Bit Market · Q1 2025
Q1 2025 Roundup
Memory, storage and chip companies in the January to March 2025 quarter, side by side, from their own releases.
Q1 2025 so far, against the same quarter a year earlier
Quarters are calendar quarters. A company’s own fiscal quarter sits in the calendar quarter it ends in, counting a quarter that runs a few days over (a 52- or 53-week year) as ending in it, and its own label is under each figure. Won, yen, New Taiwan dollar and yuan figures are converted to US dollars at the Federal Reserve H.10 average for the quarter; the filed figure is under each. Samsung is its chip division (Device Solutions).
- Samsung chip division revenue$17.3Bfiled ₩25.1T1Q 2025
- SK hynix operating margin42.2%1Q 2025
- Micron revenue$8.053BFQ2 2025
- Sandisk operating margin−111.0%FQ3 2025
- Seagate storage shipped143.6 EBFQ3 2025
Q1 2025 so far: 23 of 26 companies have reported. Still to report: Marvell, Nvidia, YMTC.
This is the January to March 2025 quarter, told through the companies’ own earnings releases. The figure used throughout is the operating margin: operating profit divided by revenue, as each company filed it. The companies differ in what they sell, so Samsung’s figure covers the whole company and Western Digital’s covers hard drives alone, after its flash business separated. The page runs from the memory and flash makers to the controller companies and the hard drive makers, then ends on what the quarter means for the drive you buy. The next quarter is in the Q2 2025 roundup.
The quarter in one line
The makers split: SK hynix earned a 42.2% operating margin, while Kioxia’s bit shipments and prices both fell from the quarter before.
The quarter in one line
Kioxia sold around 10% fewer bits at around 20% lower prices
Kioxia, fiscal Q4 2024 (January to March 2025), change from the prior quarter
Memory and flash makers
Kioxia’s bit shipments fell around 10% and its average selling price around 20% from the prior quarter, and its non-GAAP operating margin was 10.8%. Micron earned a 22.0% operating margin on revenue of $8,053 million in its fiscal quarter ended February 27. Samsung earned 8.5%, a figure for the whole company. Sandisk’s first quarter on its own was an operating loss of $1,881 million on revenue of $1,695 million.
Memory and flash makers
SK hynix earned 42.2%; Samsung, for the whole company, 8.5%
Operating margin, January to March 2025 quarter (Micron: fiscal quarter ended February 27)
Controllers
Silicon Motion’s operating margin was 5.9% and Phison’s was 8.4%.
Controllers
Phison earned 8.4% and Silicon Motion 5.9%
Operating margin, January to March 2025 quarter
Hard drives
Western Digital earned a 33.1% operating margin on hard drives alone, after the flash business separated. Seagate earned 20.0%.
Hard drives
Western Digital earned 33.1% on hard drives alone, Seagate 20.0%
Operating margin, fiscal Q3 2025 (January to March 2025)
What it means for the drive you buy
The one maker here that reported flash bit and price moves, Kioxia, sold fewer bits at lower prices than the quarter before. Best SSDs lists the current picks for each tier.
What it means for the drive you buy
Fewer bits at lower prices, then the current picks
Company-reported results, explained. Each company reports on its own fiscal calendar and in its own currency; the Period column says which quarter each row is. Not investment advice.
01
Company against company
Every company’s quarter on the same bars, then the year that led up to it.
Revenue is in US dollars so every company shares one axis: won, yen, New Taiwan dollar and yuan figures are converted at the Federal Reserve’s average rate for the quarter. Operating margin needs no conversion. Each bar is the company’s own quarter that falls in these months, named on the right.
EoF indicators
Each tile follows one company over its own reporting periods. Spending is reported on different bases from company to company, so read each tile across time, not against its neighbors.
