Micron Technology (MU) Earnings Date & Reports

Key Takeaways

• Revenue reached a record $41.46 billion, more than quadrupling from $9.30 billion in the year-ago quarter and rising sharply from $23.86 billion in the prior quarter.
• Non-GAAP diluted EPS of $25.11 significantly exceeded analyst expectations of approximately $20.20.
• GAAP net income totaled $28.24 billion, or $24.67 per diluted share, reflecting strong gross margins of 84.6%.
• Operating cash flow surged to $25.39 billion, with adjusted free cash flow at $18.3 billion.
• The company provided robust Q4 fiscal 2026 guidance of $50.0 billion ± $1.0 billion in revenue and approximately 86% gross margin.
• Shares rose about 15% in after-hours trading following the release.

Earnings Context and Why It Matters

Micron Technology reports results on a fiscal year ending in late August, with quarters aligned to its internal calendar. The third quarter of fiscal 2026, which ended May 28, 2026, marks a pivotal period amid surging artificial intelligence demand for high-bandwidth memory and advanced storage solutions. Strong results build on prior quarters' recovery and highlight Micron's positioning in the memory sector, where supply constraints and AI-driven consumption have transformed performance after challenging years of cyclical downturns.

Reported Results

Micron reported record revenue of $41.46 billion for Q3 fiscal 2026, compared with $23.86 billion in Q2 fiscal 2026 and $9.30 billion in Q3 fiscal 2025. GAAP gross margin expanded to 84.6%, while non-GAAP gross margin reached 84.9%. Non-GAAP net income was $28.86 billion, or $25.11 per diluted share, beating consensus estimates. GAAP net income stood at $28.24 billion, or $24.67 per diluted share. All major business units posted sharp year-over-year gains, with particularly strong growth in cloud and data center segments. The company also declared a quarterly dividend of $0.15 per share.

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Market Reaction and Investor Sentiment

Investors reacted positively to the results, with Micron shares climbing approximately 15% in extended trading on June 24, 2026. The strong beat on both revenue and earnings, combined with upbeat forward guidance, reinforced confidence in the company’s AI-driven growth trajectory. Sentiment heading into the report had been cautious amid broader semiconductor sector volatility, but the outcomes exceeded expectations and highlighted sustained demand momentum.

Forward Outlook and Key Factors to Monitor

Micron guided for Q4 fiscal 2026 revenue of $50.0 billion ± $1.0 billion and non-GAAP gross margin of approximately 86%, signaling continued strength. Investors should watch execution on high-bandwidth memory (HBM) production ramps, including HBM4 shipments and development of HBM4E.

Additional areas of focus include progress on new product qualifications such as advanced DDR5 modules, LP5X memory, and high-capacity SSDs. Capital expenditure levels and supply dynamics in the memory industry remain important, as do updates on multi-year strategic customer agreements that aim to improve revenue predictability.

Broader industry conditions, including AI infrastructure spending and any shifts in customer inventory strategies, will also influence results. The next earnings release is scheduled for September 2026.

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