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    Bit Market · Q4 2025

    Q4 2025 Roundup

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

    Three groups of bars, one for each kind of makerBars in three labeled groups, not to scale: five for the memory and flash makers, two for the controller makers and two for the hard drive makers. No values.BIT MARKET / Q4 2025One quarter, three kinds of makerOCTOBER TO DECEMBER 2025 · NOT TO SCALEMEMORY AND FLASHCONTROLLERSHARD DRIVES

    Q4 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$30.4Bfiled ₩44.0T4Q 2025
    • SK hynix operating margin58.4%4Q 2025
    • Micron revenue$13.643BFQ1 2026
    • Sandisk operating margin35.2%FQ2 2026
    • Nvidia revenue$57.006BFQ3 FY2026
    • Seagate storage shipped190 EBup 26.0% against a year earliera year earlier 150.8 EBFQ2 2026

    Q4 2025 so far: 24 of 26 companies have reported. Still to report: CXMT, YMTC.

    Micron, SK hynix and Sandisk each reported a higher operating margin in October to December 2025 than in the quarter before. This roundup sets the memory and flash makers, the controller makers and the two hard drive makers side by side, using each company’s own release. It follows the July to September roundup in the Earnings Desk at Bit Market. Fiscal calendars differ, so each figure is the company’s own quarter that ended in those months, or a few days after for a company on a 52- or 53-week year.

    The quarter in one line

    By my arithmetic from each release, the memory and flash makers’ operating margins jumped: Micron 45.0%, SK hynix 58.4% and Sandisk 35.2%.

    The quarter in one line

    Micron, SK hynix and Sandisk earned 45.0%, 58.4% and 35.2%

    Horizontal bars of operating margin in percent. SK hynix 58.4, Micron 45.0, Sandisk 35.2.Company0204060Operating margin, %SK hynix58.4Micron45.0Sandisk35.2Memory and flash makers
    Operating margin of Micron, SK hynix and Sandisk in the quarter. Source: Company releases for the October to December 2025 quarter.

    Memory and flash makers

    Micron’s revenue was $13,643 million and Sandisk’s was $3,025 million. Kioxia’s operating margin was 27% on its non-GAAP measure and Samsung’s, for the whole company, was 21.4%.

    Memory and flash makers

    SK hynix led the memory and flash makers at 58.4%

    Horizontal bars of operating margin in percent. SK hynix 58.4, Micron 45.0, Sandisk 35.2, Kioxia 27 non-GAAP, Samsung 21.4 for the whole company.Company0204060Operating margin, %SK hynix58.4Micron45.0Sandisk35.2Kioxianon-GAAP27Samsungwhole company21.4Memory and flash makers
    Operating margin of the five memory and flash makers; Kioxia is non-GAAP and Samsung is the whole company. Source: Company releases for the October to December 2025 quarter.

    Controllers

    Silicon Motion’s operating margin was 11.4% and Phison’s was 14.6%.

    Controllers

    Phison earned 14.6% and Silicon Motion 11.4%

    Horizontal bars of operating margin in percent. Phison 14.6, Silicon Motion 11.4.Company0204060Operating margin, %Phison14.6Silicon Motion11.4Controllers
    Operating margin of the two controller makers. Source: Company releases for the October to December 2025 quarter.

    Hard drives

    Western Digital earned a 30.1% operating margin and Seagate 29.8%.

    Hard drives

    Western Digital earned 30.1% and Seagate 29.8%

    Horizontal bars of operating margin in percent. Western Digital 30.1, Seagate 29.8.Company0204060Operating margin, %Western Digital30.1Seagate29.8Hard drives
    Operating margin of the two hard drive makers. Source: Company releases for the October to December 2025 quarter.

    What it means for the drive you buy

    Sandisk is the one company here that reports its consumer sales as their own segment. Its Consumer segment brought in $907 million, up 39% from the quarter before and 52% from a year earlier. Its Datacenter segment grew faster, up 64% from the quarter before, but at $440 million it was still less than half the size of Consumer. Best SSDs lists the current picks for each tier.

