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    Bit Market · Q3 2025

    Q3 2025 Roundup

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

    Operating margin of nine memory, controller and hard drive companies, in the quarter nearest September 2025Nine upright bars, largest first, each an operating margin drawn to scale: SK hynix 46.6 percent, Micron 32.3, Western Digital 28.1, Seagate 26.4, Kioxia 19, Samsung 14.1, Silicon Motion 12.1, Phison 7.9 and Sandisk 7.6. Memory and flash makers are teal, controllers gray and hard drive makers dashed teal.BIT MARKET / Q3 2025 ROUNDUPNine margins, one quarterOPERATING MARGIN · QUARTER NEAREST SEPTEMBER 202546.6%SKhynix32.3%Micron28.1%WesternDigital26.4%Seagate19%Kioxia14.1%Samsung12.1%SiliconMotion7.9%Phison7.6%Sandisk

    Q3 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$23.9Bfiled ₩33.1T3Q 2025
    • SK hynix operating margin46.6%3Q 2025
    • Micron revenue$11.315BFQ4 2025
    • Sandisk operating margin7.6%FQ1 2026
    • Nvidia revenue$46.743BFQ2 FY2026
    • Seagate storage shipped182 EBup 32.4% against a year earliera year earlier 137.5 EBFQ1 2026

    Q3 2025 so far: 24 of 26 companies have reported. Still to report: CXMT, YMTC.

    Almost every company on this page earned a bigger share of its revenue in the quarter that ends nearest September 2025 than in the quarter before. Micron reached an operating margin of 32.3%, SK hynix 46.6% and Kioxia 19% (non-GAAP). Phison is the exception, at 7.9%.

    This roundup sits between Q2 2025 and Q4 2025. Every figure comes from the company’s own release. Each company reports on its own fiscal calendar, so Sandisk’s quarter here ended October 3, 2025. The Earnings Desk holds each company’s full report. Read it for the direction of the quarter, then for what the numbers say about the drive you buy: Sandisk reports its consumer sales as their own segment.

    The quarter in one line

    Operating margins rose at every company here with a margin on file, except Phison.

    The quarter in one line

    SK hynix led the quarter at 46.6%; Phison sat near the bottom

    Operating margin, latest quarter to about September 2025

    Horizontal bars, operating margin in percent of revenue. SK hynix 46.6, Micron 32.3, Western Digital 28.1, Seagate 26.4, Kioxia 19, Samsung 14.1, Silicon Motion 12.1, Phison 7.9 and Sandisk 7.6.Company01020304050Operating margin, percent of revenueSK hynix46.6%Micron32.3%Western Digital28.1%Seagate26.4%Kioxia (non-GAAP)19%Samsung (whole company)14.1%Silicon Motion12.1%Phison7.9%Sandisk7.6%Memory and flashControllersHard drives
    Figure 1 · Each company’s operating margin for its own fiscal quarter. Kioxia’s is non-GAAP and Samsung’s is the whole company. Source: Company releases, quarters ending near September 2025.

    Memory and flash makers

    Micron’s operating margin reached 32.3%, SK hynix’s 46.6% and Kioxia’s non-GAAP 19%. Sandisk earned 7.6% on revenue of $2,308 million. Samsung’s whole-company revenue was 86.06 trillion won, and its whole-company operating margin 14.1%.

    Memory and flash makers

    An operating margin is operating income divided by revenue

    Worked for Sandisk

    Three boxes joined by arrows. Revenue of 2,308 million dollars, then operating income of 176 million dollars after costs and operating expenses, then an operating margin of 7.6 percent, which is operating income divided by revenue.01 REVENUE$2,308 millionSandisk, in its own quarter02 OPERATING INCOME$176 millionwhat is left after costs and operating expenses03 OPERATING MARGIN7.6%operating income divided by revenueFrom the releaseWorked out here
    Figure 2 · Sandisk’s revenue and operating income from its release, and the margin they give. Source: Sandisk release; margin worked out by Eyes on Flash from the two figures.

    Controllers

    Silicon Motion’s operating margin was 12.1%. Phison’s slipped to 7.9%.

