Micron Technology, Inc. Q3 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

Micron Technology Fiscal Q3 2026 Earnings Summary

  • Revenue: $41.5 billion, up 74% sequentially from Q2 and up 346% year-over-year from Q3 2025. This marks the fifth consecutive quarterly record, with the $17.6B sequential increase being the largest in company history.
  • Gross Margin: 84.9%, up 10 percentage points sequentially and more than doubled from Q3 2025. Achieved a new company record, driven by higher pricing, strong execution, and favorable mix.
  • EPS (Non-GAAP): $25.11, up 106% sequentially from Q2.
  • Segment Performance: DRAM revenue $31.3B (76% of total, up 343% YoY); NAND revenue $9.9B (24% of total, up 361% YoY). Data center annualized run rate exceeded $100B, with SLC revenue >$5B (more than doubled sequentially).
  • Profitability & Cash: Operating income $33.7B (81.2% margin, up 12 pp sequentially); Free cash flow $18.3B (quarterly record); Cash/investments $30.2B; Net cash position $24.4B after reducing debt by $4.4B.
  • Business Units: Cloud Memory (CMBU) $13.8B (33% of revenue, 83% GM); Core Data Center (CDBU) $11.5B (28%, 87% GM); Mobile/Client (MCBU) $11.5B (28%, 87% GM); Automotive/Embedded (AEBU) $4.6B (11%, 79% GM). All showed strong sequential growth.

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Operator: Ladies and gentlemen, thank you for joining us. And welcome to Micron Technology's Fiscal Third Quarter 2026 Financial Conference Call. After today's prepared remarks, we will host a question and answer session. Webcast viewers, please note that you will be able to advance the slides as you view at your own pace. I will now hand the conference over to Satya Kumar, corporate vice president of investor relations and treasury. Satya, please go ahead. Satya Kumar: Thank you, and welcome to Micron Technology's fiscal third quarter 2026 financial conference call. On the call with me today are Sanjay Mehrotra, our Chairman, President and CEO and Mark J. Murphy, our CFO. Today's call is being webcast from our Investor Relations site, at investors.micron.com. Including audio and slides. In addition, the press release detailing our quarterly results has been posted on the website along with the prepared remarks for this call. Today's discussion contains forward looking statements that are subject to risks and uncertainties. These forward looking statements include statements regarding our future financial and operating performance and our business model, as well as trends and expectations in our business customers, market, industry, products, and regulatory and other matters. These statements are based on our current assumptions and we assume no obligation to update these statements. Please refer to our most recent financial reports on Form 10-K, Forms 10-Q, and other filings

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