    What it means for the drive you buy

    Sandisk Consumer brought in $907 million, Datacenter $440 million

    Horizontal bars of Sandisk segment revenue in million dollars. Consumer 907, up 39% from the quarter before. Datacenter 440, up 64%.Segment02505007501000Segment revenue, million dollarsConsumer907Datacenter440ConsumerDatacenter
    Sandisk revenue in its Consumer and Datacenter segments in the quarter, million dollars. Source: Company releases for the October to December 2025 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.

    Q4 2025 revenue, every companyRevenue in US dollars for each company that reported Q4 2025, sorted largest first, with each company’s own reporting period named on the right.BIT MARKET / Q4 2025Q4 2025 revenue, every companyUS dollars, largest firstREVENUE IN US DOLLARSREPORTED PERIOD$0$20B$40B$60BNvidia FQ3 FY2026: $57.006B (GAAP, C-E-991)Nvidia$57.0BFQ3 FY2026TSMC 4Q 2025: NT$1,046.09B (TIFRS, C-E-283), $33.7B at 31.0232 TWD per dollar (H.10, C-E-177)TSMC$33.7B4Q 2025Samsung chips 4Q 2025 Device Solutions: ₩44.0T (K-IFRS, C-E-150), $30.4B at 1448.76 KRW per dollar (H.10, C-E-165)Samsung chips$30.4B4Q 2025SK hynix 4Q 2025: ₩32.8267T (K-IFRS, C-E-121), $22.7B at 1448.76 KRW per dollar (H.10, C-E-165)SK hynix$22.7B4Q 2025Intel 4Q 2025: $13.7B (GAAP, C-E-278)Intel$13.7B4Q 2025Micron FQ1 2026: $13.643B (GAAP, C-E-469)Micron$13.6BFQ1 2026AMD 4Q 2025: $10.27B (GAAP, C-E-274)AMD$10.3B4Q 2025Kioxia FY2025 Q3: ¥543.6B (IFRS, C-E-905), $3.5B at 154.07 JPY per dollar (H.10, C-E-171)Kioxia$3.5BFY2025 Q3Sandisk FQ2 2026: $3.025B (GAAP, C-E-097)Sandisk$3.0BFQ2 2026WD FQ2 2026: $3.017B (GAAP, C-E-109)WD$3.0BFQ2 2026Seagate FQ2 2026: $2.825B (GAAP, C-E-103)Seagate$2.8BFQ2 2026Marvell FQ3 FY2026: $2.0745B (GAAP, C-E-193)Marvell$2.1BFQ3 FY2026Arm FQ3 FY2026: $1.242B (GAAP, C-E-288)Arm$1.2BFQ3 FY2026Nanya 4Q 2025: NT$30.094B (TIFRS, C-E-246), $970M at 31.0232 TWD per dollar (H.10, C-E-177)Nanya$970M4Q 2025Winbond 4Q 2025: NT$26.624B (computed from the full year, C-E-258), $858M at 31.0232 TWD per dollar (H.10, C-E-177)Winbond$858M4Q 2025Longsys 4Q 2025: CN¥6.031838B (CAS, C-E-301), $851M at 7.0889 CNY per dollar (H.10, C-E-183)Longsys$851M4Q 2025Phison 4Q 2025: NT$22.799B (TIFRS, C-E-159), $735M at 31.0232 TWD per dollar (H.10, C-E-177)Phison$735M4Q 2025Biwin 4Q 2025: CN¥4.727396B (CAS, C-E-304), $667M at 7.0889 CNY per dollar (H.10, C-E-183)Biwin$667M4Q 2025ADATA 4Q 2025: NT$15.845B (TIFRS, C-E-292), $511M at 31.0232 TWD per dollar (H.10, C-E-177)ADATA$511M4Q 2025Silicon Motion 4Q 2025: $278.5M (GAAP, C-E-115)Silicon Motion$279M4Q 2025Macronix 4Q 2025: NT$7.729B (TIFRS, C-E-252), $249M at 31.0232 TWD per dollar (H.10, C-E-177)Macronix$249M4Q 2025Transcend 4Q 2025: NT$6.803668B (TIFRS, computed from the full year, C-E-297), $219M at 31.0232 TWD per dollar (H.10, C-E-177)Transcend$219M4Q 2025Maxio 4Q 2025: CN¥406.26M (CAS, C-E-186), $57M at 7.0889 CNY per dollar (H.10, C-E-183)Maxio$57M4Q 2025FADU 4Q 2025: ₩23.9B (K-IFRS, C-E-333), $16M at 1448.76 KRW per dollar (H.10, C-E-165)FADU$16M4Q 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.
