Micron Reports Record Results for the Third Quarter of Fiscal 2026, Executes Transformational Strategic Customer Agreements
BOISE, Idaho, June 24, 2026 – Micron Technology, Inc. (Nasdaq: MU) today announced results for its third quarter of fiscal 2026, which ended May 28, 2026.
Fiscal Q3 2026 highlights:
- Revenue of $41.46 billion versus $23.86 billion for the prior quarter and $9.30 billion for the same period last year
- GAAP net income of $28.24 billion, or $24.67 per diluted share
- Non-GAAP net income of $28.86 billion, or $25.11 per diluted share
- Operating cash flow of $25.39 billion versus $11.90 billion for the prior quarter and $4.61 billion for the same period last year
“Micron’s record fiscal Q3 financial results and even stronger outlook for Q4 reflect the strategic value of memory in the AI era,” said Sanjay Mehrotra, Chairman, President and CEO of Micron Technology. “Micron is investing at record levels in technology, products and supply to address our customers’ rapidly growing demand. We believe our multi-year Strategic Customer Agreements will significantly enhance the durability and predictability of Micron’s strong financial performance.”
Quarterly Financial Results
| (in millions, except per share amounts) | FQ3-26 GAAP | FQ2-26 GAAP | FQ3-25 GAAP | FQ3-26 Non-GAAP | FQ2-26 Non-GAAP | FQ3-25 Non-GAAP |
|---|---|---|---|---|---|---|
| Revenue | $41,456 | $23,860 | $9,301 | $41,456 | $23,860 | $9,301 |
| Gross margin | 35,056 | 17,755 | 3,508 | 35,199 | 17,876 | 3,623 |
| Percent of revenue | 84.6% | 74.4% | 37.7% | 84.9% | 74.9% | 39.0% |
| Operating expenses | 1,738 | 1,620 | 1,339 | 1,518 | 1,421 | 1,133 |
| Operating income | 33,318 | 16,135 | 2,169 | 33,681 | 16,455 | 2,490 |
| Percent of revenue | 80.4% | 67.6% | 23.3% | 81.2% | 69.0% | 26.8% |
| Net income | 28,243 | 13,785 | 1,885 | 28,857 | 14,021 | 2,181 |
| Diluted earnings per share (EPS) | 24.67 | 12.07 | 1.68 | 25.11 | 12.20 | 1.91 |
Capex, Free Cash Flow and Dividend
For the third quarter of fiscal 2026, investments in capital expenditures, net (non-GAAP) were $7.1 billion and adjusted free cash flow (non-GAAP) was $18.3 billion. Micron ended the quarter with cash, marketable investments, and restricted cash of $30.2 billion. On June 24, 2026, Micron’s Board of Directors declared a quarterly dividend of $0.15 per share, payable in cash on July 21, 2026, to shareholders of record as of the close of business on July 6, 2026.
Quarterly Business Unit Financial Results
| Cloud Memory Business Unit | FQ3-26 | FQ2-26 | FQ3-25 |
|---|---|---|---|
| Revenue | $13,769 | $7,749 | $3,386 |
| Gross margin | 83% | 74% | 58% |
| Operating margin | 78% | 66% | 46% |
| Core Data Center Business Unit | FQ3-26 | FQ2-26 | FQ3-25 |
|---|---|---|---|
| Revenue | $11,524 | $5,687 | $1,530 |
| Gross margin | 87% | 74% | 38% |
| Operating margin | 83% | 67% | 20% |
| Mobile and Client Business Unit | FQ3-26 | FQ2-26 | FQ3-25 |
|---|---|---|---|
| Revenue | $11,521 | $7,711 | $3,255 |
| Gross margin | 87% | 79% | 24% |
| Operating margin | 86% | 76% | 15% |
| Automotive and Embedded Business Unit | FQ3-26 | FQ2-26 | FQ3-25 |
|---|---|---|---|
| Revenue | $4,634 | $2,708 | $1,127 |
| Gross margin | 79% | 68% | 26% |
| Operating margin | 75% | 62% | 11% |
Business Outlook
The following table presents Micron’s guidance for the fourth quarter of fiscal 2026:
| FQ4-26 | GAAP Outlook | Non-GAAP Outlook |
|---|---|---|
| Revenue | $50.0 billion ± $1.0 billion | $50.0 billion ± $1.0 billion |
| Gross margin | Approximately 86% | Approximately 86% |
| Operating expenses | Approximately $1.86 billion | Approximately $1.65 billion |
| Diluted earnings per share | $30.73 ± $1.00 | $31.00 ± $1.00 |
Further information regarding Micron’s business outlook is included in the prepared remarks and slides, which have been posted at investors.micron.com.