    Controllers

    Silicon Motion kept 12.1% of revenue as operating income, Phison 7.9%

    Operating income as a share of revenue, latest quarter to about September 2025

    Two bars. Silicon Motion: revenue 242.0 million dollars, operating income 29.2 million, a 12.1 percent margin. Phison: revenue 18.137 billion NT dollars, operating income 1.424 billion, a 7.9 percent margin.Silicon Motionrevenue $242.0 million12.1%operating income $29.2 millionPhisonrevenue 18.137 billion NT dollars7.9%operating income 1.424 billion NT dollarsRevenueOperating income
    Figure 3 · Each bar is one company’s revenue in its own currency. The teal slice is its operating income, drawn to scale. Source: Silicon Motion and Phison releases.

    Hard drives

    Western Digital earned a 28.1% operating margin and Seagate 26.4%.

    Hard drives

    Western Digital kept 28.1% as operating income, Seagate 26.4%

    Operating income as a share of revenue, latest quarter to about September 2025

    Two bars. Western Digital: revenue 2,818 million dollars, operating income 792 million, a 28.1 percent margin. Seagate: revenue 2,629 million dollars, operating income 694 million, a 26.4 percent margin.Western Digitalrevenue $2,818 million28.1%operating income $792 millionSeagaterevenue $2,629 million26.4%operating income $694 millionRevenueOperating income
    Figure 4 · Each bar is one company’s revenue. The teal slice is its operating income, drawn to scale. Source: Western Digital and Seagate releases.

    What it means for the drive you buy

    Sandisk reports its consumer sales as their own segment. Its Consumer segment brought in $652 million, up 11% from the quarter before and 27% from a year earlier. Its Datacenter segment brought in $269 million and its Edge segment $1,387 million. Best SSDs lists the current picks for each tier.

    What it means for the drive you buy

    Consumer brought in $652 million, behind Edge and ahead of Datacenter

    Sandisk revenue by end market, quarter ended October 3, 2025

    Horizontal bars, revenue in million dollars. Edge 1,387, Consumer 652 (up 11 percent on the quarter before and 27 percent on a year earlier) and Datacenter 269.End market05001,0001,500Revenue, million dollarsEdge1,387Consumer652Datacenter269ConsumerOther end markets
    Figure 5 · Consumer was up 11% on the quarter before and 27% on a year earlier. Source: Sandisk fiscal first quarter 2026 release, End Market Summary.

    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.

