Micron Technology (MU)
Micron Technology (MU) is the only US-based maker of DRAM and the high-bandwidth memory (HBM) that every AI accelerator depends on. In fiscal Q3 2026 it reported record revenue of $41.46 billion, up 346% year over year, with EPS of $25.11, and guided fiscal Q4 to a record $50.0 billion. It last reported on June 24, 2026.
| Ticker | MU |
|---|---|
| Exchange | NASDAQ |
| Sector | Information Technology · Semiconductors (Memory) |
| Country | United States |
| Held by ETF | KODEX US AI Semiconductor TOP3 Plus ETF (0151S0) |
| Wikidata | Q1197548 |
| Last updated | 2026-07-05 |
Next event: Next earnings · fiscal Q4 2026 , estimated · Calendar-estimated: Micron typically reports fiscal Q4 and full-year results in late September; not company-confirmed as of the June 24, 2026 Q3 release. Confirm on investors.micron.com. (source)
Latest reported quarter: Fiscal Q3 2026 (ended May 28, 2026) (reported 2026-06-24)
Micron reported record fiscal Q3 2026 revenue of $41.46 billion, up 346% from $9.30 billion a year earlier and 74% from $23.86 billion the prior quarter, with GAAP EPS of $24.67, non-GAAP EPS of $25.11, and an 84.6% GAAP gross margin. DRAM revenue was a record $31.3 billion and NAND a record $9.9 billion; operating cash flow was $25.39 billion. The company guided fiscal Q4 revenue to a record $50.0 billion.
| Revenue | $41.46B +346% YoY · +74% QoQ; fifth straight quarterly record |
|---|---|
| Non-GAAP EPS | $25.11 · GAAP $24.67; +106% QoQ |
| GAAP gross margin | 84.6% · Non-GAAP 84.9%; 74.4% the prior quarter |
| DRAM revenue | $31.3B +343% YoY · Record; 76% of revenue |
| NAND revenue | $9.9B +361% YoY · Record; 24% of revenue |
| Operating cash flow | $25.39B · Adjusted free cash flow $18.3B (record) |
Revenue by segment
| Cloud Memory Business Unit | $13,769M · 33.2% of revenue |
|---|---|
| Core Data Center Business Unit | $11,524M · 27.8% of revenue |
| Mobile and Client Business Unit | $11,521M · 27.8% of revenue |
| Automotive and Embedded Business Unit | $4,634M · 11.2% of revenue |
Guidance: Fiscal Q4 2026
| Revenue | $50.0B ± $1.0B · Record |
|---|---|
| Gross margin | ~86% · GAAP and non-GAAP |
| Non-GAAP diluted EPS | $31.00 ± $1.00 · GAAP $30.73 ± $1.00 |
Outlook given with the fiscal Q3 2026 results on June 24, 2026.
Recent & upcoming events
- · Record fiscal Q2 2026; dividend raised 30%. Revenue of $23.86B (vs $8.05B a year earlier) with GAAP EPS of $12.07 and a 74.4% gross margin on tight AI-driven memory supply; fiscal Q3 guided to $33.5B revenue and ~81% gross margin. (source)
- · HBM4 ramp for next-generation AI accelerators. Micron said volume production of HBM4 began in its fiscal first quarter for NVIDIA's Vera Rubin platform, with HBM4E products planned to ramp in 2027, extending the AI memory roadmap. (source)
- · Record fiscal Q3 2026; guides fiscal Q4 to $50B. Revenue of $41.46B (up 346% year over year) with GAAP EPS of $24.67 and an 84.6% gross margin; DRAM revenue a record $31.3B and data-center revenue above $25B, with over $1 billion of HBM4 revenue already shipped. Fiscal Q4 guided to a record $50.0B and ~86% gross margin. (source)
Fiscal Q3 2026 figures are from Micron's 8-K Exhibit 99.1 (quarter ended May 28, 2026) and the earnings-call prepared remarks; its fiscal year ends in late August. Segment shares are calculated from reported business-unit revenue.
