MICRON TECHNOLOGY, INC. REPORTS RECORD RESULTS FOR THE THIRD QUARTER OF FISCAL 2026
MICRON TECHNOLOGY INC (MU) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 FOR IMMEDIATE RELEASE Contacts: Satya Kumar Mark Plungy Investor Relations Media Relations satyakumar@micron.com mplungy@micron.com (408) 450-6199 (408) 203-2910 MICRON TECHNOLOGY, INC. REPORTS RECORD RESULTS FOR THE THIRD QUARTER OF FISCAL 2026 Micron executes trans
How this was made
The 30-second read
Why it matters
The filing provides fresh, decision-relevant numbers: record revenue ($41.46B), GAAP net income ($28.24B), operating cash flow ($25.39B), and explicit Q4 guidance (revenue $50.0B ±$1.0B; GAAP EPS $30.73 ±$1.00). It also highlights product momentum (HBM4 high-volume shipments; PCIe Gen6 SSD high-volume; 245TB QLC SSD shipments) and declares a quarterly dividend ($0.15/share payable July 21).
Market read
Fresh earnings/guidance and cash-flow/capex details can drive immediate re-rating and positioning in MU and the broader memory complex.
What to watch
The guidance is GAAP/non-GAAP with specific margin/opex assumptions; traders should watch for sensitivity to capex, supply/demand balance, and whether customer agreement benefits translate into sustained pricing.
MICRON TECHNOLOGY, INC. REPORTS RECORD RESULTS FOR THE THIRD QUARTER OF FISCAL 2026
Micron reported record fiscal Q3 revenue, GAAP net income, operating cash flow, and profitability metrics, while FQ4 revenue guidance of $50.0 billion ± $1.0 billion and gross-margin guidance of approximately 86% indicate a further sequential step-up.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| RevenueGAAP | $41.46B | – | – |
| Gross marginGAAP | $35.06B | – | – |
| Gross margin percent of revenueGAAP | 84.6 % | – | – |
| Operating expensesGAAP | $1.74B | – | – |
| Operating incomeGAAP | $33.32B | – | – |
| Operating income percent of revenueGAAP | 80.4 % | – | – |
| Net incomeGAAP | $28.24B | – | – |
| Diluted earnings per share (EPS)GAAP | $ 24.67 | – | – |
| Basic earnings per shareGAAP | $ 25.03 | – | – |
| Cost of goods soldGAAP | $6.4B | – | – |
| Research and developmentGAAP | $1.32B | – | – |
| Selling, general, and administrativeGAAP | $407M | – | – |
| Other operating (income) expense, netGAAP | $ 15 | – | – |
| Interest incomeGAAP | $215M | – | – |
| Interest expenseGAAP | — | – | – |
| Other non-operating income (expense), netGAAP | −$321M | – | – |
| Income tax (provision) benefitGAAP | −$4.98B | – | – |
| Equity in net income (loss) of equity method investeesGAAP | $ 9 | – | – |
| Gross marginnon-GAAP | $35.20B | – | – |
| Gross margin percent of revenuenon-GAAP | 84.9 % | – | – |
| Operating expensesnon-GAAP | $1.52B | – | – |
| Operating incomenon-GAAP | $33.68B | – | – |
| Operating income percent of revenuenon-GAAP | 81.2 % | – | – |
| Net incomenon-GAAP | $28.86B | – | – |
| Diluted earnings per share (EPS)non-GAAP | $ 25.11 | – | – |
| Net cash provided by operating activitiesGAAP | $25.39B | – | – |
| Investments in capital expenditures, netnon-GAAP | −$7.08B | – | – |
| Adjusted free cash flownon-GAAP | $18.30B | – | – |
| Revenue, Nine Months Ended May 28, 2026GAAP | $78.96B | – | – |
| Gross margin, Nine Months Ended May 28, 2026GAAP | $60.46B | – | – |
| Operating income, Nine Months Ended May 28, 2026GAAP | $55.59B | – | – |
| Net income, Nine Months Ended May 28, 2026GAAP | $47.27B | – | – |
| Diluted earnings per share, Nine Months Ended May 28, 2026GAAP | $ 41.40 | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Cloud Memory Business UnitGross margin was 83 % and operating margin was 78 %. | $13.77B | – | – |
| Core Data Center Business UnitGross margin was 87 % and operating margin was 83 %. | $11.52B | – | – |
| Mobile and Client Business UnitGross margin was 87 % and operating margin was 86 %. | $11.52B | – | – |
| Automotive and Embedded Business UnitGross margin was 79 % and operating margin was 75 %. | $4.63B | – | – |
Amounts quoted below without a unit are in millions, as in the filing’s tables. Per-share figures are as printed.