    Q4 2025 operating margin, every companyOperating margin for each company that reported Q4 2025, sorted largest first, with each company’s own reporting period named on the right.BIT MARKET / Q4 2025Q4 2025 operating margin, every companyPercent of revenue, largest firstOPERATING MARGINREPORTED PERIOD-150%-100%-50%0%50%100%Nvidia FQ3 FY2026: 63.2% (GAAP, C-E-1053)Nvidia63.2%FQ3 FY2026SK hynix 4Q 2025: 58.4% (K-IFRS, C-E-122)SK hynix58.4%4Q 2025Transcend 4Q 2025: 55.6% (TIFRS, computed from the full year, C-E-1074)Transcend55.6%4Q 2025TSMC 4Q 2025: 54.0% (TIFRS, C-E-283)TSMC54.0%4Q 2025Micron FQ1 2026: 45.0% (GAAP, C-E-472)Micron45.0%FQ1 2026Nanya 4Q 2025: 39.1% (TIFRS, C-E-246)Nanya39.1%4Q 2025Samsung chips 4Q 2025: 37.3% (K-IFRS, C-E-151)Samsung chips37.3%4Q 2025ADATA 4Q 2025: 35.4% (TIFRS, C-E-1059)ADATA35.4%4Q 2025Sandisk FQ2 2026: 35.2% (GAAP, C-E-098)Sandisk35.2%FQ2 2026WD FQ2 2026: 30.1% (GAAP, C-E-110)WD30.1%FQ2 2026Seagate FQ2 2026: 29.8% (GAAP, C-E-104)Seagate29.8%FQ2 2026Kioxia FY2025 Q3: 27% (non-GAAP, C-E-1043)Kioxia27%FY2025 Q3Marvell FQ3 FY2026: 17.2% (GAAP, C-E-193)Marvell17.2%FQ3 FY2026AMD 4Q 2025: 17.1% (GAAP, C-E-1005)AMD17.1%4Q 2025Arm FQ3 FY2026: 14.9% (GAAP, C-E-288)Arm14.9%FQ3 FY2026Phison 4Q 2025: 14.6% (TIFRS, C-E-160)Phison14.6%4Q 2025Silicon Motion 4Q 2025: 11.4% (GAAP, C-E-116)Silicon Motion11.4%4Q 2025Intel 4Q 2025: 4.2% (GAAP, C-E-278)Intel4.2%4Q 2025Macronix 4Q 2025: −5.1% (TIFRS, C-E-252)Macronix−5.1%4Q 2025FADU 4Q 2025: −107.8% (K-IFRS, C-E-1072)FADU−107.8%4Q 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 Q4 2025.BIT MARKET / MEMORY MAKERSMemory makers: revenue, year to this issueUS dollars; the rule marks this issue’s quarterthis issueMEMORY MAKERS$0$20B$40BMicron 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)Micron FQ1 2026: $13.643B (GAAP, C-E-469)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)Samsung chips 4Q 2025 Device Solutions: ₩44.0T (K-IFRS, C-E-150), $30.4B at 1448.76 KRW per dollar (H.10, C-E-165)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)SK hynix 4Q 2025: ₩32.8267T (K-IFRS, C-E-121), $22.7B at 1448.76 KRW per dollar (H.10, C-E-165)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 $30.4B● SK hynix $22.7B● Micron $13.6B● CXMT $1.3BQ1’25Q2’25Q3’25Q4’25
    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 Q4 2025.BIT MARKET / SPECIALTY MEMORY MAKERSSpecialty memory makers: revenue, year to thisissueUS dollars; the rule marks this issue’s quarterthis issueSPECIALTY MEMORY MAKERS$0$500M$1BNanya 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)Nanya 4Q 2025: NT$30.094B (TIFRS, C-E-246), $970M at 31.0232 TWD per dollar (H.10, C-E-177)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)Winbond 4Q 2025: NT$26.624B (computed from the full year, C-E-258), $858M at 31.0232 TWD per dollar (H.10, C-E-177)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)Macronix 4Q 2025: NT$7.729B (TIFRS, C-E-252), $249M at 31.0232 TWD per dollar (H.10, C-E-177)● Nanya $970M● Winbond $858M● Macronix $249MQ1’25Q2’25Q3’25Q4’25
