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    Earnings Desk: The Companies, Quarter by Quarter

    Quarterly results for Micron, SK hynix, Samsung, Kioxia, Sandisk, and other memory and storage makers: revenue, growth, profit, and guidance against results.

    Q3 2026 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$103.8Bup 344.4% against a year earlier, in the filed currencyfiled ₩147.1Ta year earlier $23.9B (filed ₩33.1T)3Q 2026
    • SK hynix operating margin80%up 33.4 percentage points against a year earliera year earlier 46.6%3Q 2026
    • Micron revenue$54.229Bup 379.3% against a year earliera year earlier $11.315BFQ4 2026
    • Sandisk operating margin79.6%up 72.0 percentage points against a year earliera year earlier 7.6%FQ1 2027
    • Nvidia revenue$96.221Bup 105.9% against a year earliera year earlier $46.743BFQ2 FY2027

    Q3 2026 so far: 25 of 26 companies have reported. Still to report: YMTC.

    Every figure here comes from the companies’ own releases and filings, converted at the Federal Reserve’s exchange rates where filed in another currency; all are listed under Sources, and each issue lists its own. Market size, share, supply and prices are on the Market Board. Not investment advice.

    01

    This quarter’s scorecard

    Each company ranked within its group on revenue for the newest quarter, with its change on the quarter and on the year in its own currency.

    Q3 2026 so far, ranked by revenue within each group among the companies that have reported
    CompanyRankRevenuevs a year earliervs last quarterOperating marginMargin vs a year earlier
    Memory makers
    Samsung chips3Q 20261 same place as a year earlier$103.8Bfiled ₩147.1T+344%+15%72%+50.9 pts
    SK hynix3Q 20262 same place as a year earlier$73.8Bfiled ₩104.6155T+328%+32%80%+33.4 pts
    MicronFQ4 20263 same place as a year earlier$54.229B+379%+31%80.7%+48.4 pts
    CXMT (ChangXin Memory)3Q 20264 no figure a year earlier$17.6Bfiled CN¥118.71403B–+19%––
    Specialty memory makers
    Nanya Technology3Q 20261 up 1 place from a year earlier$4.2Bfiled NT$133.649B+612%+62%80.0%+74.0 pts
    Winbond Electronics3Q 20262 down 1 place from a year earlier$2.6Bfiled NT$82.331B+278%+38%––
    Macronix International3Q 20263 same place as a year earlier$757Mfiled NT$24.237B+195%+27%53.4%+67.3 pts
    Flash makers
    KioxiaFY2026 Q21 same place as a year earlier$15.6Bfiled ¥2,480.0B+453%+40%80.2%+61.2 pts
    SandiskFQ1 20272 same place as a year earlier$11.031B+378%+23%79.6%+72.0 pts
    SSD and module brands
    Longsys3Q 20261 same place as a year earlier$2.2Bfiled CN¥14.629869B+124%+3%––
    ADATA Technology3Q 20262 same place as a year earlier$1.7Bfiled NT$52.993B+265%+39%28.9%+15.7 pts
    Biwin Storage3Q 20263 same place as a year earlier$911Mfiled CN¥6.142233B+131%−30%––
    Transcend Information3Q 20264 same place as a year earlier$502Mfiled NT$16.067459B+291%−15%52.4%+15.6 pts
    Controller makers
    Phison3Q 20261 same place as a year earlier$2.7Bfiled NT$86.076B+375%+27%38.22%+30.3 pts
    Silicon Motion3Q 20262 same place as a year earlier$560.2M+131%+24%29.0%+16.9 pts
    FADU3Q 20263 up 1 place from a year earlier$101Mfiled ₩143.561B+461%+96%25.3%+69.9 pts
    Maxio Technology3Q 20264 down 1 place from a year earlier$76Mfiled CN¥514.98M+66%+3%––
    Chip designers (fabless) and IP
    NVIDIAFQ2 FY20271 same place as a year earlier$96.221B+106%+18%66.2%+5.4 pts
    AMD3Q 20262 same place as a year earlier$13.377B+45%+16%21.2%+7.5 pts
    Marvell TechnologyFQ2 FY20273 same place as a year earlier$2.7393B+37%+13%16.8%+2.3 pts
    Arm HoldingsFQ2 FY20274 same place as a year earlier$1.443B+27%+12%13.9%−0.5 pts
    Chip producers (foundry and IDM)
    TSMC3Q 20261 same place as a year earlier$46.7Bfiled NT$1,494.24B+51%+18%58.7%+8.1 pts
    Intel3Q 20262 same place as a year earlier$16.5B+20%+2%15.3%+10.3 pts
    Hard drive makers
    Western DigitalFQ1 20271 same place as a year earlier$4.381B+55%+17%46.7%+18.6 pts
    SeagateFQ1 20272 same place as a year earlier$4.233B+61%+17%48.8%+22.4 pts

    Revenue is in US dollars at the quarter’s Federal Reserve H.10 average where filed in another currency, with the filed figure under it; the changes are in each company’s own currency. Each company’s own reporting period is under its name.

    Q3 2026 so far: 25 of 26 companies have reported. Still to report: YMTC.

    Companies still to report this quarter are named with the table and join it as they file.

    02

    Revenue

    Every company’s quarterly revenue in US dollars, one chart per group, each on its own scale. Won, yen, New Taiwan dollar and yuan figures use the Federal Reserve’s average rate for the quarter.

    Revenue

    Memory makers’ revenue multiplied while drive makers grew

    Quarterly revenue in US dollars, one chart per group, each on its own scale

    Small charts of quarterly revenue in US dollars from early 2025 to the latest quarter, one per company group. Each chart lists its companies with their latest figure.Quarterly revenue, US$, each panel on its own scaleMEMORY MAKERSMicronSamsung chipsSK hynixCXMT$0$100B$200BMicron 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)Micron FQ2 2026: $23.86B (GAAP, C-E-474)Micron FQ3 2026: $41.456B (GAAP, C-E-885)Micron FQ4 2026: $54.229B (GAAP, C-E-008)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)Samsung chips 1Q 2026 Device Solutions: ₩81.7T (K-IFRS, C-E-152), $55.7B at 1465.57 KRW per dollar (H.10, C-E-166)Samsung chips 2Q 2026 Device Solutions: ₩127.5T (K-IFRS, C-E-154), $85.0B at 1500.48 KRW per dollar (H.10, C-E-167)Samsung chips 3Q 2026 Device Solutions: ₩147.1T (K-IFRS, C-E-417), $103.8B at 1417.24 KRW per dollar (H.10, C-E-140)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)SK hynix 1Q 2026: ₩52.5763T (K-IFRS, C-E-897), $35.9B at 1465.57 KRW per dollar (H.10, C-E-166)SK hynix 2Q 2026: ₩79.3187T (K-IFRS, C-E-041), $52.9B at 1500.48 KRW per dollar (H.10, C-E-167)SK hynix 3Q 2026: ₩104.6155T (K-IFRS, C-E-419), $73.8B at 1417.24 KRW per dollar (H.10, C-E-140)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)CXMT 1Q 2026: CN¥50.80015B (CAS, C-E-438), $7.3B at 6.9218 CNY per dollar (H.10, C-E-184)CXMT 2Q 2026: CN¥99.50993B (CAS, C-E-437), $14.6B at 6.8048 CNY per dollar (H.10, C-E-185)CXMT 3Q 2026: CN¥118.71403B (CAS, C-E-875), $17.6B at 6.7406 CNY per dollar (H.10, C-E-143)SPECIALTY MEMORY MAKERSNanyaWinbondMacronix$0$2.5B$5BNanya 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)Nanya 1Q 2026: NT$49.087B (TIFRS, C-E-247), $1.6B at 31.6302 TWD per dollar (H.10, C-E-178)Nanya 2Q 2026: NT$82.549B (TIFRS, C-E-248), $2.6B at 31.603 TWD per dollar (H.10, C-E-179)Nanya 3Q 2026: NT$133.649B (TIFRS, C-E-426), $4.2B at 31.9961 TWD per dollar (H.10, C-E-142)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)Winbond 1Q 2026: NT$38.253B (TIFRS, C-E-259), $1.2B at 31.6302 TWD per dollar (H.10, C-E-178)Winbond 2Q 2026: NT$59.843B (TIFRS, C-E-260), $1.9B at 31.603 TWD per dollar (H.10, C-E-179)Winbond 3Q 2026: NT$82.331B (TIFRS, C-E-871), $2.6B at 31.9961 TWD per dollar (H.10, C-E-142)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)Macronix 1Q 2026: NT$10.469B (TIFRS, C-E-253), $331M at 31.6302 TWD per dollar (H.10, C-E-178)Macronix 2Q 2026: NT$19.125B (TIFRS, C-E-254), $605M at 31.603 TWD per dollar (H.10, C-E-179)Macronix 3Q 2026: NT$24.237B (TIFRS, C-E-444), $757M at 31.9961 TWD per dollar (H.10, C-E-142)FLASH MAKERSKioxiaSandiskYMTC$0$10B$20BKioxia 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)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 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)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)YMTC 1Q 2026: CN¥47.04231B (CAS, C-E-440), $6.8B at 6.9218 CNY per dollar (H.10, C-E-184)SSD AND MODULE BRANDSADATATranscendLongsysBiwin$0$2B$4BADATA 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)ADATA 1Q 2026: NT$26.1B (TIFRS, C-E-291), $825M at 31.6302 TWD per dollar (H.10, C-E-178)ADATA 2Q 2026: NT$38.143B (TIFRS, C-E-290), $1.2B at 31.603 TWD per dollar (H.10, C-E-179)ADATA 3Q 2026: NT$52.993B (TIFRS, C-E-479), $1.7B at 31.9961 TWD per dollar (H.10, C-E-142)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)Transcend 1Q 2026: NT$13.628469B (TIFRS, C-E-298), $431M at 31.6302 TWD per dollar (H.10, C-E-178)Transcend 2Q 2026: NT$18.815419B (TIFRS, C-E-299), $595M at 31.603 TWD per dollar (H.10, C-E-179)Transcend 3Q 2026: NT$16.067459B (TIFRS, C-E-1139), $502M at 31.9961 TWD per dollar (H.10, C-E-142)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)Longsys 1Q 2026: CN¥9.908726B (CAS, C-E-302), $1.4B at 6.9218 CNY per dollar (H.10, C-E-184)Longsys 2Q 2026: CN¥14.179637B (CAS, half year less 1Q, C-E-303), $2.1B at 6.8048 CNY per dollar (H.10, C-E-185)Longsys 3Q 2026: CN¥14.629869B (CAS, C-E-880), $2.2B at 6.7406 CNY per dollar (H.10, C-E-143)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)Biwin 1Q 2026: CN¥6.814252B (CAS, C-E-305), $984M at 6.9218 CNY per dollar (H.10, C-E-184)Biwin 2Q 2026: CN¥8.760691B (CAS, half year less 1Q, C-E-306), $1.3B at 6.8048 CNY per dollar (H.10, C-E-185)Biwin 3Q 2026: CN¥6.142233B (CAS, C-E-881), $911M at 6.7406 CNY per dollar (H.10, C-E-143)CONTROLLER MAKERSSilicon MotionPhisonMaxioFADU$0$2B$4BSilicon 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)Silicon Motion 1Q 2026: $342.1M (GAAP, C-E-944)Silicon Motion 2Q 2026: $451.0M (GAAP, C-E-051)Silicon Motion 3Q 2026: $560.2M (GAAP, C-E-430)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)Phison 1Q 2026: NT$40.967B (TIFRS, C-E-161), $1.3B at 31.6302 TWD per dollar (H.10, C-E-178)Phison 2Q 2026: NT$67.888B (TIFRS, C-E-027), $2.1B at 31.603 TWD per dollar (H.10, C-E-179)Phison 3Q 2026: NT$86.076B (TIFRS, C-E-1142), $2.7B at 31.9961 TWD per dollar (H.10, C-E-142)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)Maxio 1Q 2026: CN¥355.28M (CAS, C-E-187), $51M at 6.9218 CNY per dollar (H.10, C-E-184)Maxio 2Q 2026: CN¥498.83M (CAS, C-E-189), $73M at 6.8048 CNY per dollar (H.10, C-E-185)Maxio 3Q 2026: CN¥514.98M (CAS, C-E-483), $76M at 6.7406 CNY per dollar (H.10, C-E-143)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)FADU 1Q 2026: ₩59.5B (K-IFRS preliminary, C-E-334), $41M at 1465.57 KRW per dollar (H.10, C-E-166)FADU 2Q 2026: ₩73.2B (K-IFRS preliminary, C-E-335), $49M at 1500.48 KRW per dollar (H.10, C-E-167)FADU 3Q 2026: ₩143.561B (K-IFRS preliminary, C-E-1098), $101M at 1417.24 KRW per dollar (H.10, C-E-140)CHIP DESIGNERS (FABLESS) AND IPMarvellNvidiaAMDArm$0$50B$100BMarvell 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)Marvell FQ4 FY2026: $2.2187B (GAAP, C-E-194)Marvell FQ1 FY2027: $2.4178B (GAAP, C-E-196)Marvell FQ2 FY2027: $2.7393B (GAAP, C-E-730)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)Nvidia FQ4 FY2026: $68.127B (GAAP, C-E-270)Nvidia FQ1 FY2027: $81.615B (GAAP, C-E-269)Nvidia FQ2 FY2027: $96.221B (GAAP, C-E-737)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)AMD 1Q 2026: $10.253B (GAAP, C-E-273)AMD 2Q 2026: $11.536B (GAAP, C-E-272)AMD 3Q 2026: $13.377B (GAAP, C-E-877)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)Arm FQ4 FY2026: $1.49B (GAAP, C-E-287)Arm FQ1 FY2027: $1.289B (GAAP, C-E-286)Arm FQ2 FY2027: $1.443B (GAAP, C-E-1111)CHIP PRODUCERS (FOUNDRY AND IDM)TSMCIntel$0$25B$50BTSMC 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)TSMC 1Q 2026: NT$1,134.10B (TIFRS, C-E-284), $35.9B at 31.6302 TWD per dollar (H.10, C-E-178)TSMC 2Q 2026: NT$1,270.38B (TIFRS, C-E-285), $40.2B at 31.603 TWD per dollar (H.10, C-E-179)TSMC 3Q 2026: NT$1,494.24B (TIFRS, C-E-443), $46.7B at 31.9961 TWD per dollar (H.10, C-E-142)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)Intel 1Q 2026: $13.6B (GAAP, C-E-277)Intel 2Q 2026: $16.1B (GAAP, C-E-276)Intel 3Q 2026: $16.5B (GAAP, C-E-448)Q1’25Q3’25Q1’26Q3’26HARD DRIVE MAKERSWDSeagate$0$2.5B$5BWD 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)WD FQ3 2026: $3.337B (GAAP, C-E-932)WD FQ4 2026: $3.747B (GAAP, C-E-049)WD FQ1 2027: $4.381B (GAAP, C-E-421)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)Seagate FQ3 2026: $3.112B (GAAP, C-E-054)Seagate FQ4 2026: $3.629B (GAAP, C-E-053)Seagate FQ1 2027: $4.233B (GAAP, C-E-422)Q1’25Q3’25Q1’26Q3’26Quarter end; each point at the company’s own fiscal quarter end
    Each point sits at the quarter’s real end date; Samsung is its chip division (Device Solutions), not the whole company. Source: Company releases; Korean press reports for FADU 2025; Federal Reserve H.10 via FRED.

