Analyst Consensus ?
ConsensusBuy69 ratings
Bullish5681.2%
Neutral1115.9%
Bearish22.9%
Micron Technology, Inc. · MU · FY2026 Q3 · Calendar Q2 2026
Micron Crushes Q3 on AI Memory Demand, Guides to $50B Q4 With 86% Margins
Micron's fiscal Q3 results mark a step-change in the AI memory cycle. Revenue nearly doubled sequentially to $41.5 billion at an 84.9% gross margin, driven by tight DRAM and HBM supply meeting surging data-center demand. The signing of 16 strategic customer agreements with $22 billion in cash deposits transforms revenue visibility, while Q4 guidance of approximately $50 billion at 86% margin signals the cycle has further to run. However, a 24% post-earnings drift lower suggests the market is weighing how much upside is already priced in at current levels. With the stock at $900 against a consensus target of $1,576, the gap between fundamental momentum and near-term price action is wide.
Reported After market closeNASDAQTechnology
$1016.68B market cap
100quality score
Company context
Snapshot as of publicationMicron 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.…
Earnings scorecard
Reported versus consensus
Reported EPS
$25.11
Consensus $21
EPS surprise
+19.7%
Reported versus consensus
Reported revenue
$41.46B
Consensus $35.91B
Revenue surprise
+15.4%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$900.2Previous close
$52Low
$784.88Average
$2,200High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Jul 28, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Keybanc | Overweight | Overweight | Maintain | Jul 14, 2026 |
| Cantor Fitzgerald | Overweight | Overweight | Maintain | Jun 29, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Jun 25, 2026 |
| Wedbush | Outperform | Outperform | Maintain | Jun 25, 2026 |
| TD Cowen | Buy | Buy | Maintain | Jun 25, 2026 |
| Susquehanna | Positive | Positive | Maintain | Jun 25, 2026 |
| Rosenblatt | Buy | Buy | Maintain | Jun 25, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Jun 25, 2026 |
| Raymond James | Outperform | Outperform | Maintain | Jun 25, 2026 |
| Needham | Buy | Buy | Maintain | Jun 25, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Jun 25, 2026 |
| Mizuho | Outperform | Outperform | Maintain | Jun 25, 2026 |
| Goldman Sachs | Neutral | Neutral | Maintain | Jun 25, 2026 |
| Deutsche Bank | Buy | Buy | Maintain | Jun 25, 2026 |
| DA Davidson | Buy | Buy | Maintain | Jun 25, 2026 |
| Citigroup | Buy | Buy | Maintain | Jun 25, 2026 |
| Barclays | Overweight | Overweight | Maintain | Jun 25, 2026 |
| B of A Securities | Buy | Buy | Maintain | Jun 25, 2026 |
| Stifel | Buy | Buy | Maintain | Jun 18, 2026 |
| Wolfe Research | Outperform | Outperform | Maintain | Jun 11, 2026 |
| UBS | Buy | Buy | Maintain | May 26, 2026 |
| Melius Research | Buy | Buy | Maintain | May 19, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Mar 19, 2026 |
| Bernstein | Outperform | Outperform | Maintain | Mar 18, 2026 |