    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 Q4 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)Kioxia FY2025 Q3: ¥543.6B (IFRS, C-E-905), $3.5B at 154.07 JPY per dollar (H.10, C-E-171)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)Sandisk FQ2 2026: $3.025B (GAAP, C-E-097)● Kioxia $3.5B● Sandisk $3.0BQ1’25Q2’25Q3’25Q4’25
    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 Q4 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)ADATA 4Q 2025: NT$15.845B (TIFRS, C-E-292), $511M at 31.0232 TWD per dollar (H.10, C-E-177)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)Transcend 4Q 2025: NT$6.803668B (TIFRS, computed from the full year, C-E-297), $219M at 31.0232 TWD per dollar (H.10, C-E-177)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)Longsys 4Q 2025: CN¥6.031838B (CAS, C-E-301), $851M at 7.0889 CNY per dollar (H.10, C-E-183)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)Biwin 4Q 2025: CN¥4.727396B (CAS, C-E-304), $667M at 7.0889 CNY per dollar (H.10, C-E-183)● Longsys $851M● Biwin $667M● ADATA $511M● Transcend $219MQ1’25Q2’25Q3’25Q4’25
    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 Q4 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)Silicon Motion 4Q 2025: $278.5M (GAAP, C-E-115)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)Phison 4Q 2025: NT$22.799B (TIFRS, C-E-159), $735M at 31.0232 TWD per dollar (H.10, C-E-177)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)Maxio 4Q 2025: CN¥406.26M (CAS, C-E-186), $57M at 7.0889 CNY per dollar (H.10, C-E-183)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)FADU 4Q 2025: ₩23.9B (K-IFRS, C-E-333), $16M at 1448.76 KRW per dollar (H.10, C-E-165)● Phison $735M● Silicon Motion $279M● Maxio $57M● FADU $16MQ1’25Q2’25Q3’25Q4’25
    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 Q4 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)Marvell FQ3 FY2026: $2.0745B (GAAP, C-E-193)Nvidia FQ1 FY2026: $44.062B (GAAP, C-E-985)Nvidia FQ2 FY2026: $46.743B (GAAP, C-E-988)Nvidia FQ3 FY2026: $57.006B (GAAP, C-E-991)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)AMD 4Q 2025: $10.27B (GAAP, C-E-274)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)Arm FQ3 FY2026: $1.242B (GAAP, C-E-288)● Nvidia $57.0B● AMD $10.3B● Marvell $2.1B● Arm $1.2BQ1’25Q2’25Q3’25Q4’25
    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 Q4 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)TSMC 4Q 2025: NT$1,046.09B (TIFRS, C-E-283), $33.7B at 31.0232 TWD per dollar (H.10, C-E-177)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)Intel 4Q 2025: $13.7B (GAAP, C-E-278)● TSMC $33.7B● Intel $13.7BQ1’25Q2’25Q3’25Q4’25