Figures are as of 2026-06-24 and reflect the most recent public filings/IR releases; they are updated after each earnings report.
What does Micron do?
Micron designs and manufactures memory and storage: DRAM, NAND flash, and the stacked high-bandwidth memory that sits beside AI accelerators. It reports through four business units, and in fiscal Q3 2026 all four were carried by AI demand: Cloud Memory earned $13.8 billion (33% of revenue), Core Data Center $11.5 billion (28%), Mobile and Client $11.5 billion (28%), and Automotive and Embedded $4.6 billion (11%) (Micron 8-K, Jun 24, 2026). Micron is the only DRAM maker headquartered in the United States, which puts it on the policy-favored side of the same reshoring push that backs Intel.
How is AI driving Micron’s business?
Through the memory wall. Modern AI accelerators are limited less by raw compute than by how fast data can reach the chip, so each one ships with stacks of HBM, and AI servers carry far more DRAM than conventional ones. That demand collided with tight supply: Micron’s company-wide GAAP gross margin reached 84.6% in fiscal Q3 2026, and revenue climbed to a record $41.46 billion, up 346% year over year (Micron 8-K, Jun 24, 2026). The squeeze was industry-wide: TrendForce put conventional DRAM contract prices up 58-63% quarter over quarter in the second quarter of 2026 (TrendForce, Mar 31, 2026). The roadmap is tied directly to the accelerator cycle: volume production of HBM4 began in Micron’s fiscal first quarter for NVIDIA’s Vera Rubin platform, and by fiscal Q3 2026 Micron had shipped over $1 billion of HBM4 revenue, with HBM4E planned to ramp in 2027 (Micron Q3 FY2026 remarks, Jun 24, 2026). Chairman and CEO Sanjay Mehrotra framed the shift with the results:
“Micron’s record fiscal Q3 financial results and even stronger outlook for Q4 reflect the strategic value of memory in the AI era.”
— Sanjay Mehrotra, chairman, president and CEO, Micron (Micron 8-K, Jun 24, 2026)
What did Micron report most recently?
In fiscal Q3 2026 (the quarter ended May 28, 2026), Micron posted record revenue of $41.46 billion, up 346% from $9.30 billion a year earlier and 74% from $23.86 billion the prior quarter (Micron 8-K, Jun 24, 2026). GAAP net income was $28.24 billion, or $24.67 per diluted share; non-GAAP EPS was $25.11. GAAP gross margin reached 84.6%, operating cash flow was $25.39 billion, and adjusted free cash flow was a record $18.3 billion. DRAM revenue was a record $31.3 billion (76% of the total) and NAND a record $9.9 billion. A calendar note: Micron’s fiscal year ends in late August, so fiscal Q3 covers March through May.
What is Micron’s guidance?
For fiscal Q4 2026, Micron guided revenue to a record $50.0 billion plus or minus $1.0 billion, another roughly 21% sequential step up, with a gross margin of approximately 86% and non-GAAP diluted EPS of $31.00 plus or minus $1.00 (Micron 8-K, Jun 24, 2026). Micron typically reports its fiscal fourth-quarter and full-year results in late September, though it had not confirmed the date as of the Q3 release.
What are the risks for Micron?
- Memory cyclicality. An 84.6% gross margin in a business that earned 36.8% a year earlier is a supercycle reading; memory has historically swung from shortage to oversupply faster than any other semiconductor segment.
- Capacity response. Micron and its Korean rivals are all adding supply; if capacity lands as AI demand growth moderates, pricing can unwind quickly.
- Customer concentration. The HBM ramp is tied closely to NVIDIA’s accelerator cadence, so a slip in that platform cycle would pass straight through to Micron.
- Competition. SK hynix and Samsung contest every HBM generation, and qualification losses at a single hyperscaler or accelerator vendor move share materially.
Related securities, concepts & terms
Micron is the memory pillar of the US AI semiconductor concept, the US-listed supply side of the AI build-out.
