# Micron (MU) Q3 FY2026 earnings

Results filed 2026-06-24 for the quarter ended 2026-05-28. Source page: https://earnings.opennash.com/companies/mu/2026-q3/
Press release and exhibits: https://www.sec.gov/Archives/edgar/data/723125/000072312526000013/0000723125-26-000013-index.htm
> 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.

## Key numbers

| Metric | Value | Change | Basis |
| --- | --- | --- | --- |
| Revenue | $41.46 billion | versus $23.86 billion for the prior quarter and $9.30 billion for the same period last year | GAAP |
| Net income | $28.24 billion |  | GAAP |
| Diluted EPS | $24.67 |  | GAAP |
| Diluted EPS | $25.11 |  | non-GAAP |
| Gross margin | 84.6% |  | GAAP |
| Operating income (in millions) | 33,318 |  | GAAP |
| Operating margin | 80.4% |  | GAAP |
| Operating cash flow | $25.39 billion | versus $11.90 billion for the prior quarter and $4.61 billion for the same period last year | GAAP |
| Adjusted free cash flow | $18.3 billion |  | non-GAAP |

## Segments and operating metrics

| Name | Value | Change |
| --- | --- | --- |
| Cloud Memory Business Unit revenue (in millions) | $13,769 | versus $7,749 in the prior quarter and $3,386 a year ago |
| Core Data Center Business Unit revenue (in millions) | $11,524 | versus $5,687 in the prior quarter and $1,530 a year ago |
| Mobile and Client Business Unit revenue (in millions) | $11,521 | versus $7,711 in the prior quarter and $3,255 a year ago |
| Automotive and Embedded Business Unit revenue (in millions) | $4,634 | versus $2,708 in the prior quarter and $1,127 a year ago |

## Outlook

| Metric | Period | Outlook |
| --- | --- | --- |
| Revenue (GAAP and non-GAAP) | fourth quarter of 2026 | $50.0 billion ± $1.0 billion |
| Gross margin (GAAP and non-GAAP) | fourth quarter of 2026 | Approximately 86% |
| GAAP operating expenses | fourth quarter of 2026 | Approximately $1.86 billion |
| Non-GAAP operating expenses | fourth quarter of 2026 | Approximately $1.65 billion |
| GAAP diluted EPS | fourth quarter of 2026 | $30.73 ± $1.00 |
| Non-GAAP diluted EPS | fourth 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.

## 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.

## Slides and investor documents

- [Presentation](https://s25.q4cdn.com/621799436/files/doc_financials/2026/q3/Micron_Q3_26_Earnings_Deck.pdf) (Slide deck)
- [Prepared remarks](https://s25.q4cdn.com/621799436/files/doc_financials/2026/q3/Q3-FY26-Prepared-Remarks.pdf) (CFO commentary)
- [2026 Q3 10-Q Risk Factors](https://s25.q4cdn.com/621799436/files/doc_financials/2026/q3/2026-Q3-10-Q-Risk-Factors.pdf) (Document)
- [Form 10-Q](https://s25.q4cdn.com/621799436/files/doc_financials/2026/q3/0000723125-26-000015.pdf) (Document)