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Micron (MU) · Semiconductors

Micron Q3 FY2026 earnings: summary, key numbers & outlook

Results filed 24 Jun 2026 · Quarter ended 28 May 2026

Slides (44 pages)Press release ↗Investor relations ↗

Summaries and transcripts are machine-generated and can contain errors.

In brief

Micron reported third-quarter fiscal 2026 revenue of $41.46 billion versus $23.86 billion for the prior quarter and $9.30 billion a year earlier, GAAP net income of $28.24 billion, or $24.67 per diluted share, and non-GAAP net income of $28.86 billion, or $25.11 per diluted share.

Micron had a record third quarter of fiscal 2026. Revenue was $41.46 billion, up from $23.86 billion in the prior quarter and $9.30 billion a year earlier. GAAP net income was $28.24 billion, or $24.67 per diluted share. GAAP gross margin was 84.6%. Operating cash flow was $25.39 billion, and adjusted free cash flow was $18.3 billion. All four business units grew revenue, led by Cloud Memory, Core Data Center, and Mobile and Client.

For the fourth quarter, Micron guides to revenue of $50.0 billion ± $1.0 billion, gross margin of approximately 86%, and non-GAAP diluted EPS of $31.00 ± $1.00. Management points to AI-driven memory demand and new multi-year Strategic Customer Agreements. The tension is that results are now extremely strong relative to a year ago, and receivables and capital spending are rising quickly. Micron is investing at record levels to meet demand.

Slides & documents

Open the slide deck (PDF, 44 pages) ↗

Micron Q3 FY2026 slide deck, page 1Micron Q3 FY2026 slide deck, page 2Micron Q3 FY2026 slide deck, page 3Micron Q3 FY2026 slide deck, page 4Micron Q3 FY2026 slide deck, page 5Micron Q3 FY2026 slide deck, page 6

Showing the first 6 of 44 pages.

From Micron investor relations

SEC filing

Key numbers

Revenue · GAAP
$41.46 billion

versus $23.86 billion for the prior quarter and $9.30 billion for the same period last year

Net income · GAAP
$28.24 billion

Diluted EPS · GAAP
$24.67

Diluted EPS · non-GAAP
$25.11

Gross margin · GAAP
84.6%

Operating income · GAAP
$33.3B

Operating margin · GAAP
80.4%

Operating cash flow · GAAP
$25.39 billion

versus $11.90 billion for the prior quarter and $4.61 billion for the same period last year

Segment or metricValueChange
Cloud Memory Business Unit revenue$13,769versus $7,749 in the prior quarter and $3,386 a year ago
Core Data Center Business Unit revenue$11,524versus $5,687 in the prior quarter and $1,530 a year ago
Mobile and Client Business Unit revenue$11,521versus $7,711 in the prior quarter and $3,255 a year ago
Automotive and Embedded Business Unit revenue$4,634versus $2,708 in the prior quarter and $1,127 a year ago
Where each number comes from
  • Revenue: “Revenue of $41.46 billion versus $23.86 billion for the prior quarter and $9.30 billion for the same period last year”
  • Net income: “GAAP net income of $28.24 billion, or $24.67 per diluted share”
  • Diluted EPS: “GAAP net income of $28.24 billion, or $24.67 per diluted share”
  • Diluted EPS: “Non-GAAP net income of $28.86 billion, or $25.11 per diluted share”
  • Gross margin: “Percent of revenue | 84.6% | 74.4% | 37.7% | 84.9% | 74.9% | 39.0%”
  • Operating income: “Operating income | 33,318 | 16,135 | 2,169 | 55,589 | 6,116”
  • Operating margin: “Percent of revenue | 80.4% | 67.6% | 23.3% | 81.2% | 69.0% | 26.8%”
  • Operating cash flow: “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”
  • Cloud Memory Business Unit revenue: “Cloud Memory Business Unit Revenue | $13,769 | $7,749 | $3,386 Gross margin | 83% | 74% | 58%”
  • Core Data Center Business Unit revenue: “Core Data Center Business Unit Revenue | $11,524 | $5,687 | $1,530 Gross margin | 87% | 74% | 38%”
  • Mobile and Client Business Unit revenue: “Mobile and Client Business Unit Revenue | $11,521 | $7,711 | $3,255 Gross margin | 87% | 79% | 24%”
  • Automotive and Embedded Business Unit revenue: “Automotive and Embedded Business Unit Revenue | $4,634 | $2,708 | $1,127 Gross margin | 79% | 68% | 26%”

Copied from the press release ↗ and other documents in the SEC filing ↗. A figure is published only if its sentence is in the filing.

From the filingQ3 FY2026vs year agovs last quarter
Revenue$41.5B+345.7%+73.7%
Operating income$33.3B+1436.1%+106.5%
Net income$28.2B+1398.3%+104.9%
Diluted EPS$24.67+1368.5%+104.4%
Free cash flow$17.6B+951.0%+218.4%
Gross margin84.6%+46.9 pts+10.2 pts
Operating margin80.4%+57.1 pts+12.8 pts

Calculated by code from XBRL, not by the model.

Outlook

MetricPeriodOutlook
Revenue (GAAP and non-GAAP)fourth quarter of 2026$50.0 billion ± $1.0 billion
Gross margin (GAAP and non-GAAP)fourth quarter of 2026Approximately 86%
GAAP operating expensesfourth quarter of 2026Approximately $1.86 billion
Non-GAAP operating expensesfourth quarter of 2026Approximately $1.65 billion
GAAP diluted EPSfourth quarter of 2026$30.73 ± $1.00
Non-GAAP diluted EPSfourth quarter of 2026$31.00 ± $1.00

Key takeaways

  1. Revenue more than quadrupled from a year ago

    Revenue was $41.46 billion versus $9.30 billion for the same period last year and $23.86 billion for the prior quarter.