    Q3 2025 revenue, every companyRevenue in US dollars for each company that reported Q3 2025, sorted largest first, with each company’s own reporting period named on the right.BIT MARKET / Q3 2025Q3 2025 revenue, every companyUS dollars, largest firstREVENUE IN US DOLLARSREPORTED PERIOD$0$20B$40B$60BNvidia FQ2 FY2026: $46.743B (GAAP, C-E-988)Nvidia$46.7BFQ2 FY2026TSMC 3Q 2025: NT$989.92B (TIFRS, C-E-282), $33.1B at 29.9447 TWD per dollar (H.10, C-E-176)TSMC$33.1B3Q 2025Samsung chips 3Q 2025 Device Solutions: ₩33.1T (K-IFRS, C-E-148), $23.9B at 1386.95 KRW per dollar (H.10, C-E-164)Samsung chips$23.9B3Q 2025SK hynix 3Q 2025: ₩24.4489T (K-IFRS, C-E-119), $17.6B at 1386.95 KRW per dollar (H.10, C-E-164)SK hynix$17.6B3Q 2025Intel 3Q 2025: $13.7B (GAAP, C-E-279)Intel$13.7B3Q 2025Micron FQ4 2025: $11.315B (GAAP, C-E-886)Micron$11.3BFQ4 2025AMD 3Q 2025: $9.246B (GAAP, C-E-1002)AMD$9.2B3Q 2025Kioxia FY2025 Q2: ¥448.3B (IFRS, C-E-1083), $3.0B at 147.51 JPY per dollar (H.10, C-E-170)Kioxia$3.0BFY2025 Q2WD FQ1 2026: $2.818B (GAAP, C-E-107)WD$2.8BFQ1 2026Seagate FQ1 2026: $2.629B (GAAP, C-E-101)Seagate$2.6BFQ1 2026Sandisk FQ1 2026: $2.308B (GAAP, C-E-095)Sandisk$2.3BFQ1 2026Marvell FQ2 FY2026: $2.0061B (GAAP, C-E-963)Marvell$2.0BFQ2 FY2026Arm FQ2 FY2026: $1.135B (GAAP, C-E-289)Arm$1.1BFQ2 FY2026Longsys 3Q 2025: CN¥6.538677B (CAS, C-E-1033), $914M at 7.157 CNY per dollar (H.10, C-E-182)Longsys$914M3Q 2025Winbond 3Q 2025: NT$21.771B (TIFRS, C-E-257), $727M at 29.9447 TWD per dollar (H.10, C-E-176)Winbond$727M3Q 2025Nanya 3Q 2025: NT$18.779B (TIFRS, C-E-982), $627M at 29.9447 TWD per dollar (H.10, C-E-176)Nanya$627M3Q 2025Phison 3Q 2025: NT$18.137B (TIFRS, C-E-135), $606M at 29.9447 TWD per dollar (H.10, C-E-176)Phison$606M3Q 2025ADATA 3Q 2025: NT$14.511B (TIFRS, C-E-1023), $485M at 29.9447 TWD per dollar (H.10, C-E-176)ADATA$485M3Q 2025Biwin 3Q 2025: CN¥2.662747B (CAS, C-E-1035), $372M at 7.157 CNY per dollar (H.10, C-E-182)Biwin$372M3Q 2025Macronix 3Q 2025: NT$8.214B (TIFRS, C-E-251), $274M at 29.9447 TWD per dollar (H.10, C-E-176)Macronix$274M3Q 2025Silicon Motion 3Q 2025: $242.0M (GAAP, C-E-113)Silicon Motion$242M3Q 2025Transcend 3Q 2025: NT$4.108501B (TIFRS, C-E-296), $137M at 29.9447 TWD per dollar (H.10, C-E-176)Transcend$137M3Q 2025Maxio 3Q 2025: CN¥311.15M (CAS, C-E-956), $43M at 7.157 CNY per dollar (H.10, C-E-182)Maxio$43M3Q 2025FADU 3Q 2025: ₩25.6B (K-IFRS, C-E-331), $18M at 1386.95 KRW per dollar (H.10, C-E-164)FADU$18M3Q 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.
    Q3 2025 operating margin, every companyOperating margin for each company that reported Q3 2025, sorted largest first, with each company’s own reporting period named on the right.BIT MARKET / Q3 2025Q3 2025 operating margin, every companyPercent of revenue, largest firstOPERATING MARGINREPORTED PERIOD-50%0%50%100%Nvidia FQ2 FY2026: 60.8% (GAAP, C-E-990)Nvidia60.8%FQ2 FY2026TSMC 3Q 2025: 50.6% (TIFRS, C-E-282)TSMC50.6%3Q 2025SK hynix 3Q 2025: 46.6% (K-IFRS, C-E-120)SK hynix46.6%3Q 2025Transcend 3Q 2025: 36.8% (TIFRS, C-E-1030)Transcend36.8%3Q 2025Micron FQ4 2025: 32.3% (GAAP, C-E-890)Micron32.3%FQ4 2025WD FQ1 2026: 28.1% (GAAP, C-E-108)WD28.1%FQ1 2026Seagate FQ1 2026: 26.4% (GAAP, C-E-102)Seagate26.4%FQ1 2026Samsung chips 3Q 2025: 21.1% (K-IFRS, C-E-149)Samsung chips21.1%3Q 2025Kioxia FY2025 Q2: 19% (non-GAAP, C-E-1044)Kioxia19%FY2025 Q2Marvell FQ2 FY2026: 14.5% (GAAP, C-E-965)Marvell14.5%FQ2 FY2026Arm FQ2 FY2026: 14.4% (GAAP, C-E-289)Arm14.4%FQ2 FY2026AMD 3Q 2025: 13.7% (GAAP, C-E-1004)AMD13.7%3Q 2025ADATA 3Q 2025: 