| Lynx Global | Buy | Buy | Maintain | Jan 12, 2026 |
| Piper Sandler | Overweight | Overweight | Maintain | Jan 7, 2026 |
| New Street Research | Neutral | Buy | Downgrade | Oct 14, 2025 |
| Baird | Outperform | Outperform | Maintain | Jun 27, 2025 |
| China Renaissance | Hold | Buy | Downgrade | Mar 26, 2025 |
| Exane BNP Paribas | Underperform | Outperform | Downgrade | Sep 12, 2024 |
| Argus Research | Buy | Hold | Upgrade | Mar 21, 2024 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Dec 21, 2023 |
| BMO Capital | Outperform | Outperform | Maintain | Dec 18, 2023 |
| Credit Suisse | Outperform | Outperform | Maintain | Nov 16, 2022 |
| Loop Capital | Buy | Buy | Maintain | Oct 14, 2022 |
| Summit Insights Group | Buy | Hold | Upgrade | Sep 30, 2022 |
| Fox Advisors | Equal Weight | Overweight | Downgrade | Jul 5, 2022 |
| Cowen & Co. | Outperform | Outperform | Maintain | Jul 1, 2022 |
| Cascend | Buy | Buy | Maintain | Mar 15, 2021 |
| Cleveland Research | Buy | Neutral | Upgrade | Sep 23, 2020 |
| Nomura Instinet | Neutral | Neutral | Maintain | Jun 30, 2020 |
| Nomura | Neutral | Neutral | Maintain | Jun 30, 2020 |
| Longbow Research | Buy | Buy | Maintain | Jan 21, 2020 |
| GF Securities | Buy | Accumulate | Maintain | Nov 29, 2019 |
| MKM Partners | Buy | Buy | Maintain | Dec 19, 2018 |
| Stifel Nicolaus | Buy | Buy | Maintain | Sep 21, 2018 |
| Macquarie | Outperform | Outperform | Maintain | Sep 14, 2018 |
| Benchmark | Buy | Buy | Maintain | Jun 22, 2018 |
| Argus | Buy | Buy | Maintain | Mar 26, 2018 |
| Standpoint Research | Hold | Outperform | Downgrade | Nov 28, 2017 |
| Bank of America | Buy | Underperform | Upgrade | Feb 9, 2017 |
| Summit Redstone Partners | Buy | Sell | Upgrade | Dec 22, 2016 |
| Brean Capital | Buy | Buy | Maintain | Oct 5, 2016 |
| Pacific Crest | Overweight | Overweight | Maintain | Mar 31, 2016 |
| Jefferies | Buy | Buy | Maintain | Oct 2, 2015 |
| Topeka | Buy | Buy | Maintain | Aug 17, 2015 |
| Topeka Capital | Buy | Buy | Maintain | Aug 16, 2015 |
| PiperJaffray | Overweight | Overweight | Maintain | Aug 11, 2015 |
| Drexel Hamilton | Hold | Buy | Downgrade | Aug 7, 2015 |
| JMP Securities | Market Outperform | Market Outperform | Maintain | May 21, 2015 |
| Ladenburg Thalmann | Neutral | Neutral | Maintain | Oct 8, 2014 |
| ISI Group | Buy | Strong Buy | Downgrade | Apr 10, 2014 |
| Argus Capital | Buy | Buy | Maintain | Jan 10, 2014 |
| Sterne Agee | Buy | Buy | Maintain | Jun 20, 2013 |
| Credit Agricole | Underperform | Outperform | Downgrade | May 2, 2013 |
| Lazard | Neutral | Buy | Downgrade | Mar 4, 2013 |
| Cross Research | Buy | Buy | Maintain | Dec 7, 2012 |
| ThinkEquity | Buy | Buy | Maintain | May 18, 2012 |
| Oppenheimer | Perform | Outperform | Downgrade | Mar 26, 2012 |
Named analyst price targets
