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    Bit Market · Q2 2025

    Q2 2025 Roundup

    Memory, storage and chip companies in the April to June 2025 quarter, side by side, from their own releases.

    Nine makers' operating margins for April to June 2025 as barsHorizontal bars of operating margin, largest first: SK hynix 41%, Western Digital 26.1%, Micron 23.3%, Seagate 23.2%, Phison 13.11%, Kioxia 13%, Silicon Motion 11.2%, Samsung 6.3%, Sandisk 0.9%.BIT MARKET / Q2 2025 ROUNDUPNine makers, one quarterOPERATING MARGIN · APRIL TO JUNE 2025SK hynix41%Western Digital26.1%Micron23.3%Seagate23.2%Phison13.11%Kioxia13%Silicon Motion11.2%Samsung6.3%Sandisk0.9%

    Q2 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$19.9Bfiled ₩27.9T2Q 2025
    • SK hynix operating margin41%2Q 2025
    • Micron revenue$9.301BFQ3 2025
    • Sandisk operating margin0.9%FQ4 2025
    • Nvidia revenue$44.062BFQ1 FY2026
    • Seagate storage shipped162.5 EBup 42.3% against a year earliera year earlier 114.2 EBFQ4 2025

    Q2 2025 so far: 25 of 26 companies have reported. Still to report: YMTC.

    This is the April to June 2025 quarter, company by company, taken from each maker’s own results release. The common measure is operating margin, operating profit as a share of revenue, which lets a maker with a very large quarter and one with a small quarter sit on the same line. Each margin is read against the quarter before it, so the question for every company is whether the second quarter paid better or worse than the first. The Q1 2025 Roundup covers that earlier quarter and the Q3 2025 Roundup the one after it, and the Earnings Desk holds every quarter.

    The quarter in one line

    Most makers earned more than in the first quarter; SK hynix, Samsung and Western Digital earned less.

    The quarter in one line

    SK hynix, Samsung and Western Digital earned less than in Q1

    Operating margin, January to March against April to June 2025

    Horizontal bars, operating margin. SK hynix 42.2% in the first quarter and 41% in the second. Samsung 8.5% and 6.3%. Western Digital 33.1% and 26.1%.Maker and quarter01020304050Operating margin, % of revenueSK hynix Q142.2%SK hynix Q241%Samsung Q18.5%Samsung Q26.3%Western Digital Q133.1%Western Digital Q226.1%January to March 2025April to June 2025
    Figure 1 · Three makers earned a smaller share of revenue in the second quarter than in the first; Samsung is the whole company. Source: company results releases for each quarter.

    Memory and flash makers

    Micron’s operating margin was 23.3% in its fiscal third quarter, which ended May 29, 2025, up from 22.0% in its fiscal second quarter. SK hynix earned 41%, Kioxia 13% on a non-GAAP basis, up from the January to March quarter, and Samsung, for the whole company, 6.3%. Sandisk returned to an operating profit, a 0.9% margin on revenue of $1,901 million.

    Memory and flash makers

    SK hynix led the memory makers at 41%, Sandisk trailed at 0.9%

    Operating margin, April to June 2025

    Horizontal bars, operating margin for April to June 2025. SK hynix 41%, Micron 23.3%, Kioxia 13%, Samsung 6.3%, Sandisk 0.9%.Maker01020304050Operating margin, % of revenueSK hynix41%Micron23.3%Kioxianon-GAAP13%Samsungwhole company6.3%Sandisk0.9%April to June 2025
    Figure 2 · Kioxia’s margin is non-GAAP and Samsung’s is for the whole company. Source: company results releases for each quarter.

    Controllers

    Silicon Motion’s operating margin rose to 11.2% and Phison’s to 13.11%.

    Controllers

    Both controller makers earned a larger share than in Q1

    Operating margin, January to March against April to June 2025

    Horizontal bars, operating margin. Silicon Motion 5.9% in the first quarter and 11.2% in the second. Phison 8.4% and 13.11%.Maker and quarter051015Operating margin, % of revenueSilicon Motion Q15.9%Silicon Motion Q211.2%Phison Q18.4%Phison Q213.11%January to March 2025April to June 2025
    Figure 3 · Silicon Motion and Phison both earned more of each revenue dollar in the second quarter. Source: company results releases for each quarter.

    Hard drives

    Western Digital earned a 26.1% operating margin, less than the quarter before. Seagate earned 23.2%, more than the quarter before.

    Hard drives

    Western Digital slipped while Seagate gained

    Operating margin, January to March against April to June 2025

    Horizontal bars, operating margin. Western Digital 33.1% in the first quarter and 26.1% in the second. Seagate 20.0% and 23.2%.Maker and quarter010203040Operating margin, % of revenueWestern Digital Q133.1%Western Digital Q226.1%Seagate Q120.0%Seagate Q223.2%January to March 2025April to June 2025
    Figure 4 · Western Digital’s figures are for hard drives alone, after the flash business separated. Source: company results releases for each quarter.

