Kioxia Holdings (285A)
Kioxia Holdings (285A) is Japan’s NAND flash champion, heir to Toshiba’s 1987 invention of NAND flash, making memory and SSDs in joint fabs with SanDisk. In ETFpedia it anchors the Japanese leg of the Asia memory semiconductor concept. In the year ended March 2026 it posted record revenue of 2,337.6 billion yen, up 37% on AI demand.
| Ticker | 285A |
|---|---|
| Exchange | TSE |
| Sector | Technology · NAND Flash Memory & SSDs |
| Country | Japan |
| Related index | Akros Asia Memory Semiconductor Top 10 Index (AAMST10) |
| Wikidata | Q28840043 |
| Last updated | 2026-06-10 |
Next event:Next earnings · fiscal Q1 FY2026 results (Apr–Jun 2026 quarter)estimated · Date not yet announced. Kioxia has historically reported quarterly results in August, November, February, and May, so the Q1 FY2026 announcement is expected around early August 2026. (source)
Latest reported quarter:FY2025 (fiscal year ended Mar 31, 2026) (reported2026-05-15)
Kioxia posted record FY2025 revenue of 2,337.6 billion yen, up 37% year over year, with non-GAAP operating income nearly doubling to 876.2 billion yen and net income roughly doubling to 554.4 billion yen, as AI data-center SSD demand drove significantly higher selling prices. Fiscal Q4 was the first quarter ever above 1 trillion yen in revenue.
| Revenue | ¥2,337.6B+37%YoY · Record for a second straight year |
|---|---|
| Operating income (non-GAAP) | ¥876.2B+93.4%YoY · First operating-profit record in 8 years |
| Net income (attributable) | ¥554.4B+103.6%YoY |
| Fiscal Q4 revenue (Jan–Mar 2026) | ¥1,002.9B+84.5% QoQYoY · First quarter above ¥1 trillion |
Guidance:Fiscal Q1 FY2026 (Apr–Jun 2026)
| Revenue (forecast) | ¥1,750B |
|---|---|
| Operating income, non-GAAP (forecast) | ¥1,300B |
| Net income, non-GAAP (forecast) | ≈¥870B |
Company forecast issued May 15, 2026 with the FY2025 results; Kioxia guides one quarter at a time.
Recent & upcoming events
- · Listed on the Tokyo Stock Exchange.Kioxia debuted on the TSE after an IPO of roughly $800 million priced at 1,455 yen per share; the stock closed its first day up about 10%. (source)
- · Q3 FY2025 results announced.Kioxia reported its fiscal third-quarter (Oct–Dec 2025) results as AI-driven NAND demand accelerated through the fiscal year. (source)
- · Added to the Nikkei 225.Kioxia was selected for inclusion in the Nikkei Stock Average, less than 15 months after its IPO. (source)
- · Record FY2025 results, US ADS listing preparation, new CEO named.Alongside record results, Kioxia disclosed preparations to list American Depositary Shares on a US exchange and nominated Hiroo Ota as its next President and CEO, succeeding Nobuo Hayasaka. (source)
- · Upgraded to investment grade.S&P and Fitch raised Kioxia's credit ratings to investment-grade BBB-, reflecting the stronger balance sheet built during the memory upcycle. (source)
- · Investor Day held.Kioxia hosted an Investor Day to lay out its strategy for the AI-driven NAND demand cycle and capacity plans. (source)
Full-year figures are from Kioxia's consolidated FY2025 results (IFRS, with non-GAAP operating metrics as reported by the company) announced May 15, 2026. Kioxia's fiscal year ends March 31; 'FY2025' is the year ended March 31, 2026.
Figures are as of 2026-06-10 and reflect the most recent public filings/IR releases; they are updated after each earnings report.
What does Kioxia do?
Kioxia makes NAND flash memory, the non-volatile chips that store data, and the SSDs built from them. The lineage matters: NAND flash was invented at Toshiba in 1987, and Kioxia is the company that business became, spun out in 2018 and renamed in 2019. It manufactures at giant joint-venture fab complexes in Yokkaichi and Kitakami operated with SanDisk, and sells into three big pools of demand: data-center and enterprise SSDs, smartphone storage, and PCs. The company came public on the Tokyo Stock Exchange on December 18, 2024, in an IPO of roughly $800 million that priced at 1,455 yen per share and closed its first day up about 10% (CNBC). By March 2026 it had been added to the Nikkei 225, barely 15 months after listing (Kioxia).
How is AI driving Kioxia’s business?
Generative AI changed the shape of NAND demand. Training clusters and inference fleets read and write enormous datasets, and they buy storage as fast, dense enterprise SSDs rather than commodity drives. That demand arrived faster than the industry could add capacity: Kioxia reportedly sold out its entire 2026 NAND output in advance as AI data-center customers locked in long-term supply (DIGITIMES). The company attributes its record year to significantly higher selling prices and SSD demand from generative-AI infrastructure customers (Kioxia), and its incoming chief executive put the thesis plainly:
“We are riding the wave of AI demand. As AI becomes a pillar of society, the strength of the flash memory market is expected to continue.”
— Hiroo Ota, President & CEO, Kioxia Holdings (Blocks & Files)
What did Kioxia report most recently?