Upside is calculated against the persisted previous close $900.2. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| KeyBanc | Analyst unavailable | $1,750 | $937 | +94.4% | Jul 14, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $2,000 | $1,132.33 | +122.2% | Jun 29, 2026 |
| Deutsche Bank | Melissa Weathers | $1,550 | $1,183.6 | +72.2% | Jun 25, 2026 |
| Wedbush | Analyst unavailable | $1,400 | $1,149.04 | +55.5% | Jun 25, 2026 |
| D.A. Davidson | Gil Luria | $2,000 | $1,155.52 | +122.2% | Jun 25, 2026 |
| Mizuho Securities | Analyst unavailable | $1,375 | $1,048.51 | +52.7% | Jun 25, 2026 |
| Barclays | Tom O'Malley | $2,000 | $1,048.51 | +122.2% | Jun 25, 2026 |
| Needham | Analyst unavailable | $1,650 | $1,048.51 | +83.3% | Jun 25, 2026 |
| Melius Research | Ben Reitzes | $2,200 | $1,048.51 | +144.4% | Jun 25, 2026 |
| UBS | Analyst unavailable | $1,540 | $1,048.51 | +71.1% | Jun 25, 2026 |
| Robert W. Baird | Analyst unavailable | $1,280 | $1,048.51 | +42.2% | Jun 25, 2026 |
| Wells Fargo | Analyst unavailable | $1,525 | $1,048.51 | +69.4% | Jun 25, 2026 |
| Wolfe Research | Analyst unavailable | $1,500 | $1,048.51 | +66.6% | Jun 25, 2026 |
| Raymond James | Analyst unavailable | $1,500 | $1,048.51 | +66.6% | Jun 25, 2026 |
| RBC Capital | Analyst unavailable | $1,500 | $1,048.51 | +66.6% | Jun 25, 2026 |
| Susquehanna | Mehdi Hosseini | $2,000 | $1,048.51 | +122.2% | Jun 25, 2026 |
| KeyBanc | John Vinh | $1,600 | $1,048.51 | +77.7% | Jun 25, 2026 |
| Goldman Sachs | James Schneider | $1,100 | $1,048.51 | +22.2% | Jun 25, 2026 |
| Morgan Stanley | Joseph Moore | $1,200 | $1,048.51 | +33.3% | Jun 25, 2026 |
| Needham | Quinn Bolton | $1,550 | $1,133.99 | +72.2% | Jun 22, 2026 |
| Bernstein | Analyst unavailable | $1,300 | $1,133.99 | +44.4% | Jun 22, 2026 |
| Wedbush | Matt Bryson | $1,300 | $1,043.19 | +44.4% | Jun 18, 2026 |
| Rosenblatt Securities | Hans Mosesmann | $1,200 | $1,043.19 | +33.3% | Jun 18, 2026 |
| Stifel Nicolaus | Brian Chin | $1,500 | $1,043.19 | +66.6% | Jun 18, 2026 |
| Deutsche Bank | Analyst unavailable | $1,500 | $1,024.54 | +66.6% | Jun 17, 2026 |
| RBC Capital | Srini Pajjuri | $1,200 | $981.61 | +33.3% | Jun 15, 2026 |
| Wolfe Research | Chris Caso | $1,250 | $891.88 | +38.9% | Jun 11, 2026 |
| Daiwa | Analyst unavailable | $1,600 | $891.88 | +77.7% | Jun 10, 2026 |
| Goldman Sachs | James Schneider | $900 | $935.89 | -0.0% | Jun 9, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $1,500 | $926.65 | +66.6% | Jun 8, 2026 |
| Wells Fargo | Analyst unavailable | $1,220 | $864.01 | +35.5% | Jun 8, 2026 |
| Morgan Stanley | Analyst unavailable | $1,050 | $1,052.45 | +16.6% | Jun 3, 2026 |
| Raymond James | Analyst unavailable | $1,100 | $971 | +22.2% | Jun 1, 2026 |
| D.A. Davidson | Analyst unavailable | $1,500 | $928.41 | +66.6% | May 28, 2026 |
| Mizuho Securities | Vijay Rakesh | $1,150 | $928.41 | +27.7% | May 27, 2026 |
| Barclays | Tom O'Malley | $1,175 | $895.88 | +30.5% | May 27, 2026 |
| UBS | Timothy Arcuri | $1,625 | $751 | +80.5% | May 26, 2026 |
