Micron Reports Record Q3 FY2026 Results as AI Demand Fuels Revenue and Profit Growth

25 Jun 2026 , 12:04 PM

Micron Technology delivered record financial results for the third quarter of fiscal 2026, driven by surging demand for memory and storage solutions in artificial intelligence (AI), cloud computing, and data center applications.

The company reported revenue of $41.46 billion, marking a significant increase from $23.86 billion in the previous quarter and $9.30 billion in the year-ago period. Strong demand across business segments helped Micron achieve substantial profitability improvements.

GAAP net income rose to $28.24 billion, while non-GAAP net income reached $28.86 billion. Diluted earnings per share (EPS) climbed to $24.67 on a GAAP basis and $25.11 on a non-GAAP basis.

Micron also posted impressive margin expansion during the quarter. GAAP gross margin improved to 84.6%, compared to 74.4% in the previous quarter, while operating margin increased to 80.4% from 67.6%.

The company’s cash generation remained strong, with operating cash flow reaching $25.39 billion and adjusted free cash flow totaling $18.3 billion. Capital expenditures stood at $7.1 billion as Micron continued investing aggressively in advanced technologies and manufacturing capacity.

At the end of the quarter, Micron held $30.2 billion in cash, marketable investments, and restricted cash, highlighting its strong financial position.

Commenting on the results, CEO Sanjay Mehrotra said the record performance reflects the strategic importance of memory in the AI era. He added that Micron is making record investments in technology, products, and supply capabilities to meet rapidly growing customer demand.

Among business segments, the Cloud Memory Business Unit generated revenue of $13.77 billion, while the Core Data Center Business Unit reported revenue of $11.52 billion. The Mobile and Client Business Unit also contributed $11.52 billion, and the Automotive and Embedded Business Unit delivered revenue of $4.63 billion.

Looking ahead, Micron expects another strong quarter. For Q4 FY2026, the company forecasts revenue of $50 billion, plus or minus $1 billion, gross margins of approximately 86%, and diluted EPS of $30.73.

The strong outlook underscores continued momentum in AI-driven memory demand and positions Micron for further growth as enterprises expand investments in cloud infrastructure, AI workloads, and data center capacity.