Product Highlights
- HBM4, built on 1-beta DRAM technology, is in high-volume shipments for our lead customer’s platform, and qualification samples have been shipped to multiple end-customers.
- Development of HBM4E, built on 1-gamma DRAM technology, is well underway, with volume production expected in calendar 2027.
- Qualification samples of 256GB DDR5 RDIMMs, built on 1-gamma DRAM technology and advanced 3D die stacking, has shipped to key server ecosystem enablers.
- Our LP5X SOCAMM2 products are in high-volume production, and we have expanded our LP5X SOCAMM2 offerings across multiple capacity points.
- G9-based PCIe Gen6 high-performance SSD is now in high-volume production.
- We commenced shipments of our high-capacity 245TB QLC SSD.
- Gen5 QLC PC Client SSD with G9 NAND has achieved successful lead customer qualification.
- 1-gamma 16Gb LPDDR5X has begun high-volume ramp at a leading smartphone OEM, and we are currently sampling our 1-gamma 24Gb LP5X product to multiple smartphone customers.
- 1-gamma LPDDR5 reached automotive product readiness, with samples delivered to key customers, and we shipped our first 1-gamma DDR5 samples to a robotaxi customer.
- G9-based UFS 4.1 automotive NAND solution began first volume shipments.
Investor Webcast and About Micron
Micron will host a conference call on Wednesday, June 24, 2026 at 2:30 p.m. Mountain Time to discuss its third quarter financial results and provide forward-looking guidance for its fourth quarter. A live webcast of the call will be available online at investors.micron.com. A webcast replay will be available for one year after the call.
Micron Technology, Inc. is an industry leader in innovative memory and storage solutions transforming how the world uses information to enrich life for all. Micron delivers a rich portfolio of high-performance DRAM, NAND, and NOR memory and storage products, fueling the data economy and enabling advances in artificial intelligence (AI) and compute-intensive applications — from the data center to the intelligent edge and across the client and mobile user experience. To learn more about Micron Technology, Inc. (Nasdaq: MU), visit micron.com.
This press release contains forward-looking statements regarding our industry, our strategic position, our customers, our products and technology, and our financial and operating performance, including our guidance for the fourth quarter of 2026. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially. Please refer to the documents we file with the Securities and Exchange Commission, including our most recent Form 10-K and Form 10-Q.
(1) GAAP represents U.S. Generally Accepted Accounting Principles.
(2) Non-GAAP represents GAAP excluding the impact of certain activities, which management excludes in analyzing our operating results and understanding trends in our earnings; adjusted free cash flow; investments in capital expenditures, net; and business outlook. Further information regarding Micron’s use of non-GAAP measures and reconciliations between GAAP and non-GAAP measures are included within this press release.
Consolidated Statements of Operations
MICRON TECHNOLOGY, INC. — (In millions, except per share amounts) (Unaudited)
| Q3 May 28, 2026 | Q2 Feb 26, 2026 | Q3 May 29, 2025 | 9M May 28, 2026 | 9M May 29, 2025 | |
|---|---|---|---|---|---|
| Revenue | $41,456 | $23,860 | $9,301 | $78,959 | $26,063 |
| Cost of goods sold | 6,400 | 6,105 | 5,793 | 18,502 | 16,244 |
| Gross margin | 35,056 | 17,755 | 3,508 | 60,457 | 9,819 |
| Research and development | 1,316 | 1,250 | 965 | 3,737 | 2,751 |
| Selling, general, and administrative | 407 | 344 | 318 | 1,088 | 891 |
| Other operating (income) expense, net | 15 | 26 | 56 | 43 | 61 |
| Operating income | 33,318 | 16,135 | 2,169 | 55,589 | 6,116 |
| Interest income | 215 | 155 | 135 | 509 | 350 |
| Interest expense | – | (32) | (123) | (106) | (353) |
