Kioxia has released FY25 Q4 (Jan–Mar 2026) financial results ending March 31, 2026.
Core Financial Metrics:
Revenue: 1.0029 trillion yen (approximately USD 6.97 billion), up 84.5% quarter-on-quarter and a sharp 188.9% year-on-year, hitting an all-time high.
Operating Profit (Non-GAAP): 599.1 billion yen (approximately USD 4.17 billion), surging 314.2% quarter-on-quarter and nearly 15 times year-on-year, setting a new record high.
Net Profit (Non-GAAP): 409.9 billion yen (approximately USD 2.85 billion), rising 357.9% quarter-on-quarter and nearly 30 times year-on-year, reaching an all-time peak.
Gross Margin (Non-GAAP): 66%, up 30 percentage points quarter-on-quarter and 41 percentage points year-on-year, a record high.
Free Cash Flow: 241.1 billion yen (approximately USD 1.52 billion), up 181% quarter-on-quarter.
Key Analysis:
Falling Shipment, Soaring ASP: Striking AI Premium: A key detail from the earnings report shows NAND Flash bit shipment volume dropped around 10% quarter-on-quarter, while the average selling price (ASP) more than doubled quarter-on-quarter. This indicates robust demand for high-end storage driven by AI servers has completely offset the off-season weakness in traditional consumer electronics, giving storage firms firm pricing power in the market.
AI Bolsters Full-Fiscal-Year Performance: For the full FY2025, Kioxia posted annual revenue of 2.34 trillion yen (approximately USD 14.753 billion), up 37% year-on-year. Non-GAAP operating profit soared to 876.17 billion yen (approximately USD 5.53 billion), a 93.4% year-on-year increase. Non-GAAP net profit reached 559.638 billion yen (approximately USD 3.532 billion), rising over 110% year-on-year.
All Business Segments Hit Record Quarterly Sales; Enterprise SSD Shipments Reach New Highs
All of Kioxia's business segments achieved record quarterly sales, primarily driven by a strong ASP uptick across all application scenarios and optimized product mix, with production capacity of the 8th-generation BiCS FLASH™ surpassing that of the 5th generation.
SSD & Storage Business (60% of total revenue): Quarterly sales hit 600.3 billion yen, jumping 99.8% quarter-on-quarter and surging 179.0% year-on-year. PC segment sales growth was mainly fueled by price hikes; the data center and enterprise segment saw record-high enterprise SSD shipments amid strong AI server demand, with higher ASP further driving record revenue growth.
Smart Devices Business (34% of total revenue): Sales stood at 337.3 billion yen, up 81.1% quarter-on-quarter and a sharp 323.9% year-on-year. Despite a roughly 10% slight decline in shipment volume in line with expectations, substantial price increases pushed the segment’s revenue to an all-time high.
Other Businesses (7% of total revenue): Sales reached 65.2 billion yen, up 14.5% quarter-on-quarter and 24.7% year-on-year, delivering steady growth.
Technology Layout: Deep Commitment to AI Storage to Seize Core Industry Voice
Kioxia is proactively catering to and preparing for surging AI market demand through solid technological strength and product competitiveness. Instead of betting on a single technology route, the company has built a comprehensive product portfolio with high-performance TLC SSDs and high-capacity QLC SSDs to meet diverse AI scenario requirements.
In FY2025 (April 2025 – March 2026), Kioxia’s capital expenditure totaled 283.7 billion yen (approximately USD 1.79 billion), including 67.7 billion yen (approximately USD 427 million) in Q4, mainly allocated to the 8th and 10th-generation BiCS FLASH development and production.
Currently, the 8th-generation BiCS FLASH is in mass production, with its output exceeding that of the 5th generation as of March. The upcoming 10th-generation BiCS FLASH is deeply optimized for KV Cache applications in AI inference. Additionally, Kioxia will continue to advance innovative product lines including the KV Cache-dedicated CM series, high-capacity QLC LC series, and ultra-high IOPS SSDs, to accommodate demands of the AI inference phase and next-generation AI computing platforms.
Capital expenditure is projected to reach 450 billion yen(approximately USD 2.84 billion) in FY2026 (April 2026 – March 2027).
AI Dividend Far From Over; Strong Performance Outlook
Kioxia delivered an upbeat outlook for market trends and corporate growth. AI inference servers will continue driving NAND demand growth throughout 2026 with sustained market attention. Amid anticipated supply constraints, the global NAND market is expected to see a 17%–19% bit growth rate in 2026, with a supply-demand imbalance set to persist into 2027, underpinning Kioxia’s strong confidence in future performance.
Kioxia forecasts notable quarter-on-quarter growth in revenue and profits for FY26 Q1 (April–June 2026). Operating revenue is projected to hit 1.75 trillion yen, up 74.5% quarter-on-quarter; Non-GAAP operating profit is expected to reach 1.3 trillion yen with an operating margin exceeding 74%, while Non-GAAP net profit is forecast at ¥870 billion, translating to a net profit margin of nearly 50%.
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