Micron Technology, Inc. stock research
FY2026 Q1
Micron Technology (MU) Gross Margin — Quarter Ended Nov 27, 2025
Revenue and gross profit both rose sharply compared to the prior quarter and the same quarter last year. Cost of revenue decreased relative to the prior quarter but increased year-over-year, while gross margin improved significantly on both comparisons.
Gross margin takeaway
Quarter ended Nov 27, 2025 · FY2026 Q1
Revenue and gross profit both rose sharply compared to the prior quarter and the same quarter last year. Cost of revenue decreased relative to the prior quarter but increased year-over-year, while gross margin improved significantly on both comparisons.
- Gross profit grew faster than revenue on a sequential basis, while cost of revenue declined, indicating that cost leverage was the strongest observable factor supporting margin expansion.
- Compared to the immediately preceding quarter, revenue, gross profit, and gross margin were all higher, while cost of revenue was lower. Compared to the same quarter one year earlier, all four metrics were higher.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
56.0%
Gross profit
$7.6B
Revenue
$13.6B
Cost of revenue
$6.0B
Quarter-over-quarter change
+11.4 pts
Year-over-year change
+17.6 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Feb 27, 2025 | $8.1B | $3.0B | $5.1B | 36.8% |
| May 29, 2025 | $9.3B | $3.5B | $5.8B | 37.7% |
| Aug 28, 2025 | $11.3B | $5.1B | $6.3B | 44.7% |
| Nov 27, 2025 | $13.6B | $7.6B | $6.0B | 56.0% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Aug 28, 2025
+11.4 pts
Year-over-year change
Nov 28, 2024
+17.6 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
Gross profit grew faster than revenue on a sequential basis, while cost of revenue declined, indicating that cost leverage was the strongest observable factor supporting margin expansion.
Compared to the immediately preceding quarter, revenue, gross profit, and gross margin were all higher, while cost of revenue was lower. Compared to the same quarter one year earlier, all four metrics were higher.
Monitor the trend in cost of revenue, as it declined sequentially but increased year-over-year, and its trajectory will influence future gross margin stability.