Recovering from their 3% dip during today's trading session, shares of Micron Technology (MU 3.01%) 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 5:12 p.m. ET, shares of Micron are up 6.6% from where they closed at the end of the regular trading session today.
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Smashing estimates on the top- and bottom-lines is merely part of the story
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 had anticipated Micron reporting 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 greatest source of growth: 99.5% compared to the same period for fiscal 2025.
NASDAQ: MU
Key Data Points
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 with respect to 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 Q2 2025.
Should tech investors race to join the buying spree on Micron stock?
It's unsurprising that 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.
