Micron shares are now down 3% during the call.
That additional drop is likely less to do with what’s happening on the call, and more to do with geopolitical news.
Iran just attacked Qatar’s LNG infrastructure. You might remember that memory stocks sold off at the beginning of the war on fears LNG disruptions could uniquely harm the memory industry, thanks to Asia’s reliance on LNG imports.
Regardless of where Micron shares open tomorrow, shareholders in the company should be very happy with what the company reported tonight.
With the company’s conference call concluded, we’ll now be winding this live blog down. We host hundreds of these calls every quarter on 24/7 Wall St., so we hope you return the next time you want live analysis of why companies are moving after releasing their latest earnings reports!
We’re on Micron’s call, we haven’t heard anything extremely material so far. One funny highlight from their earnings call slides:
“Our fiscal Q3 single-quarter revenue guidance exceeds the full year revenue for every year in our company’s history through fiscal 2024.”
That shows just how massive this memory wave is.
A few highlights from the company’s market outlook:
Micron shares are now selling off, down about 2% in a straight line. It’s a little curious, I’m not sure what investor would be holding Micron shares into this quarter and decide to sell after these results.
(Maybe getting out because they see results this good won’t move the stock?)
We’ll be listening to the company’s conference call and posting updates.
In short, if you’ve been on this live blog don’t leave now. As long as you leave this page open new updates will post as we listen to the call.
Remember, the biggest movements for many stocks after earnings come during their call.
Can you believe Micron is trading for 24X earnings? That’s not far from the general market average, but here’s the rub…
That 24X figure is for next quarter’s earnings.
With Micron predicting EPS of $19.15 next quarter and shares trading for slightly north of $460 per share after hours, it means the company is trading for 24X what the company will make next quarter alone.
It’s not every day you get to say that about a company, let alone one growing earnings by 900%.
(Micron reported $1.91 in adjusted earnings last Q3 compared to its guidance for $19.15 next quarter!)
Of course, we’ve shown the reason why the market is trading Micron for these ‘paltry’ levels. Simply put, this memory cycle is unlike anything the world has seen. Eventually, more demand will come online and Micron won’t be able to charge 81% margins in the long run.
However, tonight’s earnings continue to illustrate that this memory cycle is also bigger than just about any investor could have imagined just 18 months ago.
I just pulled open Micron’s financials dating back to the 1980s. Here’s a look at some gross margin milestones:
And once again, next quarter, Micron is guiding to 81% gross margins. Hopefully, that look back at the highs and lows of past cycles compared to today shows you just how crazy Micron’s gross margins forecast is!
I remember when Micron (MU) was popular amongst dividend investors for its yield, my how times have changed!
On that note, Micron announced a 30% increase in their quarterly dividend. In the past that would have been joyous news.
Today, it’s just a footnote to these earnings. No one is buying Micron for its dividend anymore, but you can begin looking forward to $.60 of dividends per year on shares trading for north of $460 per share!
Micron just delivered one of the more astounding earnings reports you’ll ever see, and shares are now down.
That might seem very confusing at first, but remember a couple of details.
The good news if you’re a Micron investor. These earnings are outstanding and speak very well to how big the current memory cycle is.
Wow, Micron’s guidance calls for revenue of $33.5 billion, gross margins of 81% (!!!!!!), and adjusted earnings of $19.15.
Wall Street expected $10.77 in adjusted EPS.
The generational memory boom is alive and well. These numbers are absolutely insane.
Micron’s Q2 earnings are out. Here are the key figures you need to know:
As a reminder, here’s what Wall Street expected:
| Metric | Q2 FY26 Estimate | YoY Growth | |
|---|---|---|---|
| Non-GAAP EPS | $8.73 (consensus) / $8.42 (guidance) | vs. $1.56 in Q2 FY25 | |
| Revenue | $18.70B (guidance midpoint) | vs. $8.05B in Q2 FY25 (+132%) | |
| GAAP Gross Margin | 67% (guidance midpoint) | vs. 36.8% in Q2 FY25 |
This is a massive beat. Shares are initially up 2%.
Micron’s earnings should be released very shortly after the bell. As a reminder, all you have to do is stay on this page, and new updates should post automatically.
Also, if you’re looking for more news from the AI space, take a moment to subscribe to our AI Investor Podcast.
On the podcast, we not only dive deep into recent news from the AI world, but also invest into our favorite stocks. We bought Micron last year, and that recommendation is already up 341%.
Recently, I’ve recommended other potential winners from the growth of memory like ACM Research and Onto Innovation.
It’s free to subscribe, so take the moment to add it to your favorite podcast player today!
As we’ve noted throughout this blog, Micron reports tonight and the question isn’t how much they’ll beat earnings by, but what ‘whisper number’ buy side firms are expecting.
One very informed account on earnings matters had this estimate.