02
Side by side
Every filed figure for the quarter in one table, each in its own currency and period.
| Company | Period | Revenue | Operating income | Operating margin | Capex / revenue | NAND share | Revenue, year on year | Revenue, last four quarters |
|---|---|---|---|---|---|---|---|---|
| Micron | FQ2 2025Dec–Feb | $8.053BGAAP | $1.773BGAAP | 22.0%GAAP | 38.3%net of incentives | – | – | – |
| Samsung Electronics | 1Q 2025Jan–Mar | $54.5Bfiled ₩79.1T, K-IFRS | $4.6Bfiled ₩6.7T, K-IFRS | 8.5%K-IFRS | – | – | – | – |
| SK hynix | 1Q 2025Jan–Mar | $12.1Bfiled ₩17.6391T, K-IFRS | $5.1Bfiled ₩7.4405T, K-IFRS | 42.2%K-IFRS | – | – | – | – |
| Nanya Technology | 1Q 2025Jan–Mar | $219Mfiled NT$7.188B, TIFRS | $-96Mfiled −NT$3.155B, TIFRS | −43.9%TIFRS | – | – | – | – |
| Winbond Electronics | 1Q 2025Jan–Mar | $608Mfiled NT$19.993B, TIFRS | – | – | – | – | – | – |
| Macronix International | 1Q 2025Jan–Mar | $187Mfiled NT$6.137B, TIFRS | – | −17.6%TIFRS | – | – | – | – |
| Kioxia | FY2024 Q4Jan–Mar | $2.3Bfiled ¥347.1B, IFRS | $246Mfiled ¥37.5B, non-GAAP | 10.8%non-GAAP | – | – | – | – |
| Sandisk | FQ3 2025Jan–Mar | $1.695BGAAP | −$1.881BGAAP | −111.0%GAAP | 2.6%PP&E purchases | – | – | – |
| ADATA Technology | 1Q 2025Jan–Mar | $301Mfiled NT$9.908B, TIFRS | $13Mfiled NT$421M, TIFRS | 4.2%TIFRS | – | – | – | – |
| Transcend Information | 1Q 2025Jan–Mar | $91Mfiled NT$2.982852B, TIFRS | $15Mfiled NT$480.163M, TIFRS | 16.1%TIFRS | – | – | – | – |
| Longsys | 1Q 2025Jan–Mar | $585Mfiled CN¥4.256457B, CAS | – | – | – | – | – | – |
| Biwin Storage | 1Q 2025Jan–Mar | $212Mfiled CN¥1.543334B, CAS | – | – | – | – | – | – |
| Silicon Motion | 1Q 2025Jan–Mar | $166.5MGAAP | $9.766MGAAP | 5.9%GAAP | 7.0%as reported | – | – | – |
| Phison | 1Q 2025Jan–Mar | $421Mfiled NT$13.839B, TIFRS | $35Mfiled NT$1.162B, TIFRS | 8.4%TIFRS | – | – | – | – |
| Maxio Technology | 1Q 2025Jan–Mar | $33Mfiled CN¥241.06M, CAS | – | – | – | – | – | – |
| FADU | 1Q 2025Jan–Mar | $13Mfiled ₩19.2B, K-IFRS | $-8Mfiled −₩11.9B, K-IFRS | −62.0%K-IFRS | – | – | – | – |
| AMD | 1Q 2025Jan–Mar | $7.438BGAAP | $806MGAAP | 10.8%GAAP | – | – | – | – |
| Arm Holdings | FQ4 FY2025Jan–Mar | $1.241BGAAP | $410MGAAP | 33.0%GAAP | – | – | – | – |
| TSMC | 1Q 2025Jan–Mar | $25.5Bfiled NT$839.25B, TIFRS | – | 48.5%TIFRS | – | – | – | – |
| Intel | 1Q 2025Jan–Mar | $12.7BGAAP | – | −2.4%GAAP | – | – | – | – |
| Western Digital | FQ3 2025Jan–Mar | $2.294BGAAP | $760MGAAP | 33.1%GAAP | 5.6%net PP&E | – | – | – |
| Seagate | FQ3 2025Jan–Mar | $2.16BGAAP | $431MGAAP | 20.0%GAAP | 2.0%gross PP&E | – | – | – |
| CXMT (ChangXin Memory) | 1Q 2025Jan–Mar | $853Mfiled CN¥6.20169B, CAS | $-389Mfiled −CN¥2.83061B, CAS | – | – | – | – | – |
Under each period are the months it mostly covers. Year-on-year growth compares a company’s quarter with its same quarter a year earlier, in the currency it files in. The last four quarters add each quarter’s revenue in US dollars, shown where all four are filed.
