billion in Q1 2025[4] - The Cloud Memory Business Unit generated $5.28 billion in revenue, with a gross margin of 66%, compared to $4.54 billion and 59% in Q4 2025[5] - The Automotive and Embedded Business Unit reported revenue of $1.72 billion, with a gross margin of 45%[5] - Micron's guidance for Q2 2026 includes expected revenue of $18.70 billion ± $400 million and a gross margin of 67.0% ± 1.0%[6] - The company projects Q2 2026 revenue at approximately $18.70 billion, with a gross margin of 68.0%[24] Net Income and Earnings Per Share - GAAP net income was $5.24 billion, translating to $4.60 per diluted share, compared to $3.20 billion and $2.83 per diluted share in Q4 2025[4] - GAAP net income for Q1 2025 was $5,240 million, up from $3,201 million in Q4 2024, representing a 63.9% increase[18] - Non-GAAP net income for Q1 2025 reached $5,482 million, compared to $3,469 million in Q4 2024, reflecting a 58.0% growth[18] - GAAP diluted earnings per share (EPS) for Q1 2025 was $4.60, an increase from $2.83 in Q4 2024, marking a 62.8% rise[18] - Non-GAAP diluted EPS for Q1 2025 was $4.78, up from $3.03 in Q4 2024, indicating a 57.8% increase[18] - Non-GAAP diluted EPS guidance for Q2 2026 is $8.42, reflecting adjustments for stock-based compensation and tax effects[24] Operating Income and Cash Flow - Micron's operating income for Q1 2026 was $6.14 billion, representing 45.0% of revenue, compared to 32.3% in Q4 2025[3] - GAAP operating income for Q1 2025 was $6,136 million, up from $3,654 million in Q4 2024, representing a 68.1% increase[18] - Operating cash flow for Q1 2026 was $8.41 billion, up from $5.73 billion in Q4 2025 and $3.24 billion in Q1 2025[4] - Adjusted free cash flow for Q1 2026 was $3.9 billion, with capital expenditures of $4.5 billion[3] - Adjusted free cash flow for Q1 2025 was $3,906 million, a substantial increase from $803 million in Q4 2024[20] Cash and Investments - The company ended Q1 2026 with cash, marketable investments, and restricted cash totaling $12.0 billion[3] Dividends - A quarterly dividend of $0.115 per share was declared, payable on January 14, 2026[3]