MU Q3 2026 Earnings

Call Details

• Call Title: Micron Technology, Inc. Q3 2026 Earnings Call
• Date: June 24, 2026 at 8:30 PM UTC
• Management Team:
  • Satya Kumar (Corporate Vice President of Investor Relations and Treasury)
  • Sanjay Mehrotra (Chairman, President, and CEO)
  • Mark Murphy (Chief Financial Officer)

Call Summary

Financial Performance

• Total fiscal Q3 revenue was $41.5B, up 74% sequentially and up 346% year-over-year.
• Fiscal Q3 DRAM revenue was $31.3B, representing 76% of total revenue and up 343% year-over-year.
• Fiscal Q3 NAND revenue was $9.9B, representing 24% of total revenue and up 361% year-over-year.
• Consolidated gross margin for fiscal Q3 was 84.9%, up 10 percentage points sequentially.
• Non-GAAP diluted EPS for fiscal Q3 was $25.11, up 106% sequentially.
• Operating cash flow in fiscal Q3 was $25.4B, capital expenditures were $7.1B, and free cash flow was $18.3B.

Guidance

• Company expects fiscal Q4 revenue of $50B, plus or minus $1B.
• Company expects fiscal Q4 gross margin to be approximately 86%.
• Company expects fiscal Q4 operating expenses of approximately $1.65B and EPS of $31 per share, plus or minus $1, based on a share count of approximately 1.15B shares.
• Company projects fiscal Q4 capex of around $10B and full-year fiscal 2026 capital spending of approximately $27B, net of anticipated government incentives.
• Company expects fiscal Q4 and fiscal 2026 tax rate of around 15%.
• Company stated the fiscal Q4 gross margin outlook reflects a meaningful moderation in the rate of price increases and provided no multi-quarter margin guidance beyond Q4.