    Hover a point for the figure as filed and the exchange rate used.

    03

    Growth since early 2025

    Dollar charts make the biggest companies look like the whole story. This one puts every company on equal terms, as a multiple of its own first 2025 quarter in its own currency.

    Growth since early 2025

    Who grew fastest since the start of 2025

    Revenue as a multiple of each company’s first 2025 quarter, own currency, one log scale for every panel

    Revenue of each company as a multiple of its first 2025 quarter, in its own currency, on one log scale, one panel per group. Micron: from $8.053B (FQ2 2025) to $54.229B (FQ4 2026); Samsung chips: from ₩25.1T (1Q 2025) to ₩147.1T (3Q 2026); SK hynix: from ₩17.6391T (1Q 2025) to ₩104.6155T (3Q 2026); CXMT: from CN¥6.20169B (1Q 2025) to CN¥118.71403B (3Q 2026); Nanya: from NT$7.188B (1Q 2025) to NT$133.649B (3Q 2026); Winbond: from NT$19.993B (1Q 2025) to NT$82.331B (3Q 2026); Macronix: from NT$6.137B (1Q 2025) to NT$24.237B (3Q 2026); Kioxia: from ¥347.1B (FY2024 Q4) to ¥2,480.0B (FY2026 Q2); Sandisk: from $1.695B (FQ3 2025) to $11.031B (FQ1 2027); ADATA: from NT$9.908B (1Q 2025) to NT$52.993B (3Q 2026); Transcend: from NT$2.982852B (1Q 2025) to NT$16.067459B (3Q 2026); Longsys: from CN¥4.256457B (1Q 2025) to CN¥14.629869B (3Q 2026); Biwin: from CN¥1.543334B (1Q 2025) to CN¥6.142233B (3Q 2026); Silicon Motion: from $166.5M (1Q 2025) to $560.2M (3Q 2026); Phison: from NT$13.839B (1Q 2025) to NT$86.076B (3Q 2026); Maxio: from CN¥241.06M (1Q 2025) to CN¥514.98M (3Q 2026); FADU: from ₩19.2B (1Q 2025) to ₩143.561B (3Q 2026); Marvell: from $1.8953B (FQ1 FY2026) to $2.7393B (FQ2 FY2027); Nvidia: from $44.062B (FQ1 FY2026) to $96.221B (FQ2 FY2027); AMD: from $7.438B (1Q 2025) to $13.377B (3Q 2026); Arm: from $1.241B (FQ4 FY2025) to $1.443B (FQ2 FY2027); TSMC: from NT$839.25B (1Q 2025) to NT$1,494.24B (3Q 2026); Intel: from $12.7B (1Q 2025) to $16.5B (3Q 2026); WD: from $2.294B (FQ3 2025) to $4.381B (FQ1 2027); Seagate: from $2.16B (FQ3 2025) to $4.233B (FQ1 2027).Revenue as a multiple of the first 2025 quarter, log scaleMEMORY MAKERSMicronSamsung chipsSK hynixCXMT1×5×20×Micron 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)Micron FQ2 2026: $23.86B (GAAP, C-E-474)Micron FQ3 2026: $41.456B (GAAP, C-E-885)Micron FQ4 2026: $54.229B (GAAP, C-E-008)Samsung chips 1Q 2025: ₩25.1T (K-IFRS, C-E-144)Samsung chips 2Q 2025: ₩27.9T (K-IFRS, C-E-146)Samsung chips 3Q 2025: ₩33.1T (K-IFRS, C-E-148)Samsung chips 4Q 2025: ₩44.0T (K-IFRS, C-E-150)Samsung chips 1Q 2026: ₩81.7T (K-IFRS, C-E-152)Samsung chips 2Q 2026: ₩127.5T (K-IFRS, C-E-154)Samsung chips 3Q 2026: ₩147.1T (K-IFRS, C-E-417)SK hynix 1Q 2025: ₩17.6391T (K-IFRS, C-E-117)SK hynix 2Q 2025: ₩22.232T (K-IFRS, C-E-898)SK hynix 3Q 2025: ₩24.4489T (K-IFRS, C-E-119)SK hynix 4Q 2025: ₩32.8267T (K-IFRS, C-E-121)SK hynix 1Q 2026: ₩52.5763T (K-IFRS, C-E-897)SK hynix 2Q 2026: ₩79.3187T (K-IFRS, C-E-041)SK hynix 3Q 2026: ₩104.6155T (K-IFRS, C-E-419)CXMT 1Q 2025: CN¥6.20169B (CAS, C-E-438)CXMT 2Q 2025: CN¥9.23623B (CAS, C-E-437)CXMT 1Q 2026: CN¥50.80015B (CAS, C-E-438)CXMT 2Q 2026: CN¥99.50993B (CAS, C-E-437)CXMT 3Q 2026: CN¥118.71403B (CAS, C-E-875)SPECIALTY MEMORY MAKERSNanyaWinbondMacronix1×5×20×Nanya 1Q 2025: NT$7.188B (TIFRS, C-E-976)Nanya 2Q 2025: NT$10.526B (TIFRS, C-E-979)Nanya 3Q 2025: NT$18.779B (TIFRS, C-E-982)Nanya 4Q 2025: NT$30.094B (TIFRS, C-E-246)Nanya 1Q 2026: NT$49.087B (TIFRS, C-E-247)Nanya 2Q 2026: NT$82.549B (TIFRS, C-E-248)Nanya 3Q 2026: NT$133.649B (TIFRS, C-E-426)Winbond 1Q 2025: NT$19.993B (TIFRS, C-E-255)Winbond 2Q 2025: NT$21.018B (TIFRS, C-E-256)Winbond 3Q 2025: NT$21.771B (TIFRS, C-E-257)Winbond 4Q 2025: NT$26.624B (computed from the full year, C-E-258)Winbond 1Q 2026: NT$38.253B (TIFRS, C-E-259)Winbond 2Q 2026: NT$59.843B (TIFRS, C-E-260)Winbond 3Q 2026: NT$82.331B (TIFRS, C-E-871)Macronix 1Q 2025: NT$6.137B (TIFRS, C-E-249)Macronix 2Q 2025: NT$6.799B (TIFRS, C-E-250)Macronix 3Q 2025: NT$8.214B (TIFRS, C-E-251)Macronix 4Q 2025: NT$7.729B (TIFRS, C-E-252)Macronix 1Q 2026: NT$10.469B (TIFRS, C-E-253)Macronix 2Q 2026: NT$19.125B (TIFRS, C-E-254)Macronix 3Q 2026: NT$24.237B (TIFRS, C-E-444)FLASH MAKERSKioxiaSandisk1×5×20×Kioxia FY2024 Q4: ¥347.1B (IFRS, C-E-137)Kioxia FY2025 Q1: ¥342.8B (IFRS, C-E-1084)Kioxia FY2025 Q2: ¥448.3B (IFRS, C-E-1083)Kioxia FY2025 Q3: ¥543.6B (IFRS, C-E-905)Kioxia FY2025 Q4: ¥1,002.9B (IFRS, C-E-904)Kioxia FY2026 Q1: ¥1,767.1B (IFRS, C-E-043)Kioxia FY2026 Q2: ¥2,480.0B (IFRS, C-E-710)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)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)SSD AND MODULE BRANDSADATATranscendLongsysBiwin1×5×20×ADATA 1Q 2025: NT$9.908B (TIFRS, C-E-1017)ADATA 2Q 2025: NT$12.824B (TIFRS, C-E-1020)ADATA 3Q 2025: NT$14.511B (TIFRS, C-E-1023)ADATA 4Q 2025: NT$15.845B (TIFRS, C-E-292)ADATA 1Q 2026: NT$26.1B (TIFRS, C-E-291)ADATA 2Q 2026: NT$38.143B (TIFRS, C-E-290)ADATA 3Q 2026: NT$52.993B (TIFRS, C-E-479)Transcend 1Q 2025: NT$2.982852B (TIFRS, C-E-294)Transcend 2Q 2025: NT$3.230432B (TIFRS, C-E-295)Transcend 3Q 2025: NT$4.108501B (TIFRS, C-E-296)Transcend 4Q 2025: NT$6.803668B (TIFRS, computed from the full year, C-E-297)Transcend 1Q 2026: NT$13.628469B (TIFRS, C-E-298)Transcend 2Q 2026: NT$18.815419B (TIFRS, C-E-299)Transcend 3Q 2026: NT$16.067459B (TIFRS, C-E-1139)Longsys 1Q 2025: CN¥4.256457B (CAS, C-E-1032)Longsys 2Q 2025: CN¥5.939199B (CAS, C-E-1068)Longsys 3Q 2025: CN¥6.538677B (CAS, C-E-1033)Longsys 4Q 2025: CN¥6.031838B (CAS, C-E-301)Longsys 1Q 2026: CN¥9.908726B (CAS, C-E-302)Longsys 2Q 2026: CN¥14.179637B (CAS, half year less 1Q, C-E-303)Longsys 3Q 2026: CN¥14.629869B (CAS, C-E-880)Biwin 1Q 2025: CN¥1.543334B (CAS, C-E-1034)Biwin 2Q 2025: CN¥2.369003B (CAS, C-E-1069)Biwin 3Q 2025: CN¥2.662747B (CAS, C-E-1035)Biwin 4Q 2025: CN¥4.727396B (CAS, C-E-304)Biwin 1Q 2026: CN¥6.814252B (CAS, C-E-305)Biwin 2Q 2026: CN¥8.760691B (CAS, half year less 1Q, C-E-306)Biwin 3Q 2026: CN¥6.142233B (CAS, C-E-881)CONTROLLER MAKERSSilicon MotionPhisonMaxioFADU1×5×20×Silicon 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)Silicon Motion 1Q 2026: $342.1M (GAAP, C-E-944)Silicon Motion 2Q 2026: $451.0M (GAAP, C-E-051)Silicon Motion 3Q 2026: $560.2M (GAAP, C-E-430)Phison 1Q 2025: NT$13.839B (TIFRS, C-E-133)Phison 2Q 2025: NT$17.89B (TIFRS, C-E-158)Phison 3Q 2025: NT$18.137B (TIFRS, C-E-135)Phison 4Q 2025: NT$22.799B (TIFRS, C-E-159)Phison 1Q 2026: NT$40.967B (TIFRS, C-E-161)Phison 2Q 2026: NT$67.888B (TIFRS, C-E-027)Phison 3Q 2026: NT$86.076B (TIFRS, C-E-1142)Maxio 1Q 2025: CN¥241.06M (CAS, C-E-955)Maxio 2Q 2025: CN¥368.66M (CAS, C-E-1067)Maxio 3Q 2025: CN¥311.15M (CAS, C-E-956)Maxio 4Q 2025: CN¥406.26M (CAS, C-E-186)Maxio 1Q 2026: CN¥355.28M (CAS, C-E-187)Maxio 2Q 2026: CN¥498.83M (CAS, C-E-189)Maxio 3Q 2026: CN¥514.98M (CAS, C-E-483)FADU 1Q 2025: ₩19.2B (K-IFRS, C-E-328)FADU 2Q 2025: ₩23.7B (K-IFRS, C-E-329)FADU 3Q 2025: ₩25.6B (K-IFRS, C-E-331)FADU 4Q 2025: ₩23.9B (K-IFRS, C-E-333)FADU 1Q 2026: ₩59.5B (K-IFRS preliminary, C-E-334)FADU 2Q 2026: ₩73.2B (K-IFRS preliminary, C-E-335)FADU 3Q 2026: ₩143.561B (K-IFRS preliminary, C-E-1098)CHIP DESIGNERS (FABLESS) AND IPMarvellNvidiaAMDArm1×5×20×Marvell 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)Marvell FQ4 FY2026: $2.2187B (GAAP, C-E-194)Marvell FQ1 FY2027: $2.4178B (GAAP, C-E-196)Marvell FQ2 FY2027: $2.7393B (GAAP, C-E-730)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)Nvidia FQ4 FY2026: $68.127B (GAAP, C-E-270)Nvidia FQ1 FY2027: $81.615B (GAAP, C-E-269)Nvidia FQ2 FY2027: $96.221B (GAAP, C-E-737)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)AMD 1Q 2026: $10.253B (GAAP, C-E-273)AMD 2Q 2026: $11.536B (GAAP, C-E-272)AMD 3Q 2026: $13.377B (GAAP, C-E-877)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)Arm FQ4 FY2026: $1.49B (GAAP, C-E-287)Arm FQ1 FY2027: $1.289B (GAAP, C-E-286)Arm FQ2 FY2027: $1.443B (GAAP, C-E-1111)CHIP PRODUCERS (FOUNDRY AND IDM)TSMCIntel1×5×20×TSMC 1Q 2025: NT$839.25B (TIFRS, C-E-280)TSMC 2Q 2025: NT$933.79B (TIFRS, C-E-281)TSMC 3Q 2025: NT$989.92B (TIFRS, C-E-282)TSMC 4Q 2025: NT$1,046.09B (TIFRS, C-E-283)TSMC 1Q 2026: NT$1,134.10B (TIFRS, C-E-284)TSMC 2Q 2026: NT$1,270.38B (TIFRS, C-E-285)TSMC 3Q 2026: NT$1,494.24B (TIFRS, C-E-443)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)Intel 1Q 2026: $13.6B (GAAP, C-E-277)Intel 2Q 2026: $16.1B (GAAP, C-E-276)Intel 3Q 2026: $16.5B (GAAP, C-E-448)Q1’25Q3’25Q1’26Q3’26HARD DRIVE MAKERSWDSeagate1×5×20×WD 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)WD FQ3 2026: $3.337B (GAAP, C-E-932)WD FQ4 2026: $3.747B (GAAP, C-E-049)WD FQ1 2027: $4.381B (GAAP, C-E-421)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)Seagate FQ3 2026: $3.112B (GAAP, C-E-054)Seagate FQ4 2026: $3.629B (GAAP, C-E-053)Seagate FQ1 2027: $4.233B (GAAP, C-E-422)Q1’25Q3’25Q1’26Q3’26Quarter end; each point at the company’s own fiscal quarter end
    Each line starts at 1× in the company’s first 2025 quarter; every panel shares the same scale, so equal heights are equal multiples across groups; hover a point for the filed figures. Source: Company releases.

    The log scale keeps fast and slow growers readable on the same panel.

    04

    Which quarters did the growing

    Revenue change on the quarter before, for every company, in its own currency.

