According to MoneyDJ, Kioxia's (鎧俠) April–June 2026 net profit surged 45-fold to ¥842.2 billion on a 416% revenue jump, yet still missed both its own and market forecasts. Kioxia now projects 30-fold profit growth this quarter and has announced a 1-for-3 stock split plus an ¥800 billion share buyback.
Last quarter's 45-fold profit jump: NAND Flash pricing and shipments
According to MoneyDJ, Kioxia (鎧俠) reported that consolidated net profit for the April–June 2026 quarter "soared 45-fold (up 4,502%) to ¥842.2 billion, with quarterly revenue, operating profit, and net profit all setting historical records." TechNews carried the identical figure in its own report on the results, confirming net profit reached ¥842.2 billion, a 45-fold year-on-year increase.
MoneyDJ cited Kioxia's own explanation for the jump: NAND Flash selling prices (in US dollar terms) rose approximately 70% quarter-on-quarter, while shipment volume grew roughly 1–4% quarter-on-quarter. The price increase, far outpacing the shipment growth, was the primary driver behind the profit surge.
Revenue and profitability: margins nearly quadrupled from a year ago
MoneyDJ reported that consolidated revenue climbed 416% year-on-year to ¥1.7671 trillion, while consolidated operating profit soared 27-fold (up 2,729%) to ¥1.27 trillion.
The margin expansion was equally steep. Per MoneyDJ's breakdown, gross margin reached 78% (versus 21% a year earlier and 64% in the prior quarter), operating margin reached 72% (versus 13% a year earlier and 60% in the prior quarter), and net margin reached 48% (versus 5% a year earlier and 41% in the prior quarter).
| Margin | Apr–Jun 2026 | Jan–Mar 2026 | Apr–Jun 2025 |
|---|
| Gross margin | 78% | 64% | 21% |
| Operating margin | 72% | 60% | 13% |
| Net margin | 48% | 41% | 5% |
Record results still missed estimates — does this quarter's forecast improve?
Despite the record highs, MoneyDJ reported that Kioxia's actual net profit of ¥842.2 billion came in below the company's own prior estimate of ¥869.0 billion and below the market's prior estimate of ¥968.7 billion.
For the current quarter (July–September 2026), MoneyDJ reported Kioxia's guidance calls for consolidated revenue to rise 433% to ¥2.39 trillion, operating profit to soar 21-fold (up 2,100%) to ¥1.89 trillion, and net profit to soar 30-fold (up 3,020%) to ¥1.27 trillion — figures TechNews likewise reported, adding that revenue, operating profit, and net profit are all expected to set fresh records again. Yet per MoneyDJ, citing Japanese media, the market had previously estimated this quarter's net profit at ¥1,343.1 billion — meaning Kioxia's own guidance falls short of that market expectation as well.
| Period | Net Profit (Actual/Forecast) | Company Estimate | Market Estimate |
|---|
| Apr–Jun 2026 (actual) | ¥842.2 billion | ¥869.0 billion | ¥968.7 billion |
| Jul–Sep 2026 (forecast) | ¥1.27 trillion | — | ¥1,343.1 billion |
Kioxia's outlook for NAND Flash market growth
According to MoneyDJ, Kioxia said it expects NAND Flash bit growth of 15–19% for 2026, and forecasts that 2027 will see demand exceed supply — an undersupplied market.
Stock split and buyback: the shareholder-return package
MoneyDJ reported that Kioxia announced last Friday it will carry out a stock split, using September 30, 2026 as the record date and October 1, 2026 as the effective date, splitting each share into three ("1-for-3"). Alongside the split, Kioxia will conduct a share buyback with an upper limit of ¥800 billion or 30 million shares — equivalent to 5.5% of outstanding shares — over a buyback window running from August 3, 2026 to October 30, 2026.
| Program | Detail |
|---|
| Stock split | 1-for-3; record date Sept 30, 2026; effective Oct 1, 2026 |
| Buyback cap | ¥800 billion / 30 million shares (5.5% of shares outstanding) |
| Buyback window | Aug 3, 2026 – Oct 30, 2026 |
Limit-up rally, then a 60% retreat from the peak
MoneyDJ reported that Kioxia shares jumped 17.72% (up ¥7,000) last Friday to hit the daily limit-up, closing at ¥46,500. Even after that rally, the stock remains down roughly 60% from its all-time high of ¥112,700 set on June 22 — a gap that sits alongside the same report's disclosure that both last quarter's actual results and this quarter's guidance came in below company and market estimates (see above).
Related headwind: Samsung and SK Hynix push substrate makers to cut prices
A separate report from the Commercial Times (工商時報, ctee.com.tw), dated July 3, 2026, described a parallel pressure point elsewhere in the memory supply chain. Samsung Electronics (三星) and SK Hynix (SK海力士) are, per the report, seeking to roll back roughly 3–4% of the price increases substrate suppliers won earlier this year, in their latest round of price negotiations with those suppliers.
The Commercial Times noted that the memory duo had agreed to raise substrate delivery prices by an average of 3–4% earlier in 2026, in response to sharp increases in gold and copper raw-material costs — the very increase they are now seeking to reverse.
The report described substrate-maker stocks reacting sharply: the "big three" substrate makers each fell more than half a limit-down band, with Nan Ya PCB (南電, ticker 8046) seeing its intraday decline widen to more than 8% before bargain-hunting buyers stepped in and the stock briefly turned positive. In Japan, Ibiden (挹斐電) plunged 9.1% on July 2 and fell further the next day, touching an intraday low of ¥20,900 — a decline of 10.76%.
What this means
Taken together, the two reports describe two different points of stress in the same memory supply chain during mid-2026. On the NAND Flash side, Kioxia posted record revenue, operating profit, and net profit for April–June 2026 — profit up 45-fold, margins nearly quadrupled from a year earlier — driven mainly by a roughly 70% quarter-on-quarter jump in NAND selling prices. Yet even those record results, and Kioxia's own 30-fold profit growth guidance for the current quarter, fell short of both the company's prior self-estimates and market estimates, a mismatch that coincided with Kioxia shares trading about 60% below their June 22 peak despite last Friday's limit-up move. Separately, on the DRAM/substrate side of the industry, Samsung and SK Hynix are now seeking to unwind the same 3–4% substrate-price increase they agreed to earlier in the year — a reversal that hit substrate-maker share prices in Taiwan and Japan within the same window. Both threads point to a memory industry where headline profit and price figures have moved sharply in 2026, but expectations — whether market estimates for Kioxia or substrate makers' pricing gains — have moved just as fast in the other direction.