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    Bit Market · Q3 2026 · Group report

    Flash Makers, Q3 2026

    Kioxia and Sandisk both grew again on the quarter and now earn operating margins level with Micron and SK hynix, near 80%.

    Four equal columns standing at about the same heightFour columns for Kioxia, Sandisk, Micron and SK hynix rise to nearly the same height, with a dashed line across their tops marking the operating margin they share.BIT MARKET / EARNINGS DESK, Q3 2026Flash makers level with memory makersOPERATING MARGIN · NEAR 80% · NOT TO SCALEKioxiaSandiskMicronSK hynixSHARED MARGIN

    The two flash makers that have reported for the July to September 2026 quarter both grew again, and both now keep close to 80% of each sale as operating profit. That puts Kioxia and Sandisk level with the memory makers Micron and SK hynix. This page sets the four margins side by side and says where the comparison is close but not exact, because the companies do not all report on the same accounting basis. It is one group of the Q3 2026 roundup, which collects every tracked company, and the Earnings Desk holds the other quarters.

    Findings

    Both flash makers that have reported grew again. Kioxia’s revenue rose 40.3% on the quarter by my arithmetic, and Sandisk reports 23%.

    Both now keep close to 80% of each sale as operating profit. Kioxia’s operating margin was 80.2% and Sandisk’s 79.6%, level with Micron at 80.7% and SK hynix at 80%.

    Findings

    All four flash and memory makers keep close to 80%

    Operating margin, Q3 2026, each on its own accounting basis

    Horizontal bars of operating margin as a percent of revenue. Micron 80.7%, GAAP. Kioxia 80.2%, non-GAAP. SK hynix 80%, K-IFRS. Sandisk 79.6%, GAAP.Company0255075100Operating margin, percent of revenueMicron80.7%Kioxia80.2%SK hynix80%Sandisk79.6%GAAPNon-GAAPK-IFRS
    Figure 1 · Operating margin of Micron, Kioxia, SK hynix and Sandisk; the bases differ, so the comparison is close but not exact. Source: Company results releases for the quarter.

    The comparison is close but not exact. Kioxia’s figure is non-GAAP, while Sandisk and Micron report GAAP margins and SK hynix reports under K-IFRS.

    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

    Flash makers on the same bars, then the year that led up to this quarter.

