MU
Micron Technology, Inc.
Quarterly revenue, EPS, free cash flow, valuation, and Rule of 40 scores for Micron Technology, Inc.
Micron Technology, Inc. designs, manufactures, and sells memory and storage products, including DRAM, NAND flash, and related modules and SSDs. Products serve data center, PC, mobile, automotive, industrial, and consumer markets. The company operates fabrication facilities and sells to OEMs, cloud providers, and channel customers.
Coverage
MU Q4 FY2026 earnings preview
Micron reports Q4 FY2026 after Wednesday's close. Consensus is $31.41 to $31.83 non-GAAP EPS on $50.86bn to $51.49bn, at the top of its guide.
MU Q4 FY2026 reported earnings analysis
Micron beat its top guide: $54.23bn and $33.42 non-GAAP EPS. The quarter had 14 weeks; per week revenue grew 21.5%, and the $38.15 guide implies 22.1%.
Meta Sized the Muse VM With the Word 'Enough'. X Posts Made It 1.58 Million Chips.
Meta promised every Muse user a dedicated VM and never published its size. The 2 vCPU / 8 GB / 100 GB behind 1.58 million AMD chips came from users.
CXMT Raised $9.9 Billion in July and Spent Less on Plant Than a Year Earlier
CXMT's H1 report closes the raise our August piece could not: RMB 66.31bn net, 2.25x the ask. Cash plant spend fell 10.5% to a fifth of Micron's rate.
Intel's CEO Says Memory Prices Rose Five to Seven Times. The Quarterly Rate Is 8-18%.
Intel's CEO said memory prices rose five to seven times, with no basis given. 3Q26 contract prices move 13-18% a quarter on server DRAM, 8-13% on mobile.
Microsoft's Code of Conduct Contains No Capex Number. The Market Repriced Capacity Prices Anyway.
Microsoft's MAI Code of Conduct runs 15,203 words and never says compute. The capacity sellers fell 5-7% on it; flat prices cost our bases 19.5% to 41.7%.
Where the revenue goes next
Latest: $54.23B (Q4 FY2026)
| Period | Value |
|---|---|
| Q2 FY2023 | $3.69B |
| Q3 FY2023 | $3.75B |
| Q4 FY2023 | $4.01B |
| Q1 FY2024 | $4.73B |
| Q2 FY2024 | $5.82B |
| Q3 FY2024 | $6.81B |
| Q4 FY2024 | $7.75B |
| Q1 FY2025 | $8.71B |
| Q2 FY2025 | $8.05B |
| Q3 FY2025 | $9.30B |
| Q4 FY2025 | $11.31B |
| Q1 FY2026 | $13.64B |
| Q2 FY2026 | $23.86B |
| Q3 FY2026 | $41.46B |
| Q4 FY2026 | $54.23B |
Latest: $32.87 (Q4 FY2026)
| Period | Value |
|---|---|
| Q2 FY2023 | −$2.12 |
| Q3 FY2023 | −$1.73 |
| Q4 FY2023 | −$1.31 |
| Q1 FY2024 | −$1.12 |
| Q2 FY2024 | $0.71 |
| Q3 FY2024 | $0.30 |
| Q4 FY2024 | $0.79 |
| Q1 FY2025 | $1.67 |
| Q2 FY2025 | $1.41 |
| Q3 FY2025 | $1.68 |
| Q4 FY2025 | $2.83 |
| Q1 FY2026 | $4.60 |
| Q2 FY2026 | $12.07 |
| Q3 FY2026 | $24.67 |
| Q4 FY2026 | $32.87 |
Latest: 22.0 (Q3 FY2026)
| Period | Value |
|---|---|
