Focus
Micron: Record Revenue and $50 Billion Guidance
The Financial Spectator · PRO Analysis
Micron closed the quarter ended 28 May 2026 with new company records across revenue, gross margin, earnings per share and free cash flow.
1. Key figures
| Metric | FQ3 2026 | FQ2 2026 | FQ3 2025 |
|---|---|---|---|
| Revenue | $41.456bn | $23.860bn | $9.301bn |
| Non-GAAP gross margin | 84,9% | 74,9% | 39,0% |
| Non-GAAP diluted EPS | 25,11 $ | 12,20 $ | 1,91 $ |
| Adjusted free cash flow | $18.304bn | $6.899bn | $1.949bn |
2. Comparison with prior guidance
| Non-GAAP metric | Prior guidance | Actual result |
|---|---|---|
| Revenue | $33.5bn ± $0.75bn | $41.456bn |
| Gross margin | Approximately 81% | 84,9% |
| Diluted EPS | 19,15 $ ± 0,40 $ | 25,11 $ |
Official figure Revenue, gross margin and EPS all exceeded the upper end of the guidance provided by Micron in the prior quarter.
3. What drove the results
| Area | Reported figure | Plain reading |
|---|---|---|
| Data centre | Over $25bn in revenue | The data centre was the primary growth driver of the quarter. |
| Data centre SSD | Over $5bn in revenue | Revenue more than doubled compared with the prior quarter. |
| HBM4 | Over $1bn in revenue already generated | The new memory designed for AI systems is already shipping at high volume. |
| DRAM and NAND | Demand exceeding supply | Micron signals a market still characterised by constrained production capacity. |
Management expects tight supply conditions to persist beyond 2027, underpinned by AI-driven demand and structural constraints on manufacturing capacity.
4. Guidance for fiscal fourth quarter 2026
| Metric | FQ4 2026 Guidance |
|---|---|
| Revenue | $50.0bn ± $1.0bn |
| Non-GAAP gross margin | Approximately 86.0% |
| Non-GAAP diluted EPS | 31,00 $ ± 1,00 $ |
Micron noted that the gross margin guidance incorporates a meaningful moderation in the pace of price increases.
This document is for informational purposes only and does not constitute financial advice.
The Financial Spectator · Independent analysis of global markets and the economy
📡 Follow the Trading Room live sessions
Analyses come to life in real time on our Telegram channel, from which Trading Room sessions are launched.
Join the Telegram channel →Content (text and/or images) created with the help of artificial intelligence, under the editorial responsibility of the editorial team.