| Mizuho Securities | Analyst unavailable | $800 | $681.54 | -11.1% | May 19, 2026 |
| Melius Research | Analyst unavailable | $1,100 | $670.43 | +22.2% | May 18, 2026 |
| Mizuho Securities | Vijay Rakesh | $740 | $640.2 | -17.8% | May 6, 2026 |
| D.A. Davidson | Analyst unavailable | $1,000 | $524.56 | +11.1% | Apr 28, 2026 |
| Wedbush | Analyst unavailable | $500 | $405.35 | -44.5% | Mar 13, 2026 |
| Wells Fargo | Aaron Rakers | $470 | $418.69 | -47.8% | Mar 12, 2026 |
| Susquehanna | Mehdi Hosseini | $525 | $389.32 | -41.7% | Mar 9, 2026 |
| Stifel Nicolaus | Brian Chin | $550 | $412.37 | -38.9% | Mar 2, 2026 |
| Goldman Sachs | James Schneider | $360 | $412.37 | -60.0% | Mar 2, 2026 |
| Needham | Quinn Bolton | $450 | $407.64 | -50.0% | Feb 17, 2026 |
| Deutsche Bank | Analyst unavailable | $500 | $371 | -44.5% | Feb 10, 2026 |
| UBS | Timothy Arcuri | $450 | $384.96 | -50.0% | Feb 6, 2026 |
| Mizuho Securities | Analyst unavailable | $480 | $389.09 | -46.7% | Jan 27, 2026 |
| Stifel Nicolaus | Brian Chin | $360 | $362.75 | -60.0% | Jan 20, 2026 |
| Barclays | Tom O'Malley | $450 | $333.35 | -50.0% | Jan 15, 2026 |
| Wells Fargo | Analyst unavailable | $410 | $333.35 | -54.5% | Jan 15, 2026 |
| RBC Capital | Analyst unavailable | $425 | $333.35 | -52.8% | Jan 14, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $450 | $336.17 | -50.0% | Jan 14, 2026 |
| KeyBanc | Analyst unavailable | $450 | $345.87 | -50.0% | Jan 13, 2026 |
| Mizuho Securities | Vijay Rakesh | $390 | $327.02 | -56.7% | Jan 9, 2026 |
| UBS | Analyst unavailable | $400 | $343.43 | -55.6% | Jan 7, 2026 |
| Piper Sandler | Analyst unavailable | $400 | $343.43 | -55.6% | Jan 7, 2026 |
| Bernstein | Mark Li | $330 | $306.81 | -63.3% | Jan 2, 2026 |
| Wolfe Research | Chris Caso | $350 | $250.01 | -61.1% | Dec 18, 2025 |
| Deutsche Bank | Analyst unavailable | $300 | $251.1 | -66.7% | Dec 18, 2025 |
| Robert W. Baird | Tristan Gerra | $443 | $249.51 | -50.8% | Dec 18, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $350 | $254.19 | -61.1% | Dec 18, 2025 |
| Wedbush | Analyst unavailable | $320 | $225.52 | -64.5% | Dec 18, 2025 |
| KeyBanc | Analyst unavailable | $350 | $225.52 | -61.1% | Dec 18, 2025 |
| Wells Fargo | Analyst unavailable | $335 | $225.52 | -62.8% | Dec 18, 2025 |
| Piper Sandler | Harsh Kumar | $275 | $225.52 | -69.5% | Dec 18, 2025 |
| KeyBanc | John Vinh | $325 | $225.52 | -63.9% | Dec 18, 2025 |
| Barclays | Tom O'Malley | $275 | $225.52 | -69.5% | Dec 18, 2025 |
| Morgan Stanley | Joseph Moore | $350 | $225.52 | -61.1% | Dec 18, 2025 |
| Mizuho Securities | Vijay Rakesh | $290 | $225.52 | -67.8% | Dec 18, 2025 |
| Raymond James | Melissa Fairbanks | $310 | $225.52 | -65.6% | Dec 18, 2025 |
| Goldman Sachs | James Schneider | $235 | $225.52 | -73.9% | Dec 18, 2025 |
| UBS | Analyst unavailable | $300 | $237.5 | -66.7% | Dec 16, 2025 |
