[News] Kioxia Posts Record ¥543.6B Q3 FY25 Revenue, Confirms 2026 NAND Fully Booked

Kioxia reported its third-quarter earnings on February 12. As noted in its earnings presentation, for the three months ended December 31, 2025, the company posted record-high revenue of 543.6 billion yen, up 21.3% QoQ and 20.8% YoY. Net income reached 89.5 billion yen, up 114.9% QoQ and 17.3% YoY, with a margin of 16.5%.

In terms of revenue by application, the company said strong AI demand drove record sales in smart devices and SSD & storage. Notably, the SSD and storage segment, which includes memory products for PCs, datacenters, and enterprise customers, accounted for 55% of total sales, generating approximately 300.4 billion yen.

The more significant upside came from the company’s outlook. For the fourth quarter, Kioxia forecast revenue of approximately ¥890 billion at the midpoint, well above the ¥648.2 billion consensus estimate. Adjusted net income is projected at ¥340 billion, compared with market expectations of ¥164 billion, as highlighted by Investing.com.

Notably, the company stated that the CY2026 NAND market is expected to remain tight, as strong data center demand growth is likely to create supply constraints for the foreseeable future. It added that NAND demand is projected to exceed supply, with bit growth expected to reach the high teens in CY2026, compared with the mid-teens in CY2025. According to Investing.com, Kioxia also confirmed that its entire NAND flash production capacity for 2026 is already sold out.

Meanwhile, the company said its joint venture with SanDisk will transition to a compensation-based model, while continuing to supply SanDisk under the revised structure. Under the revised agreement, Kioxia expects to receive a total of USD 1,165 million over four years, from CY2026 to CY2029, for manufacturing services and ongoing product supply. The contract term has also been extended by five years, from the original expiration date of December 31, 2029 to December 31, 2034.

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(Photo credit: Kioxia)