FQ4-26 outlook
- Revenue$50.0 billion ± $1.0 billion
- Gross marginApproximately 86%
- Operating expensesGAAP: Approximately $1.86 billion; Non-GAAP: Approximately $1.65 billion
- NoteGAAP diluted earnings per share: $30.73 ± $1.00
- NoteNon-GAAP diluted earnings per share: $31.00 ± $1.00
- NoteGAAP earnings per share and non-GAAP earnings per share based on approximately 1.15 billion diluted shares.
Capital returns
- 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.
- Nine Months Ended May 28, 2026 repurchases of common stock - repurchase program were $ (650).
- Nine Months Ended May 28, 2026 repurchases of common stock - withholdings on employee equity awards were $ (762).
- Nine Months Ended May 28, 2026 payments of dividends to shareholders were $ (437).
What drove it
- Management cited the strategic value of memory in the AI era and customers’ rapidly growing demand.
- HBM4 built on 1-beta DRAM technology is in high-volume shipments for the lead customer's platform, and qualification samples have shipped to multiple end-customers.
- LP5X SOCAMM2 products are in high-volume production across multiple capacity points.
- G9-based PCIe Gen6 high-performance SSD is in high-volume production, and Micron commenced shipments of its 245TB QLC SSD.
- 1-gamma 16Gb LPDDR5X began a high-volume ramp at a leading smartphone OEM.
- Micron cited multi-year Strategic Customer Agreements as supporting durability and predictability of financial performance.
Concerns
- FQ4 outlook is forward-looking and subject to risks and uncertainties that could cause actual results to differ materially.
- Receivables were $ 31,025 as of May 28, 2026, versus $ 17,314 as of February 26, 2026.
- Nine Months Ended May 28, 2026 expenditures for property, plant, and equipment were $ (19,602).
- The FQ4 outlook does not incorporate the impact of potential business combinations, divestitures, additional restructuring activities, balance sheet valuation adjustments, strategic investments, financing transactions, and other significant transactions.
What to watch
- Execution against FQ4 revenue guidance of $50.0 billion ± $1.0 billion and gross-margin guidance of approximately 86%.
- Progression of HBM4 qualification with multiple end-customers and HBM4E development, for which volume production is expected in calendar 2027.
- The high-volume ramp of 1-gamma 16Gb LPDDR5X and sampling of 1-gamma 24Gb LP5X to multiple smartphone customers.
- Capital-expenditure investment and its relationship to adjusted free cash flow.
- Receivables, inventories, and debt balances in subsequent reporting periods.
Balance sheet and cash flow
- Cash, marketable investments, and restricted cash were $30.2 billion at quarter end.
- Cash and equivalents were $ 24,995 as of May 28, 2026, compared with $ 13,908 as of February 26, 2026 and $ 9,642 as of August 28, 2025.
- Short-term investments were $ 1,027 and long-term marketable investments were $ 4,106 as of May 28, 2026.
- Receivables were $ 31,025 and inventories were $ 8,567 as of May 28, 2026.
- Property, plant, and equipment was $ 56,426 as of May 28, 2026.
- Current debt was $ 582 and long-term debt was $ 5,140 as of May 28, 2026, compared with $ 585 and $ 9,557, respectively, as of February 26, 2026.
- Total assets were $ 134,112, total liabilities were $ 33,388, and total equity was $ 100,724 as of May 28, 2026.
- Nine Months Ended May 28, 2026 net cash provided by operating activities was $ 45,702, compared with $ 11,795 for the Nine Months Ended May 29, 2025.
- Nine Months Ended May 28, 2026 expenditures for property, plant, and equipment were $ (19,602), compared with $ (10,199) for the Nine Months Ended May 29, 2025.
- Nine Months Ended May 28, 2026 net cash used for investing activities was $ (19,688), compared with $ (8,889) for the Nine Months Ended May 29, 2025.
- Nine Months Ended May 28, 2026 repayments of debt were $ (9,380), compared with $ (3,604) for the Nine Months Ended May 29, 2025.
- Nine Months Ended May 28, 2026 net cash used for financing activities was $ (10,646), compared with $ 214 for the Nine Months Ended May 29, 2025.
