Micron (Nasdaq: MU) Q2 2026 revenue jumps to $23.9B with strong guidance
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Micron Technology reported exceptionally strong results for its fiscal second quarter 2026, reflecting booming demand for memory in AI and data-centric markets. Revenue reached $23.86 billion, up from $13.64 billion in the prior quarter and $8.05 billion a year ago.
GAAP net income was $13.79 billion, or $12.07 per diluted share, while non-GAAP net income was $14.02 billion, or $12.20 per diluted share. GAAP gross margin expanded to 74.4%, and operating income rose to $16.14 billion, highlighting significantly improved profitability.
Operating cash flow was $11.90 billion, with net capital expenditures of $5.0 billion and adjusted free cash flow of $6.9 billion. Micron ended the quarter with $16.7 billion in cash, marketable investments, and restricted cash. The board approved a 30% increase in the quarterly dividend to $0.15 per share, payable April 15, 2026.
By business unit, all segments showed sharp revenue and margin improvements, particularly Cloud Memory and Mobile and Client. For fiscal third quarter 2026, Micron guides revenue to $33.5 billion ± $750 million, gross margin of approximately 81%, and GAAP diluted EPS of $18.90 ± $0.40 (non-GAAP $19.15 ± $0.40), signaling expectations for continued record performance.
Positive
- Record revenue and profitability: Fiscal Q2 2026 revenue reached $23.86 billion with GAAP gross margin of 74.4% and operating margin of 67.6%, far above prior-year levels.
- Strong earnings and cash generation: GAAP net income was $13.79 billion (EPS $12.07), with non-GAAP net income of $14.02 billion (EPS $12.20) and adjusted free cash flow of $6.9 billion.
- Very bullish guidance: FQ3 2026 outlook calls for $33.5 billion ± $750 million in revenue, approximately 81% gross margin, and non-GAAP EPS of $19.15 ± $0.40.
- Strength across business units: All segments—Cloud Memory, Core Data Center, Mobile and Client, and Automotive and Embedded—showed strong revenue growth and high operating margins.
- Shareholder returns strengthened: The board approved a 30% increase in the quarterly dividend to $0.15 per share, reflecting confidence in ongoing cash generation.
Negative
- None.
Insights
Micron posts record AI-driven quarter with even stronger guidance.
Micron’s fiscal Q2 2026 shows a dramatic upswing in both scale and profitability. Revenue climbed to
Non-GAAP net income of
Guidance for FQ3 2026 is notably bullish: revenue of
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (date of earliest event reported)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbol | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.02. | Results of Operations and Financial Condition. | ||||
On March 18, 2026 , Micron Technology, Inc. (the "Company", "we" or "our") announced the financial results for our second quarter of fiscal 2026 ended February 26, 2026. The full text of the press release issued in connection with the announcement is attached as Exhibit 99.1 to this Current Report on Form 8-K.
The information in Item 2.02 and Exhibit 99.1 of this Current Report on Form 8-K shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section. The information in Item 2.02 and Exhibit 99.1 of this Current Report on Form 8-K shall not be incorporated by reference into any filing or other document pursuant to the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing or document.
| Item 9.01. | Financial Statements and Exhibits. | ||||
| (d) Exhibits. | |||||
| Exhibit No. | Description | |||||||
| 99.1 | Press Release issued on March 18, 2026 | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| MICRON TECHNOLOGY, INC. | |||||||||||
| Date: | By: | /s/ Mark Murphy | |||||||||
| Name: | Mark Murphy | ||||||||||
| Title: | Executive Vice President and Chief Financial Officer | ||||||||||
Exhibit 99.1
FOR IMMEDIATE RELEASE
| Contacts: | Satya Kumar | Mark Plungy | ||||||
| Investor Relations | Media Relations | |||||||
satyakumar@micron.com | mplungy@micron.com | |||||||
(408) 450-6199 | (408) 203-2910 | |||||||
MICRON TECHNOLOGY, INC. REPORTS RESULTS FOR THE
SECOND QUARTER OF FISCAL 2026
Record results and outlook reflect strategic value of memory in AI era
BOISE, Idaho, March 18, 2026 – Micron Technology, Inc. (Nasdaq: MU) today announced results for its second quarter of fiscal 2026, which ended February 26, 2026.