    What it means for the drive you buy

    Sandisk reports its consumer sales as their own segment. Its Consumer segment brought in $585 million this quarter, more than the $213 million from its Datacenter segment; its Edge segment brought in $1,103 million. Best SSDs lists the current picks for each tier.

    What it means for the drive you buy

    Sandisk’s Edge segment brought in the most revenue

    Sandisk segment revenue, April to June 2025

    Horizontal bars, segment revenue in million dollars. Edge 1,103, Consumer 585, Datacenter 213.Sandisk segment03006009001,200Segment revenue, million dollarsEdge$1,103MConsumer$585MDatacenter$213MApril to June 2025
    Figure 5 · Sandisk reports its consumer sales as their own segment. Source: company results releases for each quarter.

    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.

    Q2 2025 revenue, every companyRevenue in US dollars for each company that reported Q2 2025, sorted largest first, with each company’s own reporting period named on the right.BIT MARKET / Q2 2025Q2 2025 revenue, every companyUS dollars, largest firstREVENUE IN US DOLLARSREPORTED PERIOD$0$20B$40B$60BNvidia FQ1 FY2026: $44.062B (GAAP, C-E-985)Nvidia$44.1BFQ1 FY2026TSMC 2Q 2025: NT$933.79B (TIFRS, C-E-281), $30.2B at 30.8775 TWD per dollar (H.10, C-E-175)TSMC$30.2B2Q 2025Samsung chips 2Q 2025 Device Solutions: ₩27.9T (K-IFRS, C-E-146), $19.9B at 1399.82 KRW per dollar (H.10, C-E-163)Samsung chips$19.9B2Q 2025SK hynix 2Q 2025: ₩22.232T (K-IFRS, C-E-898), $15.9B at 1399.82 KRW per dollar (H.10, C-E-163)SK hynix$15.9B2Q 2025Intel 2Q 2025: $12.9B (GAAP, C-E-1009)Intel$12.9B2Q 2025Micron FQ3 2025: $9.301B (GAAP, C-E-464)Micron$9.3BFQ3 2025AMD 2Q 2025: $7.685B (GAAP, C-E-999)AMD$7.7B2Q 2025WD FQ4 2025: $2.605B (GAAP, C-E-933)WD$2.6BFQ4 2025Seagate FQ4 2025: $2.444B (GAAP, C-E-939)Seagate$2.4BFQ4 2025Kioxia FY2025 Q1: ¥342.8B (IFRS, C-E-1084), $2.4B at 144.49 JPY per dollar (H.10, C-E-169)Kioxia$2.4BFY2025 Q1Sandisk FQ4 2025: $1.901B (GAAP, C-E-1088)Sandisk$1.9BFQ4 2025Marvell FQ1 FY2026: $1.8953B (GAAP, C-E-960)Marvell$1.9BFQ1 FY2026CXMT 2Q 2025: CN¥9.23623B (CAS, C-E-437), $1.3B at 7.2331 CNY per dollar (H.10, C-E-181)CXMT$1.3B2Q 2025Arm FQ1 FY2026: $1.053B (GAAP, C-E-1014)Arm$1.1BFQ1 FY2026Longsys 2Q 2025: CN¥5.939199B (CAS, C-E-1068), $821M at 7.2331 CNY per dollar (H.10, C-E-181)Longsys$821M2Q 2025Winbond 2Q 2025: NT$21.018B (TIFRS, C-E-256), $681M at 30.8775 TWD per dollar (H.10, C-E-175)Winbond$681M2Q 2025Phison 2Q 2025: NT$17.89B (TIFRS, C-E-158), $579M at 30.8775 TWD per dollar (H.10, C-E-175)Phison$579M2Q 2025ADATA 2Q 2025: NT$12.824B (TIFRS, C-E-1020), $415M at 30.8775 TWD per dollar (H.10, C-E-175)ADATA$415M2Q 2025Nanya 2Q 2025: NT$10.526B (TIFRS, C-E-979), $341M at 30.8775 TWD per dollar (H.10, C-E-175)Nanya$341M2Q 2025Biwin 2Q 2025: CN¥2.369003B (CAS, C-E-1069), $328M at 7.2331 CNY per dollar (H.10, C-E-181)Biwin$328M2Q 2025Macronix 2Q 2025: NT$6.799B (TIFRS, C-E-250), $220M at 30.8775 TWD per dollar (H.10, C-E-175)Macronix$220M2Q 2025Silicon Motion 2Q 2025: $198.7M (GAAP, C-E-945)Silicon Motion$199M2Q 2025Transcend 2Q 2025: NT$3.230432B (TIFRS, C-E-295), $105M at 30.8775 TWD per dollar (H.10, C-E-175)Transcend$105M2Q 2025Maxio 2Q 2025: CN¥368.66M (CAS, C-E-1067), $51M at 7.2331 CNY per dollar (H.10, C-E-181)Maxio$51M2Q 2025FADU 2Q 2025: ₩23.7B (K-IFRS, C-E-329), $17M at 1399.82 KRW per dollar (H.10, C-E-163)FADU$17M2Q 2025
    Each company’s own quarter that falls in these months; won, yen and NT dollar revenue converted at the Federal Reserve H.10 average for the quarter; a dashed bar is preliminary. Source: Company releases; Federal Reserve H.10 via FRED.
