10-QPeriod: Q3 FY2026

MICRON TECHNOLOGY INC Quarterly Report for Q3 Ended May 28, 2026

Filed June 25, 2026For Securities:MU

Summary

Micron Technology Inc. reported exceptionally strong financial results for the quarter ending May 28, 2026, driven by a dramatic surge in revenue and profitability. Revenue more than tripled year-over-year, reaching $41.5 billion, propelled by substantial increases in both average selling prices and bit shipments for DRAM and NAND products. This surge in demand, particularly from AI-driven applications, outpaced industry supply, leading to significantly improved pricing and margins across Micron's portfolio. The company's gross margin expanded significantly to 85% from 38% in the prior year's quarter, reflecting the favorable pricing environment and operational efficiencies. Net income also saw a monumental increase, rising from $1.9 billion in the prior year's quarter to $28.2 billion. This performance underscores Micron's position in a high-demand, supply-constrained market, with strategic customer agreements expected to enhance future revenue visibility and business stability.

Financial Highlights

51 data points
Beta

Revenue

$41.46B

84.6% Gross Margin

Net Income

$28.24B

68.1% Net Margin

EPS (Diluted)

$24.67

Total Assets

$134.11B

Cash & Equivalents

$25.02B

Free Cash Flow

$17.56B

Financial Statements
Beta
Revenue$41.46B
Cost of Revenue$6.40B
Gross Profit$35.06B
R&D Expenses$1.32B
SG&A Expenses$407.00M
Operating Income$33.32B
Net Income$28.24B
EPS (Basic)$25.03
EPS (Diluted)$24.67
Shares Outstanding (Basic)1.13B
Shares Outstanding (Diluted)1.15B

Key Highlights

  • 1Revenue soared to $41.5 billion, a 346% increase year-over-year, driven by strong DRAM and NAND sales.
  • 2Gross margin improved dramatically to 85% from 38% in the prior year's comparable quarter.
  • 3Net income reached $28.2 billion, a substantial leap from $1.9 billion in the same period last year.
  • 4DRAM revenue increased by 343% year-over-year, with average selling prices up significantly.
  • 5NAND revenue grew by 361% year-over-year, also benefiting from higher average selling prices.
  • 6Strategic customer agreements are providing increased revenue visibility and business stability.
  • 7The company continues to make substantial investments in new fabrication facilities in the US and globally to meet growing demand.

Frequently Asked Questions

The primary drivers are a surge in demand for memory and storage solutions, largely fueled by Artificial Intelligence (AI) applications, which has outpaced industry supply. This has led to substantial improvements in average selling prices (ASPs) and bit shipments for both DRAM and NAND products, resulting in significantly higher revenue and improved gross margins.

These take-or-pay agreements provide Micron with greater revenue visibility and improved business stability. They involve binding commitments for specific volumes over multi-year terms, often with fixed or banded pricing, which is expected to yield strong gross margins and enhance the predictability of financial performance.

Micron is making significant capital investments to expand its manufacturing capacity, with an estimated $27 billion in capital expenditures for property, plant, and equipment in 2026. This includes substantial investments in new leading-edge fabrication facilities in Idaho and New York in the U.S., as well as expansions in Singapore, Japan, and Taiwan, to meet projected long-term memory demand, particularly driven by AI.

Micron is involved in several patent infringement lawsuits, notably with Netlist, Inc., and Yangtze Memory Technologies Company (YMTC). While the company is unable to predict the outcome of these matters, a negative resolution in any of these cases could potentially result in significant liabilities or require material changes to products and manufacturing processes. The risk factors section also highlights ongoing volatility in selling prices, competitive pressures, geopolitical risks, and supply chain dependencies.