The Q4 guidance midpoint of $31.00 non-GAAP EPS is ~49% above the Street consensus of $20.81, creating a massive positive surprise catalyst. Traders should expect a strong gap-up open. The Strategic Customer Agreements signal multi-year revenue visibility and pricing power. Monitor the conference call for details on SCA duration and volume commitments. The 1.3% EPS miss vs consensus is noise given the guidance beat — expect the stock to trade on the outlook, not the quarter.
Price Chart
Executive Summary
Micron reported record fiscal Q3 2026 results with revenue of $41.46B (up 74% QoQ and 346% YoY) and GAAP EPS of $24.67, but non-GAAP EPS of $25.11 missed consensus estimates of $25.43 by 1.3%. The company guided Q4 revenue to ~$50B and non-GAAP EPS to ~$31.00, well above current Street consensus of $20.81, signaling continued explosive AI-driven demand for memory and the impact of new Strategic Customer Agreements.
Key Financial Metrics
Key Facts
- Revenue of $41.46B vs $23.86B prior quarter and $9.30B year-ago — sequential growth of 74% and YoY growth of 346%
- GAAP net income of $28.24B, or $24.67 per diluted share; Non-GAAP net income of $28.86B, or $25.11 per diluted share
- Non-GAAP EPS of $25.11 missed consensus of $25.43 by 1.3% (a $0.32 miss), but the absolute beat vs prior quarter ($12.20) was 106%
- Q4 guidance: revenue ~$50.0B ± $1.0B, GAAP EPS ~$30.73 ± $1.00, Non-GAAP EPS ~$31.00 ± $1.00 — well above Street consensus of $20.81
- Operating cash flow of $25.39B vs $11.90B prior quarter; adjusted free cash flow of $18.3B
- Gross margin expanded to 84.6% GAAP (84.9% non-GAAP) from 74.4% in Q2 and 37.7% a year ago
- All four business units posted record revenue and operating margins above 75%
- Multi-year Strategic Customer Agreements announced, expected to enhance durability and predictability of financial performance
- HBM4 in high-volume shipments; HBM4E development underway with volume production expected in calendar 2027
- Debt reduced to $5.14B from $9.56B in prior quarter; cash and investments rose to $30.2B
Financial Impact
Revenue of $41.46B (+74% QoQ, +346% YoY); Q4 guidance midpoint $50B implies ~21% sequential growth; Non-GAAP EPS guidance midpoint $31.00 vs Street $20.81
Risk Factors
- Memory cycle peak risk — current growth rates are unsustainable long-term; any demand normalization could reverse gains
- Execution risk on massive CapEx ramp ($7.1B net CapEx in Q3) and new fab construction
- Geopolitical/trade restrictions on semiconductor exports could impact revenue mix
- HBM4E development timeline (calendar 2027) introduces technology transition risk
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000723125-26-000013 |
| Document: mu-20260624.htm | 0000723125-26-000013 |
| Document: 0000723125-26-000013-index-headers.html | 0000723125-26-000013 |
| Document: 0000723125-26-000013-index.html | 0000723125-26-000013 |
| Document: 0000723125-26-000013.txt | 0000723125-26-000013 |
| 8-K Data (Synthetic) | 0000723125-26-000013 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 2, 2026 4w ago | Court Ruling | $955.73 $977.41 | ▲ +2.27% | ▲ +3.23% | $1,097.39 (+14.82%) |
Aug 28, 2026 4w ago | Insider Cluster | $958.73 $1,000.26 | ▲ +4.33% | ▲ +4.47% | $1,097.39 (+14.46%) |
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Jul 6, 2026 12w ago | Insider Cluster | $938.38 $983.12 | ▲ +4.77% | ▲ +4.22% | $1,097.39 (+16.95%) |
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Jun 24, 2026 14w ago | 8-K | $1,213.56 $1,032.28 | ▼ −14.94% | ▼ −16.50% | $1,097.39 (−9.57%) |
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