13.2% (TIFRS, C-E-1025)ADATA13.2%3Q 2025Silicon Motion 3Q 2025: 12.1% (GAAP, C-E-114)Silicon Motion12.1%3Q 2025Phison 3Q 2025: 7.9% (TIFRS, C-E-136)Phison7.9%3Q 2025Sandisk FQ1 2026: 7.6% (GAAP, C-E-096)Sandisk7.6%FQ1 2026Nanya 3Q 2025: 6.0% (TIFRS, C-E-984)Nanya6.0%3Q 2025Intel 3Q 2025: 5.0% (GAAP, C-E-279)Intel5.0%3Q 2025Macronix 3Q 2025: −13.9% (TIFRS, C-E-251)Macronix−13.9%3Q 2025FADU 3Q 2025: −44.6% (K-IFRS, C-E-1071)FADU−44.6%3Q 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 Q3 2025.BIT MARKET / MEMORY MAKERSMemory makers: revenue, year to this issueUS dollars; the rule marks this issue’s quarterthis issueMEMORY MAKERS$0$10B$20B$30BMicron FQ2 2025: $8.053B (GAAP, C-E-459)Micron FQ3 2025: $9.301B (GAAP, C-E-464)Micron FQ4 2025: $11.315B (GAAP, C-E-886)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)Samsung chips 3Q 2025 Device Solutions: ₩33.1T (K-IFRS, C-E-148), $23.9B at 1386.95 KRW per dollar (H.10, C-E-164)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)SK hynix 3Q 2025: ₩24.4489T (K-IFRS, C-E-119), $17.6B at 1386.95 KRW per dollar (H.10, C-E-164)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 $23.9B● SK hynix $17.6B● Micron $11.3B● CXMT $1.3BQ1’25Q2’25Q3’25
    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 Q3 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)Nanya 3Q 2025: NT$18.779B (TIFRS, C-E-982), $627M at 29.9447 TWD per dollar (H.10, C-E-176)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)Winbond 3Q 2025: NT$21.771B (TIFRS, C-E-257), $727M at 29.9447 TWD per dollar (H.10, C-E-176)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)Macronix 3Q 2025: NT$8.214B (TIFRS, C-E-251), $274M at 29.9447 TWD per dollar (H.10, C-E-176)● Winbond $727M● Nanya $627M● Macronix $274MQ1’25Q2’25Q3’25
    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 Q3 2025.BIT MARKET / FLASH MAKERSFlash makers: revenue, year to this issueUS dollars; the rule marks this issue’s quarterthis issueFLASH MAKERS$0$2B$4BKioxia 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)Kioxia FY2025 Q2: ¥448.3B (IFRS, C-E-1083), $3.0B at 147.51 JPY per dollar (H.10, C-E-170)Sandisk FQ3 2025: $1.695B (GAAP, C-E-093)Sandisk FQ4 2025: $1.901B (GAAP, C-E-1088)Sandisk FQ1 2026: $2.308B (GAAP, C-E-095)● Kioxia $3.0B● Sandisk $2.3BQ1’25Q2’25Q3’25
    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 Q3 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)ADATA 3Q 2025: NT$14.511B (TIFRS, C-E-1023), $485M at 29.9447 TWD per dollar (H.10, C-E-176)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)Transcend 3Q 2025: NT$4.108501B (TIFRS, C-E-296), $137M at 29.9447 TWD per dollar (H.10, C-E-176)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)Longsys 3Q 2025: CN¥6.538677B (CAS, C-E-1033), $914M at 7.157 CNY per dollar (H.10, C-E-182)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)Biwin 3Q 2025: CN¥2.662747B (CAS, C-E-1035), $372M at 7.157 CNY per dollar (H.10, C-E-182)● Longsys $914M● ADATA $485M● Biwin $372M● Transcend $137MQ1’25Q2’25Q3’25
    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 Q3 2025.BIT MARKET / CONTROLLER MAKERSController makers: revenue, year to this issueUS dollars; the rule marks this issue’s quarterthis issueCONTROLLER MAKERS$0$250M$500M$750MSilicon Motion 1Q 2025: $166.5M (GAAP, C-E-111)Silicon Motion 2Q 2025: $198.7M (GAAP, C-E-945)Silicon Motion 3Q 2025: $242.0M (GAAP, C-E-113)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)Phison 3Q 2025: NT$18.137B (TIFRS, C-E-135), $606M at 29.9447 TWD per dollar (H.10, C-E-176)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)Maxio 3Q 2025: CN¥311.15M (CAS, C-E-956), $43M at 7.157 CNY per dollar (H.10, C-E-182)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)FADU 3Q 2025: ₩25.6B (K-IFRS, C-E-331), $18M at 1386.95 KRW per dollar (H.10, C-E-164)● Phison $606M● Silicon Motion $242M● Maxio $43M● FADU $18MQ1’25Q2’25Q3’25