    Which quarters did the growing

    Quarter by quarter: who sped up and who slowed

    Revenue change from the quarter before, own currency

    Revenue change from the quarter before, Q2 2025 to Q3 2026, one row per company in its own currency. Micron: FQ3 2025 up 10% to 25%, FQ4 2025 up 10% to 25%, FQ1 2026 up 10% to 25%, FQ2 2026 up 50% or more, FQ3 2026 up 50% or more, FQ4 2026 up 25% to 50%. Samsung chips: 2Q 2025 up 10% to 25%, 3Q 2025 up 10% to 25%, 4Q 2025 up 25% to 50%, 1Q 2026 up 50% or more, 2Q 2026 up 50% or more, 3Q 2026 up 10% to 25%. SK hynix: 2Q 2025 up 25% to 50%, 3Q 2025 up under 10%, 4Q 2025 up 25% to 50%, 1Q 2026 up 50% or more, 2Q 2026 up 50% or more, 3Q 2026 up 25% to 50%. CXMT: 2Q 2025 up 25% to 50%, 2Q 2026 up 50% or more, 3Q 2026 up 10% to 25%. Nanya: 2Q 2025 up 25% to 50%, 3Q 2025 up 50% or more, 4Q 2025 up 50% or more, 1Q 2026 up 50% or more, 2Q 2026 up 50% or more, 3Q 2026 up 50% or more. Winbond: 2Q 2025 up under 10%, 3Q 2025 up under 10%, 4Q 2025 up 10% to 25%, 1Q 2026 up 25% to 50%, 2Q 2026 up 50% or more, 3Q 2026 up 25% to 50%. Macronix: 2Q 2025 up 10% to 25%, 3Q 2025 up 10% to 25%, 4Q 2025 down under 10%, 1Q 2026 up 25% to 50%, 2Q 2026 up 50% or more, 3Q 2026 up 25% to 50%. Kioxia: FY2025 Q1 about flat, FY2025 Q2 up 25% to 50%, FY2025 Q3 up 10% to 25%, FY2025 Q4 up 50% or more, FY2026 Q1 up 50% or more, FY2026 Q2 up 25% to 50%. Sandisk: FQ4 2025 up 10% to 25%, FQ1 2026 up 10% to 25%, FQ2 2026 up 25% to 50%, FQ3 2026 up 50% or more, FQ4 2026 up 50% or more, FQ1 2027 up 10% to 25%. ADATA: 2Q 2025 up 25% to 50%, 3Q 2025 up 10% to 25%, 4Q 2025 up under 10%, 1Q 2026 up 50% or more, 2Q 2026 up 25% to 50%, 3Q 2026 up 25% to 50%. Transcend: 2Q 2025 up under 10%, 3Q 2025 up 25% to 50%, 4Q 2025 up 50% or more, 1Q 2026 up 50% or more, 2Q 2026 up 25% to 50%, 3Q 2026 down 10% or more. Longsys: 2Q 2025 up 25% to 50%, 3Q 2025 up 10% to 25%, 4Q 2025 down under 10%, 1Q 2026 up 50% or more, 2Q 2026 up 25% to 50%, 3Q 2026 up under 10%. Biwin: 2Q 2025 up 50% or more, 3Q 2025 up 10% to 25%, 4Q 2025 up 50% or more, 1Q 2026 up 25% to 50%, 2Q 2026 up 25% to 50%, 3Q 2026 down 10% or more. Silicon Motion: 2Q 2025 up 10% to 25%, 3Q 2025 up 10% to 25%, 4Q 2025 up 10% to 25%, 1Q 2026 up 10% to 25%, 2Q 2026 up 25% to 50%, 3Q 2026 up 10% to 25%. Phison: 2Q 2025 up 25% to 50%, 3Q 2025 about flat, 4Q 2025 up 25% to 50%, 1Q 2026 up 50% or more, 2Q 2026 up 50% or more, 3Q 2026 up 25% to 50%. Maxio: 2Q 2025 up 50% or more, 3Q 2025 down 10% or more, 4Q 2025 up 25% to 50%, 1Q 2026 down 10% or more, 2Q 2026 up 25% to 50%, 3Q 2026 up under 10%. FADU: 2Q 2025 up 10% to 25%, 3Q 2025 up under 10%, 4Q 2025 down under 10%, 1Q 2026 up 50% or more, 2Q 2026 up 10% to 25%, 3Q 2026 up 50% or more. Marvell: FQ2 FY2026 up under 10%, FQ3 FY2026 up under 10%, FQ4 FY2026 up under 10%, FQ1 FY2027 up under 10%, FQ2 FY2027 up 10% to 25%. Nvidia: FQ2 FY2026 up under 10%, FQ3 FY2026 up 10% to 25%, FQ4 FY2026 up 10% to 25%, FQ1 FY2027 up 10% to 25%, FQ2 FY2027 up 10% to 25%. AMD: 2Q 2025 up under 10%, 3Q 2025 up 10% to 25%, 4Q 2025 up 10% to 25%, 1Q 2026 about flat, 2Q 2026 up 10% to 25%, 3Q 2026 up 10% to 25%. Arm: FQ1 FY2026 down 10% or more, FQ2 FY2026 up under 10%, FQ3 FY2026 up under 10%, FQ4 FY2026 up 10% to 25%, FQ1 FY2027 down 10% or more, FQ2 FY2027 up 10% to 25%. TSMC: 2Q 2025 up 10% to 25%, 3Q 2025 up under 10%, 4Q 2025 up under 10%, 1Q 2026 up under 10%, 2Q 2026 up 10% to 25%, 3Q 2026 up 10% to 25%. Intel: 2Q 2025 about flat, 3Q 2025 up under 10%, 4Q 2025 about flat, 1Q 2026 about flat, 2Q 2026 up 10% to 25%, 3Q 2026 up under 10%. WD: FQ4 2025 up 10% to 25%, FQ1 2026 up under 10%, FQ2 2026 up under 10%, FQ3 2026 up 10% to 25%, FQ4 2026 up 10% to 25%, FQ1 2027 up 10% to 25%. Seagate: FQ4 2025 up 10% to 25%, FQ1 2026 up under 10%, FQ2 2026 up under 10%, FQ3 2026 up 10% to 25%, FQ4 2026 up 10% to 25%, FQ1 2027 up 10% to 25%.≤ −10%−10 to 0%flat0 to 10%10 to 25%25 to 50%≥ 50%Company, by groupMicronMicron, up 10% to 25%. FQ3 2025: $9.301B, against FQ2 2025: $8.053B (C-E-464, C-E-459)Micron, up 10% to 25%. FQ4 2025: $11.315B, against FQ3 2025: $9.301B (C-E-886, C-E-464)Micron, up 10% to 25%. FQ1 2026: $13.643B, against FQ4 2025: $11.315B (C-E-469, C-E-886)Micron, up 50% or more. FQ2 2026: $23.86B, against FQ1 2026: $13.643B (C-E-474, C-E-469)Micron, up 50% or more. FQ3 2026: $41.456B, against FQ2 2026: $23.86B (C-E-885, C-E-474)Micron, up 25% to 50%. FQ4 2026: $54.229B, against FQ3 2026: $41.456B (C-E-008, C-E-885)Samsung chipsSamsung chips, up 10% to 25%. 2Q 2025: ₩27.9T, against 1Q 2025: ₩25.1T (C-E-146, C-E-144)Samsung chips, up 10% to 25%. 3Q 2025: ₩33.1T, against 2Q 2025: ₩27.9T (C-E-148, C-E-146)Samsung chips, up 25% to 50%. 4Q 2025: ₩44.0T, against 3Q 2025: ₩33.1T (C-E-150, C-E-148)Samsung chips, up 50% or more. 1Q 2026: ₩81.7T, against 4Q 2025: ₩44.0T (C-E-152, C-E-150)Samsung chips, up 50% or more. 2Q 2026: ₩127.5T, against 1Q 2026: ₩81.7T (C-E-154, C-E-152)Samsung chips, up 10% to 25%. 3Q 2026: ₩147.1T, against 2Q 2026: ₩127.5T (C-E-417, C-E-154)SK hynixSK hynix, up 25% to 50%. 2Q 2025: ₩22.232T, against 1Q 2025: ₩17.6391T (C-E-898, C-E-117)SK hynix, up under 10%. 3Q 2025: ₩24.4489T, against 2Q 2025: ₩22.232T (C-E-119, C-E-898)SK hynix, up 25% to 50%. 4Q 2025: ₩32.8267T, against 3Q 2025: ₩24.4489T (C-E-121, C-E-119)SK hynix, up 50% or more. 1Q 2026: ₩52.5763T, against 4Q 2025: ₩32.8267T (C-E-897, C-E-121)SK hynix, up 50% or more. 2Q 2026: ₩79.3187T, against 1Q 2026: ₩52.5763T (C-E-041, C-E-897)SK hynix, up 25% to 50%. 3Q 2026: ₩104.6155T, against 2Q 2026: ₩79.3187T (C-E-419, C-E-041)CXMTCXMT, up 25% to 50%. 2Q 2025: CN¥9.23623B, against 1Q 2025: CN¥6.20169B (C-E-437, C-E-438)CXMT, up 50% or more. 2Q 2026: CN¥99.50993B, against 1Q 2026: CN¥50.80015B (C-E-437, C-E-438)CXMT, up 10% to 25%. 