    Q2 2025 operating margin, every companyOperating margin for each company that reported Q2 2025, sorted largest first, with each company’s own reporting period named on the right.BIT MARKET / Q2 2025Q2 2025 operating margin, every companyPercent of revenue, largest firstOPERATING MARGINREPORTED PERIOD-100%-50%0%50%TSMC 2Q 2025: 49.6% (TIFRS, C-E-281)TSMC49.6%2Q 2025Nvidia FQ1 FY2026: 49.1% (GAAP, C-E-987)Nvidia49.1%FQ1 FY2026SK hynix 2Q 2025: 41% (K-IFRS, C-E-1060)SK hynix41%2Q 2025WD FQ4 2025: 26.1% (GAAP, C-E-937)WD26.1%FQ4 2025Transcend 2Q 2025: 24.1% (TIFRS, C-E-1029)Transcend24.1%2Q 2025Micron FQ3 2025: 23.3% (GAAP, C-E-467)Micron23.3%FQ3 2025Seagate FQ4 2025: 23.2% (GAAP, C-E-942)Seagate23.2%FQ4 2025Marvell FQ1 FY2026: 14.3% (GAAP, C-E-962)Marvell14.3%FQ1 FY2026Phison 2Q 2025: 13.11% (TIFRS, C-E-953)Phison13.11%2Q 2025Kioxia FY2025 Q1: 13% (non-GAAP, C-E-1045)Kioxia13%FY2025 Q1Silicon Motion 2Q 2025: 11.2% (GAAP, C-E-949)Silicon Motion11.2%2Q 2025Arm FQ1 FY2026: 10.8% (GAAP, C-E-1016)Arm10.8%FQ1 FY2026ADATA 2Q 2025: 9.6% (TIFRS, C-E-1022)ADATA9.6%2Q 2025Samsung chips 2Q 2025: 1.4% (K-IFRS, C-E-147)Samsung chips1.4%2Q 2025Sandisk FQ4 2025: 0.9% (GAAP, C-E-1047)Sandisk0.9%FQ4 2025AMD 2Q 2025: −1.7% (GAAP, C-E-1054)AMD−1.7%2Q 2025Macronix 2Q 2025: −15.9% (TIFRS, C-E-250)Macronix−15.9%2Q 2025Intel 2Q 2025: −24.7% (GAAP, C-E-1057)Intel−24.7%2Q 2025Nanya 2Q 2025: −42.8% (TIFRS, C-E-1052)Nanya−42.8%2Q 2025FADU 2Q 2025: −53.2% (K-IFRS, C-E-1070)FADU−53.2%2Q 2025
    Each company’s own quarter that falls in these months; a loss draws left of zero; a dashed bar is preliminary. Source: Company releases.
    Memory makers: revenue, year to this issueRevenue in US dollars for memory makers over the five quarters up to Q2 2025.BIT MARKET / MEMORY MAKERSMemory makers: revenue, year to this issueUS dollars; the rule marks this issue’s quarterthis issueMEMORY MAKERS$0$10B$20BMicron FQ2 2025: $8.053B (GAAP, C-E-459)Micron FQ3 2025: $9.301B (GAAP, C-E-464)Samsung chips 1Q 2025 Device Solutions: ₩25.1T (K-IFRS, C-E-144), $17.3B at 1452.01 KRW per dollar (H.10, C-E-162)Samsung chips 2Q 2025 Device Solutions: ₩27.9T (K-IFRS, C-E-146), $19.9B at 1399.82 KRW per dollar (H.10, C-E-163)SK hynix 1Q 2025: ₩17.6391T (K-IFRS, C-E-117), $12.1B at 1452.01 KRW per dollar (H.10, C-E-162)SK hynix 2Q 2025: ₩22.232T (K-IFRS, C-E-898), $15.9B at 1399.82 KRW per dollar (H.10, C-E-163)CXMT 1Q 2025: CN¥6.20169B (CAS, C-E-438), $853M at 7.2728 CNY per dollar (H.10, C-E-180)CXMT 2Q 2025: CN¥9.23623B (CAS, C-E-437), $1.3B at 7.2331 CNY per dollar (H.10, C-E-181)● Samsung chips $19.9B● SK hynix $15.9B● Micron $9.3B● CXMT $1.3BQ1’25Q2’25
    Up to five quarters ending with this issue, each company’s own periods at their real end dates. Source: Company releases; Federal Reserve H.10 via FRED.
    Specialty memory makers: revenue, year to this issueRevenue in US dollars for specialty memory makers over the five quarters up to Q2 2025.BIT MARKET / SPECIALTY MEMORY MAKERSSpecialty memory makers: revenue, year to thisissueUS dollars; the rule marks this issue’s quarterthis issueSPECIALTY MEMORY MAKERS$0$250M$500M$750MNanya 1Q 2025: NT$7.188B (TIFRS, C-E-976), $219M at 32.8916 TWD per dollar (H.10, C-E-174)Nanya 2Q 2025: NT$10.526B (TIFRS, C-E-979), $341M at 30.8775 TWD per dollar (H.10, C-E-175)Winbond 1Q 2025: NT$19.993B (TIFRS, C-E-255), $608M at 32.8916 TWD per dollar (H.10, C-E-174)Winbond 2Q 2025: NT$21.018B (TIFRS, C-E-256), $681M at 30.8775 TWD per dollar (H.10, C-E-175)Macronix 1Q 2025: NT$6.137B (TIFRS, C-E-249), $187M at 32.8916 TWD per dollar (H.10, C-E-174)Macronix 2Q 2025: NT$6.799B (TIFRS, C-E-250), $220M at 30.8775 TWD per dollar (H.10, C-E-175)● Winbond $681M● Nanya $341M● Macronix $220MQ1’25Q2’25
