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Kioxia (285A) investor relations material
Kioxia Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q1 FY2025 revenue was ¥342.8bn, down 1.2% QoQ and 20% YoY, mainly due to lower ASPs and FX effects.
Q1 FY2025 results exceeded the upper end of guidance, showing clear recovery since Q3 FY24.
Free cash flow remained positive for six consecutive quarters, with improved cash flow generation.
Operating profit was ¥44.9bn, down 64% YoY but up sequentially, aided by higher ASPs and absence of one-time tax charge.
Completed major refinancing in July, including repurchase of all preferred shares, new USD notes, and term loans.
Financial highlights
Non-GAAP operating profit reached ¥45.2bn (OPM 13.2%, up 2.4pt QoQ), down 64% YoY but up 21% sequentially.
Non-GAAP net income was ¥18.5bn (NIM 5.4%, up 1.6pt QoQ), down 74% YoY and 10% sequentially.
Non-GAAP EBITDA for Q1 was ¥124.9bn (36% margin).
Free cash flow for Q1 was ¥27.0bn, positive for six consecutive quarters.
Cash and cash equivalents at quarter-end were ¥178.4bn, up ¥10.5bn from previous fiscal year-end.
Outlook and guidance
Q2 FY2025 revenue guidance: ¥420.0–470.0bn; non-GAAP operating profit: ¥49.0–83.0bn.
Q2 non-GAAP net income guidance: ¥17.0–41.0bn, including a one-off refinancing impact of -¥10.0bn.
Substantial QoQ growth in revenue and profit expected in Q2, driven by strong data center and enterprise SSD demand.
Bit growth in NAND market for CY2025 expected in low 10% range.
Finance costs will rise by ¥13bn in Q2 due to refinancing.
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