MICRON TECHNOLOGY, INC. REPORTS RECORD RESULTS FOR THE THIRD QUARTER OF FISCAL 2026 (Form 8-K)

MICRON TECHNOLOGY, INC. REPORTS RECORD RESULTS FOR THE

THIRD QUARTER OF FISCAL 2026

Micron executes transformational Strategic Customer Agreements

BOISE, Idaho, June 24, 2026 - Micron Technology, Inc. (Nasdaq: MU) today announced results for its third quarter of fiscal 2026, which ended May 28, 2026.

Fiscal Q3 2026 highlights

•Revenue of $41.46 billion versus $23.86 billion for the prior quarter and $9.30 billion for the same period last year

•GAAP net income of $28.24 billion, or $24.67 per diluted share

•Non-GAAP net income of $28.86 billion, or $25.11 per diluted share

•Operating cash flow of $25.39 billion versus $11.90 billion for the prior quarter and $4.61 billion for the same period last year

"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."

Quarterly Financial Results
(in millions, except per share amounts)			GAAP(1)												Non-GAAP(2)
			FQ3-26			FQ2-26			FQ3-25						FQ3-26			FQ2-26			FQ3-25
Revenue			$	41,456		$	23,860		$	9,301					$	41,456		$	23,860		$	9,301
Gross margin			35,056			17,755			3,508						35,199			17,876			3,623
Percent of revenue			84.6		%	74.4		%	37.7		%				84.9		%	74.9		%	39.0		%
Operating expenses			1,738			1,620			1,339						1,518			1,421			1,133
Operating income			33,318			16,135			2,169						33,681			16,455			2,490
Percent of revenue			80.4		%	67.6		%	23.3		%				81.2		%	69.0		%	26.8		%
Net income			28,243			13,785			1,885						28,857			14,021			2,181
Diluted earnings per share (EPS)			24.67			12.07			1.68						25.11			12.20			1.91

For the third quarter of 2026, investments in capital expenditures, net(2) were $7.1 billion and adjusted free cash flow(2) was $18.3 billion. Micron ended the quarter with cash, marketable investments, and restricted cash of $30.2 billion. On June 24, 2026, Micron's Board of Directors declared a quarterly dividend of $0.15 per share, payable in cash on July 21, 2026, to shareholders of record as of the close of business on July 6, 2026.

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Quarterly Business Unit Financial Results
			FQ3-26			FQ2-26			FQ3-25
Cloud Memory Business Unit
Revenue			$	13,769		$	7,749		$	3,386
Gross margin			83		%	74		%	58		%
Operating margin			78		%	66		%	46		%
Core Data Center Business Unit
Revenue			$	11,524		$	5,687		$	1,530
Gross margin			87		%	74		%	38		%
Operating margin			83		%	67		%	20		%
Mobile and Client Business Unit
Revenue			$	11,521		$	7,711		$	3,255
Gross margin			87		%	79		%	24		%
Operating margin			86		%	76		%	15		%
Automotive and Embedded Business Unit
Revenue			$	4,634		$	2,708		$	1,127
Gross margin			79		%	68		%	26		%
Operating margin			75		%	62		%	11		%

Business Outlook

The following table presents Micron's guidance for the fourth quarter of 2026:

FQ4-26			GAAP(1) Outlook			Non-GAAP(2) Outlook
Revenue			$50.0 billion ± $1.0 billion			$50.0 billion ± $1.0 billion
Gross margin			Approximately 86%			Approximately 86%
Operating expenses			Approximately $1.86 billion			Approximately $1.65 billion
Diluted earnings per share			$30.73 ± $1.00			$31.00 ± $1.00

Further information regarding Micron's business outlook is included in the prepared remarks and slides, which have been posted at investors.micron.com.

Product highlights

•HBM4, built on 1-beta DRAM technology, is in high-volume shipments for our lead customer's platform, and qualification samples have been shipped to multiple end-customers.

•Development of HBM4E, built on 1-gamma DRAM technology, is well underway, with volume production expected in calendar 2027.

•Qualification samples of 256GB DDR5 RDIMMs, built on 1-gamma DRAM technology and advanced 3D die stacking, has shipped to key server ecosystem enablers.

•Our LP5X SOCAMM2 products are in high-volume production, and we have expanded our LP5X SOCAMM2 offerings across multiple capacity points.

•G9-based PCIe Gen6 high-performance SSD is now in high-volume production.

•We commenced shipments of our high-capacity 245TB QLC SSD.

•Gen5 QLC PC Client SSD with G9 NAND has achieved successful lead customer qualification.

•1-gamma 16Gb LPDDR5X has begun high-volume ramp at a leading smartphone OEM, and we are currently sampling our 1-gamma 24Gb LP5X product to multiple smartphone customers.

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•1-gamma LPDDR5 reached automotive product readiness, with samples delivered to key customers, and we shipped our first 1-gamma DDR5 samples to a robotaxi customer.

•G9-based UFS 4.1 automotive NAND solution began first volume shipments.

Investor Webcast

Micron will host a conference call on Wednesday, June 24, 2026 at 2:30 p.m. Mountain Time to discuss its third quarter financial results and provide forward-looking guidance for its fourth 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 (@MicronTechnology).

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.

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