    Up to five quarters ending with this issue, each company’s own periods at their real end dates. Source: Company releases; Federal Reserve H.10 via FRED.
    Flash makers: revenue, year to this issueRevenue in US dollars for flash makers over the five quarters up to Q2 2025.BIT MARKET / FLASH MAKERSFlash makers: revenue, year to this issueUS dollars; the rule marks this issue’s quarterthis issueFLASH MAKERS$0$1B$2B$3BKioxia FY2024 Q4: ¥347.1B (IFRS, C-E-137), $2.3B at 152.4 JPY per dollar (H.10, C-E-168)Kioxia FY2025 Q1: ¥342.8B (IFRS, C-E-1084), $2.4B at 144.49 JPY per dollar (H.10, C-E-169)Sandisk FQ3 2025: $1.695B (GAAP, C-E-093)Sandisk FQ4 2025: $1.901B (GAAP, C-E-1088)● Kioxia $2.4B● Sandisk $1.9BQ1’25Q2’25
    Up to five quarters ending with this issue, each company’s own periods at their real end dates. Source: Company releases; Federal Reserve H.10 via FRED.
    SSD and module brands: revenue, year to this issueRevenue in US dollars for ssd and module brands over the five quarters up to Q2 2025.BIT MARKET / SSD AND MODULE BRANDSSSD and module brands: revenue, year to thisissueUS dollars; the rule marks this issue’s quarterthis issueSSD AND MODULE BRANDS$0$500M$1BADATA 1Q 2025: NT$9.908B (TIFRS, C-E-1017), $301M at 32.8916 TWD per dollar (H.10, C-E-174)ADATA 2Q 2025: NT$12.824B (TIFRS, C-E-1020), $415M at 30.8775 TWD per dollar (H.10, C-E-175)Transcend 1Q 2025: NT$2.982852B (TIFRS, C-E-294), $91M at 32.8916 TWD per dollar (H.10, C-E-174)Transcend 2Q 2025: NT$3.230432B (TIFRS, C-E-295), $105M at 30.8775 TWD per dollar (H.10, C-E-175)Longsys 1Q 2025: CN¥4.256457B (CAS, C-E-1032), $585M at 7.2728 CNY per dollar (H.10, C-E-180)Longsys 2Q 2025: CN¥5.939199B (CAS, C-E-1068), $821M at 7.2331 CNY per dollar (H.10, C-E-181)Biwin 1Q 2025: CN¥1.543334B (CAS, C-E-1034), $212M at 7.2728 CNY per dollar (H.10, C-E-180)Biwin 2Q 2025: CN¥2.369003B (CAS, C-E-1069), $328M at 7.2331 CNY per dollar (H.10, C-E-181)● Longsys $821M● ADATA $415M● Biwin $328M● Transcend $105MQ1’25Q2’25
    Up to five quarters ending with this issue, each company’s own periods at their real end dates. Source: Company releases; Federal Reserve H.10 via FRED.
    Controller makers: revenue, year to this issueRevenue in US dollars for controller makers over the five quarters up to Q2 2025.BIT MARKET / CONTROLLER MAKERSController makers: revenue, year to this issueUS dollars; the rule marks this issue’s quarterthis issueCONTROLLER MAKERS$0$200M$400M$600MSilicon Motion 1Q 2025: $166.5M (GAAP, C-E-111)Silicon Motion 2Q 2025: $198.7M (GAAP, C-E-945)Phison 1Q 2025: NT$13.839B (TIFRS, C-E-133), $421M at 32.8916 TWD per dollar (H.10, C-E-174)Phison 2Q 2025: NT$17.89B (TIFRS, C-E-158), $579M at 30.8775 TWD per dollar (H.10, C-E-175)Maxio 1Q 2025: CN¥241.06M (CAS, C-E-955), $33M at 7.2728 CNY per dollar (H.10, C-E-180)Maxio 2Q 2025: CN¥368.66M (CAS, C-E-1067), $51M at 7.2331 CNY per dollar (H.10, C-E-181)FADU 1Q 2025: ₩19.2B (K-IFRS, C-E-328), $13M at 1452.01 KRW per dollar (H.10, C-E-162)FADU 2Q 2025: ₩23.7B (K-IFRS, C-E-329), $17M at 1399.82 KRW per dollar (H.10, C-E-163)● Phison $579M● Silicon Motion $199M● Maxio $51M● FADU $17MQ1’25Q2’25
    Up to five quarters ending with this issue, each company’s own periods at their real end dates. Source: Company releases; Federal Reserve H.10 via FRED.
    Chip designers (fabless) and IP: revenue, year to this issueRevenue in US dollars for chip designers (fabless) and ip over the five quarters up to Q2 2025.BIT MARKET / CHIP DESIGNERS (FABLESS) AND IPChip designers (fabless) and IP: revenue, year tothis issueUS dollars; the rule marks this issue’s quarterthis issueCHIP DESIGNERS (FABLESS) AND IP$0$20B$40B$60BMarvell FQ1 FY2026: $1.8953B (GAAP, C-E-960)Nvidia FQ1 FY2026: $44.062B (GAAP, C-E-985)AMD 1Q 2025: $7.438B (GAAP, C-E-996)AMD 2Q 2025: $7.685B (GAAP, C-E-999)Arm FQ4 FY2025: $1.241B (GAAP, C-E-1011)Arm FQ1 FY2026: $1.053B (GAAP, C-E-1014)● Nvidia $44.1B● AMD $7.7B● Marvell $1.9B● Arm $1.1BQ1’25Q2’25
