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Get filing alertsMicron reports record Q3 revenue of $41.5B, up 346% YoY on AI memory demand
Filed June 24, 2026 · Period ending June 24, 2026 · ~1 min read
Key Changes
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Q3 FY2026 revenue hit $41.46B (up 74% QoQ, 346% YoY) with GAAP net income of $28.24B ($24.67/share) and operating cash flow of $25.39B, driven by AI memory demand.
Exhibit 99.1 view on EDGAR → -
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Company executed multi-year Strategic Customer Agreements expected to enhance durability and predictability of financial performance amid record investment levels.
Exhibit 99.1 view on EDGAR → -
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Q4 FY2026 guidance calls for revenue of $50.0B (±$1.0B), gross margin of ~86%, and non-GAAP EPS of $31.00 (±$1.00), indicating continued momentum.
Exhibit 99.1 view on EDGAR → -
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HBM4 memory now shipping in high volume to lead customer with qualification samples sent to multiple end-customers; HBM4E volume production expected calendar 2027.
Exhibit 99.1 view on EDGAR → -
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Generated $18.3B adjusted free cash flow in Q3 while investing $7.1B in capex; ended quarter with $30.2B cash and investments; Board declared $0.15/share quarterly dividend.
Exhibit 99.1 view on EDGAR →
Summary
Micron delivered exceptional Q3 fiscal 2026 results with revenue of $41.46 billion, up 346% year-over-year and 74% sequentially, driven by surging AI-related memory demand. GAAP net income reached $28.24 billion ($24.67 per share) while operating cash flow more than doubled to $25.39 billion.
The company's HBM4 high-bandwidth memory is now shipping in volume to its lead customer, positioning Micron in the fastest-growing segment of the memory market. Management announced multi-year Strategic Customer Agreements designed to enhance financial predictability and is making record investments to meet rapidly growing demand.
Q4 guidance of $50 billion revenue (up 21% sequentially) and 86% gross margin signals continued strength. The company generated $18.3 billion in adjusted free cash flow while investing $7.1 billion in capacity expansion. With HBM4E development underway for 2027 production and 256GB DDR5 server memory samples already shipped, Micron appears well-positioned to capitalize on the AI infrastructure buildout. The Board maintained its $0.15 quarterly dividend.
Section-by-Section Diff
Event · Exhibit 99.1
Added in current filing · view on EDGAR →
Micron is investing at record levels in technology, products and supply to address our customers’ rapidly growing demand. We believe our multi-year Strategic Customer Agreements will significantly enhance the durability and predictability of Micron’s strong financial performance.
Micron announced execution of multi-year Strategic Customer Agreements, which management believes will enhance the durability and predictability of financial performance. The company is making record-level investments in technology, products, and supply to meet rapidly growing customer demand, particularly in AI applications.
Added in current filing · view on EDGAR →
Revenue $50.0 billion ± $1.0 billion $50.0 billion ± $1.0 billion
Gross margin Approximately 86%Approximately 86%
Operating expenses Approximately $1.86 billionApproximately $1.65 billion
Diluted earnings per share $30.73 ± $1.00$31.00 ± $1.00
Micron guided Q4 fiscal 2026 revenue to $50.0 billion (± $1.0 billion), representing another sequential increase of approximately 21% at the midpoint. The company expects gross margin of approximately 86% and non-GAAP diluted EPS of $31.00 (± $1.00), indicating continued strong profitability and momentum in memory markets.
Added in current filing · view on EDGAR →
HBM4, built on 1-beta DRAM technology, is in high-volume shipments for our lead customer's platform, and qualification samples have been shipped to multiple end-customers.
•Development of HBM4E, built on 1-gamma DRAM technology, is well underway, with volume production expected in calendar 2027.
•Qualification samples of 256GB DDR5 RDIMMs, built on 1-gamma DRAM technology and advanced 3D die stacking, has shipped to key server ecosystem enablers.
Micron disclosed several product milestones: HBM4 memory is now in high-volume shipments to its lead customer with qualification samples sent to multiple end-customers; HBM4E development is underway with volume production expected in calendar 2027; and 256GB DDR5 RDIMM qualification samples using 1-gamma DRAM technology have shipped to key server partners. These advances position Micron in high-growth AI and data center memory markets.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jun 24, 2026 · How we verify