MU earnings analysis
What we found in MU's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Micron Technology, Inc. reported impressive Q3 2026 results, with revenue reaching $41.46 billion and an EPS of $25.11, significantly exceeding analysts' estimates. The company continues to benefit from robust demand in DRAM and NAND product segments, particularly driven by advancements in AI. Management anticipates further growth, revising Q4 guidance upwards to reflect strong market conditions.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Record Revenue Growth
- Q3 2026 revenue increased to $41.46 billion, up 74% from Q2 2026 and 346% year-over-year.
- Massive EPS Beat
- Reported diluted EPS of $25.11, surpassing estimates of $20.20 by 24%.
- Strong Segment Performance
- Both DRAM and NAND products saw substantial price increases, contributing to the revenue surge.
- High Gross Margin Improvement
- Gross margin improved to 85% in Q3 2026 from 74% in Q2 2026 due to better pricing power.
- Significant Operating Income Growth
- Operating income reached $33.32 billion compared to $16.14 billion in Q2 2026.
- Strong Operating Cash Flow
- Net cash from operating activities for 9M 2026 was $45.70 billion, highlighting strong cash generation.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- High Capital Expenditures
- Expected capital expenditures for 2026 are approximately $27 billion amid increasing demand.
- Geopolitical Risks
- Ongoing tensions and regulatory challenges could affect sales in international markets, particularly in China.
- Market Volatility
- Fluctuations in demand or pricing for memory products due to market conditions could impact revenue.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $25.11
- Gross margin
- 85.0%
- Operating margin
- 80.0%
- Segment
- CMBU
- Segment
- CDBU
- Segment
- MCBU
- Segment
- AEBU
What they said about what is next.
Q4 2026 revenue forecasted at $50 billion ± $1 billion, EPS expected at $30.73 ± $1.00.
The filing reads better than the one before it.
What came before.
- 10-Q · March 19, 2026
- Micron Technology reported robust Q2 FY2026 results, significantly exceeding revenue and EPS expectations. Revenue reached $23.86 billion, reflecting a 75% increase quarter-over-quarter and a remarkable 196%…
- 10-Q · December 18, 2025
- Micron Technology's Q1 2026 performance demonstrated substantial growth driven by robust demand for both DRAM and NAND products, leading to a significant year-over-year revenue increase of 57% and a remarkable EPS of…
- 10-K · October 3, 2025
- Micron Technology saw a substantial growth in revenue and profitability for the year ended August 28, 2025, driven primarily by increased demand for DRAM and NAND products, particularly in AI-driven markets. With total…
- 10-Q · June 26, 2025
- Micron Technology, Inc. demonstrated strong growth in Q3 2025, with revenue reaching $9.3 billion, a significant increase of 15% from $8.05 billion in Q2 2025 and 37% year-over-year from $6.81 billion. Gross margin…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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