Fiscal Q2 2026 highlights
•Revenue of $23.86 billion versus $13.64 billion for the prior quarter and $8.05 billion for the same period last year
•GAAP net income of $13.79 billion, or $12.07 per diluted share
•Non-GAAP net income of $14.02 billion, or $12.20 per diluted share
•Operating cash flow of $11.90 billion versus $8.41 billion for the prior quarter and $3.94 billion for the same period last year
“Micron set new records across revenue, gross margin, EPS, and free cash flow in fiscal Q2, driven by a strong demand environment, tight industry supply, and our strong execution, and we expect significant records again in fiscal Q3,” said Sanjay Mehrotra, Chairman, President and CEO of Micron Technology. “In the AI era, memory has become a strategic asset for our customers, and we are investing in our global manufacturing footprint to support their growing demand. Reflecting confidence in the sustained strength of our business, our board has approved a 30% increase in our quarterly dividend.”
| Quarterly Financial Results | |||||||||||||||||||||||
| (in millions, except per share amounts) | GAAP(1) | Non-GAAP(2) | |||||||||||||||||||||
| FQ2-26 | FQ1-26 | FQ2-25 | FQ2-26 | FQ1-26 | FQ2-25 | ||||||||||||||||||
| Revenue | $ | 23,860 | $ | 13,643 | $ | 8,053 | $ | 23,860 | $ | 13,643 | $ | 8,053 | |||||||||||
| Gross margin | 17,755 | 7,646 | 2,963 | 17,876 | 7,753 | 3,053 | |||||||||||||||||
| Percent of revenue | 74.4 | % | 56.0 | % | 36.8 | % | 74.9 | % | 56.8 | % | 37.9 | % | |||||||||||
| Operating expenses | 1,620 | 1,510 | 1,190 | 1,421 | 1,334 | 1,046 | |||||||||||||||||
| Operating income | 16,135 | 6,136 | 1,773 | 16,455 | 6,419 | 2,007 | |||||||||||||||||
| Percent of revenue | 67.6 | % | 45.0 | % | 22.0 | % | 69.0 | % | 47.0 | % | 24.9 | % | |||||||||||
| Net income | 13,785 | 5,240 | 1,583 | 14,021 | 5,482 | 1,783 | |||||||||||||||||
| Diluted earnings per share (EPS) | 12.07 | 4.60 | 1.41 | 12.20 | 4.78 | 1.56 | |||||||||||||||||
For the second quarter of 2026, investments in capital expenditures, net(2) were $5.0 billion and adjusted free cash flow(2) was $6.9 billion. Micron ended the quarter with cash, marketable investments, and restricted cash of $16.7 billion. On March 18, 2026, Micron’s Board of Directors declared a quarterly dividend of $0.15 per share, payable in cash on April 15, 2026, to shareholders of record as of the close of business on March 30, 2026.
