Micron Technology · Q3 FY2026 · June 25, 2026
Micron Technology (MU) Q3 FY2026 Earnings: Record Memory Revenue, HBM Demand & Q4 Guidance
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
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. The next research checkpoint is the cycle is converting into cash even with heavy investment. The next risk is whether capacity additions eventually weaken scarcity economics.
Results check
Reported results
| Metric | Reported | YoY |
|---|---|---|
| Reported results | $41.456BMicron disclosed FY2026 Q3 revenue of $41.456B, GAAP gross margin of 84.6%, and GAAP diluted EPS of $24.67. Source | — |
| Business units | $13.769BCloud Memory revenue was $13.769B and Core Data Center revenue was $11.524B; the two data-center lines together exceeded $25B. Source | — |
| Cash flow | $7.1BMicron reported capex, net of $7.1B, adjusted free cash flow of $18.3B, and $30.2B of cash, marketable investments, and restricted cash. Source | — |
| Q4 guidance | $50.0BBusiness 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. Source | — |
Investor focus
What investors are likely to focus on
Potential result drivers
- 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.
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 |
|---|---|---|---|
| Reported results | $41.456B | These figures move the read from a recovery story to shortage-driven pricing power. The question is margin durability, not only record revenue. | Primary source |
| Business units | $13.769B | The cleanest original-data signal is AI server and high-bandwidth-memory demand, not a broad consumer-electronics rebound. | Primary source |
| Cash flow | $7.1B | The cycle is converting into cash even with heavy investment. The next risk is whether capacity additions eventually weaken scarcity economics. | Primary source |
| Q4 guidance | $50.0B | This is the re-rating trigger. Investors are not only buying Q3 results; they are repricing the next quarter's earnings curve. | Primary source |
Primary documents
Sources and documents
FAQ
Reader questions
What did Micron Technology report for Reported results?
Micron disclosed FY2026 Q3 revenue of $41.456B, GAAP gross margin of 84.6%, and GAAP diluted EPS of $24.67.
What did Micron Technology report for Business units?
Cloud Memory revenue was $13.769B and Core Data Center revenue was $11.524B; the two data-center lines together exceeded $25B.
What did Micron Technology report for Cash flow?
Micron reported capex, net of $7.1B, adjusted free cash flow of $18.3B, and $30.2B of cash, marketable investments, and restricted cash.