    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 Q3 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)Marvell FQ2 FY2026: $2.0061B (GAAP, C-E-963)Nvidia FQ1 FY2026: $44.062B (GAAP, C-E-985)Nvidia FQ2 FY2026: $46.743B (GAAP, C-E-988)AMD 1Q 2025: $7.438B (GAAP, C-E-996)AMD 2Q 2025: $7.685B (GAAP, C-E-999)AMD 3Q 2025: $9.246B (GAAP, C-E-1002)Arm FQ4 FY2025: $1.241B (GAAP, C-E-1011)Arm FQ1 FY2026: $1.053B (GAAP, C-E-1014)Arm FQ2 FY2026: $1.135B (GAAP, C-E-289)● Nvidia $46.7B● AMD $9.2B● Marvell $2.0B● Arm $1.1BQ1’25Q2’25Q3’25
    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 Q3 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)TSMC 3Q 2025: NT$989.92B (TIFRS, C-E-282), $33.1B at 29.9447 TWD per dollar (H.10, C-E-176)Intel 1Q 2025: $12.7B (GAAP, C-E-1007)Intel 2Q 2025: $12.9B (GAAP, C-E-1009)Intel 3Q 2025: $13.7B (GAAP, C-E-279)● TSMC $33.1B● Intel $13.7BQ1’25Q2’25Q3’25
    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 Q3 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)WD FQ1 2026: $2.818B (GAAP, C-E-107)Seagate FQ3 2025: $2.16B (GAAP, C-E-099)Seagate FQ4 2025: $2.444B (GAAP, C-E-939)Seagate FQ1 2026: $2.629B (GAAP, C-E-101)● WD $2.8B● Seagate $2.6BQ1’25Q2’25Q3’25
    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 Q3 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)Micron FQ4 2025: 32.3% (GAAP, C-E-890)Samsung chips 1Q 2025: 4.4% (K-IFRS, C-E-145)Samsung chips 2Q 2025: 1.4% (K-IFRS, C-E-147)Samsung chips 3Q 2025: 21.1% (K-IFRS, C-E-149)SK hynix 1Q 2025: 42.2% (K-IFRS, C-E-118)SK hynix 2Q 2025: 41% (K-IFRS, C-E-1060)SK hynix 3Q 2025: 46.6% (K-IFRS, C-E-120)● SK hynix 46.6%● Micron 32.3%● Samsung chips 21.1%Q1’25Q2’25Q3’25
    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 Q3 2025.BIT MARKET / SPECIALTY MEMORY MAKERSSpecialty memory makers: margin, year to thisissuePercent of revenue; the rule marks this issue’s quarterthis issueSPECIALTY MEMORY MAKERS-60%-40%-20%0%20%Nanya 1Q 2025: −43.9% (TIFRS, C-E-1051)Nanya 2Q 2025: −42.8% (TIFRS, C-E-1052)Nanya 3Q 2025: 6.0% (TIFRS, C-E-984)Macronix 1Q 2025: −17.6% (TIFRS, C-E-249)Macronix 2Q 2025: −15.9% (TIFRS, C-E-250)Macronix 3Q 2025: −13.9% (TIFRS, C-E-251)● Nanya 6.0%● Macronix −13.9%Q1’25Q2’25Q3’25
    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 Q3 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)Kioxia FY2025 Q2: 19% (non-GAAP, C-E-1044)Sandisk FQ3 2025: −111.0% (GAAP, C-E-094)−111.0%Sandisk FQ4 2025: 0.9% (GAAP, C-E-1047)Sandisk FQ1 2026: 7.6% (GAAP, C-E-096)● Kioxia 19%● Sandisk 7.6%Q1’25Q2’25Q3’25
    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 Q3 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%20%40%ADATA 1Q 2025: 4.2% (TIFRS, C-E-1019)ADATA 2Q 2025: 9.6% (TIFRS, C-E-1022)ADATA 3Q 2025: 13.2% (TIFRS, C-E-1025)Transcend 1Q 2025: 16.1% (TIFRS, C-E-1028)Transcend 2Q 2025: 24.1% (TIFRS, C-E-1029)Transcend 3Q 2025: 36.8% (TIFRS, C-E-1030)● Transcend 36.8%● ADATA 13.2%Q1’25Q2’25Q3’25
    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 Q3 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)Silicon Motion 3Q 2025: 12.1% (GAAP, C-E-114)Phison 1Q 2025: 8.4% (TIFRS, C-E-134)Phison 2Q 2025: 13.11% (TIFRS, C-E-953)Phison 3Q 2025: 7.9% (TIFRS, C-E-136)FADU 1Q 2025: −62.0% (K-IFRS, C-E-1050)−62.0%FADU 2Q 2025: −53.2% (K-IFRS, C-E-1070)−53.2%FADU 3Q 2025: −44.6% (K-IFRS, C-E-1071)● Silicon Motion 12.1%● Phison 7.9%● FADU −44.6%Q1’25Q2’25Q3’25