| Other non-operating income (expense), net | (321) | (98) | (68) | (559) | (90) |
| Income before taxes | 33,212 | 16,160 | 2,113 | 55,433 | 6,023 |
| Income tax (provision) benefit | (4,978) | (2,371) | (235) | (8,178) | (695) |
| Equity in net income (loss) of equity method investees | 9 | (4) | 7 | 13 | 10 |
| Net income | $28,243 | $13,785 | $1,885 | $47,268 | $5,338 |
| Earnings per share – Basic | $25.03 | $12.25 | $1.69 | $41.97 | $4.79 |
| Earnings per share – Diluted | 24.67 | 12.07 | 1.68 | 41.40 | 4.75 |
| Shares used in per share calculations – Basic | 1,128 | 1,126 | 1,118 | 1,126 | 1,114 |
| Shares used in per share calculations – Diluted | 1,145 | 1,142 | 1,125 | 1,142 | 1,123 |
Consolidated Balance Sheets
MICRON TECHNOLOGY, INC. — (In millions) (Unaudited)
| As of | May 28, 2026 | Feb 26, 2026 | Aug 28, 2025 |
|---|---|---|---|
| Cash and equivalents | $24,995 | $13,908 | $9,642 |
| Short-term investments | 1,027 | 681 | 665 |
| Receivables | 31,025 | 17,314 | 9,265 |
| Inventories | 8,567 | 8,267 | 8,355 |
| Other current assets | 1,123 | 1,243 | 914 |
| Total current assets | 66,737 | 41,413 | 28,841 |
| Long-term marketable investments | 4,106 | 2,038 | 1,629 |
| Property, plant, and equipment | 56,426 | 51,408 | 46,590 |
| Operating lease right-of-use assets | 683 | 684 | 736 |
| Intangible assets | 473 | 468 | 453 |
| Deferred tax assets | 700 | 680 | 616 |
| Goodwill | 1,150 | 1,150 | 1,150 |
| Other noncurrent assets | 3,837 | 3,668 | 2,783 |
| Total assets | $134,112 | $101,509 | $82,798 |
| Accounts payable and accrued expenses | $15,521 | $10,997 | $9,649 |
| Current debt | 582 | 585 | 560 |
| Other current liabilities | 3,385 | 2,714 | 1,245 |
| Total current liabilities | 19,488 | 14,296 | 11,454 |
| Long-term debt | 5,140 | 9,557 | 14,017 |
| Noncurrent operating lease liabilities | 654 | 656 | 701 |
| Noncurrent unearned government incentives | 1,020 | 1,002 | 1,018 |
| Other noncurrent liabilities | 7,086 | 3,539 | 1,443 |
| Total liabilities | 33,388 | 29,050 | 28,633 |
| Common stock | 128 | 127 | 127 |
| Additional capital | 14,442 | 14,092 | 13,339 |
| Retained earnings | 94,682 | 66,824 | 48,583 |
| Treasury stock | (8,502) | (8,502) | (7,852) |
| Accumulated other comprehensive income (loss) | (26) | (82) | (32) |
| Total equity | 100,724 | 72,459 | 54,165 |
| Total liabilities and equity | $134,112 | $101,509 | $82,798 |
Consolidated Statements of Cash Flows
MICRON TECHNOLOGY, INC. — (In millions) (Unaudited) — Nine Months Ended
| May 28, 2026 | May 29, 2025 | |
|---|---|---|
| Net income | $47,268 | $5,338 |
| Depreciation expense and amortization of intangible assets | 6,862 | 6,203 |
| Stock-based compensation | 954 | 722 |
| Change in receivables | (19,953) | (123) |
| Change in inventories | (212) | 148 |
| Change in accounts payable and accrued expenses | 3,329 | 38 |
| Change in other current liabilities | 2,139 | (681) |
| Change in other noncurrent liabilities | 5,203 | 259 |
| Other | 112 | (109) |
| Net cash provided by operating activities | 45,702 | 11,795 |
| Expenditures for property, plant, and equipment | (19,602) | (10,199) |
| Purchases of available-for-sale securities | (4,072) | (1,203) |
| Proceeds from government incentives | 2,989 | 1,294 |
| Proceeds from maturities and sales of available-for-sale securities | 1,233 | 1,249 |
| Other | (236) | (30) |
| Net cash used for investing activities | (19,688) | (8,889) |
| Repayments of debt | (9,380) | (3,604) |
| Repurchases of common stock – withholdings on employee equity awards | (762) | (290) |
| Repurchases of common stock – repurchase program | (650) | – |
| Payments of dividends to shareholders | (437) | (392) |
| Proceeds from issuance of debt | – | 4,430 |
| Other | 583 | 70 |
| Net cash used for financing activities | (10,646) | 214 |
| Effect of changes in currency exchange rates | 8 | (3) |
| Net increase in cash, cash equivalents, and restricted cash | 15,376 | 3,117 |