    Up to five quarters ending with this issue, each company’s own periods at their real end dates. Source: Company releases; Federal Reserve H.10 via FRED.
    Chip producers (foundry and IDM): revenue, year to this issueRevenue in US dollars for chip producers (foundry and idm) over the five quarters up to Q2 2025.BIT MARKET / CHIP PRODUCERS (FOUNDRY AND IDM)Chip producers (foundry and IDM): revenue, yearto this issueUS dollars; the rule marks this issue’s quarterthis issueCHIP PRODUCERS (FOUNDRY AND IDM)$0$20B$40BTSMC 1Q 2025: NT$839.25B (TIFRS, C-E-280), $25.5B at 32.8916 TWD per dollar (H.10, C-E-174)TSMC 2Q 2025: NT$933.79B (TIFRS, C-E-281), $30.2B at 30.8775 TWD per dollar (H.10, C-E-175)Intel 1Q 2025: $12.7B (GAAP, C-E-1007)Intel 2Q 2025: $12.9B (GAAP, C-E-1009)● TSMC $30.2B● Intel $12.9BQ1’25Q2’25
    Up to five quarters ending with this issue, each company’s own periods at their real end dates. Source: Company releases; Federal Reserve H.10 via FRED.
    Hard drive makers: revenue, year to this issueRevenue in US dollars for hard drive makers over the five quarters up to Q2 2025.BIT MARKET / HARD DRIVE MAKERSHard drive makers: revenue, year to this issueUS dollars; the rule marks this issue’s quarterthis issueHARD DRIVE MAKERS$0$1B$2B$3BWD FQ3 2025: $2.294B (GAAP, C-E-105)WD FQ4 2025: $2.605B (GAAP, C-E-933)Seagate FQ3 2025: $2.16B (GAAP, C-E-099)Seagate FQ4 2025: $2.444B (GAAP, C-E-939)● WD $2.6B● Seagate $2.4BQ1’25Q2’25
    Up to five quarters ending with this issue, each company’s own periods at their real end dates. Source: Company releases; Federal Reserve H.10 via FRED.
    Memory makers: margin, year to this issueOperating margin for memory makers over the five quarters up to Q2 2025.BIT MARKET / MEMORY MAKERSMemory makers: margin, year to this issuePercent of revenue; the rule marks this issue’s quarterthis issueMEMORY MAKERS0%20%40%60%Micron FQ2 2025: 22.0% (GAAP, C-E-462)Micron FQ3 2025: 23.3% (GAAP, C-E-467)Samsung chips 1Q 2025: 4.4% (K-IFRS, C-E-145)Samsung chips 2Q 2025: 1.4% (K-IFRS, C-E-147)SK hynix 1Q 2025: 42.2% (K-IFRS, C-E-118)SK hynix 2Q 2025: 41% (K-IFRS, C-E-1060)● SK hynix 41%● Micron 23.3%● Samsung chips 1.4%Q1’25Q2’25
    Up to five quarters ending with this issue; an arrow marks a quarter below the scale, with its value. Source: Company releases.
    Specialty memory makers: margin, year to this issueOperating margin for specialty memory makers over the five quarters up to Q2 2025.BIT MARKET / SPECIALTY MEMORY MAKERSSpecialty memory makers: margin, year to thisissuePercent of revenue; the rule marks this issue’s quarterthis issueSPECIALTY MEMORY MAKERS-50%-40%-30%-20%-10%Nanya 1Q 2025: −43.9% (TIFRS, C-E-1051)Nanya 2Q 2025: −42.8% (TIFRS, C-E-1052)Macronix 1Q 2025: −17.6% (TIFRS, C-E-249)Macronix 2Q 2025: −15.9% (TIFRS, C-E-250)● Macronix −15.9%● Nanya −42.8%Q1’25Q2’25
    Up to five quarters ending with this issue; an arrow marks a quarter below the scale, with its value. Source: Company releases.
    Flash makers: margin, year to this issueOperating margin for flash makers over the five quarters up to Q2 2025.BIT MARKET / FLASH MAKERSFlash makers: margin, year to this issuePercent of revenue; the rule marks this issue’s quarterthis issueFLASH MAKERS-50%-25%0%25%Kioxia FY2024 Q4: 10.8% (non-GAAP, C-E-138)Kioxia FY2025 Q1: 13% (non-GAAP, C-E-1045)Sandisk FQ3 2025: −111.0% (GAAP, C-E-094)−111.0%Sandisk FQ4 2025: 0.9% (GAAP, C-E-1047)● Kioxia 13%● Sandisk 0.9%Q1’25Q2’25