    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 Q4 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$2B$4BWD 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)WD FQ2 2026: $3.017B (GAAP, C-E-109)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)Seagate FQ2 2026: $2.825B (GAAP, C-E-103)● WD $3.0B● Seagate $2.8BQ1’25Q2’25Q3’25Q4’25
    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 Q4 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)Micron FQ1 2026: 45.0% (GAAP, C-E-472)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)Samsung chips 4Q 2025: 37.3% (K-IFRS, C-E-151)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 4Q 2025: 58.4% (K-IFRS, C-E-122)● SK hynix 58.4%● Micron 45.0%● Samsung chips 37.3%Q1’25Q2’25Q3’25Q4’25
    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 Q4 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%0%50%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)Nanya 4Q 2025: 39.1% (TIFRS, C-E-246)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)Macronix 4Q 2025: −5.1% (TIFRS, C-E-252)● Nanya 39.1%● Macronix −5.1%Q1’25Q2’25Q3’25Q4’25
    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 Q4 2025.BIT MARKET / FLASH MAKERSFlash makers: margin, year to this issuePercent of revenue; the rule marks this issue’s quarterthis issueFLASH MAKERS-50%0%50%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)Kioxia FY2025 Q3: 27% (non-GAAP, C-E-1043)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)Sandisk FQ2 2026: 35.2% (GAAP, C-E-098)● Sandisk 35.2%● Kioxia 27%Q1’25Q2’25Q3’25Q4’25
    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 Q4 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%60%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)ADATA 4Q 2025: 35.4% (TIFRS, C-E-1059)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 4Q 2025: 55.6% (TIFRS, computed from the full year, C-E-1074)● Transcend 55.6%● ADATA 35.4%Q1’25Q2’25Q3’25Q4’25
    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 Q4 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)Silicon Motion 4Q 2025: 11.4% (GAAP, C-E-116)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)Phison 4Q 2025: 14.6% (TIFRS, C-E-160)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)FADU 4Q 2025: −107.8% (K-IFRS, C-E-1072)−107.8%● Phison 14.6%● Silicon Motion 11.4%● FADU −107.8%Q1’25Q2’25Q3’25Q4’25
    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 Q4 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)Marvell FQ3 FY2026: 17.2% (GAAP, C-E-193)Nvidia FQ1 FY2026: 49.1% (GAAP, C-E-987)Nvidia FQ2 FY2026: 60.8% (GAAP, C-E-990)Nvidia FQ3 FY2026: 63.2% (GAAP, C-E-1053)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)AMD 4Q 2025: 17.1% (GAAP, C-E-1005)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)Arm FQ3 FY2026: 14.9% (GAAP, C-E-288)● Nvidia 63.2%● Marvell 17.2%● AMD 17.1%● Arm 14.9%Q1’25Q2’25Q3’25Q4’25
