Micron Technology, Inc. · MU · FY2026 Q2 · Calendar Q1 2026

Micron Q2: $23.9B revenue, record 75% gross margin as AI memory demand stays tight

Micron's FY2026 Q2 results reinforce the AI-memory demand thesis: revenue grew 196% YoY to $23.9B with a record 75% gross margin, and management raised guidance to ~$33.5B revenue at ~81% gross margin for Q3. Tight DRAM and NAND supply, the HBM4 ramp, and the first five-year Strategic Customer Agreement support pricing and margin visibility, though the sustainability of ~81% margins and the pace of PC/smartphone demand remain the key open questions.

Reported After market closeNASDAQTechnology $1220.34B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $12.20 Consensus $9.19
EPS surprise +32.8% Reported versus consensus
Reported revenue $23.86B Consensus $19.97B
Revenue surprise +19.5% Reported versus consensus

Market reaction

event-close to next-session close
Stock move -3.8% Event window
SPY move -0.2% Same window
Abnormal move -3.5% Stock minus SPY
Volume 2.2× Versus trailing sessions
Subsequent drift +2.4% Up to 20 sessions
MUSPY benchmark

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Why did MU fall 3.8% after beating EPS estimates in FY2026 Q2?What changed in MU's guidance and outlook in FY2026 Q2?Give me the bull and bear case for MU after FY2026 Q2 earnings.

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Transcript intelligence

What changed

Revenue, gross margin and EPS all rose sharply and beat consensus (EPS $12.20 vs $9.19 estimated; revenue $23.86B vs $19.97B estimated). Management again raised guidance to record Q3 revenue of ~$33.5B at ~81% gross margin, up from Q2's 75%. Micron lifted FY2026 capex above $25B, raised its dividend 30%, and signed its first five-year Strategic Customer Agreement.

Guidance delta

raised

Key takeaways

  • Revenue surged 196% YoY to $23.9B, with DRAM at 79% of sales and a record 75% gross margin
  • Q3 guidance projects ~$33.5B revenue at roughly 81% gross margin, a further step up
  • FY2026 capex raised above $25B to fund HBM, 1-gamma DRAM, G9 NAND and new fabs
  • Product pipeline includes 1-gamma DRAM, G9 NAND, HBM4/HBM4E, LPDDR6 and a 122TB SSD
  • Strong cash generation supports a 30% dividend increase, buybacks and debt reduction

Management priorities

  • Ramp 1-gamma DRAM to the majority of bit mix by mid-2026 and G9 NAND to majority by then
  • Scale HBM4 (including NVIDIA collaboration) and launch HBM4E in 2027, with EUV at the 1-delta node
  • Expand the global manufacturing footprint: Tongluo, Idaho, New York, Hiroshima, Singapore and India
  • Increase FY2027 R&D spending to support AI-related memory technologies

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Earnings History

Estimate Beat Miss Match
MU EPS earnings history estimate and actual scatter chart 9 reported fiscal quarters and 4 future estimate-only quarters. Q2 '24 estimate $-0.25 Q2 '24 actual $0.42, beat Q3 '24 estimate $0.48 Q3 '24 actual $0.62, beat Q4 '24 estimate $1.11 Q4 '24 actual $1.18, beat Q3 '25 estimate $1.60 Q3 '25 actual $1.91, beat Q4 '25 estimate $2.86 Q4 '25 actual $3.03, beat Q1 '26 estimate $3.96 Q1 '26 actual $4.78, beat Q2 '26 estimate $9.19 Q2 '26 actual $12.20, beat Q3 '26 estimate $20.98 Q3 '26 actual $25.11, beat Q4 '26 estimate $31.49 Q1 '27 estimate $35.15 Q2 '27 estimate $38.05 Q3 '27 estimate $40.72
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Analyst Consensus ?

ConsensusBuy69 ratings
Bullish5782.6%
Neutral1014.5%
Bearish22.9%

Analyst 52W Price Targets

$1,082.6Current
$52Low
$838.42Average
$2,200High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 25, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
Wells Fargo Overweight OverweightMaintainSep 23, 2026
Citigroup Buy BuyMaintainSep 23, 2026
RBC Capital Outperform OutperformMaintainSep 18, 2026
Mizuho Outperform OutperformMaintainAug 25, 2026
New Street Research Buy NeutralUpgradeAug 14, 2026
Show 64 more rating actions

Named analyst price targets

Upside is calculated against the persisted current price $1,082.6. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
Wells FargoAaron Rakers$1,400$1,096.16 +29.3%Sep 23, 2026
Mizuho SecuritiesAnalyst unavailable$1,300$910.43 +20.1%Aug 25, 2026
BMO CapitalAnalyst unavailable$1,300$974.33 +20.1%Aug 20, 2026
New StreetPierre Ferragu$1,250$979.87 +15.5%Aug 14, 2026
KeyBancAnalyst unavailable$1,750$937 +61.6%Jul 14, 2026
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Company context

Snapshot as of publication

Micron Technology, Inc. is a global leader specializing in the development, manufacture, and sale of advanced semiconductor memory and storage solutions. Its operations are structured across four primary business segments: Compute and Networking, Mobile, Storage, and Embedded. The company's product portfolio encompasses a range of memory and data storage technologies. These include high-speed, low-latency Dynamic Random Access Memory (DRAM) components for rapid data retrieval; non-volatile, re-programmable NAND flash storage devices; and fast-read, non-volatile, re-writable NOR memory chips.…

Historical context

All MU earnings
+15.7%FY2026 Q3 · Calendar Q2 2026

Technology peers this season

Latest reports in the same sector
CompanyQuarterEPS surpriseMarket moveHeadline
SNX TD Synnex Corp FY2026 Q3 · Calendar Q3 2026 +20.9% -9.9% TD SYNNEX: AI-led growth accelerates, but mix and cash flow matter
ADBE Adobe Inc. FY2026 Q3 · Calendar Q3 2026 +0.8% +1.4% Adobe raises FY26 outlook as AI strategy broadens
ORCL Oracle Corporation FY2027 Q1 · Calendar Q3 2026 +10.3% -1.7% Oracle raises FY27 outlook as AI demand accelerates cloud growth
SAIL SailPoint, Inc. FY2027 Q2 · Calendar Q3 2026 +13.8% -1.2% SailPoint pairs 25% ARR growth with accelerating AI-driven adoption
CIEN Ciena Corporation FY2026 Q3 · Calendar Q3 2026 +22.0% -10.4% Ciena raises outlook as AI networking demand lifts backlog
DOCU DocuSign, Inc. FY2027 Q2 · Calendar Q3 2026 +6.4% +3.7% DocuSign Q2 FY27: IAM momentum supports a raised outlook

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Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
  3. Polygon adjusted daily market bars · 2026-09-25T16:41:09.297863+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-25T16:41:09.295161+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-09-25. For educational purposes only; not investment advice.