Micron Technology(US:MU) Xinda Securities·2025-12-21 11:04Investment Rating - The investment rating for the company is "Positive" [2] Core Insights - The company, Micron, reported FY26Q1 results that exceeded expectations, with revenue of $13.643 billion, a year-over-year increase of 57% and a quarter-over-quarter increase of 21% [3][25] - The gross margin was 57%, up 17 percentage points year-over-year and 11 percentage points quarter-over-quarter [3][25] - Net income reached $5.482 billion, representing a 169% increase year-over-year and a 58% increase quarter-over-quarter [3][25] - The company expects FY26Q2 revenue to be between $18.7 billion and $19.1 billion, with a gross margin of approximately 68% [3][31] - Capital expenditures (CapEx) guidance for FY26 has been raised to $20 billion, up from the previous estimate of $18 billion [3] Financial Performance Summary - Revenue for FY26Q1 was $13.643 billion, with a gross margin of 57% and net income of $5.482 billion [25] - DRAM revenue was $10.8 billion, up 69% year-over-year, while NAND revenue was $2.7 billion, up 22% year-over-year [3][25] - The cloud storage business saw revenue of $5.284 billion, doubling year-over-year [3][29] Business Segment Performance - The company reported strong performance across its business segments, with the following revenue contributions: - Cloud Memory (CMBU): $5.284 billion, gross margin of 66% [29] - Core Data (CDBU): $2.379 billion, gross margin of 51% [29] - Mobile and Client (MCBU): $4.255 billion, gross margin of 54% [29] - Automotive and Embedded (AEBU): $1.720 billion, gross margin of 45% [29]