| Cash, cash equivalents, and restricted cash at beginning of period | 9,646 | 7,052 |
| Cash, cash equivalents, and restricted cash at end of period | $25,022 | $10,169 |
Reconciliation of GAAP to Non-GAAP Measures
MICRON TECHNOLOGY, INC. — (In millions, except per share amounts)
| Q3 May 28, 2026 | Q2 Feb 26, 2026 | Q3 May 29, 2025 | |
|---|---|---|---|
| GAAP gross margin | $35,056 | $17,755 | $3,508 |
| Stock-based compensation | 143 | 121 | 115 |
| Non-GAAP gross margin | $35,199 | $17,876 | $3,623 |
| GAAP operating expenses | $1,738 | $1,620 | $1,339 |
| Stock-based compensation | (198) | (176) | (148) |
| Other | (22) | (23) | (58) |
| Non-GAAP operating expenses | $1,518 | $1,421 | $1,133 |
| GAAP operating income | $33,318 | $16,135 | $2,169 |
| Stock-based compensation | 341 | 297 | 263 |
| Other | 22 | 23 | 58 |
| Non-GAAP operating income | $33,681 | $16,455 | $2,490 |
| GAAP net income | $28,243 | $13,785 | $1,885 |
| Stock-based compensation | 341 | 297 | 263 |
| Loss on debt prepayments | 325 | 47 | 46 |
| Other | 23 | 25 | 58 |
| Estimated tax effects of above and other tax adjustments | (75) | (133) | (71) |
| Non-GAAP net income | $28,857 | $14,021 | $2,181 |
| GAAP weighted-average common shares outstanding – Diluted | 1,145 | 1,142 | 1,125 |
| Adjustment for stock-based compensation | 4 | 7 | 19 |
| Non-GAAP weighted-average common shares outstanding – Diluted | 1,149 | 1,149 | 1,144 |
| GAAP diluted earnings per share | $24.67 | $12.07 | $1.68 |
| Effects of the above adjustments | 0.44 | 0.13 | 0.23 |
| Non-GAAP diluted earnings per share | $25.11 | $12.20 | $1.91 |
| GAAP net cash provided by operating activities | $25,388 | $11,903 | $4,609 |
| Expenditures for property, plant, and equipment | (7,826) | (6,387) | (2,938) |
| Proceeds from sales of property, plant, and equipment | 9 | 5 | 12 |
| Proceeds from government incentives | 733 | 1,378 | 266 |
| Investments in capital expenditures, net | (7,084) | (5,004) | (2,660) |
| Adjusted free cash flow | $18,304 | $6,899 | $1,949 |
Non-GAAP diluted shares are adjusted for the impact of additional shares resulting from the exclusion of stock-based compensation from non-GAAP income. When evaluating performance and making decisions on how to allocate resources, management uses this non-GAAP information, which excludes stock-based compensation; gains and losses from settlements; gains and losses from debt prepayments; restructure and asset impairments; and the estimated tax effects of the above.
Reconciliation of GAAP to Non-GAAP Outlook
| FQ4-26 | GAAP Outlook | Adjustments | Non-GAAP Outlook |
|---|---|---|---|
| Revenue | $50.0 billion ± $1.0 billion | – | $50.0 billion ± $1.0 billion |
| Gross margin | Approximately 86% | A | Approximately 86% |
| Operating expenses | Approximately $1.86 billion | $205 million B | Approximately $1.65 billion |
| Diluted earnings per share | $30.73 ± $1.00 | $0.27 A, B, C | $31.00 ± $1.00 |
Non-GAAP adjustments (in millions):
| Ref. | Adjustment | Amount |
|---|---|---|
| A | Stock-based compensation – cost of goods sold | $159 |
| B | Stock-based compensation – research and development | 138 |
| B | Stock-based compensation – sales, general, and administrative | 67 |
| C | Tax effects of the above items and other tax adjustments | (55) |
| Total | $309 |
(1) GAAP earnings per share and non-GAAP earnings per share based on approximately 1.15 billion diluted shares. The guidance does not incorporate the impact of any potential business combinations, divestitures, additional restructuring activities, balance sheet valuation adjustments, strategic investments, financing transactions, and other significant transactions.
Contacts
Investor Relations: Satya Kumar — satyakumar@micron.com / (408) 450-6199
Media Relations: Mark Plungy — mplungy@micron.com / (408) 203-2910
Conference call and webcast: investors.micron.com