| Needham | Quinn Bolton | $300 | $237.5 | -66.7% | Dec 16, 2025 |
| Wedbush | Analyst unavailable | $300 | $241.14 | -66.7% | Dec 15, 2025 |
| Stifel Nicolaus | Analyst unavailable | $300 | $258.46 | -66.7% | Dec 12, 2025 |
| UBS | Timothy Arcuri | $295 | $257.94 | -67.2% | Dec 11, 2025 |
| Deutsche Bank | Analyst unavailable | $280 | $246.92 | -68.9% | Dec 9, 2025 |
| HSBC | Analyst unavailable | $330 | $246.92 | -63.3% | Dec 8, 2025 |
| Mizuho Securities | Vijay Rakesh | $270 | $234.16 | -70.0% | Dec 4, 2025 |
| Goldman Sachs | James Schneider | $205 | $239.49 | -77.2% | Dec 3, 2025 |
| Wolfe Research | Analyst unavailable | $300 | $240.46 | -66.7% | Dec 2, 2025 |
| Morgan Stanley | Analyst unavailable | $338 | $207.37 | -62.5% | Nov 24, 2025 |
| UBS | Timothy Arcuri | $275 | $224.03 | -69.5% | Nov 20, 2025 |
| Mizuho Securities | Analyst unavailable | $265 | $218.52 | -70.6% | Oct 28, 2025 |
| Barclays | Tom O'Malley | $240 | $202.38 | -73.3% | Oct 20, 2025 |
| Mizuho Securities | Analyst unavailable | $240 | $202.53 | -73.3% | Oct 17, 2025 |
| New Street | Analyst unavailable | $190 | $187.23 | -78.9% | Oct 14, 2025 |
| BNP Paribas | Karl Ackerman | $270 | $181.6 | -70.0% | Oct 13, 2025 |
| UBS | Analyst unavailable | $225 | $194.43 | -75.0% | Oct 8, 2025 |
| UBS | Analyst unavailable | $220 | $187.83 | -75.6% | Oct 6, 2025 |
| Deutsche Bank | Melissa Weathers | $200 | $161.81 | -77.8% | Sep 24, 2025 |
| Mizuho Securities | Vijay Rakesh | $195 | $166.41 | -78.3% | Sep 24, 2025 |
| Barclays | Tom O'Malley | $195 | $166.41 | -78.3% | Sep 24, 2025 |
| KGI Securities | Michael Shen | $196 | $162.48 | -78.2% | Sep 24, 2025 |
| Stifel Nicolaus | Brian Chin | $173 | $162.73 | -80.8% | Sep 22, 2025 |
| Barclays | Tom O'Malley | $175 | $168.89 | -80.6% | Sep 19, 2025 |
| Wedbush | Analyst unavailable | $200 | $167.34 | -77.8% | Sep 18, 2025 |
| Susquehanna | Mehdi Hosseini | $200 | $159.99 | -77.8% | Sep 17, 2025 |
| Wolfe Research | Analyst unavailable | $180 | $159.99 | -80.0% | Sep 17, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $185 | $157.23 | -79.4% | Sep 15, 2025 |
| UBS | Analyst unavailable | $185 | $157.23 | -79.4% | Sep 15, 2025 |
| Raymond James | Srini Pajjuri | $150 | $125.81 | -83.3% | Jun 26, 2025 |
| Morgan Stanley | Analyst unavailable | $135 | $127.25 | -85.0% | Jun 26, 2025 |
| Susquehanna | Mehdi Hosseini | $160 | $127.25 | -82.2% | Jun 26, 2025 |
| Wells Fargo | Aaron Rakers | $170 | $127.25 | -81.1% | Jun 26, 2025 |
| Barclays | Tom O'Malley | $140 | $127.25 | -84.4% | Jun 26, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $145 | $122.08 | -83.9% | Jun 23, 2025 |
| Barclays | Tom O'Malley | $115 | $94.72 | -87.2% | Mar 21, 2025 |
| Morgan Stanley | Analyst unavailable | $112 | $94.72 | -87.6% | Mar 21, 2025 |
| RBC Capital | Matt Bryson | $125 | $102.06 | -86.1% | Mar 19, 2025 |
| Wedbush | Matt Bryson | $125 | $98.1 | -86.1% | Dec 19, 2024 |
