Quarterly Earnings Performance
Note: Micron's fiscal year ends in late August/early September. Quarters below are labeled by Micron's fiscal quarter designation (e.g., Q1 FY2025) and grouped under the calendar year in which the report was released.
| Quarter | Period | Report Date | Revenue | YoY Growth | EPS (non-GAAP) | Guidance (next qtr) | Notes |
|---|---|---|---|---|---|---|---|
| Q1 FY2025 | Sep 1 – Nov 28, 2024 | Dec 18, 2024 | $8.71B | +84% | $1.79 | ~$7.9B rev; ~$1.43 EPS (mid) | Beat; data center rev >50% of total for first time; data center +400% YoY; HBM ramping |
| Q2 FY2025 | Nov 29, 2024 – Feb 27, 2025 | Mar 20, 2025 | $8.05B | +38% | $1.56 | ~$8.8B rev; ~$1.57 EPS (mid) | Beat; HBM crossed $1B revenue milestone; data center DRAM record; consumer softness offset by AI |
| Q3 FY2025 | Feb 28 – May 29, 2025 | Jun 25, 2025 | $9.30B | +37% | $1.91 | ~$10.7B rev; ~$2.50 EPS (mid) | Beat high end; DRAM record; HBM rev +~50% QoQ; quarterly revenue record at time of report |
| Q4 FY2025 | May 30 – Aug 28, 2025 | Sep 23, 2025 | $11.32B | +46% | $3.03 | ~$12.5B rev; ~$3.75 EPS (mid) | Beat; all-time record quarter; gross margin 41% (+17pp YoY); data center all-time highs; HBM record |
| FY2025 | Full Year (Sep 2024 – Aug 2025) | — | $37.4B | +48% | $8.29 | — | Full-year record; gross margin 41%; EPS +538% YoY; capex $13.8B; data center dominant driver |
| Quarter | Period | Report Date | Revenue | YoY Growth | EPS (non-GAAP) | Guidance (next qtr) | Notes |
|---|---|---|---|---|---|---|---|
| Q1 FY2026 | Aug 29 – Nov 27, 2025 | Dec 17, 2025 | $13.64B | +57% | $4.78 | ~$18.7B rev; ~$8.42 EPS (mid) | Record revenue, margins, EPS, FCF; operating cash flow $8.41B; AI/HBM demand surging |
| Q2 FY2026 | Nov 28, 2025 – Feb 26, 2026 | Mar 18, 2026 | $23.86B | +196% | $12.20 | ~$33.5B rev; ~$19.15 EPS (mid) | Record across all metrics; gross margin 74.4%; 30% dividend increase; capex guidance raised above $25B for FY2026 |
| Quarter | Est. Report Date | Est. Revenue | Est. EPS | Source |
|---|---|---|---|---|
| Q3 FY2026 (Feb 27 – May 28, 2026) | ~Jun 24–29, 2026 | ~$33.5B (guidance) | ~$19.15 (guidance) | Micron Q2 FY2026 guidance; analyst consensus |
Micron experienced a dramatic AI-fueled rebound across FY2025, with revenue growing ~48% to a record $37.4B and EPS surging 538% as HBM (High Bandwidth Memory) became a critical AI infrastructure component. The data center segment crossed 50% of total revenue for the first time in Q1 FY2025 and continued accelerating through the year, with HBM revenue more than tripling in the back half of FY2025. The momentum accelerated sharply into FY2026, with Q2 FY2026 delivering $23.86B in revenue (+196% YoY) and gross margins expanding to 74.4%, reflecting both surging AI-related demand and favorable supply/pricing dynamics. Key catalysts going forward include continued HBM3E/HBM4 ramp for AI accelerators, expanding NAND data center deployments, and ongoing CapEx investment exceeding $25B in FY2026 to support next-generation memory capacity.
Generated: 2026-05-11