Micron executes transformational Strategic Customer Agreements
BOISE, Idaho, (GLOBE NEWSWIRE) — Micron Technology, Inc. (Nasdaq: MU) today announced results for its third quarter of fiscal 2026, which ended May 28, 2026.
Fiscal Q3 2026 highlights
- Revenue of $41.46 billion versus $23.86 billion for the prior quarter and $9.30 billion for the same period last year
- GAAP net income of $28.24 billion, or $24.67 per diluted share
- Non-GAAP net income of $28.86 billion, or $25.11 per diluted share
- Operating cash flow of $25.39 billion versus $11.90 billion for the prior quarter and $4.61 billion for the same period last year
“Micron’s record fiscal Q3 financial results and even stronger outlook for Q4 reflect the strategic value of memory in the AI era,” said Sanjay Mehrotra, Chairman, President and CEO of Micron Technology. “Micron is investing at record levels in technology, products and supply to address our customers’ rapidly growing demand. We believe our multi-year Strategic Customer Agreements will significantly enhance the durability and predictability of Micron’s strong financial performance.”
| Quarterly Financial Results | |||||||||||||||||||
| GAAP(1) | Non-GAAP(2) | ||||||||||||||||||
| (in millions, except per share amounts) | FQ3-26 | FQ2-26 | FQ3-25 | FQ3-26 | FQ2-26 | FQ3-25 | |||||||||||||
| Revenue | $ | 41,456 | $ | 23,860 | $ | 9,301 | $ | 41,456 | $ | 23,860 | $ | 9,301 | |||||||
| Gross margin | 35,056 | 17,755 | 3,508 | 35,199 | 17,876 | 3,623 | |||||||||||||
| Percent of revenue | 84.6 | % | 74.4 | % | 37.7 | % | 84.9 | % | 74.9 | % | 39.0 | % | |||||||
| Operating expenses | 1,738 | 1,620 | 1,339 | 1,518 | 1,421 | 1,133 | |||||||||||||
| Operating income | 33,318 | 16,135 | 2,169 | 33,681 | 16,455 | 2,490 | |||||||||||||
| Percent of revenue | 80.4 | % | 67.6 | % | 23.3 | % | 81.2 | % | 69.0 | % | 26.8 | % | |||||||
| Net income | 28,243 | 13,785 | 1,885 | 28,857 | 14,021 | 2,181 | |||||||||||||
| Diluted earnings per share (EPS) | 24.67 | 12.07 | 1.68 | 25.11 | 12.20 | 1.91 | |||||||||||||
For the third quarter of 2026, investments in capital expenditures, net(2) were $7.1 billion and adjusted free cash flow(2) was $18.3 billion. Micron ended the quarter with cash, marketable investments, and restricted cash of $30.2 billion. On June 24, 2026, Micron’s Board of Directors declared a quarterly dividend of $0.15 per share, payable in cash on July 21, 2026, to shareholders of record as of the close of business on July 6, 2026.
| Quarterly Business Unit Financial Results | |||||||||
| FQ3-26 | FQ2-26 | FQ3-25 | |||||||
| Cloud Memory Business Unit | |||||||||
| Revenue | $ | 13,769 | $ | 7,749 | $ | 3,386 | |||
| Gross margin | 83 | % | 74 | % | 58 | % | |||
| Operating margin | 78 | % | 66 | % | 46 | % | |||
| Core Data Center Business Unit | |||||||||
| Revenue | $ | 11,524 | $ | 5,687 | $ | 1,530 | |||
| Gross margin | 87 | % | 74 | % | 38 | % | |||
| Operating margin | 83 | % | 67 | % | 20 | % | |||
| Mobile and Client Business Unit | |||||||||
| Revenue | $ | 11,521 | $ | 7,711 | $ | 3,255 | |||
| Gross margin | 87 | % | 79 | % | 24 | % | |||
| Operating margin | 86 | % | 76 | % | 15 | % | |||
| Automotive and Embedded Business Unit | |||||||||
| Revenue | $ | 4,634 | $ | 2,708 | $ | 1,127 | |||
| Gross margin | 79 | % | 68 | % | 26 | % | |||
| Operating margin | 75 | % | 62 | % | 11 | % | |||
Business Outlook
The following table presents Micron’s guidance for the fourth quarter of 2026:
| FQ4-26 | GAAP(1) Outlook | Non-GAAP(2) Outlook |
| Revenue | $50.0 billion ± $1.0 billion | $50.0 billion ± $1.0 billion |
| Gross margin | Approximately 86% | Approximately 86% |
| Operating expenses | Approximately $1.86 billion | Approximately $1.65 billion |
| Diluted earnings per share | $30.73 ± $1.00 | $31.00 ± $1.00 |
Further information regarding Micron’s business outlook is included in the prepared remarks and slides, which have been posted at investors.micron.com.
Product highlights
- HBM4, built on 1-beta DRAM technology, is in high-volume shipments for our lead customer’s platform, and qualification samples have been shipped to multiple end-customers.
- Development of HBM4E, built on 1-gamma DRAM technology, is well underway, with volume production expected in calendar 2027.
- Qualification samples of 256GB DDR5 RDIMMs, built on 1-gamma DRAM technology and advanced 3D die stacking, has shipped to key server ecosystem enablers.
- Our LP5X SOCAMM2 products are in high-volume production, and we have expanded our LP5X SOCAMM2 offerings across multiple capacity points.
- G9-based PCIe Gen6 high-performance SSD is now in high-volume production.
- We commenced shipments of our high-capacity 245TB QLC SSD.
- Gen5 QLC PC Client SSD with G9 NAND has achieved successful lead customer qualification.
- 1-gamma 16Gb LPDDR5X has begun high-volume ramp at a leading smartphone OEM, and we are currently sampling our 1-gamma 24Gb LP5X product to multiple smartphone customers.
- 1-gamma LPDDR5 reached automotive product readiness, with samples delivered to key customers, and we shipped our first 1-gamma DDR5 samples to a robotaxi customer.
- G9-based UFS 4.1 automotive NAND solution began first volume shipments.
Investor Webcast
Micron will host a conference call on Wednesday, June 24, 2026 at 2:30 p.m. Mountain Time to discuss its third quarter financial results and provide forward-looking guidance for its fourth quarter. A live webcast of the call will be available online at investors.micron.com. A webcast replay will be available for one year after the call.
We encourage you to visit our website at micron.com throughout the quarter for the most current information on the company, including information on financial conferences that we may be attending. You can also follow us on LinkedIn, X (@MicronTech) and YouTube (@MicronTechnology).
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