| Q1 FY2024 | n/m |
| Q2 FY2024 | n/m |
| Q3 FY2024 | n/m |
| Q4 FY2024 | 120.5 |
| Q1 FY2025 | 45.6 |
| Q2 FY2025 | 28.1 |
| Q3 FY2025 | 22.4 |
| Q4 FY2025 | 15.2 |
| Q1 FY2026 | 12.8 |
| Q2 FY2026 | 19.5 |
| Q3 FY2026 | 22.0 |
Latest: $32.86B (Q4 FY2026)
| Period | Value |
|---|---|
| Q2 FY2023 | −$1.86B |
| Q3 FY2023 | −$1.54B |
| Q4 FY2023 | −$1.21B |
| Q1 FY2024 | −$395M |
| Q2 FY2024 | −$165M |
| Q3 FY2024 | $396M |
| Q4 FY2024 | $285M |
| Q1 FY2025 | $38M |
| Q2 FY2025 | −$113M |
| Q3 FY2025 | $1.67B |
| Q4 FY2025 | $72M |
| Q1 FY2026 | $3.02B |
| Q2 FY2026 | $5.52B |
| Q3 FY2026 | $17.56B |
| Q4 FY2026 | $32.86B |
Latest: 1.15B (Q4 FY2026)
| Period | Value |
|---|---|
| Q1 FY2021 | 1.14B |
| Q2 FY2021 | 1.14B |
| Q3 FY2021 | 1.15B |
| Q4 FY2021 | 1.13B |
| Q1 FY2022 | 1.13B |
| Q2 FY2022 | 1.13B |
| Q3 FY2022 | 1.12B |
| Q4 FY2022 | 1.10B |
| Q1 FY2023 | 1.09B |
| Q2 FY2023 | 1.09B |
| Q3 FY2023 | 1.09B |
| Q4 FY2023 | 1.10B |
| Q1 FY2024 | 1.10B |
| Q2 FY2024 | 1.11B |
| Q3 FY2024 | 1.12B |
| Q4 FY2024 | 1.11B |
| Q1 FY2025 | 1.12B |
| Q2 FY2025 | 1.12B |
| Q3 FY2025 | 1.12B |
| Q4 FY2025 | 1.12B |
| Q1 FY2026 | 1.14B |
| Q2 FY2026 | 1.14B |
| Q3 FY2026 | 1.15B |
| Q4 FY2026 | 1.15B |
Latest: $56.14B (Q4 FY2026)
| Period | Value |
|---|---|
| Q2 FY2023 | −$1.86B |
| Q3 FY2023 | −$3.40B |
| Q4 FY2023 | −$4.61B |
| Q1 FY2024 | −$5.01B |
| Q2 FY2024 | −$5.17B |
| Q3 FY2024 | −$4.78B |
| Q4 FY2024 | −$4.49B |
| Q1 FY2025 | −$4.45B |
| Q2 FY2025 | −$4.57B |
| Q3 FY2025 | −$2.89B |
| Q4 FY2025 | −$2.82B |
| Q1 FY2026 | $200M |
| Q2 FY2026 | $5.72B |
| Q3 FY2026 | $23.28B |
| Q4 FY2026 | $56.14B |
Latest earnings
Company History
Micron goes public on NASDAQ amid early DRAM leadership (world
Strong entry into NAND flash market, diversifying beyond DRAM and positioning for mobile/storage growth.
Major DRAM industry consolidation amid bankruptcy opportunities; elevates Micron to top-tier supplier, enhances pricing discipline, and sparks stock recovery from post-financial crisis lows.
Shift to vertical stacking technology enables higher densities/lower costs; new non-volatile category challenges traditional storage paradigms.
Backed by CHIPS Act subsidies, commits to massive domestic expansion in New York/Idaho, shifting narrative to long-term US manufacturing leadership.
Positions Micron as key supplier for Nvidia/AMD AI GPUs; ignites multi-year HBM demand surge, marking entry into high-margin AI memory market.
Ships leading HBM3E/HBM4, exits consumer graphics to prioritize AI; demand vastly outstrips supply, driving 200%+ stock gains and debates over end of traditional boom-bust cycles.
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