Won, yen, New Taiwan dollar and yuan figures are converted to US dollars at the Federal Reserve H.10 average for the calendar quarter; the filed figure is under each.
Sources
Primary is the original paper, standard or datasheet. Secondary is a review, a vendor summary or a news report. Measured is my own test data.
Show all 28 sources, 28 primary
- PrimaryADATA consolidated income statement, 2025 Q1 (TWSE MOPS, English)ADATA (TWSE MOPS filing), 2025
- PrimaryFADU 1Q 2025 resultsNewDaily, 2025
- PrimaryNanya consolidated income statement, 2025 Q1 (TWSE MOPS, English)Nanya (TWSE MOPS filing), 2025
- PrimaryTranscend Information consolidated income statement, 2025 Q1 (TWSE MOPS, English)Transcend Information (TWSE MOPS filing), 2025
- Primary1Q25 Consolidated Financial Report and April Revenue AnnouncementPhison
- PrimaryAMD Reports First Quarter 2025 Financial Resultssec.gov
- PrimaryArm shareholder letter, Q4 FY2025sec.gov
- PrimaryBiwin Q1 2025 report (佰维存储 2025年第一季度报告)static.cninfo.com.cn
- PrimaryCXMT STAR Market IPO prospectus (May 17, 2026 filing)CXMT
- PrimaryEarnings Presentation: 1Q 2025 Financial ResultsSamsung
- PrimaryFY2024 Financial ResultsKIOXIA Holdings
- PrimaryH.10 exchange rates: Chinese yuan per US dollar, quarterly averages (DEXCHUS)Board of Governors of the Federal Reserve System (H.10), via FRED
- PrimaryH.10 exchange rates: Japanese yen per US dollar, quarterly averages (DEXJPUS)Board of Governors of the Federal Reserve System (H.10), via FRED
- PrimaryH.10 exchange rates: Korean won per US dollar, quarterly averages (DEXKOUS)Board of Governors of the Federal Reserve System (H.10), via FRED
- PrimaryH.10 exchange rates: New Taiwan dollar per US dollar, quarterly averages (DEXTAUS)Board of Governors of the Federal Reserve System (H.10), via FRED
- PrimaryIntel Reports First-Quarter 2025 Financial Resultssec.gov
- PrimaryLongsys Q1 2025 report (江波龙 2025年第一季度报告)static.cninfo.com.cn
- PrimaryMacronix Announces 1Q 2025 ResultsMacronix International
- PrimaryMaxio Technology Q1 2025 report (联芸科技 2025年第一季度报告)static.cninfo.com.cn
- PrimaryMicron Technology, Inc. Reports Results for the Second Quarter of Fiscal 2025U.S. SEC
- PrimaryNews - Winbond Announced Q1 2025 Business Results - WinbondWinbond Electronics
- PrimarySandisk Reports Fiscal Third Quarter 2025 Financial ResultsU.S. SEC
- PrimarySeagate supplemental financial information, FQ3 FY2025s24.q4cdn.com
- PrimarySeagate Technology Reports Fiscal Third Quarter 2025 Financial ResultsU.S. SEC
- PrimarySilicon Motion Announces Results for the Period Ended March 31, 2025U.S. SEC
- PrimarySK hynix Announces 1Q25 Financial ResultsSK hynix Newsroom
- PrimaryTSMC 1Q25 earnings releaseTSMC
- PrimaryWestern Digital Reports Fiscal Third Quarter 2025 Financial Results; Adopts Dividend Program and Declares Quarterly Cash Dividend on Common StockU.S. SEC