#Micron Technology Posts Record Quarterly Revenue on AI Memory Demand
Micron Technology, Inc. (Nasdaq: MU) reported revenue of $41.46 billion for the third quarter of fiscal 2026, ended May 28, 2026, the highest quarterly revenue in the company's history. The result compares with $23.86 billion in the prior quarter and $9.30 billion in the same period a year earlier.
The memory and storage sector has experienced a rapid acceleration in demand tied to AI infrastructure buildout, with hyperscale data center operators expanding capacity at a pace that has driven outsized growth in high-bandwidth memory products. Micron competes in this market alongside Samsung and SK Hynix.
#All Four Business Units Post Revenue Growth
Micron's Cloud Memory Business Unit generated revenue of $13.77 billion in the quarter, up from $7.75 billion in the prior quarter, with a gross margin of 83%.
The Core Data Center Business Unit reported revenue of $11.52 billion, compared with $5.69 billion in the prior quarter, at an 87% gross margin.
The Mobile and Client Business Unit posted revenue of $11.52 billion, up from $7.71 billion in the prior quarter. The Automotive and Embedded Business Unit contributed $4.63 billion, versus $2.71 billion in the prior quarter.
#Operating Income and Cash Flow Reach Record Levels
GAAP operating income for the quarter was $33.32 billion, representing 80.4% of revenue. On a non-GAAP basis, operating income was $33.68 billion, or 81.2% of revenue.
GAAP net income was $28.24 billion, or $24.67 per diluted share. Non-GAAP net income was $28.86 billion, or $25.11 per diluted share.
Operating cash flow reached $25.39 billion in the quarter, compared with $11.90 billion in the prior quarter and $4.61 billion in the same period a year earlier. Adjusted free cash flow was $18.30 billion, after net capital expenditures of $7.08 billion.
Micron ended the quarter with cash, marketable investments, and restricted cash of $30.2 billion.
"Micron's record fiscal Q3 financial results and even stronger outlook for Q4 reflect the strategic value of memory in the AI era," said Sanjay Mehrotra, Chairman, President and CEO of Micron Technology, in the earnings release. "We believe our multi-year Strategic Customer Agreements will significantly enhance the durability and predictability of Micron's strong financial performance."
#Micron Guides for $50 Billion in Fiscal Q4
The company issued guidance for the fourth quarter of fiscal 2026, projecting revenue of $50.0 billion, plus or minus $1.0 billion, and a gross margin of approximately 86% on both a GAAP and non-GAAP basis. GAAP diluted earnings per share are guided at $30.73, plus or minus $1.00, and non-GAAP diluted earnings per share at $31.00, plus or minus $1.00.
Micron said its HBM4 product, built on 1-beta DRAM technology, is in high-volume shipments for its lead customer's platform. The company also said development of HBM4E, built on 1-gamma DRAM technology, is underway, with volume production expected in calendar 2027.
On June 24, 2026, Micron's board declared a quarterly cash dividend of $0.15 per share, payable July 21, 2026, to shareholders of record as of July 6, 2026.
Micron's guidance is subject to risks including macroeconomic conditions, customer demand variability, execution on new product ramps, and factors detailed in the company's SEC filings. Forward-looking statements in the company's earnings release are not guaranteed, and actual results may differ materially.