Fiscal Q2 2026 highlights
Revenue of $23.86 billion versus $13.64 billion for the prior quarter and $8.05 billion for the same period last year
GAAP net income of $13.79 billion, or $12.07 per diluted share
Non-GAAP net income of $14.02 billion, or $12.20 per diluted share
Operating cash flow of $11.90 billion versus $8.41 billion for the prior quarter and $3.94 billion for the same period last year
"Micron set new records across revenue, gross margin, EPS, and free cash flow in fiscal Q2, driven by a strong demand environment, tight industry supply, and our strong execution, and we expect significant records again in fiscal Q3," said Sanjay Mehrotra, Chairman, President and CEO of Micron Technology. "In the AI era, memory has become a strategic asset for our customers, and we are investing in our global manufacturing footprint to support their growing demand. Reflecting confidence in the sustained strength of our business, our board has approved a 30% increase in our quarterly dividend."
Quarterly Financial Results
(in millions, except per share amounts)
GAAP(1)
Non-GAAP(2)
FQ2-26
FQ1-26
FQ2-25
FQ2-26
FQ1-26
FQ2-25
Revenue
$
23,860
$
13,643
$
8,053
$
23,860
$
13,643
$
8,053
Gross margin
17,755
7,646
2,963
17,876
7,753
3,053
Percent of revenue
74.4
%
56.0
%
36.8
%
74.9
%
56.8
%
37.9
%
Operating expenses
1,620
1,510
1,190
1,421
1,334
1,046
Operating income
16,135
6,136
1,773
16,455
6,419
2,007
Percent of revenue
67.6
%
45.0
%
22.0
%
69.0
%
47.0
%
24.9
%
Net income
13,785
5,240
1,583
14,021
5,482
1,783
Diluted earnings per share (EPS)
12.07
4.60
1.41
12.20
4.78
1.56
For the second quarter of 2026, investments in capital expenditures, net(2) were $5.0 billion and adjusted free cash flow(2) was $6.9 billion. Micron ended the quarter with cash, marketable investments, and restricted cash of $16.7 billion. On March 18, 2026, Micron's Board of Directors declared a quarterly dividend of $0.15 per share, payable in cash on April 15, 2026, to shareholders of record as of the close of business on March 30, 2026.
Quarterly Business Unit Financial Results
FQ2-26
FQ1-26
FQ2-25
Cloud Memory Business Unit
Revenue
$
7,749
$
5,284
$
2,947
Gross margin
74
%
66
%
55
%
Operating margin
66
%
55
%
45
%
Core Data Center Business Unit
Revenue
$
5,687
$
2,379
$
1,830
Gross margin
74
%
51
%
47
%
Operating margin
67
%
37
%
33
%
Mobile and Client Business Unit
Revenue
$
7,711
$
4,255
$
2,236
Gross margin
79
%
54
%
15
%
Operating margin
76
%
47
%
1
%
Automotive and Embedded Business Unit
Revenue
$
2,708
$
1,720
$
1,034
Gross margin
68
%
45
%
21
%
Operating margin
62
%
36
%
6
%
Business Outlook
The following table presents Micron's guidance for the third quarter of 2026:
FQ3-26
GAAP(1) Outlook
Non-GAAP(2) Outlook
Revenue
$33.5 billion ± $750 million
$33.5 billion ± $750 million
Gross margin
Approximately 81%
Approximately 81%
Operating expenses
Approximately $1.60 billion
Approximately $1.40 billion
Diluted earnings per share
$18.90 ± $0.40
$19.15 ± $0.40
Further information regarding Micron's business outlook is included in the prepared remarks and slides, which have been posted at investors.micron.com.
Investor Webcast
Micron will host a conference call on Wednesday, March 18, 2026 at 2:30 p.m. Mountain Time to discuss its second quarter financial results and provide forward-looking guidance for its third quarter. A live webcast of the call will be available online at investors.micron.com. A webcast replay will be available for one year after the call.
We encourage you to visit our website at micron.com throughout the quarter for the most current information on the company, including information on financial conferences that we may be attending. You can also follow us on LinkedIn, X (@MicronTech) and YouTube
About Micron Technology, Inc.
Micron Technology, Inc. is an industry leader in innovative memory and storage solutions transforming how the world uses information to enrich life for all. With a relentless focus on our customers, technology leadership, and manufacturing and operational excellence, Micron delivers a rich portfolio of high-performance DRAM, NAND, and NOR memory and storage products. Every day, the innovations that our people create fuel the data economy, enabling advances in artificial intelligence (AI) and compute-intensive applications that unleash opportunities, from the data center to the intelligent edge and across the client and mobile user experience. To learn more about Micron Technology, Inc. (NASDAQ:MU), visit micron.com.
© 2026 Micron Technology, Inc. All rights reserved. Micron, the Micron logo, and all other Micron trademarks are the property of Micron Technology, Inc. All other trademarks are the property of their respective owners.
Forward-Looking Statements
This press release contains forward-looking statements regarding our industry, our strategic position, our customers, including customer demand, and our financial and operating performance, including our guidance for the third quarter of 2026, as well as our investments in manufacturing and goals for such investments. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially. Please refer to the documents we file with the Securities and Exchange Commission, including our most recent Form 10-K and Form 10-Q. These documents contain and identify important factors that could cause our actual results to differ materially from those contained in these forward-looking statements. These certain factors can be found at investors.micron.com/risk-factor. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We are under no duty to update any of the forward-looking statements to conform these statements to actual results.
(1)
GAAP represents U.S. Generally Accepted Accounting Principles.
(2)
Non-GAAP represents GAAP excluding the impact of certain activities, which management excludes in analyzing our operating results and understanding trends in our earnings; adjusted free cash flow; investments in capital expenditures, net; and business outlook. Further information regarding Micron's use of non-GAAP measures and reconciliations between GAAP and non-GAAP measures are included within this press release.
MICRON TECHNOLOGY, INC.CONSOLIDATED STATEMENTS OF OPERATIONS(In millions, except per share amounts)(Unaudited)
2nd Qtr.
1st Qtr.
2nd Qtr.
Six Months Ended
February 26,2026
November 27,2025
February 27,2025
February 26,2026
February 27,2025
Revenue
$
23,860
$
13,643
$
8,053
$
37,503
$
16,762
Cost of goods sold
6,105
5,997
5,090
12,102
10,451
Gross margin
17,755
7,646
2,963
25,401
6,311
Research and development
1,250
1,171
898
2,421
1,786
Selling, general, and administrative
344
337
285
681
573
Other operating (income) expense, net
26
2
7
28
5
Operating income
16,135
6,136
1,773
22,271
3,947
Interest income
155
139
108
294
215
Interest expense
(32
)
