Micron Technology · 2026-06-25
Micron Technology (MU) Fiscal Q3 2026 Earnings: Record Memory Revenue, HBM Demand & Q4 Guidance Earnings Release Summary
Micron disclosed FY2026 Q3 revenue of $41.456B, GAAP gross margin of 84.6%, and GAAP diluted EPS of $24.67.; Cloud Memory revenue was $13.769B and Core Data Center revenue was $11.524B; the two data-center lines together exceeded $25B.; Micron reported capex, net of $7.1B, adjusted free cash flow of $18.3B, and $30.2B of cash, marketable investments, and restricted cash.; Business outlook calls for FQ4 revenue of $50.0B +/- $1.0B, gross margin of approximately 86%, and non-GAAP diluted EPS of $31.00 +/- $1.00.
Micron disclosed FY2026 Q3 revenue of $41.456B, GAAP gross margin of 84.6%, and GAAP diluted EPS of $24.67.
Cloud Memory revenue was $13.769B and Core Data Center revenue was $11.524B; the two data-center lines together exceeded $25B.
Micron reported capex, net of $7.1B, adjusted free cash flow of $18.3B, and $30.2B of cash, marketable investments, and restricted cash.
Business outlook calls for FQ4 revenue of $50.0B +/- $1.0B, gross margin of approximately 86%, and non-GAAP diluted EPS of $31.00 +/- $1.00.
Reported data
MU's quarter is about pricing power, not just revenue
Micron disclosed FY2026 Q3 revenue of $41.456B, GAAP gross margin of 84.6%, and GAAP diluted EPS of $24.67.
These figures move the read from a recovery story to shortage-driven pricing power. The question is margin durability, not only record revenue.
Cloud Memory revenue was $13.769B and Core Data Center revenue was $11.524B; the two data-center lines together exceeded $25B.
The cleanest original-data signal is AI server and high-bandwidth-memory demand, not a broad consumer-electronics rebound.
Micron reported capex, net of $7.1B, adjusted free cash flow of $18.3B, and $30.2B of cash, marketable investments, and restricted cash.
The cycle is converting into cash even with heavy investment. The next risk is whether capacity additions eventually weaken scarcity economics.
Business outlook calls for FQ4 revenue of $50.0B +/- $1.0B, gross margin of approximately 86%, and non-GAAP diluted EPS of $31.00 +/- $1.00.
This is the re-rating trigger. Investors are not only buying Q3 results; they are repricing the next quarter's earnings curve.
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