Micron FY26 Q3: revenue $41.46B at 84.6% margin, Q4 guided to $50B
Verdict: Bullish on the quarter's numbers. Micron delivered $41.46 billion of revenue, $28.24 billion of GAAP net income and an 84.6% gross margin, then guided fiscal Q4 to $50.0 billion. Read it as pricing power plus AI demand rather than shipping volume: DRAM alone produced $31.33 billion of revenue. The caveat is that these margins sit far above the 35.3%–44.7% range Micron reported across fiscal 2025.
1 · Expected vs. Actual
Free preview belowGAAP diluted EPS of $24.67 compares with $12.07 last quarter and $1.68 a year ago, and non-GAAP EPS was $25.11. The $0.44 GAAP-to-non-GAAP gap comes mostly from $341 million of stock-based compensation and a $325 million loss on debt prepayments. GAAP net income of $28.24 billion was 68.1% of revenue, which tells you how little of each sales dollar is being consumed by costs right now.
Revenue of $41.46 billion rose 73.7% from the prior quarter's $23.86 billion and 345.7% from $9.30 billion a year ago, the third straight sequential increase. The mix is lopsided: DRAM supplied $31.33 billion, or 75.6% of the total, while NAND supplied $9.94 billion, or 24.0%. Nine-month revenue reached $78.96 billion.
Micron guides fiscal Q4 to $50.0 billion ± $1.0 billion, which is 20.6% above this quarter, with gross margin of about 86% and GAAP EPS of $30.73 ± $1.00 ($31.00 non-GAAP). The revenue estimate bundled with this report, $52.10 billion, sits above even the top end of that guide. So the company is guiding to another record while the outside number is already higher.
Log in to read 35 analyses a week for free
Create a free account to read 35 full earnings analyses each week — all five steps: expected vs. actual, guidance tracker, money flow, balance sheet and risks. Members get unlimited access.
Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
Answers are based on the earnings release and the analysis above. Free accounts get 3 questions a week; members get 30 a day.