Micron Technology reported first quarter fiscal 2026 revenue of $13.64 billion, up 57% year-over-year, with non-GAAP earnings per share of $4.78. The company also generated a record $3.9 billion in adjusted free cash flow and provided a strong outlook for the second quarter, projecting revenue of approximately $18.7 billion.

Key Highlights

  • Management guided for a significant acceleration in the second quarter, with revenue forecast at $18.7 billion and non-GAAP gross margin expected to expand to 68%.
  • The Cloud Memory business unit was the primary growth driver, with revenue increasing 99% year-over-year to $5.28 billion on a 66% gross margin.
  • Non-GAAP gross margin expanded to 56.8% from 39.5% in the same period last year, contributing to a record adjusted free cash flow of $3.9 billion.