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Q3 26 EPS
$25.11
BEAT +23.79%
Est. $20.28
Q3 26 Revenue
$41.46B
BEAT +17.60%
Est. $35.25B
vs S&P Since Q3 26
-13.0%
TRAILING MARKET
MU -11.6% vs S&P +1.5%
Market Reaction
Did MU Beat Earnings? Q3 2026 Results
Micron Technology delivered a blowout fiscal third quarter, with revenue of $41.46 billion beating the $35.25 billion consensus by 17.60% and soaring 345.7% from $9.30 billion a year ago, as relentless AI-driven demand for memory and storage products… Read more Micron Technology delivered a blowout fiscal third quarter, with revenue of $41.46 billion beating the $35.25 billion consensus by 17.60% and soaring 345.7% from $9.30 billion a year ago, as relentless AI-driven demand for memory and storage products transformed the company's financial profile. Non-GAAP diluted EPS of $25.11 topped the $20.28 consensus by 23.79%, extending Micron's streak of beating EPS estimates to seven consecutive quarters, while GAAP net income climbed to $28.24 billion from just $1.89 billion in the prior-year period. The single biggest engine behind the results was exceptional pricing power and volume leverage, which pushed gross margins to 84.6% GAAP from 37.7% a year ago. With peers across the semiconductor sector navigating valuation headwinds and uneven demand signals, Micron's numbers stood in sharp contrast. Looking ahead, the company guided fiscal Q4 revenue of $50.00 billion, plus or minus $1.00 billion, and non-GAAP EPS of $31.00, plus or minus $1.00, anchored by newly signed multi-year Strategic Customer Agreements designed to improve revenue durability.
Key Takeaways
- • Surging AI-driven demand for memory and storage products across all business units
- • Dramatic gross margin expansion to 84.6% GAAP (84.9% non-GAAP) from 37.7% year-over-year
- • Strong HBM4 high-volume shipments for AI accelerator platforms
- • Revenue growth across all four business units with Cloud Memory and Core Data Center leading
MU Forward Guidance & Outlook
For fiscal Q4 2026, Micron guided revenue of $50.0 billion ± $1.0 billion, GAAP gross margin of approximately 86%, GAAP EPS of $30.73 ± $1.00, non-GAAP gross margin of approximately 86%, non-GAAP operating expenses of approximately $1.65 billion, and non-GAAP EPS of $31.00 ± $1.00, based on approximately 1.15 billion diluted shares. The company noted its multi-year Strategic Customer Agreements are expected to significantly enhance the durability and predictability of financial performance.
MU YoY Financials
Q3 2026 vs Q3 2025, source: SEC Filings
MU Revenue by Segment
With YoY comparisons, source: SEC Filings
“Micron's record fiscal Q3 financial results and even stronger outlook for Q4 reflect the strategic value of memory in the AI era.”
— Sanjay Mehrotra, Q3 2026 Earnings Press Release
MU Earnings Trends
MU vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
MU EPS Trend
Earnings per share: estimate vs actual
MU Revenue Trend
Quarterly revenue: estimate vs actual
MU Quarterly Results
8 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q3 26 BEAT | $20.28 | $25.11 | +23.79% | $41.46B | +17.60% |
| Q2 26 BEAT | $9.31 | $12.20 | +31.04% | $23.86B | +22.28% |
| Q1 26 BEAT | $3.94 | $4.78 | +21.32% | $13.64B | +5.91% |
| Q4 25 BEAT FY | $2.69 | $3.03 | +12.64% | $11.32B | +1.43% |
| FY Full Year | — | $8.29 | — | $37.38B | — |
| Q3 25 BEAT | $1.45 | $1.91 | +31.72% | $9.30B | +5.05% |
| Q2 25 BEAT | $1.28 | $1.56 | +21.88% | $8.05B | +1.97% |
| Q1 25 BEAT | $1.77 | $1.79 | +1.13% | $8.71B | +0.03% |
| Q4 24 BEAT FY | $1.14 | $1.18 | +3.51% | $7.75B | +1.51% |
| FY Full Year | — | $1.30 | — | $25.11B | — |