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Quarterly Business Unit Financial Results | |||||||||||
| FQ2-26 | FQ1-26 | FQ2-25 | |||||||||
Cloud Memory Business Unit | |||||||||||
| Revenue | $ | 7,749 | $ | 5,284 | $ | 2,947 | |||||
Gross margin | 74 | % | 66 | % | 55 | % | |||||
Operating margin | 66 | % | 55 | % | 45 | % | |||||
Core Data Center Business Unit | |||||||||||
Revenue | $ | 5,687 | $ | 2,379 | $ | 1,830 | |||||
Gross margin | 74 | % | 51 | % | 47 | % | |||||
Operating margin | 67 | % | 37 | % | 33 | % | |||||
| Mobile and Client Business Unit | |||||||||||
Revenue | $ | 7,711 | $ | 4,255 | $ | 2,236 | |||||
Gross margin | 79 | % | 54 | % | 15 | % | |||||
Operating margin | 76 | % | 47 | % | 1 | % | |||||
| Automotive and Embedded Business Unit | |||||||||||
Revenue | $ | 2,708 | $ | 1,720 | $ | 1,034 | |||||
Gross margin | 68 | % | 45 | % | 21 | % | |||||
Operating margin | 62 | % | 36 | % | 6 | % | |||||
Business Outlook
The following table presents Micron’s guidance for the third quarter of 2026:
FQ3-26 | GAAP(1) Outlook | Non-GAAP(2) Outlook | ||||||
Revenue | $33.5 billion ± $750 million | $33.5 billion ± $750 million | ||||||
Gross margin | Approximately 81% | Approximately 81% | ||||||
Operating expenses | Approximately $1.60 billion | Approximately $1.40 billion | ||||||
Diluted earnings per share | $18.90 ± $0.40 | $19.15 ± $0.40 | ||||||
Further information regarding Micron’s business outlook is included in the prepared remarks and slides, which have been posted at investors.micron.com.
Investor Webcast
Micron will host a conference call on Wednesday, March 18, 2026 at 2:30 p.m. Mountain Time to discuss its second quarter financial results and provide forward-looking guidance for its third quarter. A live webcast of the call will be available online at investors.micron.com. A webcast replay will be available for one year after the call.
We encourage you to visit our website at micron.com throughout the quarter for the most current information on the company, including information on financial conferences that we may be attending. You can also follow us on LinkedIn, X (@MicronTech) and YouTube (@MicronTechnology).
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About Micron Technology, Inc.
Micron Technology, Inc. is an industry leader in innovative memory and storage solutions transforming how the world uses information to enrich life for all. With a relentless focus on our customers, technology leadership, and manufacturing and operational excellence, Micron delivers a rich portfolio of high-performance DRAM, NAND, and NOR memory and storage products. Every day, the innovations that our people create fuel the data economy, enabling advances in artificial intelligence (AI) and compute-intensive applications that unleash opportunities — from the data center to the intelligent edge and across the client and mobile user experience. To learn more about Micron Technology, Inc. (Nasdaq: MU), visit micron.com.
© 2026 Micron Technology, Inc. All rights reserved. Micron, the Micron logo, and all other Micron trademarks are the property of Micron Technology, Inc. All other trademarks are the property of their respective owners.
Forward-Looking Statements
This press release contains forward-looking statements regarding our industry, our strategic position, our customers, including customer demand, and our financial and operating performance, including our guidance for the third quarter of 2026, as well as our investments in manufacturing and goals for such investments. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially. Please refer to the documents we file with the Securities and Exchange Commission, including our most recent Form 10-K and Form 10-Q. These documents contain and identify important factors that could cause our actual results to differ materially from those contained in these forward-looking statements. These certain factors can be found at investors.micron.com/risk-factor. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We are under no duty to update any of the forward-looking statements to conform these statements to actual results.
(1)GAAP represents U.S. Generally Accepted Accounting Principles.
(2)Non-GAAP represents GAAP excluding the impact of certain activities, which management excludes in analyzing our operating results and understanding trends in our earnings; adjusted free cash flow; investments in capital expenditures, net; and business outlook. Further information regarding Micron’s use of non-GAAP measures and reconciliations between GAAP and non-GAAP measures are included within this press release.