Current Q
Street Consensus: ~$8.69 – $8.80
Whisper Number: ~$9.19 – $9.70Street Consensus (FY 2026): ~$36.18 – $36.51
High-End / Whisper Outlook (FY 2026): ~$45.70— Kaushik (@WisemanCap) March 18, 2026
If you can’t read that embed:
Current Q Street Consensus: ~$8.69 – $8.80
Whisper Number: ~$9.19 – $9.70
Street Consensus (FY 2026): ~$36.18 – $36.51
High-End / Whisper Outlook (FY 2026): ~$45.70
We’ll see how accurate that proves to be when we see reactions to Micron’s report tonight. At the midpoint, that would be Micron needing to deliver $9.45 in adjusted EPS this quarter to match Wall Street’s expectations.
Of course, the gap in what research firms are predicting for this fiscal year is even higher. That’s why I’ve noted that Wall Street will be most interested in forward-looking commentary tonight.
Micron typically provides outlook of revenues, gross margins, operating expenses, and diluted EPS per share on both a GAAP and non-GAAP basis for the coming quarter.
As we noted earlier, on Polymarket there’s a 97% probability that Micron (MU) beats earnings tonight. That’s about as high as you’ll find any earnings market.
Looking ahead to other upcoming earnings:
As you can see, Micron’s Q2 earnings tonight are on the upper bound. We’ve previously noted that a beat has been priced into Micron, the question is how big it will be and what the company says tonight about forward demand.
There are so many earnings that make CNBC’s live commentators stop to ask if there’s a typo.
At the beginning of the current AI era in May 2023, NVIDIA issued earnings that led CNBC to briefly question if they were right.
Today, the ‘are these a typo’ level good earnings are mostly found in memory stocks. Micron’s last earnings were one of the biggest semiconductor beats I’ve ever seen.
Then, SanDisk (SNDK) followed up in January with its Q2 earnings and delivered $6.20 in adjusted EPS against expectations of $3.54.
I was following those earnings live and was stunned. Incredibly, shares of SanDisk briefly went negative the next day. However, that drop wouldn’t last. They’re now up more than 40% since those January earnings.
I don’t expect Micron will be able to deliver quite the beat it did back in December, but I do expect tonight’s earnings to be very good.
We’ll issue some more updates before Micron reports with areas I’ll be watching tonight and then at 4 p.m. we’ll provide commentary and analysis on their earnings. All you have to do is stay on this page and new updates will post automatically.
Live coverage has ended. The full story is below.
Micron Technology (NASDAQ:MU | MU Price Prediction) reports fiscal second-quarter 2026 earnings after the bell today. With the stock up 61.76% year to date and sitting near all-time highs, the question isn’t whether Micron is winning. It’s how big the win actually is.
Last quarter was a blowout. Micron posted non-GAAP EPS of $4.78 against a consensus estimate of $3.94, a beat of over 21%. Revenue came in at $13.64 billion, up 56.6% year over year, and GAAP gross margin expanded to 56% from 38.4% a year earlier. The stock jumped 10.21% on earnings day and added another 59.96% over the following 30 days.
CEO Sanjay Mehrotra set the tone clearly on that call:
“Our Q2 outlook reflects substantial records across revenue, gross margin, EPS and free cash flow, and we anticipate our business performance to continue strengthening through fiscal 2026.”
Management guided Q2 to $18.70 billion in revenue and $8.42 non-GAAP EPS, with gross margins expected to reach 68%. Yet, with recent stock gains, expectations for near-term performance continue to grow.
| Metric | Q2 FY26 Estimate | YoY Growth | |
|---|---|---|---|
| Non-GAAP EPS | $8.73 (consensus) / $8.42 (guidance) | vs. $1.56 in Q2 FY25 | |
| Revenue | $18.70B (guidance midpoint) | vs. $8.05B in Q2 FY25 (+132%) | |
| GAAP Gross Margin | 67% (guidance midpoint) | vs. 36.8% in Q2 FY25 |
The Polymarket prediction market has priced in a 97.75% probability that Micron beats non-GAAP EPS consensus tonight. That kind of certainty shows something to know about tonight’s earnings: it’s not whether Micron beats tonight’s earnings, but by how much.
That is to say, it’s widely expected Micron is going to smash Wall Street’s targets, but with the stock up 60% year-to-date, it’s the margin of the beat that matters.
Micron confirmed it has “completed agreements on price and volume for our entire calendar 2026 HBM supply.” With revenue largely locked in through pre-negotiated agreements, the risk of a significant miss is limited. Instead, Wall Street will parse management commentary about future demand.
Three key areas will be worth monitoring in tonight’s report.
Contact [email protected] for any questions or corrections.
Eric Bleeker has been investing for more than 20 years. He began his career working at Microsoft before joining Motley Fool, one of the largest publishers of financial research. In his 15 years at Motley Fool Eric served as the General Manager for Fool.com and led coverage in the Technology & Telecom sector. In addition, he was a featured columnist and has hosted dozens of investing seminars attended by more than a million total investors. Eric has more than 1,000 financial bylines to his name and has been featured in The Wall Street Journal, CNBC, Fox Business, and many other leading publications. He is currently focused on artificial intelligence investing and is a CFA Charterholoder.
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