3Q 2026: CN¥118.71403B, against 2Q 2026: CN¥99.50993B (C-E-875, C-E-437)NanyaNanya, up 25% to 50%. 2Q 2025: NT$10.526B, against 1Q 2025: NT$7.188B (C-E-979, C-E-976)Nanya, up 50% or more. 3Q 2025: NT$18.779B, against 2Q 2025: NT$10.526B (C-E-982, C-E-979)Nanya, up 50% or more. 4Q 2025: NT$30.094B, against 3Q 2025: NT$18.779B (C-E-246, C-E-982)Nanya, up 50% or more. 1Q 2026: NT$49.087B, against 4Q 2025: NT$30.094B (C-E-247, C-E-246)Nanya, up 50% or more. 2Q 2026: NT$82.549B, against 1Q 2026: NT$49.087B (C-E-248, C-E-247)Nanya, up 50% or more. 3Q 2026: NT$133.649B, against 2Q 2026: NT$82.549B (C-E-426, C-E-248)WinbondWinbond, up under 10%. 2Q 2025: NT$21.018B, against 1Q 2025: NT$19.993B (C-E-256, C-E-255)Winbond, up under 10%. 3Q 2025: NT$21.771B, against 2Q 2025: NT$21.018B (C-E-257, C-E-256)Winbond, up 10% to 25%. 4Q 2025: NT$26.624B, against 3Q 2025: NT$21.771B (C-E-258, C-E-257)Winbond, up 25% to 50%. 1Q 2026: NT$38.253B, against 4Q 2025: NT$26.624B (C-E-259, C-E-258)Winbond, up 50% or more. 2Q 2026: NT$59.843B, against 1Q 2026: NT$38.253B (C-E-260, C-E-259)Winbond, up 25% to 50%. 3Q 2026: NT$82.331B, against 2Q 2026: NT$59.843B (C-E-871, C-E-260)MacronixMacronix, up 10% to 25%. 2Q 2025: NT$6.799B, against 1Q 2025: NT$6.137B (C-E-250, C-E-249)Macronix, up 10% to 25%. 3Q 2025: NT$8.214B, against 2Q 2025: NT$6.799B (C-E-251, C-E-250)Macronix, down under 10%. 4Q 2025: NT$7.729B, against 3Q 2025: NT$8.214B (C-E-252, C-E-251)Macronix, up 25% to 50%. 1Q 2026: NT$10.469B, against 4Q 2025: NT$7.729B (C-E-253, C-E-252)Macronix, up 50% or more. 2Q 2026: NT$19.125B, against 1Q 2026: NT$10.469B (C-E-254, C-E-253)Macronix, up 25% to 50%. 3Q 2026: NT$24.237B, against 2Q 2026: NT$19.125B (C-E-444, C-E-254)KioxiaKioxia, about flat. FY2025 Q1: ¥342.8B, against FY2024 Q4: ¥347.1B (C-E-1084, C-E-137)Kioxia, up 25% to 50%. FY2025 Q2: ¥448.3B, against FY2025 Q1: ¥342.8B (C-E-1083, C-E-1084)Kioxia, up 10% to 25%. FY2025 Q3: ¥543.6B, against FY2025 Q2: ¥448.3B (C-E-905, C-E-1083)Kioxia, up 50% or more. FY2025 Q4: ¥1,002.9B, against FY2025 Q3: ¥543.6B (C-E-904, C-E-905)Kioxia, up 50% or more. FY2026 Q1: ¥1,767.1B, against FY2025 Q4: ¥1,002.9B (C-E-043, C-E-904)Kioxia, up 25% to 50%. FY2026 Q2: ¥2,480.0B, against FY2026 Q1: ¥1,767.1B (C-E-710, C-E-043)SandiskSandisk, up 10% to 25%. FQ4 2025: $1.901B, against FQ3 2025: $1.695B (C-E-1088, C-E-093)Sandisk, up 10% to 25%. FQ1 2026: $2.308B, against FQ4 2025: $1.901B (C-E-095, C-E-1088)Sandisk, up 25% to 50%. FQ2 2026: $3.025B, against FQ1 2026: $2.308B (C-E-097, C-E-095)Sandisk, up 50% or more. FQ3 2026: $5.95B, against FQ2 2026: $3.025B (C-E-916, C-E-097)Sandisk, up 50% or more. FQ4 2026: $8.965B, against FQ3 2026: $5.95B (C-E-045, C-E-916)Sandisk, up 10% to 25%. FQ1 2027: $11.031B, against FQ4 2026: $8.965B (C-E-433, C-E-045)ADATAADATA, up 25% to 50%. 2Q 2025: NT$12.824B, against 1Q 2025: NT$9.908B (C-E-1020, C-E-1017)ADATA, up 10% to 25%. 3Q 2025: NT$14.511B, against 2Q 2025: NT$12.824B (C-E-1023, C-E-1020)ADATA, up under 10%. 4Q 2025: NT$15.845B, against 3Q 2025: NT$14.511B (C-E-292, C-E-1023)ADATA, up 50% or more. 1Q 2026: NT$26.1B, against 4Q 2025: NT$15.845B (C-E-291, C-E-292)ADATA, up 25% to 50%. 2Q 2026: NT$38.143B, against 1Q 2026: NT$26.1B (C-E-290, C-E-291)ADATA, up 25% to 50%. 3Q 2026: NT$52.993B, against 2Q 2026: NT$38.143B (C-E-479, C-E-290)TranscendTranscend, up under 10%. 2Q 2025: NT$3.230432B, against 1Q 2025: NT$2.982852B (C-E-295, C-E-294)Transcend, up 25% to 50%. 3Q 2025: NT$4.108501B, against 2Q 2025: NT$3.230432B (C-E-296, C-E-295)Transcend, up 50% or more. 4Q 2025: NT$6.803668B, against 3Q 2025: NT$4.108501B (C-E-297, C-E-296)Transcend, up 50% or more. 1Q 2026: NT$13.628469B, against 4Q 2025: NT$6.803668B (C-E-298, C-E-297)Transcend, up 25% to 50%. 2Q 2026: NT$18.815419B, against 1Q 2026: NT$13.628469B (C-E-299, C-E-298)Transcend, down 10% or more. 3Q 2026: NT$16.067459B, against 2Q 2026: NT$18.815419B (C-E-1139, C-E-299)LongsysLongsys, up 25% to 50%. 2Q 2025: CN¥5.939199B, against 1Q 2025: CN¥4.256457B (C-E-1068, C-E-1032)Longsys, up 10% to 25%. 3Q 2025: CN¥6.538677B, against 2Q 2025: CN¥5.939199B (C-E-1033, C-E-1068)Longsys, down under 10%. 4Q 2025: CN¥6.031838B, against 3Q 2025: CN¥6.538677B (C-E-301, C-E-1033)Longsys, up 50% or more. 1Q 2026: CN¥9.908726B, against 4Q 2025: CN¥6.031838B (C-E-302, C-E-301)Longsys, up 25% to 50%. 2Q 2026: CN¥14.179637B, against 1Q 2026: CN¥9.908726B (C-E-303, C-E-302)Longsys, up under 10%. 3Q 2026: CN¥14.629869B, against 2Q 2026: CN¥14.179637B (C-E-880, C-E-303)BiwinBiwin, up 50% or more. 2Q 2025: CN¥2.369003B, against 1Q 2025: CN¥1.543334B (C-E-1069, C-E-1034)Biwin, up 10% to 25%. 3Q 2025: CN¥2.662747B, against 2Q 2025: CN¥2.369003B (C-E-1035, C-E-1069)Biwin, up 50% or more. 4Q 2025: CN¥4.727396B, against 3Q 2025: CN¥2.662747B (C-E-304, C-E-1035)Biwin, up 25% to 50%. 1Q 2026: CN¥6.814252B, against 4Q 2025: CN¥4.727396B (C-E-305, C-E-304)Biwin, up 25% to 50%. 2Q 2026: CN¥8.760691B, against 1Q 2026: CN¥6.814252B (C-E-306, C-E-305)Biwin, down 10% or more. 3Q 2026: CN¥6.142233B, against 2Q 2026: CN¥8.760691B (C-E-881, C-E-306)Silicon MotionSilicon Motion, up 10% to 25%. 2Q 2025: $198.7M, against 1Q 2025: $166.5M (C-E-945, C-E-111)Silicon Motion, up 10% to 25%. 3Q 2025: $242.0M, against 2Q 2025: $198.7M (C-E-113, C-E-945)Silicon Motion, up 10% to 25%. 4Q 2025: $278.5M, against 3Q 2025: $242.0M (C-E-115, C-E-113)Silicon Motion, up 10% to 25%. 1Q 2026: $342.1M, against 4Q 2025: $278.5M (C-E-944, C-E-115)Silicon Motion, up 25% to 50%. 2Q 2026: $451.0M, against 1Q 2026: $342.1M (C-E-051, C-E-944)Silicon Motion, up 10% to 25%. 3Q 2026: $560.2M, against 2Q 2026: $451.0M (C-E-430, C-E-051)PhisonPhison, up 25% to 50%. 