Micron Technology · Q2 FY2026 · March 18, 2026
Micron Technology (MU) Q2 FY2026 Earnings: Record results showed the AI memory shortage moving through revenue, margin, EPS, and cash flow.
A structured quarterly research file based on the earnings release and cited primary documents. Consensus, transcript, Q&A, and price-reaction fields are shown only when verified data are available.
Reported result
Reported result
Reported result
Reported result
Investment read
Revenue was $23.86B versus $13.64B in the prior quarter and $8.05B a year earlier. GAAP gross margin was 74.4% and non-GAAP gross margin was 74.9%. The next research checkpoint is ePS leverage became the reason the stock could re-rate so quickly.
Results check
Reported results
| Metric | Reported | YoY |
|---|---|---|
| Revenue | $23.86BRevenue was $23.86B versus $13.64B in the prior quarter and $8.05B a year earlier. Source | — |
| Margin | 74.4%GAAP gross margin was 74.4% and non-GAAP gross margin was 74.9%. Source | — |
| EPS | $12.07GAAP diluted EPS was $12.07 and non-GAAP diluted EPS was $12.20. Source | — |
| Cash flow | $11.90BOperating cash flow was $11.90B and adjusted free cash flow was $7.2B. Source | — |
Investor focus
What investors are likely to focus on
Potential result drivers
- Revenue was $23.86B versus $13.64B in the prior quarter and $8.05B a year earlier.
- GAAP gross margin was 74.4% and non-GAAP gross margin was 74.9%.
- GAAP diluted EPS was $12.07 and non-GAAP diluted EPS was $12.20.
- Operating cash flow was $11.90B and adjusted free cash flow was $7.2B.
Verified after-hours, next-day, and benchmark-relative price data are not stored in this record. The factors above are research considerations, not a measured attribution of the stock move.
Next quarter
What to watch next
| Indicator | Current baseline | Next check | Source |
|---|---|---|---|
| Revenue | $23.86B | The step-change was large enough to reset the entire forward model. | Primary source |
| Margin | 74.4% | This was no longer recovery margin; it was shortage economics. | Primary source |
| EPS | $12.07 | EPS leverage became the reason the stock could re-rate so quickly. | Primary source |
| Cash flow | $11.90B | Strong free cash flow helped offset concern about heavy memory-cycle capex. | Primary source |
Primary documents
Sources and documents
FAQ
Reader questions
What did Micron Technology report for Revenue?
Revenue was $23.86B versus $13.64B in the prior quarter and $8.05B a year earlier.
What did Micron Technology report for Margin?
GAAP gross margin was 74.4% and non-GAAP gross margin was 74.9%.
What did Micron Technology report for EPS?
GAAP diluted EPS was $12.07 and non-GAAP diluted EPS was $12.20.