    Up to five quarters ending with this issue; an arrow marks a quarter below the scale, with its value. Source: Company releases.
    SSD and module brands: margin, year to this issueOperating margin for ssd and module brands over the five quarters up to Q2 2025.BIT MARKET / SSD AND MODULE BRANDSSSD and module brands: margin, year to this issuePercent of revenue; the rule marks this issue’s quarterthis issueSSD AND MODULE BRANDS0%10%20%30%ADATA 1Q 2025: 4.2% (TIFRS, C-E-1019)ADATA 2Q 2025: 9.6% (TIFRS, C-E-1022)Transcend 1Q 2025: 16.1% (TIFRS, C-E-1028)Transcend 2Q 2025: 24.1% (TIFRS, C-E-1029)● Transcend 24.1%● ADATA 9.6%Q1’25Q2’25
    Up to five quarters ending with this issue; an arrow marks a quarter below the scale, with its value. Source: Company releases.
    Controller makers: margin, year to this issueOperating margin for controller makers over the five quarters up to Q2 2025.BIT MARKET / CONTROLLER MAKERSController makers: margin, year to this issuePercent of revenue; the rule marks this issue’s quarterthis issueCONTROLLER MAKERS-50%-25%0%25%Silicon Motion 1Q 2025: 5.9% (GAAP, C-E-112)Silicon Motion 2Q 2025: 11.2% (GAAP, C-E-949)Phison 1Q 2025: 8.4% (TIFRS, C-E-134)Phison 2Q 2025: 13.11% (TIFRS, C-E-953)FADU 1Q 2025: −62.0% (K-IFRS, C-E-1050)−62.0%FADU 2Q 2025: −53.2% (K-IFRS, C-E-1070)−53.2%● Phison 13.11%● Silicon Motion 11.2%● FADU −53.2%Q1’25Q2’25
    Up to five quarters ending with this issue; an arrow marks a quarter below the scale, with its value. Source: Company releases.
    Chip designers (fabless) and IP: margin, year to this issueOperating margin for chip designers (fabless) and ip over the five quarters up to Q2 2025.BIT MARKET / CHIP DESIGNERS (FABLESS) AND IPChip designers (fabless) and IP: margin, year tothis issuePercent of revenue; the rule marks this issue’s quarterthis issueCHIP DESIGNERS (FABLESS) AND IP-20%0%20%40%60%Marvell FQ1 FY2026: 14.3% (GAAP, C-E-962)Nvidia FQ1 FY2026: 49.1% (GAAP, C-E-987)AMD 1Q 2025: 10.8% (GAAP, C-E-998)AMD 2Q 2025: −1.7% (GAAP, C-E-1054)Arm FQ4 FY2025: 33.0% (GAAP, C-E-1058)Arm FQ1 FY2026: 10.8% (GAAP, C-E-1016)● Nvidia 49.1%● Marvell 14.3%● Arm 10.8%● AMD −1.7%Q1’25Q2’25
    Up to five quarters ending with this issue; an arrow marks a quarter below the scale, with its value. Source: Company releases.
    Chip producers (foundry and IDM): margin, year to this issueOperating margin for chip producers (foundry and idm) over the five quarters up to Q2 2025.BIT MARKET / CHIP PRODUCERS (FOUNDRY AND IDM)Chip producers (foundry and IDM): margin, year tothis issuePercent of revenue; the rule marks this issue’s quarterthis issueCHIP PRODUCERS (FOUNDRY AND IDM)-25%0%25%50%TSMC 1Q 2025: 48.5% (TIFRS, C-E-280)TSMC 2Q 2025: 49.6% (TIFRS, C-E-281)Intel 1Q 2025: −2.4% (GAAP, C-E-1056)Intel 2Q 2025: −24.7% (GAAP, C-E-1057)● TSMC 49.6%● Intel −24.7%Q1’25Q2’25
    Up to five quarters ending with this issue; an arrow marks a quarter below the scale, with its value. Source: Company releases.
    Hard drive makers: margin, year to this issueOperating margin for hard drive makers over the five quarters up to Q2 2025.BIT MARKET / HARD DRIVE MAKERSHard drive makers: margin, year to this issuePercent of revenue; the rule marks this issue’s quarterthis issueHARD DRIVE MAKERS0%20%40%WD FQ3 2025: 33.1% (GAAP, C-E-106)WD FQ4 2025: 26.1% (GAAP, C-E-937)Seagate FQ3 2025: 20.0% (GAAP, C-E-100)Seagate FQ4 2025: 23.2% (GAAP, C-E-942)● WD 26.1%● Seagate 23.2%Q1’25Q2’25
    Up to five quarters ending with this issue; an arrow marks a quarter below the scale, with its value. Source: Company releases.