    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 Q4 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)TSMC 4Q 2025: 54.0% (TIFRS, C-E-283)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)Intel 4Q 2025: 4.2% (GAAP, C-E-278)● TSMC 54.0%● Intel 4.2%Q1’25Q2’25Q3’25Q4’25
    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 Q4 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)WD FQ2 2026: 30.1% (GAAP, C-E-110)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)Seagate FQ2 2026: 29.8% (GAAP, C-E-104)● WD 30.1%● Seagate 29.8%Q1’25Q2’25Q3’25Q4’25
    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 202545.0%FQ1 2026
    Samsung Electronics: Operating marginK-IFRS
    8.5%1Q 20256.3%2Q 202514.1%3Q 202521.4%4Q 2025
    SK hynix: Operating marginK-IFRS
    42.2%1Q 202541%2Q 202546.6%3Q 202558.4%4Q 2025
    Nanya Technology: Operating marginTIFRS
    −43.9%1Q 2025−42.8%2Q 20256.0%3Q 202539.1%4Q 2025
    Macronix International: Operating marginTIFRS
    −17.6%1Q 2025−15.9%2Q 2025−13.9%3Q 2025−5.1%4Q 2025
    Kioxia: Operating marginnon-GAAP
    10.8%FY2024 Q413%FY2025 Q119%FY2025 Q227%FY2025 Q3
    Sandisk: Operating marginGAAP
    −111.0%FQ3 20250.9%FQ4 20257.6%FQ1 202635.2%FQ2 2026
    ADATA Technology: Operating marginTIFRS
    4.2%1Q 20259.6%2Q 202513.2%3Q 202535.4%4Q 2025
    Transcend Information: Operating marginTIFRS, computed from the full year
    16.1%1Q 202524.1%2Q 202536.8%3Q 202555.6%4Q 2025
    Silicon Motion: Operating marginGAAP
    5.9%1Q 202511.2%2Q 202512.1%3Q 202511.4%4Q 2025
    Phison: Operating marginTIFRS
    8.4%1Q 202513.11%2Q 20257.9%3Q 202514.6%4Q 2025
    FADU: Operating marginK-IFRS
    −62.0%1Q 2025−53.2%2Q 2025−44.6%3Q 2025−107.8%4Q 2025
    Marvell Technology: Operating marginGAAP
    14.3%FQ1 FY202614.5%FQ2 FY202617.2%FQ3 FY2026
    NVIDIA: Operating marginGAAP
    49.1%FQ1 FY202660.8%FQ2 FY202663.2%FQ3 FY2026
    AMD: Operating marginGAAP
    10.8%1Q 2025−1.7%2Q 202513.7%3Q 202517.1%4Q 2025
    Arm Holdings: Operating marginGAAP
    33.0%FQ4 FY202510.8%FQ1 FY202614.4%FQ2 FY202614.9%FQ3 FY2026
    TSMC: Operating marginTIFRS
    48.5%1Q 202549.6%2Q 202550.6%3Q 202554.0%4Q 2025
    Intel: Operating marginGAAP
    −2.4%1Q 2025−24.7%2Q 20255.0%3Q 20254.2%4Q 2025
    Western Digital: Operating marginGAAP
    33.1%FQ3 202526.1%FQ4 202528.1%FQ1 202630.1%FQ2 2026
    Seagate: Operating marginGAAP
    20.0%FQ3 202523.2%FQ4 202526.4%FQ1 202629.8%FQ2 2026
    Micron: Capital spending as a share of revenuenet of incentives
    38.3%FQ2 202528.6%FQ3 202543.5%FQ4 202533.0%FQ1 2026
    Sandisk: Capital spending as a share of revenuePP&E purchases
    2.6%FQ3 20252.4%FQ4 20252.2%FQ1 20261.3%FQ2 2026
    Silicon Motion: Capital spending as a share of revenueas reported
