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TrendForce: Top 5 NAND Flash Manufacturers' Revenue Growth of 23.8% in Q4 2025
Shanghai Securities News China Securities Network (Reporter Li Xingcai) According to the latest survey released by TrendForce on March 3, benefiting continuously from AI construction demand, in the fourth quarter of 2025, the combined revenue of the top five global NAND Flash (memory) manufacturers will increase significantly by 23.8% quarter-on-quarter to $21.17 billion.
Especially, North American cloud service providers (CSPs) building AI server infrastructure are driving explosive growth in enterprise SSD demand; combined with severe HDD shortages and long lead times causing order shifts, the overall NAND Flash shortage situation is worsening, pushing up prices and benefiting suppliers’ revenue.
Analyzing the revenue performance of major NAND Flash suppliers in the fourth quarter of 2025, Samsung ranks first with $6.6 billion, a 10% increase quarter-on-quarter, but its market share declines to 28%.
SK Group (including SK Hynix and Solidigm) saw revenue increase by 47.8% to $5.21 billion, helping its market share rise to 22.1%, maintaining second place. Growth drivers include mobile NAND Flash and enterprise SSD.
Kioxia ranks third with $3.31 billion, a 16.5% increase quarter-on-quarter, with both revenue and shipment volumes reaching new highs for the quarter in 2025.
Micron’s revenue increased by 24.8% to nearly $3.03 billion, ranking fourth. The company continues to increase QLC (Quad-Level Cell) production and expand supply. Products using the ninth-generation (G9) NAND Flash technology will help boost output in 2026.
SanDisk also reported nearly $3.03 billion in revenue, a 31.1% increase quarter-on-quarter, ranking fifth. Benefiting from the overall NAND supply shortage, the company actively expanded into the previously weaker server segment, leading to significant progress in its data center business.