2Q 2025: NT$17.89B, against 1Q 2025: NT$13.839B (C-E-158, C-E-133)Phison, about flat. 3Q 2025: NT$18.137B, against 2Q 2025: NT$17.89B (C-E-135, C-E-158)Phison, up 25% to 50%. 4Q 2025: NT$22.799B, against 3Q 2025: NT$18.137B (C-E-159, C-E-135)Phison, up 50% or more. 1Q 2026: NT$40.967B, against 4Q 2025: NT$22.799B (C-E-161, C-E-159)Phison, up 50% or more. 2Q 2026: NT$67.888B, against 1Q 2026: NT$40.967B (C-E-027, C-E-161)Phison, up 25% to 50%. 3Q 2026: NT$86.076B, against 2Q 2026: NT$67.888B (C-E-1142, C-E-027)MaxioMaxio, up 50% or more. 2Q 2025: CN¥368.66M, against 1Q 2025: CN¥241.06M (C-E-1067, C-E-955)Maxio, down 10% or more. 3Q 2025: CN¥311.15M, against 2Q 2025: CN¥368.66M (C-E-956, C-E-1067)Maxio, up 25% to 50%. 4Q 2025: CN¥406.26M, against 3Q 2025: CN¥311.15M (C-E-186, C-E-956)Maxio, down 10% or more. 1Q 2026: CN¥355.28M, against 4Q 2025: CN¥406.26M (C-E-187, C-E-186)Maxio, up 25% to 50%. 2Q 2026: CN¥498.83M, against 1Q 2026: CN¥355.28M (C-E-189, C-E-187)Maxio, up under 10%. 3Q 2026: CN¥514.98M, against 2Q 2026: CN¥498.83M (C-E-483, C-E-189)FADUFADU, up 10% to 25%. 2Q 2025: ₩23.7B, against 1Q 2025: ₩19.2B (C-E-329, C-E-328)FADU, up under 10%. 3Q 2025: ₩25.6B, against 2Q 2025: ₩23.7B (C-E-331, C-E-329)FADU, down under 10%. 4Q 2025: ₩23.9B, against 3Q 2025: ₩25.6B (C-E-333, C-E-331)FADU, up 50% or more. 1Q 2026: ₩59.5B, against 4Q 2025: ₩23.9B (C-E-334, C-E-333)FADU, up 10% to 25%. 2Q 2026: ₩73.2B, against 1Q 2026: ₩59.5B (C-E-335, C-E-334)FADU, up 50% or more. 3Q 2026: ₩143.561B, against 2Q 2026: ₩73.2B (C-E-1098, C-E-335)MarvellMarvell, up under 10%. FQ2 FY2026: $2.0061B, against FQ1 FY2026: $1.8953B (C-E-963, C-E-960)Marvell, up under 10%. FQ3 FY2026: $2.0745B, against FQ2 FY2026: $2.0061B (C-E-193, C-E-963)Marvell, up under 10%. FQ4 FY2026: $2.2187B, against FQ3 FY2026: $2.0745B (C-E-194, C-E-193)Marvell, up under 10%. FQ1 FY2027: $2.4178B, against FQ4 FY2026: $2.2187B (C-E-196, C-E-194)Marvell, up 10% to 25%. FQ2 FY2027: $2.7393B, against FQ1 FY2027: $2.4178B (C-E-730, C-E-196)NvidiaNvidia, up under 10%. FQ2 FY2026: $46.743B, against FQ1 FY2026: $44.062B (C-E-988, C-E-985)Nvidia, up 10% to 25%. FQ3 FY2026: $57.006B, against FQ2 FY2026: $46.743B (C-E-991, C-E-988)Nvidia, up 10% to 25%. FQ4 FY2026: $68.127B, against FQ3 FY2026: $57.006B (C-E-270, C-E-991)Nvidia, up 10% to 25%. FQ1 FY2027: $81.615B, against FQ4 FY2026: $68.127B (C-E-269, C-E-270)Nvidia, up 10% to 25%. FQ2 FY2027: $96.221B, against FQ1 FY2027: $81.615B (C-E-737, C-E-269)AMDAMD, up under 10%. 2Q 2025: $7.685B, against 1Q 2025: $7.438B (C-E-999, C-E-996)AMD, up 10% to 25%. 3Q 2025: $9.246B, against 2Q 2025: $7.685B (C-E-1002, C-E-999)AMD, up 10% to 25%. 4Q 2025: $10.27B, against 3Q 2025: $9.246B (C-E-274, C-E-1002)AMD, about flat. 1Q 2026: $10.253B, against 4Q 2025: $10.27B (C-E-273, C-E-274)AMD, up 10% to 25%. 2Q 2026: $11.536B, against 1Q 2026: $10.253B (C-E-272, C-E-273)AMD, up 10% to 25%. 3Q 2026: $13.377B, against 2Q 2026: $11.536B (C-E-877, C-E-272)ArmArm, down 10% or more. FQ1 FY2026: $1.053B, against FQ4 FY2025: $1.241B (C-E-1014, C-E-1011)Arm, up under 10%. FQ2 FY2026: $1.135B, against FQ1 FY2026: $1.053B (C-E-289, C-E-1014)Arm, up under 10%. FQ3 FY2026: $1.242B, against FQ2 FY2026: $1.135B (C-E-288, C-E-289)Arm, up 10% to 25%. FQ4 FY2026: $1.49B, against FQ3 FY2026: $1.242B (C-E-287, C-E-288)Arm, down 10% or more. FQ1 FY2027: $1.289B, against FQ4 FY2026: $1.49B (C-E-286, C-E-287)Arm, up 10% to 25%. FQ2 FY2027: $1.443B, against FQ1 FY2027: $1.289B (C-E-1111, C-E-286)TSMCTSMC, up 10% to 25%. 2Q 2025: NT$933.79B, against 1Q 2025: NT$839.25B (C-E-281, C-E-280)TSMC, up under 10%. 3Q 2025: NT$989.92B, against 2Q 2025: NT$933.79B (C-E-282, C-E-281)TSMC, up under 10%. 4Q 2025: NT$1,046.09B, against 3Q 2025: NT$989.92B (C-E-283, C-E-282)TSMC, up under 10%. 1Q 2026: NT$1,134.10B, against 4Q 2025: NT$1,046.09B (C-E-284, C-E-283)TSMC, up 10% to 25%. 2Q 2026: NT$1,270.38B, against 1Q 2026: NT$1,134.10B (C-E-285, C-E-284)TSMC, up 10% to 25%. 3Q 2026: NT$1,494.24B, against 2Q 2026: NT$1,270.38B (C-E-443, C-E-285)IntelIntel, about flat. 2Q 2025: $12.9B, against 1Q 2025: $12.7B (C-E-1009, C-E-1007)Intel, up under 10%. 3Q 2025: $13.7B, against 2Q 2025: $12.9B (C-E-279, C-E-1009)Intel, about flat. 4Q 2025: $13.7B, against 3Q 2025: $13.7B (C-E-278, C-E-279)Intel, about flat. 1Q 2026: $13.6B, against 4Q 2025: $13.7B (C-E-277, C-E-278)Intel, up 10% to 25%. 2Q 2026: $16.1B, against 1Q 2026: $13.6B (C-E-276, C-E-277)Intel, up under 10%. 3Q 2026: $16.5B, against 2Q 2026: $16.1B (C-E-448, C-E-276)WDWD, up 10% to 25%. FQ4 2025: $2.605B, against FQ3 2025: $2.294B (C-E-933, C-E-105)WD, up under 10%. FQ1 2026: $2.818B, against FQ4 2025: $2.605B (C-E-107, C-E-933)WD, up under 10%. FQ2 2026: $3.017B, against FQ1 2026: $2.818B (C-E-109, C-E-107)WD, up 10% to 25%. FQ3 2026: $3.337B, against FQ2 2026: $3.017B (C-E-932, C-E-109)WD, up 10% to 25%. FQ4 2026: $3.747B, against FQ3 2026: $3.337B (C-E-049, C-E-932)WD, up 10% to 25%. FQ1 2027: $4.381B, against FQ4 2026: $3.747B (C-E-421, C-E-049)SeagateSeagate, up 10% to 25%. FQ4 2025: $2.444B, against FQ3 2025: $2.16B (C-E-939, C-E-099)Seagate, up under 10%. FQ1 2026: $2.629B, against FQ4 2025: $2.444B (C-E-101, C-E-939)Seagate, up under 10%. FQ2 2026: $2.825B, against FQ1 2026: $2.629B (C-E-103, C-E-101)Seagate, up 10% to 25%. FQ3 2026: $3.112B, against FQ2 2026: $2.825B (C-E-054, C-E-103)Seagate, up 10% to 25%. FQ4 2026: $3.629B, against FQ3 2026: $3.112B (C-E-053, C-E-054)Seagate, up 10% to 25%. FQ1 2027: $4.233B, against FQ4 2026: $3.629B (C-E-422, C-E-053)Q2’25Q3’25Q4’25Q1’26Q2’26Q3’26Calendar quarter, change from the quarter before
    Each cell compares a company’s quarter with its quarter just before, in its own currency so exchange rates do not color it; a blank cell has no back-to-back pair filed; hover a cell for both filed figures. Source: Company releases.