    Revenue is in US dollars so every company shares one axis, 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 2026 revenue, flash makersRevenue in US dollars for each of the flash makers that reported Q3 2026, sorted largest first, with each company’s own reporting period named on the right.BIT MARKET / FLASH MAKERSQ3 2026 revenue, flash makersUS dollars, largest firstREVENUE IN US DOLLARSREPORTED PERIOD$0$5B$10B$15B$20BKioxia FY2026 Q2: ¥2,480.0B (IFRS, C-E-710), $15.6B at 159.25 JPY per dollar (H.10, C-E-141)Kioxia$15.6BFY2026 Q2Sandisk FQ1 2027: $11.031B (GAAP, C-E-433)Sandisk$11.0BFQ1 2027
    Each company’s own quarter that falls in these months; non-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 2026 operating margin, flash makersOperating margin for each of the flash makers that reported Q3 2026, sorted largest first, with each company’s own reporting period named on the right.BIT MARKET / FLASH MAKERSQ3 2026 operating margin, flash makersPercent of revenue, largest firstOPERATING MARGINREPORTED PERIOD0%25%50%75%100%Kioxia FY2026 Q2: 80.2% (non-GAAP, C-E-453)Kioxia80.2%FY2026 Q2Sandisk FQ1 2027: 79.6% (GAAP, C-E-434)Sandisk79.6%FQ1 2027
    Each company’s own quarter that falls in these months; a loss draws left of zero; a dashed bar is preliminary. Source: Company releases.
    Flash makers: revenue, year to this quarterRevenue in US dollars for flash makers over the five quarters up to Q3 2026.BIT MARKET / FLASH MAKERSFlash makers: revenue, year to this quarterUS dollars; the rule marks this quarterthis issueFLASH MAKERS$0$10B$20BKioxia 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)Kioxia FY2025 Q4: ¥1,002.9B (IFRS, C-E-904), $6.4B at 156.9 JPY per dollar (H.10, C-E-172)Kioxia FY2026 Q1: ¥1,767.1B (IFRS, C-E-043), $11.1B at 159.36 JPY per dollar (H.10, C-E-173)Kioxia FY2026 Q2: ¥2,480.0B (IFRS, C-E-710), $15.6B at 159.25 JPY per dollar (H.10, C-E-141)Sandisk FQ1 2026: $2.308B (GAAP, C-E-095)Sandisk FQ2 2026: $3.025B (GAAP, C-E-097)Sandisk FQ3 2026: $5.95B (GAAP, C-E-916)Sandisk FQ4 2026: $8.965B (GAAP, C-E-045)Sandisk FQ1 2027: $11.031B (GAAP, C-E-433)● Kioxia $15.6B● Sandisk $11.0BQ3’25Q4’25Q1’26Q2’26Q3’26
    Up to five quarters ending with this one, each company’s own periods at their real end dates. Source: Company releases; Federal Reserve H.10 via FRED.
    Flash makers: margin, year to this quarterOperating margin for flash makers over the five quarters up to Q3 2026.BIT MARKET / FLASH MAKERSFlash makers: margin, year to this quarterPercent of revenue; the rule marks this quarterthis issueFLASH MAKERS0%50%100%Kioxia FY2025 Q2: 19% (non-GAAP, C-E-1044)Kioxia FY2025 Q3: 27% (non-GAAP, C-E-1043)Kioxia FY2025 Q4: 60% (non-GAAP, C-E-1042)Kioxia FY2026 Q1: 75% (non-GAAP, C-E-043)Kioxia FY2026 Q2: 80.2% (non-GAAP, C-E-453)Sandisk FQ1 2026: 7.6% (GAAP, C-E-096)Sandisk FQ2 2026: 35.2% (GAAP, C-E-098)Sandisk FQ3 2026: 69.1% (GAAP, C-E-1046)Sandisk FQ4 2026: 78.5% (GAAP, C-E-048)Sandisk FQ1 2027: 79.6% (GAAP, C-E-434)● Kioxia 80.2%● Sandisk 79.6%Q3’25Q4’25Q1’26Q2’26Q3’26
    Up to five quarters ending with this one; an arrow marks a quarter below the scale, with its value. Source: Company releases.

    02

    Side by side

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

    CompanyPeriodRevenueOperating incomeOperating marginCapex / revenueNAND shareRevenue, year on yearRevenue, last four quarters
    KioxiaFY2026 Q2Jul–Sep$15.6Bfiled ¥2,480.0B, IFRS$12.5Bfiled ¥1,988.3B, non-GAAP80.2%non-GAAP––up 453.2%filed currency$36.6BUS dollars
    Kioxia, more figures: Gross margin 82.8% · Net income $8.5B (filed ¥1,355.7B) · EPS (basic) ¥838.31
    SandiskFQ1 2027Jul–Sep$11.031BGAAP$8.78BGAAP79.6%GAAP0.5%PP&E purchases–up 377.9%filed currency$29.0BUS dollars

    Under each period are the months it mostly covers. Year-on-year growth compares a company’s quarter with its same quarter a year earlier, in the currency it files in. The last four quarters add each quarter’s revenue in US dollars, shown where all four are filed.

    Won, yen, New Taiwan dollar and yuan figures are converted to US dollars at the Federal Reserve H.10 average for the calendar quarter; the filed figure is under each.

    Sources

    Primary is the original paper, standard or datasheet. Secondary is a review, a vendor summary or a news report. Measured is my own test data.

    Show all 4 sources, 4 primary