For the fiscal year ended March 31, 2026, announced on May 15, 2026, Kioxia reported record revenue of 2,337.6 billion yen, up 37% year over year, non-GAAP operating income of 876.2 billion yen, up 93.4%, its first operating-profit record in eight years, and net income of 554.4 billion yen, roughly double the prior year (Kioxia, EE Times Japan). The fiscal fourth quarter was the breakout: revenue of 1,002.9 billion yen, up 84.5% quarter over quarter, the first quarter in the company’s history above 1 trillion yen (Blocks & Files). The balance sheet followed: ten days after the results, S&P and Fitch upgraded Kioxia to investment-grade BBB- (Kioxia), and the company disclosed preparations for a US ADS listing (Kioxia).
What is Kioxia’s guidance?
Kioxia guides one quarter at a time. For fiscal Q1 FY2026 (April–June 2026) it forecasts revenue of about 1,750 billion yen, up 74.5% quarter over quarter, non-GAAP operating income of about 1,300 billion yen, and non-GAAP net income of roughly 870 billion yen, on sustained AI data-center demand (EE Times Japan). If delivered, a single quarter would earn more operating profit than the entire record fiscal year just reported.
What are the risks for Kioxia?
- NAND cyclicality. NAND has historically swung harder than DRAM, and prices that nearly doubled profits in a year can reverse once supply catches up; the Q1 FY2026 forecast assumes the shortage persists.
- Pure-play concentration. Kioxia sells essentially one product family. It has no DRAM or HBM business to cushion a flash downturn, unlike Samsung or SK Hynix.
- Capex and JV dependency. Capacity decisions run through joint ventures with SanDisk, so expansion pace and cost are partly outside Kioxia’s sole control.
- New-listing overhang. Post-IPO shareholders, including the Bain-led consortium that took Toshiba Memory private, can sell down, and a planned US ADS listing adds supply of shares (Kioxia).
Related securities, concepts & terms
- Asia Memory Semiconductorparent
- SK Hynix (000660)related
- Nanya Technology (2408)related
- Tokyo Electron (8035)related
Related indices & ETFs
- Akros Asia Memory Semiconductor Top 10 Index (AAMST10) · Akros Technologies, Inc.Pure-play index of Asia's top 10 memory-semiconductor companies that includes Kioxia; no licensed tracking ETF yet.
These references describe index-tracking relationships as a matter of fact and are not a recommendation to buy any product. Akros, as the index provider, may receive licensing fees from product sponsors. Review the product's prospectus before investing.
Frequently asked questions about Kioxia
What does Kioxia Holdings do?
Kioxia makes NAND flash memory and SSDs. It was spun out of Toshiba, which invented NAND flash in 1987, and manufactures from joint-venture fabs in Yokkaichi and Kitakami operated with SanDisk. Its products store data in AI data centers, smartphones, and PCs, and in the fiscal year ended March 31, 2026 it generated record revenue of 2,337.6 billion yen, up 37% year over year (Kioxia).
What was Kioxia's latest revenue?
For the fiscal year ended March 31, 2026, Kioxia reported record revenue of 2,337.6 billion yen, up 37% year over year, with non-GAAP operating income of 876.2 billion yen, up 93.4%, and net income of 554.4 billion yen, roughly double the prior year (Kioxia, EE Times Japan). The fiscal fourth quarter (Jan–Mar 2026) was the first ever above 1 trillion yen in quarterly revenue, at 1,002.9 billion yen (Blocks & Files).
What is Kioxia's guidance?
With its May 15, 2026 results, Kioxia guided fiscal Q1 FY2026 (April–June 2026) to revenue of about 1,750 billion yen, up 74.5% quarter over quarter, with non-GAAP operating income of about 1,300 billion yen and non-GAAP net income of roughly 870 billion yen, driven by sustained AI data-center demand (EE Times Japan). Kioxia guides one quarter at a time.
When does Kioxia report its next earnings?
Kioxia has not yet confirmed the date of its fiscal Q1 FY2026 (April–June 2026) results. It has historically reported quarterly results in August, November, February, and May, so the announcement is expected around early August 2026; that timing is estimated, not company-confirmed (Kioxia IR). Kioxia last reported full-year FY2025 results on May 15, 2026.
Why is Kioxia part of the Asia memory semiconductor concept?
It is the Japanese anchor of the Asia memory value chain. Japan invented NAND flash at Toshiba in 1987, and Kioxia is that lineage's listed heir, one of the world's leading NAND suppliers in an industry where AI data centers reportedly bought out its entire 2026 capacity in advance (DIGITIMES). Its December 2024 Tokyo IPO, March 2026 Nikkei 225 inclusion, and planned US ADS listing also make it the cycle's most direct new listing (CNBC, Kioxia).
Sources & references
- Consolidated Financial Results for the Fiscal Year Ended March 31, 2026 · Kioxia Holdings Corporation, 2026-05-15
- IR News | KIOXIA Holdings Corporation · Kioxia Holdings Corporation, 2026-06-02
- キオクシア25年度 驚異の決算 Q4純利益は前年比30倍：通期売上高2兆3376億円で過去最高 · EE Times Japan (ITmedia), 2026-05-18
- Kioxia rides the AI wave to record revenues and a US listing · Blocks & Files, 2026-05-21
- Kioxia sells out 2026 NAND capacity as AI demand tightens global memory supply · DIGITIMES, 2026-02-23
- Kioxia shares climb 10% on debut in Tokyo after $800 million IPO · CNBC, 2024-12-18
- Selection of Director Candidates and Audit and Supervisory Board Member Candidate (Hiroo Ota named President and CEO candidate) · Kioxia Holdings Corporation, 2026-05-15
- Kioxia added to the Nikkei Stock Average (Nikkei 225) · Kioxia Holdings Corporation, 2026-03-05
- Credit ratings upgraded to investment grade BBB- by S&P and Fitch · Kioxia Holdings Corporation, 2026-05-25