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MICRON TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share amounts)
(Unaudited)
2nd Qtr. | 1st Qtr. | 2nd Qtr. | Six Months Ended | ||||||||||||||
| February 26, 2026 | November 27, 2025 | February 27, 2025 | February 26, 2026 | February 27, 2025 | |||||||||||||
| Revenue | $ | 23,860 | $ | 13,643 | $ | 8,053 | $ | 37,503 | $ | 16,762 | |||||||
| Cost of goods sold | 6,105 | 5,997 | 5,090 | 12,102 | 10,451 | ||||||||||||
| Gross margin | 17,755 | 7,646 | 2,963 | 25,401 | 6,311 | ||||||||||||
| Research and development | 1,250 | 1,171 | 898 | 2,421 | 1,786 | ||||||||||||
| Selling, general, and administrative | 344 | 337 | 285 | 681 | 573 | ||||||||||||
| Other operating (income) expense, net | 26 | 2 | 7 | 28 | 5 | ||||||||||||
| Operating income | 16,135 | 6,136 | 1,773 | 22,271 | 3,947 | ||||||||||||
| Interest income | 155 | 139 | 108 | 294 | 215 | ||||||||||||
| Interest expense | (32) | (74) | (112) | (106) | (230) | ||||||||||||
| Other non-operating income (expense), net | (98) | (140) | (11) | (238) | (22) | ||||||||||||
| 16,160 | 6,061 | 1,758 | 22,221 | 3,910 | |||||||||||||
| Income tax (provision) benefit | (2,371) | (829) | (177) | (3,200) | (460) | ||||||||||||
| Equity in net income (loss) of equity method investees | (4) | 8 | 2 | 4 | 3 | ||||||||||||
| Net income | $ | 13,785 | $ | 5,240 | $ | 1,583 | $ | 19,025 | $ | 3,453 | |||||||
| Earnings per share | |||||||||||||||||
| Basic | $ | 12.25 | $ | 4.66 | $ | 1.42 | $ | 16.91 | $ | 3.10 | |||||||
| Diluted | 12.07 | 4.60 | 1.41 | 16.68 | 3.08 | ||||||||||||
| Number of shares used in per share calculations | |||||||||||||||||
| Basic | 1,126 | 1,125 | 1,115 | 1,125 | 1,113 | ||||||||||||
| Diluted | 1,142 | 1,138 | 1,123 | 1,140 | 1,123 | ||||||||||||
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MICRON TECHNOLOGY, INC.
CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)
| As of | February 26, 2026 | November 27, 2025 | August 28, 2025 | ||||||||
| Assets | |||||||||||
| Cash and equivalents | $ | 13,908 | $ | 9,731 | $ | 9,642 | |||||
| Short-term investments | 681 | 587 | 665 | ||||||||
| Receivables | 17,314 | 10,184 | 9,265 | ||||||||
| Inventories | 8,267 | 8,205 | 8,355 | ||||||||
| Other current assets | 1,243 | 958 | 914 | ||||||||
| Total current assets | 41,413 | 29,665 | 28,841 | ||||||||
| Long-term marketable investments | 2,038 | 1,697 | 1,629 | ||||||||
| Property, plant, and equipment | 51,408 | 48,477 | 46,590 | ||||||||
| Operating lease right-of-use assets | 684 | 700 | 736 | ||||||||
| Intangible assets | 468 | 465 | 453 | ||||||||
| Deferred tax assets | 680 | 641 | 616 | ||||||||
| Goodwill | 1,150 | 1,150 | 1,150 | ||||||||
| Other noncurrent assets | 3,668 | 3,176 | 2,783 | ||||||||
| Total assets | $ | 101,509 | $ | 85,971 | $ | 82,798 | |||||
| Liabilities and equity | |||||||||||
| Accounts payable and accrued expenses | $ | 10,997 | $ | 9,796 | $ | 9,649 | |||||
| Current debt | 585 | 569 | 560 | ||||||||
| Other current liabilities | 2,714 | 1,695 | 1,245 | ||||||||
| Total current liabilities | 14,296 | 12,060 | 11,454 | ||||||||
| Long-term debt | 9,557 | 11,187 | 14,017 | ||||||||
| Noncurrent operating lease liabilities | 656 | 669 | 701 | ||||||||
| Noncurrent unearned government incentives | 1,002 | 1,148 | 1,018 | ||||||||
| Other noncurrent liabilities | 3,539 | 2,101 | 1,443 | ||||||||
| Total liabilities | 29,050 | 27,165 | 28,633 | ||||||||
| Commitments and contingencies | |||||||||||
