Micron Technology, Inc.

Micron Technology, Inc. Earnings Recaps

MU Information Technology 3 recaps
Next earnings: December 23, 2026 (estimated) · full calendar
Q4 2026 Oct 2, 2026

Micron shares rose 3.0% after earnings. Management pointed to stronger demand and tight supply extending through 2028, while saying it has no line of sight to when supply and demand will balance.

Key takeaways
  • More than 75% of Micron’s fiscal 2027 shipments are committed, which management cited as evidence of strengthening demand.
  • Management expects server-unit growth to continue into 2027 and cited agentic AI as an additional source of CPU-driven demand.
  • Supply growth remains constrained by diminishing technology-transition gains, HBM’s growing share of output and higher trade ratios for future HBM products.
  • Management expects fiscal 2027 margins to expand over the balance of the year versus Q1, supported by continued, though more moderate, price increases and product mix; start-up costs are a partial offset.
  • Micron has significantly increased HBM pricing for calendar 2027 to narrow the profitability gap with conventional DRAM, but did not update its HBM market-size outlook.
Full recap
Q3 2026 Jun 26, 2026

Micron's stock surged 15.4% post-earnings as the company highlighted record cash flow generation, strong demand-driven pricing power, and Strategic Customer Agreements (SCAs) that underpin multi-year revenue visibility and capital return plans.

Key takeaways
  • Free cash flow is expected to exceed $30 billion next quarter, supporting aggressive capital return, primarily through share buybacks, with management signaling potential repurchases of up to 10% of the company next year.
  • The company secured multiple SCAs that are take-or-pay and cannot be canceled, locking in demand well above supply capacity through 2028 and beyond.
  • Demand for HBM (High Bandwidth Memory) products, including HBM3E and HBM4, remains significantly higher than the company’s supply, driving expectations for sustained market tightness past 2027.
  • DRAM continues to represent 75-80% of the product mix with a strategic, stable approach to HBM and NAND product allocations, reflecting diversified exposure across segments including non-data center markets.
  • Management refrains from providing formal long-term bit shipment CAGR guidance, emphasizing that supply constraints—not demand—will dictate growth in the near term, with no clear timeline for supply to catch up.
Full recap
Q2 2026 Mar 19, 2026

Micron Technology, Inc. delivered exceptional fiscal Q2 2026 results with revenue nearly tripling year-over-year and record highs across all memory segments, notably driven by AI demand and strategic operational execution.

Key takeaways
  • Revenue guidance for fiscal Q3 exceeds previous full-year totals, indicating sustained demand and growth.
  • The Board approved a 30% increase in the quarterly dividend, reflecting confidence in financial performance.
  • Micron's latest 1γ DRAM and G9 NAND technologies are on track to become the majority of their bit mix by mid-calendar 2026.
  • Strong customer demand for memory driven by AI is expected to push DRAM and NAND data center bits to over 50% of the industry TAM in 2026.
  • Micron ranks number one in quality among its customers, further highlighting its operational excellence and market leadership.
Full recap

Go deeper on MU and the wider market.

All earnings recaps Browse the latest results across the market. Stock directory Browse companies by sector and market. Highest-yield stocks A curated screen of top dividend payers. Investing glossary Plain-English definitions for every metric.