    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 Q3 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-25%0%25%50%75%Marvell FQ1 FY2026: 14.3% (GAAP, C-E-962)Marvell FQ2 FY2026: 14.5% (GAAP, C-E-965)Nvidia FQ1 FY2026: 49.1% (GAAP, C-E-987)Nvidia FQ2 FY2026: 60.8% (GAAP, C-E-990)AMD 1Q 2025: 10.8% (GAAP, C-E-998)AMD 2Q 2025: −1.7% (GAAP, C-E-1054)AMD 3Q 2025: 13.7% (GAAP, C-E-1004)Arm FQ4 FY2025: 33.0% (GAAP, C-E-1058)Arm FQ1 FY2026: 10.8% (GAAP, C-E-1016)Arm FQ2 FY2026: 14.4% (GAAP, C-E-289)● Nvidia 60.8%● Marvell 14.5%● Arm 14.4%● AMD 13.7%Q1’25Q2’25Q3’25
    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 Q3 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)-50%0%50%100%TSMC 1Q 2025: 48.5% (TIFRS, C-E-280)TSMC 2Q 2025: 49.6% (TIFRS, C-E-281)TSMC 3Q 2025: 50.6% (TIFRS, C-E-282)Intel 1Q 2025: −2.4% (GAAP, C-E-1056)Intel 2Q 2025: −24.7% (GAAP, C-E-1057)Intel 3Q 2025: 5.0% (GAAP, C-E-279)● TSMC 50.6%● Intel 5.0%Q1’25Q2’25Q3’25
    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 Q3 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)WD FQ1 2026: 28.1% (GAAP, C-E-108)Seagate FQ3 2025: 20.0% (GAAP, C-E-100)Seagate FQ4 2025: 23.2% (GAAP, C-E-942)Seagate FQ1 2026: 26.4% (GAAP, C-E-102)● WD 28.1%● Seagate 26.4%Q1’25Q2’25Q3’25
    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 202532.3%FQ4 2025
    Samsung Electronics: Operating marginK-IFRS
    8.5%1Q 20256.3%2Q 202514.1%3Q 2025
    SK hynix: Operating marginK-IFRS
    42.2%1Q 202541%2Q 202546.6%3Q 2025
    Nanya Technology: Operating marginTIFRS
    −43.9%1Q 2025−42.8%2Q 20256.0%3Q 2025
    Macronix International: Operating marginTIFRS
    −17.6%1Q 2025−15.9%2Q 2025−13.9%3Q 2025
    Kioxia: Operating marginnon-GAAP
    10.8%FY2024 Q413%FY2025 Q119%FY2025 Q2
    Sandisk: Operating marginGAAP
    −111.0%FQ3 20250.9%FQ4 20257.6%FQ1 2026
    ADATA Technology: Operating marginTIFRS
    4.2%1Q 20259.6%2Q 202513.2%3Q 2025
    Transcend Information: Operating marginTIFRS
    16.1%1Q 202524.1%2Q 202536.8%3Q 2025
    Silicon Motion: Operating marginGAAP
    5.9%1Q 202511.2%2Q 202512.1%3Q 2025
    Phison: Operating marginTIFRS
    8.4%1Q 202513.11%2Q 20257.9%3Q 2025
    FADU: Operating marginK-IFRS
    −62.0%1Q 2025−53.2%2Q 2025−44.6%3Q 2025
    Marvell Technology: Operating marginGAAP
    14.3%FQ1 FY202614.5%FQ2 FY2026
    NVIDIA: Operating marginGAAP
    49.1%FQ1 FY202660.8%FQ2 FY2026
    AMD: Operating marginGAAP
    10.8%1Q 2025−1.7%2Q 202513.7%3Q 2025
    Arm Holdings: Operating marginGAAP
    33.0%FQ4 FY202510.8%FQ1 FY202614.4%FQ2 FY2026
    TSMC: Operating marginTIFRS
    48.5%1Q 202549.6%2Q 202550.6%3Q 2025
    Intel: Operating marginGAAP
    −2.4%1Q 2025−24.7%2Q 20255.0%3Q 2025
    Western Digital: Operating marginGAAP
    33.1%FQ3 202526.1%FQ4 202528.1%FQ1 2026
    Seagate: Operating marginGAAP
    20.0%FQ3 202523.2%FQ4 202526.4%FQ1 2026
    Micron: Capital spending as a share of revenuenet of incentives
    38.3%FQ2 202528.6%FQ3 202543.5%FQ4 2025
    Sandisk: Capital spending as a share of revenuePP&E purchases
    2.6%FQ3 20252.4%FQ4 20252.2%FQ1 2026
    Silicon Motion: Capital spending as a share of revenueas reported
    7.0%1Q 20258.3%3Q 2025
    Western Digital: Capital spending as a share of revenuenet PP&E
    5.6%FQ3 20252.7%FQ4 20252.6%FQ1 2026
    Seagate: Capital spending as a share of revenuegross PP&E
    2.0%FQ3 20253.4%FQ4 20254.0%FQ1 2026

