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Micron reported first-quarter fiscal 2026 financial results after the bell rang today.
The company exceeded analysts' revenue and profit expectations.
Management projected a strong performance in the second quarter of fiscal 2026.
Recovering from their 3% dip during today's trading session, shares of Micron Technology (NASDAQ: MU) are jumping higher in the after-hours trading session. The company reported first-quarter fiscal 2026 financial results that blew past analysts' expectations, and bulls are expressing their enthusiasm by bidding the stock higher.
As of 5:19 p.m. ET, shares of Micron are up 8.1% from where they closed at the end of the regular trading session today.
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Reporting a company record for first-quarter financial results, Micron booked revenue of $13.64 billion in Q1 2026, a 56.7% year-over-year increase. Analysts anticipated Micron would report sales of $12.88 billion. While the company reported year-over-year growth from all four of its business units, the cloud memory business unit, which accounted for $5.28 billion in sales, represented the most significant source of growth, with a 99.5% increase compared to Q1 fiscal 2025.
The strong performance extended to the bottom of the income statement, where Micron reported adjusted diluted earnings per share (EPS) of $4.78 -- notably greater than the adjusted diluted EPS of $3.94 that analysts estimated the company would report.
Micron also provided investors with something to celebrate regarding cash flow, as the company reported free cash flow of $3.9 billion. A quarterly record, Micron's Q1 2026 free cash flow surpassed the company's prior record (in fiscal Q4 2018) by over 20%.
Looking ahead, management projected second-quarter 2026 revenue of $18.3 billion to $19.1 billion and adjusted diluted EPS of $8.22 to $8.62. For context, Micron reported revenue and adjusted diluted EPS of $8.1 billion and $1.56, respectively, in the second quarter of 2025.
Unsurprisingly, Micron stock is soaring after the company reported stellar financial results. Prospective investors, however, will want to avoid following the herd and conduct thorough due diligence to determine if the stock is a suitable match for their investment goals.
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