EARNINGS RESULTS · Q3 2026

Micron Q3 2026: Revenue Up 345.72%, Operating Margin 80.37%

Results for the quarter ended 2026-05-28 bring the business drivers and cash after investment into focus. Quarterly free cash flow was $17.56 bn. The dated assessment on 2026-10-08 was wait at a reference price of $1,088.

Micron · MUPublished October 8, 2026Quarter ended May 28, 2026

Q3 2026: What the Quarter Delivered

Revenue: $41.46 bn
Revenue growth YoY: 345.7%
Operating income: $33.32 bn
Operating margin: 80.4%
Diluted EPS, GAAP: $24.67

Micron reported $41.46 bn of revenue in Q3 2026. Revenue rose 345.72% from the comparable prior-year quarter. Operating profit was $33.32 bn, with an operating margin of 80.37%. Reported diluted EPS was $24.67.

How Revenue Reached Operating Profit

The quarter's revenue and operating result imply an operating margin of 80.37%: $80.37 of operating profit for every $100 of revenue, before interest and tax.

Operating margin measures the share of revenue left after operating costs. Micron’s margin history shows a striking move from losses to exceptional profitability, demonstrating how strongly its earnings respond as business conditions improve.

What the Reported Earnings Include

Other non-operating income: -$0.32 bn
GAAP net income: $28.24 bn
Diluted weighted-average shares: 1.15 bn shares

Q3 2026 GAAP net income was $28.24 bn. Other non-operating income was -$0.32 bn.

The earnings surge is rooted in operating profit rather than a positive contribution from the reported other non-operating line.

Cash Left After Investment

Operating cash flow: $51.43 bn
Cash flow after reported cash capital purchases: $26.17 bn
Quarterly operating cash flow: $25.39 bn
Quarterly cash CapEx: $7.83 bn
Quarterly OCF less cash PPE purchases: $17.56 bn

In Q3 2026, operating cash flow of $25.39 bn less cash capital expenditure of $7.83 bn left $17.56 bn of free cash flow. Operations funded cash investment and left cash after that spending.

Here, cash flow after capital purchases means operating cash flow less Micron’s disclosed cash investments in property, plant and equipment. It is not a substitute provider measure, and government capital incentives must remain separate rather than being silently deducted from gross purchases.

The Verdict Recorded on 2026-10-08

Verdict Invest recorded wait on 2026-10-08, using a reference price of $1,088 dated 2026-10-07. This assessment relates to the Q3 2026 results, with a 12-month horizon and stated validity through 2026-11-07.

Confirmation to watch: Further fiscal results showing that data-center demand supports sustained revenue and operating profitability.
Confirmation to watch: Continued operating cash generation comfortably exceeding gross cash capital purchases.
Confirmation to watch: Patent rulings or resolutions that reduce the risk of product restrictions.
Risk to this assessment: Memory pricing pressure causes a sustained retreat in revenue and operating margins beyond the base-case normalization.
Risk to this assessment: Capital purchases consume operating cash and erode the balance-sheet cushion.
Risk to this assessment: Binding patent injunctions interrupt sales across important memory or storage products.