    The strongest cells mark the quarters most of a company’s growth came from.

    05

    Who takes the profit

    The memory makers’ combined operating income each quarter, in US dollars, and each maker’s share of it.

    Who takes the profit

    Who takes the memory profit, Q1 2025 and Q2 2025

    Each bar is the memory makers’ combined operating income; a maker’s width is its share

    Q1 2025, pool $7.9B: SK hynix 65%, Micron 22%, Samsung 10%, Kioxia 3%; at a loss: Sandisk, Nanya, CXMT. Q2 2025, pool $9.4B: SK hynix 70%, Micron 23%, Kioxia 3%, Samsung 3%, Sandisk <1%; at a loss: Nanya, CXMTQuarterPOOLTOP 30255075100Share of the makers’ combined operating income, %Q1 2025Q1 2025: Samsung $758M of $7.9B, 10% (1Q 2025 ₩1.1T filed, C-E-144; 1452.01 KRW per dollar, C-E-162). At a loss this quarter: Sandisk $-1881M, Nanya $-96M, CXMT $-389M10%Q1 2025: SK hynix $5.1B of $7.9B, 65% (1Q 2025 ₩7.4405T filed, C-E-117; 1452.01 KRW per dollar, C-E-162). At a loss this quarter: Sandisk $-1881M, Nanya $-96M, CXMT $-389MSK hynix 65%Q1 2025: Micron $1.8B of $7.9B, 22% (FQ2 2025 $1.773B filed, C-E-460). At a loss this quarter: Sandisk $-1881M, Nanya $-96M, CXMT $-389M22%Q1 2025: Kioxia $246M of $7.9B, 3% (FY2024 Q4 ¥37.5B filed, C-E-137; 152.4 JPY per dollar, C-E-168). At a loss this quarter: Sandisk $-1881M, Nanya $-96M, CXMT $-389MKioxia3%At a loss: Sandisk, Nanya, CXMT$7.9B97%Q2 2025Q2 2025: Samsung $286M of $9.4B, 3% (2Q 2025 ₩0.4T filed, C-E-146; 1399.82 KRW per dollar, C-E-163). At a loss this quarter: Nanya $-146M, CXMT $-175MQ2 2025: SK hynix $6.6B of $9.4B, 70% (2Q 2025 ₩9.2129T filed, C-E-900; 1399.82 KRW per dollar, C-E-163). At a loss this quarter: Nanya $-146M, CXMT $-175MSK hynix 70%Q2 2025: Micron $2.2B of $9.4B, 23% (FQ3 2025 $2.169B filed, C-E-465). At a loss this quarter: Nanya $-146M, CXMT $-175M23%Q2 2025: Kioxia $313M of $9.4B, 3% (FY2025 Q1 ¥45.2B filed, C-E-1096; 144.49 JPY per dollar, C-E-169). At a loss this quarter: Nanya $-146M, CXMT $-175MQ2 2025: Sandisk $18M of $9.4B, <1% (FQ4 2025 $18M filed, C-E-919). At a loss this quarter: Nanya $-146M, CXMT $-175MSamsung3%Kioxia3%Sandisk<1%At a loss: Nanya, CXMT$9.4B97%SamsungSK hynixMicronKioxiaSandisk
    Operating income in US dollars at each quarter’s H.10 average; Samsung is its chip division, which also holds its foundry; a maker at a loss that quarter is left out of the shares and named under the bar; CXMT and YMTC are Chinese makers on Chinese accounting standards, whose operating profit includes grants and investment gains; CXMT filed 2025 only as a year and a half year, so its Q3 and Q4 are not split out, and YMTC’s parent has no 2025 quarters. Source: Company releases; CXMT’s prospectus and half-year report; YMTC parent CCSH’s prospectus (STAR Market). Derived: each maker’s share is its operating income over the makers’ combined total, the pool is that total, and the top three is the sum of the three largest shares.

    Who takes the profit

    Who takes the memory profit, Q3 2025 and Q4 2025

    Each bar is the memory makers’ combined operating income; a maker’s width is its share

    Q3 2025, pool $17.7B: SK hynix 46%, Samsung 28%, Micron 21%, Kioxia 3%, Sandisk 1%, Nanya <1%; not filed by quarter: CXMT. Q4 2025, pool $33.1B: SK hynix 40%, Samsung 34%, Micron 19%, Sandisk 3%, Kioxia 3%, Nanya 1%; not filed by quarter: CXMTQuarterPOOLTOP 30255075100Share of the makers’ combined operating income, %Q3 2025Q3 2025: Samsung $5.0B of $17.7B, 28% (3Q 2025 ₩7.0T filed, C-E-148; 1386.95 KRW per dollar, C-E-164)Samsung 28%Q3 2025: SK hynix $8.2B of $17.7B, 46% (3Q 2025 ₩11.3834T filed, C-E-119; 1386.95 KRW per dollar, C-E-164)SK hynix 46%Q3 2025: Micron $3.7B of $17.7B, 21% (FQ4 2025 $3.654B filed, C-E-888)21%Q3 2025: Kioxia $591M of $17.7B, 3% (FY2025 Q2 ¥87.2B filed, C-E-1087; 147.51 JPY per dollar, C-E-170)Q3 2025: Sandisk $176M of $17.7B, 1% (FQ1 2026 $176M filed, C-E-095)Q3 2025: Nanya $37M of $17.7B, <1% (3Q 2025 NT$1.119B filed, C-E-983; 29.9447 TWD per dollar, C-E-176)Kioxia3%Sandisk1%Nanya<1%Not filed: CXMT$17.7B95%Q4 2025Q4 2025: Samsung $11.3B of $33.1B, 34% (4Q 2025 ₩16.4T filed, C-E-150; 1448.76 KRW per dollar, C-E-165)Samsung 34%Q4 2025: SK hynix $13.2B of $33.1B, 40% (4Q 2025 ₩19.1696T filed, C-E-121; 1448.76 KRW per dollar, C-E-165)SK hynix 40%Q4 2025: Micron $6.1B of $33.1B, 19% (FQ1 2026 $6.136B filed, C-E-470)19%Q4 2025: Kioxia $939M of $33.1B, 3% (FY2025 Q3 ¥144.7B filed, C-E-1086; 154.07 JPY per dollar, C-E-171)Q4 2025: Sandisk $1.1B of $33.1B, 3% (FQ2 2026 $1.065B filed, C-E-097)Q4 2025: Nanya $380M of $33.1B, 1% (4Q 2025 NT$11.781B filed, C-E-246; 31.0232 TWD per dollar, C-E-177)Kioxia3%Sandisk3%Nanya1%Not filed: CXMT$33.1B93%SamsungSK hynixMicronKioxiaSandiskNanya
    Operating income in US dollars at each quarter’s H.10 average; Samsung is its chip division, which also holds its foundry; a maker at a loss that quarter is left out of the shares and named under the bar; CXMT and YMTC are Chinese makers on Chinese accounting standards, whose operating profit includes grants and investment gains; CXMT filed 2025 only as a year and a half year, so its Q3 and Q4 are not split out, and YMTC’s parent has no 2025 quarters. Source: Company releases; CXMT’s prospectus and half-year report; YMTC parent CCSH’s prospectus (STAR Market). Derived: each maker’s share is its operating income over the makers’ combined total, the pool is that total, and the top three is the sum of the three largest shares.

