Micron Clocks Surging Revenue As AI Innovations Remain High Memory and storage are now strategic assets at the heart of AI innovation, and Micron is at the forefront of this progress," says Sanjay Mehrotra, Chairman, president and CEO of Micron Technology.
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On the back of AI demand acceleration, Micron Technologies delivered record results in fiscal Q1, with revenue of $13.6 billion, up 57 per cent year-over-year (YoY) and 21 per cent quarter-on-quarter (QoQ). Gross margin was up 56.8 per cent. The company' s revenue stood at $11.32 billion for the prior quarter and $8.71 billion for the same period last year.
"Revenue, gross margin, and EPS all exceeded the high end of our guidance. We also generated record free cash flow, reduced our debt and returned to net cash. This achievement is powered by our global team and the growth of AI demand across all end markets," said Sanjay Mehrotra, Chairman, president and CEO of Micron Technology.
The Q2 outlook reflects substantial records across revenue, gross margin, EPS and free cash flow, and the company anticipates 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. Looking ahead, our Q2 outlook points to many important records, and we're investing to meet our customers' growing needs as AI continues to drive positive impact across industries," the CEO added.
Micron makes memory chips and solid-state storage for computers. Memory chips have been in short supply in recent months as the artificial intelligence infrastructure boom consumes massive amounts of both kinds of chips. The memory market is dominated by three players, and they have prioritized HBM over legacy DRAM owing to high demand and high margin from large data centers & AI Players. Skyrocketing demand from AI infrastructure and consumer electronics is overwhelming global supply.
Major memory manufacturers—including Samsung, SK Hynix, and Micron—are redirecting investment and production toward AI-focused memory technologies such as HBM and advanced LPDDR. DRAM prices are rising exponentially impacting consumer electronics.
"I'm deeply grateful to every Micron team member for your dedication and passion. Memory and storage are now strategic assets at the heart of AI innovation, and Micron is at the forefront of this progress," Mehrotra said in a LinkedIn post.
Needham analyst Quinn Bolton said in a client note, "With the memory market continuing to tighten, demand likely to exceed supply throughout calendar 2026, and DRAM and Nand (chip) pricing moving meaningfully higher, we are substantially raising our fiscal 2026 and fiscal 2027 revenue and (adjusted) EPS estimates for Micron Technology."
J.P. Morgan 2026 Memory Market Outlook predicts that Memory Giants' market cap will approach $1 trillion this year, to reach $1.5 trillion in 2027.
