MICRON TECHNOLOGY INC (MU) Earnings History
MICRON TECHNOLOGY INC - Q2 FY2026 EarningsBeat
EXECUTIVE SUMMARY
Micron Technology reported record-breaking results for fiscal Q2 2026, driven by strong demand, tight industry supply, and effective execution. The company is strategically investing in its manufacturing capabilities to meet growing customer needs in the AI era, leading to a significant increase in shareholder returns.
POSITIVE HIGHLIGHTS
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Record revenue of $23.86 billion, a substantial increase from the prior quarter and year-over-year.
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GAAP net income of $13.79 billion and diluted EPS of $12.07, demonstrating strong profitability.
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Operating cash flow reached $11.90 billion, significantly up from the prior quarter and year.
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Board approved a 30% increase in quarterly dividend, reflecting confidence in sustained business strength.
positive
CONCERNS & RISKS
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While revenue and margins have surged, the significant increase in capital expenditures to $5.0 billion in Q2 and $11.78 billion for the six months ended Feb 26, 2026, indicates substantial ongoing investment, which could impact near-term free cash flow generation if not matched by revenue growth.
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Inventories increased to $8.267 billion as of Feb 26, 2026, from $8.205 billion as of Nov 27, 2025, though this is a minor increase relative to the massive revenue surge.
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FINANCIAL METRICS
MARGIN ANALYSIS
Margin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
REVENUE BY SEGMENT — Q2 FY2026 2026
VISUAL OVERVIEW
DETAILED BREAKDOWN
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
Cloud Memory Business Unit | N/A | — | — | — |
Core Data Center Business Unit | N/A | — | — | — |
Mobile and Client Business Unit | N/A | — | — | — |
Automotive and Embedded Business Unit | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
MANAGEMENT GUIDANCE
FQ3-26
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
MANAGEMENT COMMENTARY
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.
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.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.