- Cash, cash equivalents, and restricted cash at end of period were $ 25,022, compared with $ 10,169 for the Nine Months Ended May 29, 2025.
Analysis
Micron reported record fiscal Q3 results, with GAAP revenue of $ 41,456, GAAP gross margin of $ 35,056, GAAP operating income of $ 33,318, and GAAP net income of $ 28,243. The reported quarter also showed a substantial step-up from FQ2-26, when revenue was $ 23,860 and GAAP net income was $ 13,785. Gross margin reached 84.6 % on a GAAP basis and 84.9 % on a non-GAAP basis, while GAAP operating margin was 80.4 %.
All four reported business units generated materially larger revenue than in FQ2-26 and FQ3-25. Cloud Memory Business Unit revenue was $ 13,769, Core Data Center Business Unit revenue was $ 11,524, Mobile and Client Business Unit revenue was $ 11,521, and Automotive and Embedded Business Unit revenue was $ 4,634. The business-unit table reported gross margins between 79 % and 87 % and operating margins between 75 % and 86 %. Management attributed the environment to the strategic value of memory in AI and rapidly growing customer demand.
Cash generation rose with profitability. GAAP net cash provided by operating activities was $ 25,388, and adjusted free cash flow was $ 18,304 after investments in capital expenditures, net of $ (7,084). Micron ended the quarter with cash, marketable investments, and restricted cash of $30.2 billion. At the balance-sheet level, cash and equivalents were $ 24,995, while long-term debt declined to $ 5,140 from $ 9,557 as of February 26, 2026. Receivables increased to $ 31,025 from $ 17,314 over the same dates.
The FQ4 outlook calls for revenue of $50.0 billion ± $1.0 billion and gross margin of approximately 86% on both a GAAP and non-GAAP basis. GAAP operating expenses are expected to be approximately $1.86 billion, compared with non-GAAP operating expenses of approximately $1.65 billion. GAAP diluted earnings per share guidance is $30.73 ± $1.00 and non-GAAP diluted earnings per share guidance is $31.00 ± $1.00. Product execution remains central to the outlook, including high-volume HBM4 shipments, HBM4E development, high-volume LP5X SOCAMM2 production, and production ramps across SSD and mobile-memory products.
Management, verbatim
Micron’s record fiscal Q3 financial results and even stronger outlook for Q4 reflect the strategic value of memory in the AI era.
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.
Sanjay Mehrotra, Chairman, President and CEO of Micron Technology
We believe our multi-year Strategic Customer Agreements will significantly enhance the durability and predictability of Micron’s strong financial performance.
Sanjay Mehrotra, Chairman, President and CEO of Micron Technology
Not in the filing
stated, not guessed- Prior-period outlook was not provided, so comparison of FQ3 2026 actual results with prior guidance is unavailable.
- FQ3 2026 effective tax rate was not reported.
- FQ4-26 tax-rate guidance was not reported.
- Year-over-year and sequential percentage changes for total revenue, profitability metrics, cash-flow metrics, and business-unit revenue were not printed for the applicable rows.
- FQ3 2026 share-repurchase activity was not separately reported; only nine-month cash-flow figures were provided.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
This is Micron’s SEC Form 8-K (Item 2.02) with an attached press release covering fiscal Q3 results and fiscal Q4 guidance.
Ticker impact
Micron reported record fiscal Q3 results and issued FQ4 guidance, including revenue $50.0B ±$1.0B and EPS $30.73 ±$1.00.
Likely positive bias for MU into/after the earnings reaction window, with volatility around whether Q4 guidance sustains AI-memory demand expectations.
The filing includes large sequential revenue and earnings/cash-flow jumps plus explicit Q4 GAAP/non-GAAP guidance and product shipment commentary (HBM4 high-volume, SSD ramps).
Market effects
Strong memory demand signals (HBM4 high-volume shipments; SSD ramps) can reinforce sector-wide AI-memory pricing and capacity expectations.
Limited direct regional spillover beyond US-listed semiconductor/memory sentiment.
AI compute supply-chain read-through may affect global DRAM/NAND peers’ near-term sentiment and guidance expectations.
Counterpoint
Record Q3 and strong Q4 guidance may already be priced; any mismatch in gross margin durability or capex intensity could trigger profit-taking.
Key entities
- companyMicron Technology, Inc.
Reported record fiscal Q3 results and provided fiscal Q4 guidance in an SEC 8-K press release.
- governanceBoard of Directors
Declared a quarterly cash dividend of $0.15 per share, payable July 21, 2026.