| Shareholders’ equity | |||||||||||
| Common stock | 127 | 127 | 127 | ||||||||
| Additional capital | 14,092 | 13,610 | 13,339 | ||||||||
| Retained earnings | 66,824 | 53,344 | 48,583 | ||||||||
| Treasury stock | (8,502) | (8,152) | (7,852) | ||||||||
| Accumulated other comprehensive income (loss) | (82) | (123) | (32) | ||||||||
| Total equity | 72,459 | 58,806 | 54,165 | ||||||||
| Total liabilities and equity | $ | 101,509 | $ | 85,971 | $ | 82,798 | |||||
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MICRON TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
| Six Months Ended | February 26, 2026 | February 27, 2025 | ||||||
| Cash flows from operating activities | ||||||||
| Net income | $ | 19,025 | $ | 3,453 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
| Depreciation expense and amortization of intangible assets | 4,498 | 4,109 | ||||||
Stock-based compensation | 599 | 469 | ||||||
Change in operating assets and liabilities: | ||||||||
| Receivables | (8,298) | 338 | ||||||
| Inventories | 88 | (132) | ||||||
| Accounts payable and accrued expenses | 928 | (714) | ||||||
Other current liabilities | 1,469 | (321) | ||||||
| Other noncurrent liabilities | 2,106 | 195 | ||||||
| Other | (101) | (211) | ||||||
| Net cash provided by operating activities | 20,314 | 7,186 | ||||||
| Cash flows from investing activities | ||||||||
| Expenditures for property, plant, and equipment | (11,776) | (7,261) | ||||||
| Purchases of available-for-sale securities | (1,120) | (816) | ||||||
| Proceeds from government incentives | 2,256 | 1,028 | ||||||
Proceeds from maturities and sales of available-for-sale securities | 701 | 874 | ||||||
| Other | (180) | (125) | ||||||
| Net cash used for investing activities | (10,119) | (6,300) | ||||||
| Cash flows from financing activities | ||||||||
| Repayments of debt | (4,626) | (2,626) | ||||||
| Repurchases of common stock - repurchase program | (650) | — | ||||||
Repurchases of common stock - withholdings on employee equity awards | (545) | (252) | ||||||
| Payments of dividends to shareholders | (266) | (261) | ||||||
Proceeds from issuance of debt | — | 2,682 | ||||||
| Other | 175 | 131 | ||||||
Net cash used for financing activities | (5,912) | (326) | ||||||
Effect of changes in currency exchange rates on cash, cash equivalents, and restricted cash | 5 | (49) | ||||||
Net increase in cash, cash equivalents, and restricted cash | 4,288 | 511 | ||||||
| Cash, cash equivalents, and restricted cash at beginning of period | 9,646 | 7,052 | ||||||
| Cash, cash equivalents, and restricted cash at end of period | $ | 13,934 | $ | 7,563 | ||||
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MICRON TECHNOLOGY, INC.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
(In millions, except per share amounts)
| 2nd Qtr. | 1st Qtr. | 2nd Qtr. | |||||||||
| February 26, 2026 | November 27, 2025 | February 27, 2025 | |||||||||
| GAAP gross margin | $ | 17,755 | $ | 7,646 | $ | 2,963 | |||||
| Stock-based compensation | 121 | 107 | 89 | ||||||||
| Other | — | — | 1 | ||||||||
| Non-GAAP gross margin | $ | 17,876 | $ | 7,753 | $ | 3,053 | |||||
| GAAP operating expenses | $ | 1,620 | $ | 1,510 | $ | 1,190 | |||||
| Stock-based compensation | (176) | (173) | (144) | ||||||||
| Other | (23) | (3) | — | ||||||||
| Non-GAAP operating expenses | $ | 1,421 | $ | 1,334 | $ | 1,046 | |||||
| GAAP operating income | $ | 16,135 | $ | 6,136 | $ | 1,773 | |||||
| Stock-based compensation | 297 | 280 | 233 | ||||||||