  2. Gross margin reached 84.6% on a GAAP basis

    GAAP gross margin was 84.6% versus 74.4% in the prior quarter and 37.7% a year ago. Non-GAAP gross margin was 84.9%.

  3. Data center units drove the largest growth

    Core Data Center revenue was $11,524 million versus $1,530 million a year ago, and Cloud Memory revenue was $13,769 million versus $3,386 million.

  4. Fourth-quarter guidance points to further growth

    Micron guides to revenue of $50.0 billion ± $1.0 billion, gross margin of approximately 86%, and non-GAAP EPS of $31.00 ± $1.00.

  5. Cash generation and balance sheet strengthened

    Operating cash flow was $25.39 billion and adjusted free cash flow was $18.3 billion. Long-term debt fell to $5,140 million from $14,017 million at August 28, 2025, while receivables rose to $31,025 million.

Charts

Revenue$41.5B+345.7% y/yQ3 FY26
Q1 FY25: $8.7BQ1 25$8.7BQ2 FY25: $8.1BQ2 25$8.1BQ3 FY25: $9.3BQ3 25$9.3BQ4 FY25: $11.3B (worked out from the annual figure)Q4 25$11.3BQ1 FY26: $13.6BQ1 26$13.6BQ2 FY26: $23.9BQ2 26$23.9BQ3 FY26: $41.5BQ3 26$41.5BQ4 FY26: $54.2B (worked out from the annual figure)Q4 26$54.2B

Fourth quarter worked out from the annual figure.

Data
Q1 FY25$8.7B
Q2 FY25$8.1B
Q3 FY25$9.3B
Q4 FY25$11.3B *
Q1 FY26$13.6B
Q2 FY26$23.9B
Q3 FY26$41.5B
Q4 FY26$54.2B *
Diluted EPS (GAAP)$24.67+1368.5% y/yQ3 FY26
Q1 FY25: $1.67Q1 25$1.67Q2 FY25: $1.41Q2 25$1.41Q3 FY25: $1.68Q3 25$1.68Q1 FY26: $4.60Q1 26$4.60Q2 FY26: $12.07Q2 26$12.07Q3 FY26: $24.67Q3 26$24.67
Data
Q1 FY25$1.67
Q2 FY25$1.41
Q3 FY25$1.68
Q1 FY26$4.60
Q2 FY26$12.07
Q3 FY26$24.67

Fourth-quarter EPS appears once the press release is read; filings report it only for the full year.

Operating margin80.4%+57.1 pts y/yQ3 FY26
Q1 FY25: 25.0%Q1 2525.0%Q2 FY25: 22.0%Q2 2522.0%Q3 FY25: 23.3%Q3 2523.3%Q4 FY25: 32.3%Q4 2532.3%Q1 FY26: 45.0%Q1 2645.0%Q2 FY26: 67.6%Q2 2667.6%Q3 FY26: 80.4%Q3 2680.4%Q4 FY26: 80.7%Q4 2680.7%
Data
Q1 FY2525.0%
Q2 FY2522.0%
Q3 FY2523.3%
Q4 FY2532.3%
Q1 FY2645.0%
Q2 FY2667.6%
Q3 FY2680.4%
Q4 FY2680.7%
Free cash flow$17.6B+951.0% y/yQ3 FY26
Q1 FY25: $38.0MQ1 25$38.0MQ2 FY25: -$113.0MQ2 25-$113.0MQ3 FY25: $1.7BQ3 25$1.7BQ4 FY25: $72.0MQ4 25$72.0MQ1 FY26: $3.0BQ1 26$3.0BQ2 FY26: $5.5BQ2 26$5.5BQ3 FY26: $17.6BQ3 26$17.6BQ4 FY26: $32.9BQ4 26$32.9B
Data
Q1 FY25$38.0M
Q2 FY25-$113.0M
Q3 FY25$1.7B
Q4 FY25$72.0M
Q1 FY26$3.0B
Q2 FY26$5.5B
Q3 FY26$17.6B
Q4 FY26$32.9B

Operating cash flow minus capital expenditure, from cash flow statements.

Questions

What were Micron's key results for fiscal Q3 2026?

Revenue was $41.46 billion, GAAP net income was $28.24 billion, or $24.67 per diluted share, and non-GAAP EPS was $25.11. GAAP gross margin was 84.6%.

What is Micron's guidance for fiscal Q4 2026?

Micron expects revenue of $50.0 billion ± $1.0 billion and gross margin of approximately 86%. It guides to non-GAAP diluted EPS of $31.00 ± $1.00 and GAAP diluted EPS of $30.73 ± $1.00.

Which business units grew the most?

Cloud Memory revenue was $13,769 million, Core Data Center was $11,524 million, and Mobile and Client was $11,521 million. Core Data Center was $1,530 million a year ago.

How much cash did Micron generate and spend on capital?

Operating cash flow was $25.39 billion. Investments in capital expenditures, net were $7.1 billion, leaving adjusted free cash flow of $18.3 billion.

What did management say about the outlook and customer demand?

CEO Sanjay Mehrotra cited the strategic value of memory in the AI era and an even stronger Q4 outlook. He said multi-year Strategic Customer Agreements should improve the durability and predictability of financial performance.