A dramatic wide-angle shot of a glowing semiconductor wafer held by robotic arms inside a cleanroom, bathed in cool blue and violet light, with rows of servers

Earnings · June 24, 2026 · Fiscal Q3 2026 Results

The AI Memory Boom Arrives

In a single year, AI demand turned Micron's revenue nearly five times larger.

FQ3-26 Scorecard

Revenue: $41.46B
YoY Growth: +346%
GAAP Net Income: $28.24B
Diluted EPS (GAAP): $24.67
GAAP Gross Margin: 84.6%
Operating Margin: 80.4%
Operating Cash Flow: $25.39B
Adj. Free Cash Flow: $18.3B
Cash & Investments: $30.2B
Q4-26 Rev. Guidance: ~$50B
Q4-26 Gross Margin: ~86%
Q4-26 Non-GAAP EPS: ~$31.00

5×revenue surge

FQ3-25 $9.30B → FQ3-26 $41.46B — four quarters, one AI supercycle

FQ4-26 guidance: ~$50B

84.6%gross margin

vs. 37.7% a year ago

~86% guided for FQ4-26

Business Unit Margins — FQ3-26

Core Data Center: 87% GM · 83% op margin — highest of any unit
Mobile & Client: 87% GM · 86% op margin
Cloud Memory: 83% GM · 78% op margin
Automotive & Embedded: 79% GM · 75% op margin — grew 4.1× YoY
Data Center pair combined: $25.29B — more than Micron's entire company revenue two quarters prior

HBM4 (1-beta DRAM) — In high-volume shipments for the lead customer's platform; qualification samples dispatched to multiple additional end-customers.

HBM4E (1-gamma DRAM) — Development well underway; volume production targeted for calendar 2027, extending the roadmap past the current AI build-out.

256GB DDR5 RDIMMs — Built on 1-gamma with advanced 3D die stacking; qualification samples shipped to key server ecosystem enablers.

Storage — G9-based PCIe Gen6 SSD in high-volume production; 245TB QLC SSD shipments have commenced.

Automotive — 1-gamma LPDDR5 reached product readiness; first 1-gamma DDR5 samples shipped to a robotaxi customer.

Investment Firepower

FQ3-26 Capital Expenditures: $7.1B
Cash & Marketable Investments: $30.2B
Adjusted Free Cash Flow: $18.3B
HBM4 Status: High-volume production
HBM4E Volume Production: Calendar 2027

$25.4B

Operating Cash Flow — FQ3-26

+451% YoY · $18.3B adj. free cash flow

~$50B

Q4 FY2026 Revenue Guidance (±$1B) · ~86% Gross Margin · Non-GAAP EPS ~$31.00

↑ from $41.46B record in FQ3-26 — annualised run-rate approaching ~$129B

We believe our multi-year Strategic Customer Agreements will significantly enhance the durability and predictability of Micron's strong financial performance.
— Sanjay Mehrotra, Chairman, President & CEO — June 24, 2026