- US AI Semiconductor parent
- NVIDIA (NVDA) sibling
- SK Hynix (000660) related
- Samsung Electronics (005930) related
- AI accelerator related
- HBM (High Bandwidth Memory) related
Related indices & ETFs
- KODEX US AI Semiconductor TOP3 Plus ETF (0151S0) · Samsung Asset Management Korea-listed ETF (January 13, 2026) tracking the Akros US AI semiconductor index; Micron is a constituent of the concept.
- Akros U.S. AI Semiconductor Top 3 Plus Index (AUAIST3P) · Akros Technologies, Inc. The Akros index that frames the US AI semiconductor concept and the benchmark the KODEX ETF tracks.
These references describe index-tracking relationships as a matter of fact and are not a recommendation to buy any product. Akros, as the index provider, may receive licensing fees from product sponsors. Review the product's prospectus before investing.
Frequently asked questions about Micron
What does Micron do?
Micron designs and manufactures memory and storage: DRAM, NAND flash, and high-bandwidth memory (HBM), the stacked DRAM that ships beside every AI accelerator. It is the only US-based DRAM maker. In fiscal Q3 2026 its cloud memory unit earned $13.8 billion and its core data-center unit $11.5 billion, part of a record $41.46 billion of revenue (Micron 8-K, Jun 24, 2026).
What was Micron's latest quarterly revenue?
Micron reported record fiscal Q3 2026 revenue of $41.46 billion (quarter ended May 28, 2026), up 346% from $9.30 billion a year earlier and 74% from $23.86 billion the prior quarter (Micron 8-K, Jun 24, 2026). GAAP EPS was $24.67, non-GAAP EPS $25.11, and GAAP gross margin 84.6%, up from 74.4% the prior quarter. DRAM revenue was a record $31.3 billion and operating cash flow $25.39 billion.
What is Micron's guidance?
For fiscal Q4 2026, Micron guided revenue to a record $50.0 billion plus or minus $1.0 billion, a gross margin of approximately 86%, and non-GAAP diluted EPS of $31.00 plus or minus $1.00 (Micron 8-K, Jun 24, 2026). CEO Sanjay Mehrotra said Micron's 'record fiscal Q3 financial results and even stronger outlook for Q4 reflect the strategic value of memory in the AI era.'
When does Micron report its next earnings?
Micron reported fiscal Q3 2026 on June 24, 2026 and has not yet set a date for its fiscal Q4 and full-year report, which it typically holds in late September (Micron 8-K, Jun 24, 2026). Check investors.micron.com for the confirmed date once Micron posts its financial calendar.
Why is Micron part of the US AI semiconductor concept?
Because AI compute is memory-bound: every accelerator ships with stacks of HBM, and Micron is the only US-based maker of it. It has already shipped over $1 billion of HBM4 revenue for NVIDIA's Vera Rubin platform, and data-center revenue topped $25 billion in the quarter (Micron Q3 FY2026 remarks, Jun 24, 2026). The AI shortage has repriced the whole business, with GAAP gross margin reaching 84.6% in fiscal Q3 2026 (Micron 8-K).
Sources & references
- Micron Technology, Inc. Reports Record Results for the Third Quarter of Fiscal 2026 (SEC 8-K, Exhibit 99.1) · Micron Technology, Inc. / SEC EDGAR, 2026-06-24
- Micron Technology, Inc. Fiscal Q3 2026 Earnings Call Prepared Remarks · Micron Technology, Inc., 2026-06-24
- AI Server Demand to Drive Memory Contract Price Increases in 2Q26 as CSPs Secure Supply via Long-Term Agreements · TrendForce, 2026-03-31
- Micron Technology, Inc. Reports Results for the Second Quarter of Fiscal 2026 (SEC 8-K, Exhibit 99.1) · Micron Technology, Inc. / SEC EDGAR, 2026-03-18
- Micron Technology to Report Fiscal Third Quarter Results on June 24, 2026 · Micron Technology, Inc., 2026-05-27
- Micron (MU) Q2 earnings report 2026 · CNBC, 2026-03-18
- Micron Technology · investor relations · Micron Technology, Inc., 2026-06-10