MU 8-K: Smart Summary

Micron Technology reported record results for its third quarter of fiscal 2026 (ended May 28, 2026), with revenue of $41.5B and GAAP net income of $28.2B. The company also announced the execution of multi-year Strategic Customer Agreements. Micron provided Q4 fiscal 2026 guidance of $50B in revenue and declared a quarterly cash dividend of $0.15 per share.

• Revenue: $41.5B in FQ3-26 vs. $23.9B in FQ2-26 and $9.3B in FQ3-25 (up ~346% YoY)
• GAAP gross margin: $35.1B, 84.6% of revenue vs. 74.4% in FQ2-26 and 37.7% in FQ3-25
• Non-GAAP gross margin: $35.2B, 84.9% of revenue vs. 74.9% in FQ2-26 and 39.0% in FQ3-25
• GAAP operating income: $33.3B, 80.4% of revenue vs. 67.6% in FQ2-26 and 23.3% in FQ3-25
• Non-GAAP operating income: $33.7B, 81.2% of revenue vs. 69.0% in FQ2-26 and 26.8% in FQ3-25
• GAAP net income: $28.2B vs. $13.8B in FQ2-26 and $1.9B in FQ3-25
• Non-GAAP net income: $28.9B vs. $14B in FQ2-26 and $2.2B in FQ3-25
• GAAP diluted EPS: $24.67 vs. $12.07 in FQ2-26 and $1.68 in FQ3-25
• Non-GAAP diluted EPS: $25.11 vs. $12.20 in FQ2-26 and $1.91 in FQ3-25
• Cash flow from operations (FQ3-26): $25.4B vs. $11.9B in FQ2-26 and $4.6B in FQ3-25
• Nine months ended May 28, 2026 cash flow from operations: $45.7B vs. $11.8B for same period last year

• Cloud Memory Business Unit: Revenue $13.8B (FQ3-26) vs. $7.8B (FQ2-26) vs. $3.4B (FQ3-25); gross margin 83%; operating margin 78%
• Core Data Center Business Unit: Revenue $11.5B (FQ3-26) vs. $5.7B (FQ2-26) vs. $1.5B (FQ3-25); gross margin 87%; operating margin 83%
• Mobile and Client Business Unit: Revenue $11.5B (FQ3-26) vs. $7.7B (FQ2-26) vs. $3.3B (FQ3-25); gross margin 87%; operating margin 86%
• Automotive and Embedded Business Unit: Revenue $4.6B (FQ3-26) vs. $2.7B (FQ2-26) vs. $1.1B (FQ3-25); gross margin 79%; operating margin 75%

• Cash, marketable investments, and restricted cash at end of FQ3-26: $30.2B
• Cash and equivalents at May 28, 2026: $25B vs. $13.9B at February 26, 2026
• Investments in capital expenditures, net (FQ3-26): $7.1B
• Adjusted free cash flow (FQ3-26): $18.3B vs. $6.9B in FQ2-26 and $1.9B in FQ3-25
• Long-term debt reduced to $5.1B at May 28, 2026 from $9.6B at February 26, 2026 and $14B at August 28, 2025
• Debt repayments (nine months ended May 28, 2026): $9.4B
• Repurchases of common stock – repurchase program (nine months ended May 28, 2026): $650M
• Quarterly cash dividend of $0.15 per share declared on June 24, 2026, payable July 21, 2026 to shareholders of record as of July 6, 2026
• Dividend payments (nine months ended May 28, 2026): $437M

• "Micron's record fiscal Q3 financial results and even stronger outlook for Q4 reflect the strategic value of memory in the AI era," said Sanjay Mehrotra, Chairman, President and CEO of Micron Technology.
• "Micron is investing at record levels in technology, products and supply to address our customers' rapidly growing demand. We believe our multi-year Strategic Customer Agreements will significantly enhance the durability and predictability of Micron's strong financial performance," said Sanjay Mehrotra, Chairman, President and CEO of Micron Technology.

• FQ4-26 revenue guidance: $50B ± $1B (GAAP and Non-GAAP)
• FQ4-26 GAAP gross margin: approximately 86%; Non-GAAP gross margin: approximately 86%
• FQ4-26 GAAP operating expenses: approximately $1.9B; Non-GAAP operating expenses: approximately $1.6B
• FQ4-26 GAAP diluted EPS: $30.73 ± $1.00; Non-GAAP diluted EPS: $31.00 ± $1.00
• Guidance based on approximately 1.15 billion diluted shares