    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.

    Micron: Operating marginGAAP
    22.0%FQ2 202523.3%FQ3 2025
    Samsung Electronics: Operating marginK-IFRS
    8.5%1Q 20256.3%2Q 2025
    SK hynix: Operating marginK-IFRS
    42.2%1Q 202541%2Q 2025
    Nanya Technology: Operating marginTIFRS
    −43.9%1Q 2025−42.8%2Q 2025
    Macronix International: Operating marginTIFRS
    −17.6%1Q 2025−15.9%2Q 2025
    Kioxia: Operating marginnon-GAAP
    10.8%FY2024 Q413%FY2025 Q1
    Sandisk: Operating marginGAAP
    −111.0%FQ3 20250.9%FQ4 2025
    ADATA Technology: Operating marginTIFRS
    4.2%1Q 20259.6%2Q 2025
    Transcend Information: Operating marginTIFRS
    16.1%1Q 202524.1%2Q 2025
    Silicon Motion: Operating marginGAAP
    5.9%1Q 202511.2%2Q 2025
    Phison: Operating marginTIFRS
    8.4%1Q 202513.11%2Q 2025
    FADU: Operating marginK-IFRS
    −62.0%1Q 2025−53.2%2Q 2025
    Marvell Technology: Operating marginGAAP
    14.3%FQ1 FY2026
    NVIDIA: Operating marginGAAP
    49.1%FQ1 FY2026
    AMD: Operating marginGAAP
    10.8%1Q 2025−1.7%2Q 2025
    Arm Holdings: Operating marginGAAP
    33.0%FQ4 FY202510.8%FQ1 FY2026
    TSMC: Operating marginTIFRS
    48.5%1Q 202549.6%2Q 2025
    Intel: Operating marginGAAP
    −2.4%1Q 2025−24.7%2Q 2025
    Western Digital: Operating marginGAAP
    33.1%FQ3 202526.1%FQ4 2025
    Seagate: Operating marginGAAP
    20.0%FQ3 202523.2%FQ4 2025
    Micron: Capital spending as a share of revenuenet of incentives
    38.3%FQ2 202528.6%FQ3 2025
    Sandisk: Capital spending as a share of revenuenet PP&E
    2.6%FQ3 20252.4%FQ4 2025
    Silicon Motion: Capital spending as a share of revenueas reported
    7.0%1Q 2025
    Western Digital: Capital spending as a share of revenuenet PP&E
    5.6%FQ3 20252.7%FQ4 2025
    Seagate: Capital spending as a share of revenuegross PP&E
    2.0%FQ3 20253.4%FQ4 2025