| Other | 23 | 3 | 1 | ||||||||
| Non-GAAP operating income | $ | 16,455 | $ | 6,419 | $ | 2,007 | |||||
GAAP net income | $ | 13,785 | $ | 5,240 | $ | 1,583 | |||||
| Stock-based compensation | 297 | 280 | 233 | ||||||||
| Loss on debt prepayments | 47 | 130 | 4 | ||||||||
| Other | 25 | (20) | — | ||||||||
Estimated tax effects of above and other tax adjustments | (133) | (148) | (37) | ||||||||
| Non-GAAP net income | $ | 14,021 | $ | 5,482 | $ | 1,783 | |||||
GAAP weighted-average common shares outstanding - Diluted | 1,142 | 1,138 | 1,123 | ||||||||
Adjustment for stock-based compensation | 7 | 10 | 20 | ||||||||
Non-GAAP weighted-average common shares outstanding - Diluted | 1,149 | 1,148 | 1,143 | ||||||||
GAAP diluted earnings per share | $ | 12.07 | $ | 4.60 | $ | 1.41 | |||||
Effects of the above adjustments | 0.13 | 0.18 | 0.15 | ||||||||
Non-GAAP diluted earnings per share | $ | 12.20 | $ | 4.78 | $ | 1.56 | |||||
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RECONCILIATION OF GAAP TO NON-GAAP MEASURES, Continued
| 2nd Qtr. | 1st Qtr. | 2nd Qtr. | |||||||||
| February 26, 2026 | November 27, 2025 | February 27, 2025 | |||||||||
GAAP net cash provided by operating activities | $ | 11,903 | $ | 8,411 | $ | 3,942 | |||||
Expenditures for property, plant, and equipment | (6,387) | (5,389) | (4,055) | ||||||||
| Proceeds from sales of property, plant, and equipment | 5 | 6 | 7 | ||||||||
Proceeds from government incentives | 1,378 | 878 | 963 | ||||||||
| Investments in capital expenditures, net | (5,004) | (4,505) | (3,085) | ||||||||
Adjusted free cash flow | $ | 6,899 | $ | 3,906 | $ | 857 | |||||
The tables above reconcile GAAP to non-GAAP measures of gross margin, operating expenses, operating income, net income, diluted shares, diluted earnings per share, and adjusted free cash flow. The non-GAAP adjustments above may or may not be infrequent or nonrecurring in nature, but are a result of periodic or non-core operating activities. We believe this non-GAAP information is helpful in understanding trends and in analyzing our operating results and earnings. We are providing this information to investors to assist in performing analysis of our operating results. When evaluating performance and making decisions on how to allocate our resources, management uses this non-GAAP information and believes investors should have access to similar data when making their investment decisions. We believe these non-GAAP financial measures increase transparency by providing investors with useful supplemental information about the financial performance of our business, enabling enhanced comparison of our operating results between periods and with peer companies. The presentation of these adjusted amounts varies from amounts presented in accordance with U.S. GAAP and therefore may not be comparable to amounts reported by other companies. Our management excludes the following items as applicable in analyzing our operating results and understanding trends in our earnings:
•Stock-based compensation;
•Gains and losses from debt prepayments;
•Restructure and asset impairments; and
•The estimated tax effects of above, non-cash changes in net deferred income taxes, assessments of tax exposures, certain tax matters related to prior fiscal periods, and significant changes in tax law. The divergence between our GAAP and non-GAAP income tax (provision) benefit relates to the difference in our GAAP and non-GAAP estimated annual effective tax rates, which are computed separately.
