Micron Technology · 2026-03-18
Micron Technology (MU) Q2 FY2026 Earnings Release: Record results showed the AI memory shortage moving through revenue, margin, EPS, and cash flow.
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.
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.
Reported data
MU's quarter is about pricing power, not just revenue
Revenue was $23.86B versus $13.64B in the prior quarter and $8.05B a year earlier.
The step-change was large enough to reset the entire forward model.
GAAP gross margin was 74.4% and non-GAAP gross margin was 74.9%.
This was no longer recovery margin; it was shortage economics.
GAAP diluted EPS was $12.07 and non-GAAP diluted EPS was $12.20.
EPS leverage became the reason the stock could re-rate so quickly.
Operating cash flow was $11.90B and adjusted free cash flow was $7.2B.
Strong free cash flow helped offset concern about heavy memory-cycle capex.
Sources