    Who takes the profit

    Who takes the memory profit, Q1 2026 and Q2 2026

    Each bar is the memory makers’ combined operating income; a maker’s width is its share

    Q1 2026, pool $97.3B: Samsung 38%, SK hynix 26%, Micron 17%, CXMT 5%, YMTC 5%, Sandisk 4%, Kioxia 4%, Nanya 1%. Q2 2026, pool $162.4B: Samsung 37%, SK hynix 25%, Micron 21%, CXMT 7%, Kioxia 5%, Sandisk 4%, Nanya 1%; not filed by quarter: YMTCQuarterPOOLTOP 30255075100Share of the makers’ combined operating income, %Q1 2026Q1 2026: Samsung $36.6B of $97.3B, 38% (1Q 2026 ₩53.7T filed, C-E-152; 1465.57 KRW per dollar, C-E-166)Samsung 38%Q1 2026: SK hynix $25.7B of $97.3B, 26% (1Q 2026 ₩37.6103T filed, C-E-899; 1465.57 KRW per dollar, C-E-166)26%Q1 2026: Micron $16.1B of $97.3B, 17% (FQ2 2026 $16.135B filed, C-E-475)17%Q1 2026: Kioxia $3.8B of $97.3B, 4% (FY2025 Q4 ¥599.1B filed, C-E-1085; 156.9 JPY per dollar, C-E-172)Q1 2026: Sandisk $4.1B of $97.3B, 4% (FQ3 2026 $4.111B filed, C-E-918)Q1 2026: Nanya $952M of $97.3B, 1% (1Q 2026 NT$30.111B filed, C-E-247; 31.6302 TWD per dollar, C-E-178)Q1 2026: CXMT $5.1B of $97.3B, 5% (1Q 2026 CN¥35.43298B filed, C-E-438; 6.9218 CNY per dollar, C-E-184)Q1 2026: YMTC $4.8B of $97.3B, 5% (1Q 2026 CN¥33.52735B filed, C-E-440; 6.9218 CNY per dollar, C-E-184)Kioxia4%Sandisk4%Nanya1%CXMT5%YMTC5%$97.3B81%Q2 2026Q2 2026: Samsung $59.4B of $162.4B, 37% (2Q 2026 ₩89.2T filed, C-E-154; 1500.48 KRW per dollar, C-E-167)Samsung 37%Q2 2026: SK hynix $40.3B of $162.4B, 25% (2Q 2026 ₩60.5426T filed, C-E-041; 1500.48 KRW per dollar, C-E-167)25%Q2 2026: Micron $33.3B of $162.4B, 21% (FQ3 2026 $33.318B filed, C-E-887)21%Q2 2026: Kioxia $8.3B of $162.4B, 5% (FY2026 Q1 ¥1,326.2B filed, C-E-043; 159.36 JPY per dollar, C-E-173)Q2 2026: Sandisk $7.0B of $162.4B, 4% (FQ4 2026 $7.037B filed, C-E-045)Q2 2026: Nanya $1.9B of $162.4B, 1% (2Q 2026 NT$60.826B filed, C-E-248; 31.603 TWD per dollar, C-E-179)Q2 2026: CXMT $12.0B of $162.4B, 7% (2Q 2026 CN¥81.71141B filed, C-E-437; 6.8048 CNY per dollar, C-E-185)7%Kioxia5%Sandisk4%Nanya1%Not filed: YMTC$162.4B82%SamsungSK hynixMicronKioxiaSandiskNanyaCXMT, YMTC
    Operating income in US dollars at each quarter’s H.10 average; Samsung is its chip division, which also holds its foundry; a maker at a loss that quarter is left out of the shares and named under the bar; CXMT and YMTC are drawn where they file by quarter, on Chinese accounting standards, whose operating profit includes grants and investment gains; YMTC’s parent has filed only through March 2026. Source: Company releases; CXMT’s prospectus and half-year report; YMTC parent CCSH’s prospectus (STAR Market). Derived: each maker’s share is its operating income over the makers’ combined total, the pool is that total, and the top three is the sum of the three largest shares.

    Who takes the profit

    Who takes the memory profit, Q3 2026

    Each bar is the memory makers’ combined operating income; a maker’s width is its share

    Q3 2026, pool $217.0B: Samsung 35%, SK hynix 27%, Micron 20%, CXMT 7%, Kioxia 6%, Sandisk 4%, Nanya 2%; not filed by quarter: YMTCQuarterPOOLTOP 30255075100Share of the makers’ combined operating income, %Q3 2026Q3 2026: Samsung $75.1B of $217.0B, 35% (3Q 2026 ₩106.5T filed, C-E-417; 1417.24 KRW per dollar, C-E-140)Samsung 35%Q3 2026: SK hynix $58.8B of $217.0B, 27% (3Q 2026 ₩83.3338T filed, C-E-419; 1417.24 KRW per dollar, C-E-140)27%Q3 2026: Micron $43.8B of $217.0B, 20% (FQ4 2026 $43.751B filed, C-E-009)20%Q3 2026: Kioxia $12.5B of $217.0B, 6% (FY2026 Q2 ¥1,988.3B filed, C-E-711; 159.25 JPY per dollar, C-E-141)Q3 2026: Sandisk $8.8B of $217.0B, 4% (FQ1 2027 $8.78B filed, C-E-434)Q3 2026: Nanya $3.3B of $217.0B, 2% (3Q 2026 NT$106.894B filed, C-E-426; 31.9961 TWD per dollar, C-E-142)Q3 2026: CXMT $14.7B of $217.0B, 7% (3Q 2026 CN¥99.03947B filed, C-E-882; 6.7406 CNY per dollar, C-E-143)7%Kioxia6%Sandisk4%Nanya2%Not filed: YMTC$217.0B82%SamsungSK hynixMicronKioxiaSandiskNanyaCXMT
    Operating income in US dollars at each quarter’s H.10 average; Samsung is its chip division, which also holds its foundry; a maker at a loss that quarter is left out of the shares and named under the bar; CXMT and YMTC are drawn where they file by quarter, on Chinese accounting standards, whose operating profit includes grants and investment gains; YMTC’s parent has filed only through March 2026. Source: Company releases; CXMT’s prospectus and half-year report; YMTC parent CCSH’s prospectus (STAR Market). Derived: each maker’s share is its operating income over the makers’ combined total, the pool is that total, and the top three is the sum of the three largest shares.

    A quarter is drawn only once every maker has reported it. The two Chinese makers, CXMT and YMTC, report in part, so a quarter they have not filed is drawn without them and says so.

    06

    Operating margin over time

    Operating margin is what is left of each dollar of revenue after making and selling the product. It needs no currency conversion, so every company shares one scale.

    Operating margin over time

    Operating margins, every company on one scale

    Operating income as a share of revenue, each company’s own basis

    Panels of quarterly operating margin in percent on one shared scale, from early 2025 to the latest quarter, by company group.Operating margin, %, one scale for every panelMEMORY MAKERSMicronSamsung chipsSK hynix-50050100Micron 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)Micron FQ2 2026: 67.6% (GAAP, C-E-477)Micron FQ3 2026: 80.4% (GAAP, C-E-889)Micron FQ4 2026: 80.7% (GAAP, C-E-039)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)Samsung chips 1Q 2026: 65.7% (K-IFRS, C-E-153)Samsung chips 2Q 2026: 70.0% (K-IFRS, C-E-155)Samsung chips 3Q 2026: 72% (K-IFRS, C-E-418)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 1Q 2026: 72% (K-IFRS, C-E-1041)SK hynix 2Q 2026: 76% (K-IFRS, C-E-006)SK hynix 3Q 2026: 80% (K-IFRS, C-E-420)SPECIALTY MEMORY MAKERSNanyaMacronix-50050100Nanya 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)Nanya 1Q 2026: 61.3% (TIFRS, C-E-247)Nanya 2Q 2026: 73.7% (TIFRS, C-E-248)Nanya 3Q 2026: 80.0% (TIFRS, C-E-427)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)Macronix 1Q 2026: 18.5% (TIFRS, C-E-253)Macronix 2Q 2026: 46.9% (TIFRS, C-E-254)Macronix 3Q 2026: 53.4% (TIFRS, C-E-429)FLASH MAKERSKioxiaSandisk-50050100Kioxia 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)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 FQ3 2025: −111.0% (GAAP, C-E-094)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 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)SSD AND MODULE BRANDSADATATranscend-50050100ADATA 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)ADATA 1Q 2026: 47.0% (TIFRS, C-E-1027)ADATA 2Q 2026: 33.5% (TIFRS, C-E-293)ADATA 3Q 2026: 28.9% (TIFRS, C-E-481)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 1Q 2026: 71.8% (TIFRS, C-E-1031)Transcend 2Q 2026: 75.1% (TIFRS, C-E-300)Transcend 3Q 2026: 52.4% (TIFRS, C-E-1141)CONTROLLER MAKERSSilicon MotionPhisonFADU-50050100Silicon 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)Silicon Motion 1Q 2026: 15.3% (GAAP, C-E-948)Silicon Motion 2Q 2026: 22.4% (GAAP, C-E-052)Silicon Motion 3Q 2026: 29.0% (GAAP, C-E-430)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)Phison 1Q 2026: 36.23% (TIFRS, C-E-952)Phison 2Q 2026: 38.84% (TIFRS, C-E-056)Phison 3Q 2026: 38.22% (TIFRS, C-E-1144)FADU 1Q 2025: −62.0% (K-IFRS, C-E-1050)FADU 2Q 2025: −53.2% (K-IFRS, C-E-1070)FADU 3Q 2025: −44.6% (K-IFRS, C-E-1071)FADU 4Q 2025: −107.8% (K-IFRS, C-E-1072)FADU 1Q 2026: 12.9% (K-IFRS preliminary, C-E-959)FADU 2Q 2026: 22.3% (K-IFRS preliminary, C-E-336)FADU 3Q 2026: 25.3% (K-IFRS preliminary, C-E-1100)CHIP DESIGNERS (FABLESS) AND IPMarvellNvidiaAMDArm-50050100Marvell 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)Marvell FQ4 FY2026: 18.2% (GAAP, C-E-194)Marvell FQ1 FY2027: 14.0% (GAAP, C-E-196)Marvell FQ2 FY2027: 16.8% (GAAP, C-E-732)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)Nvidia FQ4 FY2026: 65.0% (GAAP, C-E-994)Nvidia FQ1 FY2027: 65.6% (GAAP, C-E-995)Nvidia FQ2 FY2027: 66.2% (GAAP, C-E-738)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)AMD 1Q 2026: 14.4% (GAAP, C-E-1055)AMD 2Q 2026: 17.3% (GAAP, C-E-275)AMD 3Q 2026: 21.2% (GAAP, C-E-876)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)Arm FQ4 FY2026: 29.4% (GAAP, C-E-287)Arm FQ1 FY2027: 7.1% (GAAP, C-E-286)Arm FQ2 FY2027: 13.9% (GAAP, C-E-1113)CHIP PRODUCERS (FOUNDRY AND IDM)TSMCIntel-50050100TSMC 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)TSMC 1Q 2026: 58.1% (TIFRS, C-E-284)TSMC 2Q 2026: 60.3% (TIFRS, C-E-285)TSMC 3Q 2026: 58.7% (TIFRS, C-E-425)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)Intel 1Q 2026: −23.1% (GAAP, C-E-277)Intel 2Q 2026: 11.1% (GAAP, C-E-276)Intel 3Q 2026: 15.3% (GAAP, C-E-449)Q1’25Q3’25Q1’26Q3’26HARD DRIVE MAKERSWDSeagate-50050100WD 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)WD FQ3 2026: 35.7% (GAAP, C-E-936)WD FQ4 2026: 41.7% (GAAP, C-E-049)WD FQ1 2027: 46.7% (GAAP, C-E-421)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)Seagate FQ3 2026: 32.1% (GAAP, C-E-941)Seagate FQ4 2026: 43.0% (GAAP, C-E-055)Seagate FQ1 2027: 48.8% (GAAP, C-E-422)Q1’25Q3’25Q1’26Q3’26Quarter end; each point at the company’s own fiscal quarter end
    Bases differ (GAAP, K-IFRS, non-GAAP) and the hover text names each; a down arrow marks a quarter below the scale, its value in the hover text. Source: Company releases.

