Extreme close-up of a Micron HBM4 memory chip stack glowing electric blue and cyan, stacked wafers reflecting dramatic light, dark background with subtle circuit

Earnings · June 24, 2026 · Micron Technology FQ3-2026

The Quarter That Rewrote the Record Books

$41.46B in revenue. A 346% year-over-year surge. An all-time record — and a number that, twelve months ago, would have seemed like a typo.

346%

Year-over-year revenue surge — FQ3-25 ($9.30B) → FQ3-26 ($41.46B)

Nine-month FY2026: $78.96B vs. $26.06B in FY2025 (+203%) · FQ4-26 guidance: $50.0B ± $1B

Margin Progression

FQ3-25 Gross Margin: 37.7%
FQ2-26 Gross Margin: 74.4%
FQ3-26 Gross Margin: 84.6%
FQ4-26 Guided Gross Margin: ~86%
FQ3-26 Operating Income: $33.32B (80.4%)
FQ3-25 Operating Income: $2.17B (23.3%)
FQ3-26 Net Income: $28.24B
FQ3-25 Net Income: $1.89B
Non-GAAP EPS (FQ3-26): $25.11
Non-GAAP EPS (FQ3-25): $1.91

FQ3-26 Cash Snapshot

Adjusted Free Cash Flow: $18.3B
Operating Cash Flow: $25.4B
Net Capital Expenditure: $7.1B
Cash on Balance Sheet: $30.2B
FQ3-25 Total Revenue (for comparison): $9.3B

Business Unit Snapshot — FQ3-26 vs. FQ3-25

Cloud Memory: $3.39B → $13.77B (4.1×) · 78% op. margin
Core Data Center: $1.53B → $11.52B (7.5×) · 83% op. margin — fastest-growing
Mobile & Client: $3.26B → $11.52B (3.5×) · 86% op. margin — highest margin
Automotive & Embedded: $1.13B → $4.63B (4.1×) · 75% op. margin

Micron's 84.6% gross margin doesn't exist in a vacuum — it's the price the market pays for being first. HBM4, built on 1-beta DRAM, is already in high-volume shipments for its lead customer's platform, with qualification samples dispatched to multiple additional end-customers. No competitor is shipping at that node at scale.

HBM4E (1-gamma DRAM) is in active development with volume production targeted for calendar 2027 — a locked-in roadmap advantage before HBM4 demand peaks. On the server side, 256GB DDR5 RDIMMs on 1-gamma with 3D die stacking have shipped to key server ecosystem enablers.

In storage, the G9-based PCIe Gen6 high-performance SSD is in high-volume production and the 245TB QLC SSD — the highest-capacity drive in its class — has commenced shipments. In mobile, 1-gamma 16Gb LPDDR5X is in high-volume ramp at a leading smartphone OEM.

Multi-year Strategic Customer Agreements underpin the entire stack, converting what could be a cyclical spike into predictable, durable revenue — the structural shift that separates this moment from every prior memory supercycle.

Product Roadmap Milestones

HBM4 (1-beta DRAM): High-volume shipments — lead customer platform live
HBM4 End-Customers: Qualification samples shipped to multiple customers
HBM4E (1-gamma DRAM): Volume production targeted: Calendar 2027
256GB DDR5 RDIMMs: 1-gamma + 3D die stacking; samples to server enablers
1-gamma 16Gb LPDDR5X: High-volume ramp at leading smartphone OEM
G9 PCIe Gen6 SSD: In high-volume production
245TB QLC SSD: Shipments commenced — highest capacity in class
Strategic Customer Agreements: Multi-year, multi-generation demand commitments locked in

FQ4-26 Guidance at a Glance

Revenue (Guided): $50.0B ± $1B
Gross Margin: ~86%
Non-GAAP Diluted EPS: $31.00 ± $1.00
GAAP Diluted EPS: $30.73 ± $1.00
GAAP Operating Expenses: ~$1.86B
Non-GAAP Operating Expenses: ~$1.65B
Quarterly Dividend: $0.15/share
Dividend Payable: July 21, 2026
FY2026 Full-Year Revenue (Est.): ~$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 — Micron Technology, June 24, 2026