Micron Technology, Inc. earnings overview

MU FY2026 Q3 · Calendar Q2 2026

Micron Technology, Inc.

Micron's fiscal Q3 results mark a step-change in the AI memory cycle. Revenue nearly doubled sequentially to $41.5 billion at an 84.9% gross margin, driven by tight DRAM and HBM supply meeting surging data-center demand. The signing of 16 strategic customer agreements with $22 billion in cash deposits transforms revenue visibility, while Q4 guidance of approximately $50 billion at 86% margin signals the cycle has further to run. However, a 24% post-earnings drift lower suggests the market is weighing how much upside is already priced in at current levels. With the stock at $900 against a consensus target of $1,576, the gap between fundamental momentum and near-term price action is wide.