    The hover text names each company’s accounting basis.

    07

    Guidance against results: storage and memory

    Most companies guide their next quarter’s revenue as a range. Each range is drawn against the result that followed.

    Guidance against results: storage and memory

    Storage and memory: guidance against results

    Whisker: the revenue range guided a quarter earlier. Dot: what was reported. Mid: the middle of the range

    For each storage or memory company that guides in dollars, each guided revenue range from Q2 2025 on is drawn as a vertical range, with the reported revenue as a dot. Ranges for the next quarter are listed at the right.Revenue against the guided midpoint, % (each row)mid+40%MicronMicron FQ3 2025: guided $8.8B ± $200M on 2025-03-20 (C-E-199); reported $9.3BMicron FQ4 2025: guided $10.7B ± $300M on 2025-06-25 (C-E-200); reported $11.3BMicron FQ2 2026: guided $18.7B ± $400M on 2025-12-17 (C-E-201); reported $23.9BMicron FQ3 2026: guided $33.5B ± $750M on 2026-03-18 (C-E-202); reported $41.5BMicron FQ1 2027: guided $61.5B ± $1.5B on 2026-09-30 (C-E-203); not yet reportednext quarter$61.5B ± $1.5Bmid+40%SandiskSandisk FQ4 2025: guided $1.75B to $1.85B on 2025-05-07 (C-E-204); reported $1.9BSandisk FQ2 2026: guided $2.55B to $2.65B on 2025-11-06 (C-E-205); reported $3.0BSandisk FQ3 2026: guided $4.4B to $4.8B on 2026-01-29 (C-E-206); reported $6.0BSandisk FQ1 2027: guided $10.3B to $10.8B on 2026-08-05 (C-E-207); reported $11.0Blatest$11.0Bmid+40%Silicon MotionSilicon Motion 2Q 2025: guided $175M to $183M on 2025-04-30 (C-E-217); reported $199MSilicon Motion 4Q 2025: guided $254M to $266M on 2025-10-31 (C-E-218); reported $279MSilicon Motion 1Q 2026: guided $292M to $306M on 2026-02-04 (C-E-219); reported $342MSilicon Motion 3Q 2026: guided $519M to $541M on 2026-07-30 (C-E-223); reported $560Mlatest$560Mmid+40%WDWD FQ4 2025: guided $2.45B ± $150M on 2025-04-30 (C-E-213); reported $2.6BWD FQ2 2026: guided $2.9B ± $100M on 2025-10-30 (C-E-214); reported $3.0BWD FQ3 2026: guided $3.2B ± $100M on 2026-01-29 (C-E-215); reported $3.3BWD FQ1 2027: guided $4.1B ± $100M on 2026-08-05 (C-E-216); reported $4.4Blatest$4.4Bmid+40%SeagateSeagate FQ4 2025: guided $2.4B ± $150M on 2025-04-29 (C-E-208); reported $2.4BSeagate FQ2 2026: guided $2.7B ± $100M on 2025-10-29 (C-E-209); reported $2.8BSeagate FQ3 2026: guided $2.9B ± $100M on 2026-01-28 (C-E-210); reported $3.1BSeagate FQ4 2026: guided $3.45B ± $100M on 2026-04-29 (C-E-211); reported $3.6BSeagate FQ1 2027: guided $4.1B ± $100M on 2026-07-29 (C-E-212); reported $4.2Blatest$4.2BQ2’25Q3’25Q4’25Q1’26Q2’26Q3’26Q4’26Calendar quarter guided forGuided range, a quarter aheadReported revenue
    Every quarter is drawn against the middle of its own guided range, on one scale for all companies, so a dot above its whisker is a beat; a whisker with no dot is a quarter still ahead; hover for the range as given, its date and the result. Source: Company releases.

    Samsung, SK hynix, Phison, Maxio and FADU give no revenue range, and Kioxia’s, in yen, is not drawn yet.

    08

    Guidance against results: the chip chain

    The chip companies that buy the memory guide the same way.

    Guidance against results: the chip chain

    The chip chain: guidance against results

    Nvidia, AMD, Intel, Arm, Marvell and TSMC, read the same way as the storage and memory chart

    For Nvidia, AMD, Intel, Arm, Marvell and TSMC, each guided revenue range is drawn as a vertical range, with the reported revenue as a dot. Ranges for the next quarter are listed at the right.Revenue against the guided midpoint, % (each row)mid+20%MarvellMarvell FQ1 FY2027: guided $2.4B ± 5% on 2026-03-05 (C-E-220); reported $2.4BMarvell FQ2 FY2027: guided $2.7B ± 5% on 2026-05-27 (C-E-221); reported $2.7BMarvell FQ3 FY2027: guided $3.15B ± 5% on 2026-08-27 (C-E-222); not yet reportednext quarter$3.15B ± 5%mid+20%NvidiaNvidia FQ1 FY2027: guided $78B ± 2% on 2026-02-25 (C-E-307); reported $81.6BNvidia FQ2 FY2027: guided $91B ± 2% on 2026-05-20 (C-E-308); reported $96.2BNvidia FQ3 FY2027: guided $108B ± 2% on 2026-08-26 (C-E-309); not yet reportednext quarter$108B ± 2%mid+20%AMDAMD 1Q 2026: guided $9.8B ± $300M on 2026-02-03 (C-E-310); reported $10.3BAMD 2Q 2026: guided $11.2B ± $300M on 2026-05-05 (C-E-311); reported $11.5BAMD 3Q 2026: guided $13B ± $300M on 2026-08-04 (C-E-312); reported $13.4BAMD 4Q 2026: guided $17B ± 3% on 2026-11-03 (C-E-1128); not yet reportednext quarter$17B ± 3%mid+20%ArmArm FQ2 FY2026: guided $1.01B to $1.11B on 2025-07-30 (C-E-323); reported $1.1BArm FQ3 FY2026: guided $1.225B ± $50M on 2025-11-05 (C-E-323); reported $1.2BArm FQ4 FY2026: guided $1.47B ± $50M on 2026-02-04 (C-E-324); reported $1.5BArm FQ1 FY2027: guided $1.26B ± $50M on 2026-05-06 (C-E-325); reported $1.3BArm FQ2 FY2027: guided $1.38B ± $50M on 2026-07-29 (C-E-325); reported $1.4BArm FQ3 FY2027: guided $1.54B ± $50M on 2026-11-04 (C-E-1120); not yet reportednext quarter$1.54B ± $50Mmid+20%TSMCTSMC 2Q 2025: guided $28.4B to $29.2B on 2025-04-17 (C-E-317); reported $30.07BTSMC 3Q 2025: guided $31.8B to $33B on 2025-07-17 (C-E-318); reported $33.10BTSMC 4Q 2025: guided $32.2B to $33.4B on 2025-10-16 (C-E-319); reported $33.73BTSMC 1Q 2026: guided $34.6B to $35.8B on 2026-01-15 (C-E-320); reported $35.90BTSMC 2Q 2026: guided $39B to $40.2B on 2026-04-16 (C-E-321); reported $40.20BTSMC 3Q 2026: guided $44.6B to $45.8B on 2026-07-16 (C-E-322); reported $46.72Blatest$46.72Bmid+20%IntelIntel 4Q 2025: guided $12.8B to $13.8B on 2025-10-23 (C-E-313); reported $13.7BIntel 1Q 2026: guided $11.7B to $12.7B on 2026-01-22 (C-E-314); reported $13.6BIntel 2Q 2026: guided $13.8B to $14.8B on 2026-04-23 (C-E-315); reported $16.1BIntel 3Q 2026: guided $15.8B to $16.8B on 2026-07-23 (C-E-316); reported $16.5Blatest$16.5BQ2’25Q3’25Q4’25Q1’26Q2’26Q3’26Q4’26Calendar quarter guided forGuided range, a quarter aheadReported revenue
    Every quarter is drawn against the middle of its own guided range, on one scale for all companies, so a dot above its whisker is a beat; a whisker with no dot is a quarter still ahead; hover for the range as given, its date and the result. Source: Company releases; TSMC’s results as it states them in US dollars.

    TSMC guides in US dollars but reports in New Taiwan dollars, so it is judged against the dollar revenue it states itself.

    09

    Every quarter

    Every quarter’s roundup and company notes, newest first, with the longer articles.

    • What a Gigawatt Takes
      What one gigawatt of SI accelerators takes in wafers, EUV exposures and scanners, with an analyst’s math checked against the makers’ numbers.
    • Fab Tracker
      Who owns which fabs, what each makes and on what node, how much, what is being built, the money, who supplies whom, and the lithography tools.
    • The Memory Cycle
      Why memory stays short: the tools, money and years new supply takes, what makers and analysts expect through 2028, and who holds the market.

    Q3 2026

    Q2 2026

    • Q2 2026 Roundup
      Memory, storage and chip companies in the April to June 2026 quarter, side by side, from their own releases.

    Q1 2026

    • Q1 2026 Roundup
      Memory, storage and chip companies in the January to March 2026 quarter, side by side, from their own releases.

    Q4 2025

    • Q4 2025 Roundup
      Memory, storage and chip companies in the October to December 2025 quarter, side by side, from their own releases.

    Q3 2025

    • Q3 2025 Roundup
      Memory, storage and chip companies in the July to September 2025 quarter, side by side, from their own releases.

    Q2 2025

    • Q2 2025 Roundup
      Memory, storage and chip companies in the April to June 2025 quarter, side by side, from their own releases.

    Q1 2025

    • Q1 2025 Roundup
      Memory, storage and chip companies in the January to March 2025 quarter, side by side, from their own releases.

    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 408 sources, 343 primary