    02

    Side by side

    Every filed figure for the quarter in one table, each in its own currency and period.

    CompanyPeriodRevenueOperating incomeOperating marginCapex / revenueNAND shareRevenue, year on yearRevenue, last four quarters
    MicronFQ3 2025Mar–May$9.301BGAAP$2.169BGAAP23.3%GAAP28.6%net of incentives–––
    Samsung Electronics2Q 2025Apr–Jun$53.3Bfiled ₩74.6T, K-IFRS$3.4Bfiled ₩4.7T, K-IFRS6.3%K-IFRS––––
    SK hynix2Q 2025Apr–Jun$15.9Bfiled ₩22.232T, K-IFRS$6.6Bfiled ₩9.2129T, K-IFRS41%K-IFRS––––
    Nanya Technology2Q 2025Apr–Jun$341Mfiled NT$10.526B, TIFRS$-146Mfiled −NT$4.501B, TIFRS−42.8%TIFRS––––
    Winbond Electronics2Q 2025Apr–Jun$681Mfiled NT$21.018B, TIFRS––––––
    Macronix International2Q 2025Apr–Jun$220Mfiled NT$6.799B, TIFRS–−15.9%TIFRS––––
    KioxiaFY2025 Q1Apr–Jun$2.4Bfiled ¥342.8B, IFRS$313Mfiled ¥45.2B, non-GAAP13%non-GAAP––––
    SandiskFQ4 2025Apr–Jun$1.901BGAAP$18MGAAP0.9%GAAP2.4%net PP&E–––
    ADATA Technology2Q 2025Apr–Jun$415Mfiled NT$12.824B, TIFRS$40Mfiled NT$1.228B, TIFRS9.6%TIFRS––––
    Transcend Information2Q 2025Apr–Jun$105Mfiled NT$3.230432B, TIFRS$25Mfiled NT$779.551M, TIFRS24.1%TIFRS––––
    Longsys2Q 2025Apr–Jun$821Mfiled CN¥5.939199B, CAS––––––
    Biwin Storage2Q 2025Apr–Jun$328Mfiled CN¥2.369003B, CAS––––––
    Silicon Motion2Q 2025Apr–Jun$198.7MGAAP$22.3MGAAP11.2%GAAP––––
    Phison2Q 2025Apr–Jun$579Mfiled NT$17.89B, TIFRS$76Mfiled NT$2.346B, TIFRS13.11%TIFRS––––
    Maxio Technology2Q 2025Apr–Jun$51Mfiled CN¥368.66M, CAS––––––
    FADU2Q 2025Apr–Jun$17Mfiled ₩23.7B, K-IFRS$-9Mfiled −₩12.6B, K-IFRS−53.2%K-IFRS––––
    Marvell TechnologyFQ1 FY2026Feb–Apr *$1.8953BGAAP$270.6MGAAP14.3%GAAP––––
    NVIDIAFQ1 FY2026Feb–Apr *$44.062BGAAP$21.638BGAAP49.1%GAAP––––
    AMD2Q 2025Apr–Jun$7.685BGAAP−$134MGAAP−1.7%GAAP––––
    Arm HoldingsFQ1 FY2026Apr–Jun$1.053BGAAP$114MGAAP10.8%GAAP––––
    TSMC2Q 2025Apr–Jun$30.2Bfiled NT$933.79B, TIFRS–49.6%TIFRS––––
    Intel2Q 2025Apr–Jun$12.9BGAAP–−24.7%GAAP––––
    Western DigitalFQ4 2025Apr–Jun$2.605BGAAP$680MGAAP26.1%GAAP2.7%net PP&E–––
    SeagateFQ4 2025Apr–Jun$2.444BGAAP$568MGAAP23.2%GAAP3.4%gross PP&E–––
    CXMT (ChangXin Memory)2Q 2025Apr–Jun$1.3Bfiled CN¥9.23623B, CAS$-175Mfiled −CN¥1.26309B, CAS–––––

    Under each period are the months it mostly covers. A star marks a quarter that mostly falls in the calendar quarter before, because the company’s fiscal quarter ends only a month or so into this one. 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 50 sources, 50 primary