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Kioxia (285A) investor relations material
Kioxia Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary13 Nov, 2025
Executive summary
Robust NAND demand, especially from AI applications, drove improved profitability in Q2 FY2025, with both operating profit and net income exceeding guidance upper limits.
Q2 results reflected a market recovery, with net income more than doubling quarter-over-quarter and sales prices improving across all applications.
Revenue for the six months ended September 30, 2025, was ¥791.1 billion, down 13% year-over-year due to lower ASPs and negative FX impact, despite higher bit shipments.
Operating profit for the six months fell to ¥130.8 billion, a 55.2% decrease year-over-year, mainly from reduced revenue.
Non-GAAP measures, excluding PPA and stock-based compensation, also showed significant declines.
Financial highlights
Q2 FY2025 revenue was ¥448.3 billion, up 30.8% sequentially; adjusted non-GAAP gross profit was ¥145.6 billion (32% margin).
Non-GAAP operating profit reached ¥87.2 billion (19% margin), and non-GAAP net income was ¥41.7 billion (9.3% margin).
Non-GAAP EBITDA was ¥165.8 billion (37% margin); free cash flow was positive at ¥41.3 billion for the seventh consecutive quarter.
Six-month revenue: ¥791.1B (down ¥118.3B YoY); SSD & Storage: ¥462.0B, Smart Devices: ¥236.3B, Other: ¥92.8B.
Q2 (Jul–Sep 2025) revenue: ¥448.3B, up ¥105.5B sequentially; operating profit: ¥85.9B, up ¥41.0B sequentially.
Outlook and guidance
Q3 FY2025 revenue guidance is ¥500–550 billion, with non-GAAP operating profit expected at ¥100–140 billion and net income at ¥61–89 billion.
Record revenue and increased profit are anticipated, driven by higher ASPs and continued AI-related NAND demand.
Nine-month FY2026 revenue guidance: ¥1,291.1–¥1,341.1B (down 5.0–1.3% YoY).
The NAND market is projected to see mid-teens bit growth in CY2025 and high-teens in CY2026 due to supply constraints.
Non-GAAP profit attributable to owners projected at ¥61.0–¥89.0B for Q3, up 46.4–113.6% sequentially.
How will ASP trends impact future profitability?
Impact of preferred share redemption on capital structure
Rationale for increased PP&E investment
Partial view of Summaries dataset, powered by Quartr API
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Q3 202612 Feb, 2026
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