    7.0%1Q 20258.3%3Q 20252.8%4Q 2025
    Western Digital: Capital spending as a share of revenuenet PP&E
    5.6%FQ3 20252.7%FQ4 20252.6%FQ1 20263.0%FQ2 2026
    Seagate: Capital spending as a share of revenuegross PP&E
    2.0%FQ3 20253.4%FQ4 20254.0%FQ1 20264.1%FQ2 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
    MicronFQ1 2026Sep–Nov$13.643BGAAP$6.136BGAAP45.0%GAAP33.0%net of incentives––$42.3BUS dollars
    Samsung Electronics4Q 2025Oct–Dec$64.7Bfiled ₩93.8T, K-IFRS$13.9Bfiled ₩20.1T, K-IFRS21.4%K-IFRS–––$234.6BUS dollars
    SK hynix4Q 2025Oct–Dec$22.7Bfiled ₩32.8267T, K-IFRS$13.2Bfiled ₩19.1696T, K-IFRS58.4%K-IFRS–––$68.3BUS dollars
    Nanya Technology4Q 2025Oct–Dec$970Mfiled NT$30.094B, TIFRS$380Mfiled NT$11.781B, TIFRS39.1%TIFRS–––$2.2BUS dollars
    Winbond Electronics4Q 2025Oct–Dec$858Mfiled NT$26.624B, computed from the full year–––––$2.9BUS dollars
    Macronix International4Q 2025Oct–Dec$249Mfiled NT$7.729B, TIFRS–−5.1%TIFRS–––$930MUS dollars
    KioxiaFY2025 Q3Oct–Dec$3.5Bfiled ¥543.6B, IFRS$939Mfiled ¥144.7B, non-GAAP27%non-GAAP–––$11.2BUS dollars
    SandiskFQ2 2026Oct–Dec$3.025BGAAP$1.065BGAAP35.2%GAAP1.3%PP&E purchases––$8.9BUS dollars
    ADATA Technology4Q 2025Oct–Dec$511Mfiled NT$15.845B, TIFRS$181Mfiled NT$5.602B, TIFRS35.4%TIFRS–––$1.7BUS dollars
    Transcend Information4Q 2025Oct–Dec$219Mfiled NT$6.803668B, TIFRS, computed from the full year$122Mfiled NT$3.782207B, TIFRS, computed from the full year55.6%TIFRS, computed from the full year–––$552MUS dollars
    Longsys4Q 2025Oct–Dec$851Mfiled CN¥6.031838B, CAS–––––$3.2BUS dollars
    Biwin Storage4Q 2025Oct–Dec$667Mfiled CN¥4.727396B, CAS–––––$1.6BUS dollars
    Silicon Motion4Q 2025Oct–Dec$278.5MGAAP$31.7MGAAP11.4%GAAP2.8%as reported––$887MUS dollars
    Phison4Q 2025Oct–Dec$735Mfiled NT$22.799B, TIFRS$107Mfiled NT$3.334B, TIFRS14.6%TIFRS–––$2.3BUS dollars
    Phison, more figures: Gross margin 41.7% · Net income $149M (filed NT$4.629B) · EPS (basic) NT$21.74
    Maxio Technology4Q 2025Oct–Dec$57Mfiled CN¥406.26M, CAS–––––$184MUS dollars
    FADU4Q 2025Oct–Dec$16Mfiled ₩23.9B, K-IFRS$-18Mfiled −₩25.8B, K-IFRS−107.8%K-IFRS–––$64MUS dollars
    Marvell TechnologyFQ3 FY2026Aug–Oct *$2.0745BGAAP–17.2%GAAP––––
    NVIDIAFQ3 FY2026Aug–Oct *$57.006BGAAP$36.01BGAAP63.2%GAAP––––
    AMD4Q 2025Oct–Dec$10.27BGAAP$1.752BGAAP17.1%GAAP–––$34.6BUS dollars
    Arm HoldingsFQ3 FY2026Oct–Dec$1.242BGAAP$185MGAAP14.9%GAAP–––$4.7BUS dollars
    TSMC4Q 2025Oct–Dec$33.7Bfiled NT$1,046.09B, TIFRS–54.0%TIFRS–––$122.5BUS dollars
    Intel4Q 2025Oct–Dec$13.7BGAAP–4.2%GAAP–––$53.0BUS dollars
    Western DigitalFQ2 2026Oct–Dec$3.017BGAAP$908MGAAP30.1%GAAP3.0%net PP&E––$10.7BUS dollars
    SeagateFQ2 2026Oct–Dec$2.825BGAAP$843MGAAP29.8%GAAP4.1%gross PP&E––$10.1BUS dollars

    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 95 sources, 95 primary