Non-GAAP diluted shares are adjusted for the impact of additional shares resulting from the exclusion of stock-based compensation from non-GAAP income.
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MICRON TECHNOLOGY, INC.
RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK
FQ3-26 | GAAP Outlook | Adjustments | Non-GAAP Outlook | ||||||||||||||||||||
Revenue | $33.5 billion ± $750 million | — | $33.5 billion ± $750 million | ||||||||||||||||||||
Gross margin | Approximately 81% | — | A | Approximately 81% | |||||||||||||||||||
Operating expenses | Approximately $1.60 billion | $200 million | B | Approximately $1.40 billion | |||||||||||||||||||
Diluted earnings per share(1) | $18.90 ± $0.40 | $0.25 | A, B, C | $19.15 ± $0.40 | |||||||||||||||||||
Non-GAAP Adjustments (in millions) | |||||||||||||||||||||||
A | Stock-based compensation – cost of goods sold | $ | 141 | ||||||||||||||||||||
B | Stock-based compensation – research and development | 132 | |||||||||||||||||||||
B | Stock-based compensation – sales, general, and administrative | 68 | |||||||||||||||||||||
C | Tax effects of the above items and other tax adjustments | (52) | |||||||||||||||||||||
| $ | 289 | ||||||||||||||||||||||
(1)GAAP earnings per share based on approximately 1.14 billion diluted shares and non-GAAP earnings per share based on approximately 1.15 billion diluted shares.
The tables above reconcile our GAAP to non-GAAP guidance based on the current outlook. The guidance does not incorporate the impact of any potential business combinations, divestitures, additional restructuring activities, balance sheet valuation adjustments, strategic investments, financing transactions, and other significant transactions. The timing and impact of such items are dependent on future events that may be uncertain or outside of our control.
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FAQ
How did Micron (MU) perform in fiscal Q2 2026?
Micron delivered very strong fiscal Q2 2026 results, with revenue of $23.86 billion and GAAP net income of $13.79 billion. Profitability improved sharply, driven by high gross margins and strong demand across memory and storage products, particularly in AI and data-centric markets.
What were Micron’s earnings per share for fiscal Q2 2026?
For fiscal Q2 2026, Micron reported GAAP diluted earnings per share of $12.07 and non-GAAP diluted earnings per share of $12.20. These figures reflect significantly higher profitability compared with prior periods, supported by strong revenue growth and expanded operating margins.
What guidance did Micron (MU) provide for fiscal Q3 2026?
Micron’s fiscal Q3 2026 outlook targets revenue of $33.5 billion ± $750 million, with gross margin of approximately 81%. The company expects GAAP diluted EPS of $18.90 ± $0.40 and non-GAAP diluted EPS of $19.15 ± $0.40, indicating expectations for continued robust performance.
How strong was Micron’s cash flow and balance sheet in Q2 2026?
In fiscal Q2 2026, Micron generated operating cash flow of $11.90 billion and invested $5.0 billion in net capital expenditures, resulting in adjusted free cash flow of $6.9 billion. The company ended the quarter with $16.7 billion in cash, marketable investments, and restricted cash.
Did Micron (MU) change its dividend in connection with these results?
Yes. Micron’s board approved a 30% increase in the quarterly dividend to $0.15 per share. The dividend is payable on April 15, 2026, to shareholders of record as of March 30, 2026, reflecting confidence in the company’s earnings and cash generation.
How did Micron’s individual business units perform in Q2 2026?
All Micron business units posted strong results in fiscal Q2 2026. Cloud Memory, Core Data Center, Mobile and Client, and Automotive and Embedded each delivered higher revenue versus prior periods, with operating margins ranging from the low 60% area to mid-70%, underscoring broad-based strength.
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Feb 2, 2026
[144] MICRON TECHNOLOGY INC SEC Filing
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[144] MICRON TECHNOLOGY INC SEC Filing