    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
    MicronFQ4 2025Jun–Aug$11.315BGAAP$3.654BGAAP32.3%GAAP43.5%net of incentives–––
    Samsung Electronics3Q 2025Jul–Sep$62.0Bfiled ₩86.06T, K-IFRS$8.8Bfiled ₩12.17T, K-IFRS14.1%K-IFRS––––
    SK hynix3Q 2025Jul–Sep$17.6Bfiled ₩24.4489T, K-IFRS$8.2Bfiled ₩11.3834T, K-IFRS46.6%K-IFRS––––
    Nanya Technology3Q 2025Jul–Sep$627Mfiled NT$18.779B, TIFRS$37Mfiled NT$1.119B, TIFRS6.0%TIFRS––––
    Winbond Electronics3Q 2025Jul–Sep$727Mfiled NT$21.771B, TIFRS––––––
    Macronix International3Q 2025Jul–Sep$274Mfiled NT$8.214B, TIFRS–−13.9%TIFRS––––
    KioxiaFY2025 Q2Jul–Sep$3.0Bfiled ¥448.3B, IFRS$591Mfiled ¥87.2B, non-GAAP19%non-GAAP––––
    SandiskFQ1 2026Jul–Sep$2.308BGAAP$176MGAAP7.6%GAAP2.2%PP&E purchases–––
    ADATA Technology3Q 2025Jul–Sep$485Mfiled NT$14.511B, TIFRS$64Mfiled NT$1.91B, TIFRS13.2%TIFRS––––
    Transcend Information3Q 2025Jul–Sep$137Mfiled NT$4.108501B, TIFRS$51Mfiled NT$1.512691B, TIFRS36.8%TIFRS––––
    Longsys3Q 2025Jul–Sep$914Mfiled CN¥6.538677B, CAS––––––
    Biwin Storage3Q 2025Jul–Sep$372Mfiled CN¥2.662747B, CAS––––––
    Silicon Motion3Q 2025Jul–Sep$242.0MGAAP$29.2MGAAP12.1%GAAP8.3%as reported–––
    Phison3Q 2025Jul–Sep$606Mfiled NT$18.137B, TIFRS$48Mfiled NT$1.424B, TIFRS7.9%TIFRS––––
    Maxio Technology3Q 2025Jul–Sep$43Mfiled CN¥311.15M, CAS––––––
    FADU3Q 2025Jul–Sep$18Mfiled ₩25.6B, K-IFRS$-8Mfiled −₩11.43B, K-IFRS−44.6%K-IFRS––––
    Marvell TechnologyFQ2 FY2026May–Jul *$2.0061BGAAP$290.1MGAAP14.5%GAAP––––
    NVIDIAFQ2 FY2026May–Jul *$46.743BGAAP$28.44BGAAP60.8%GAAP––––
    AMD3Q 2025Jul–Sep$9.246BGAAP$1.27BGAAP13.7%GAAP––––
    Arm HoldingsFQ2 FY2026Jul–Sep$1.135BGAAP$163MGAAP14.4%GAAP––––
    TSMC3Q 2025Jul–Sep$33.1Bfiled NT$989.92B, TIFRS–50.6%TIFRS––––
    Intel3Q 2025Jul–Sep$13.7BGAAP–5.0%GAAP––––
    Western DigitalFQ1 2026Jul–Sep$2.818BGAAP$792MGAAP28.1%GAAP2.6%net PP&E–––
    SeagateFQ1 2026Jul–Sep$2.629BGAAP$694MGAAP26.4%GAAP4.0%gross PP&E–––

    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 75 sources, 75 primary