Earnings Season Tracker

Sanjay Mehrotra opened by announcing a $25 billion data center revenue quarter — an annualized run rate above $100 billion — and his pitch went up on those words in a way that didn't sound rehearsed. The man was genuinely energized. Mark Murphy matched it: 34 long pauses across his section, but these were the pauses of someone choosing precision over speed, not someone avoiding a question. The headline numbers (84.9% gross margin, $25.11 EPS, $41.5B revenue up 346% year-over-year) would be enough to write about on their own. But the actual story from this call is the SCA structure. Sixteen strategic customer agreements, covering roughly 20% of DRAM and 30% of NAND volume, with $100 billion in contractual floor-price revenue and $22 billion in cash deposits from customers. The floor prices on those contracts are set above any gross margin Micron has ever printed in a prior upcycle. That is the business model transformation Mehrotra has been telegraphing for two years, now executed. For ASML, TSMC's advanced packaging peers, and every equipment supplier on Micron's Idaho and New York build-out, this call is a demand confirmation signal worth paying attention to: Micron just told the market it is pulling in clean room capacity and its Singapore packaging facility contributes to HBM volume production from H1 2027. The supply constraints Mehrotra described — greenfield lead times, EUV complexity, HBM trade ratios, skilled-trades shortages — are not Micron-specific problems. They apply equally to Samsung and SK Hynix, which means the tightness Micron is pricing into its SCAs through 2030 is an industry condition, not a company-specific bet.

Ford Tamer came out swinging on this call — 42% revenue growth, 86% EPS growth, Q2 guided to nearly 50% year-over-year, and a $1.65B acquisition of AMI announced in the same breath. This wasn't a beat-and-raise quarter; this was a thesis-expansion call. The AMI deal is the move that transforms Lattice from 'smart silicon company' into a full-stack secure management platform — firmware, BIOS, BMC, hardware, all of it — and Ford was specific about why: he's done exactly this playbook twice before at Broadcom and Infi, using software/firmware adjacencies to accelerate silicon attach and pull through. Lorenzo Flores, who normally plays the steady hand, was visibly excited — calling it a 'really nice' deal that's immediately accretive without depending on cost synergies, with AMI gross margins *above* Lattice's already-strong 70%. The two stories on this call — the blowout organic quarter AND the AMI acquisition — reinforce each other in a way that doesn't happen often: channel inventory is finally clean (under two months and falling), industrial is recovering, AI server content is accelerating, and now the company just bought the firmware layer that sits on top of everything they sell. The next 18 months are going to be very interesting.

Michael Hurlston ran this call like a man who knows he's holding four aces and is just deciding how slowly to reveal them. Revenue up 90% year-over-year to $808M, operating margin expanding 2,100 basis points year-over-year — and then he guides to $960M–$1.01B next quarter and reminds everyone the $2B quarterly target is still on track. But the real story isn't the numbers you saw in the headline — it's three things the Street hasn't fully priced. First, pump lasers and narrow-linewidth lasers for scale-across networks just became a surprise constraint BIGGER than EMLs, with a supply-demand gap exceeding 30%, and Hurlston says it 'hit us relatively suddenly.' That means there's a massive, underappreciated revenue and margin opportunity that wasn't in anyone's model two quarters ago. Second, NVIDIA made a direct investment that dropped $2B onto the balance sheet in a single quarter — Lumentum now sits on $3.17B in cash while simultaneously accelerating capex and locking in long-term supply agreements with prepayments and take-or-pay structures. Third, the Greensboro fab isn't in OFC projections at all, adds over $5B in incremental revenue potential, and comes online in early 2028 — meaning the consensus $2B quarterly target may actually be the floor, not the ceiling.