| Stifel Nicolaus | Brian Chin | $130 | $86.85 | -85.6% | Dec 19, 2024 |
| Barclays | Tom O'Malley | $110 | $98.1 | -87.8% | Dec 19, 2024 |
| Wells Fargo | Aaron Rakers | $140 | $98.1 | -84.4% | Dec 19, 2024 |
| Bank of America Securities | Vivek Arya | $125 | $107.85 | -86.1% | Oct 14, 2024 |
| Bernstein | Mark Li | $140 | $107.5 | -84.4% | Sep 27, 2024 |
| Wedbush | Matt Bryson | $70 | $54.94 | -92.2% | Sep 26, 2024 |
| Susquehanna | Mehdi Hosseini | $165 | $95.77 | -81.7% | Sep 26, 2024 |
| Wells Fargo | Aaron Rakers | $175 | $94.24 | -80.6% | Sep 24, 2024 |
| CFRA | Angelo Zino | $140 | $93.57 | -84.4% | Sep 23, 2024 |
| Stifel Nicolaus | Brian Chin | $135 | $89.43 | -85.0% | Sep 19, 2024 |
| Citigroup | Christopher Danely | $150 | $87.18 | -83.3% | Sep 17, 2024 |
| Raymond James | Srini Pajjuri | $125 | $87.4 | -86.1% | Sep 11, 2024 |
| Mizuho Securities | Jordan Klein | $90 | $97.1 | -90.0% | Aug 27, 2024 |
| Needham | Quinn Bolton | $140 | $101.09 | -84.4% | Aug 26, 2024 |
| KeyBanc | John Vinh | $145 | $90.42 | -83.9% | Aug 6, 2024 |
| New Street | Vivek Arya | $170 | $134.2 | -81.1% | Jul 12, 2024 |
| Argus Research | Jim Kelleher | $170 | $134.19 | -81.1% | Jun 27, 2024 |
| CFRA | Angelo Zino | $170 | $136.23 | -81.1% | Jun 27, 2024 |
| Piper Sandler | Harsh Kumar | $150 | $136.26 | -83.3% | Jun 27, 2024 |
| Needham | Quinn Bolton | $150 | $135.9 | -83.3% | Jun 27, 2024 |
| UBS | Timothy Arcuri | $153 | $131.96 | -83.0% | Jun 27, 2024 |
| Goldman Sachs | Toshiya Hari | $158 | $136.03 | -82.4% | Jun 27, 2024 |
| KeyBanc | John Vinh | $160 | $132.23 | -82.2% | Jun 27, 2024 |
| Robert W. Baird | Tristan Gerra | $172 | $140.18 | -80.9% | Jun 24, 2024 |
| Wolfe Research | Chris Caso | $100 | $70.93 | -88.9% | Jun 21, 2024 |
| Wells Fargo | Aaron Rakers | $190 | $153.45 | -78.9% | Jun 20, 2024 |
| US Capital Advisors | Steven Fox | $185 | $153.45 | -79.4% | Jun 18, 2024 |
| Stifel Nicolaus | Brian Chin | $165 | $147.83 | -81.7% | Jun 18, 2024 |
| Susquehanna | Mehdi Hosseini | $185 | $143.31 | -79.4% | Jun 17, 2024 |
| UBS | Timothy Arcuri | $155 | $134.34 | -82.8% | Jun 10, 2024 |
| Mizuho Securities | Vijay Rakesh | $155 | $126.29 | -82.8% | May 31, 2024 |
| Morgan Stanley | Joseph Moore | $130 | $125.29 | -85.6% | May 20, 2024 |
| Mizuho Securities | Vijay Rakesh | $150 | $127.89 | -83.3% | May 17, 2024 |
| Barclays | Tom O'Malley | $145 | $121.24 | -83.9% | May 13, 2024 |
| Robert W. Baird | Tristan Gerra | $150 | $114.68 | -83.3% | May 6, 2024 |
| Loop Capital Markets | John Vinh | $150 | $122.92 | -83.3% | Apr 8, 2024 |
| KeyBanc | John Vinh | $150 | $124.85 | -83.3% | Apr 8, 2024 |
| Mizuho Securities | Vijay Rakesh | $130 | $117.13 | -85.6% | Mar 25, 2024 |
| Mizuho Securities | Vijay Rakesh | $124 | $112.06 | -86.2% | Mar 21, 2024 |
| Argus Research | Jim Kelleher | $140 | $109.85 | -84.4% | Mar 21, 2024 |
| Rosenblatt Securities | Hans Mosesmann | $112.5 | $54.93 | -87.5% | Mar 21, 2024 |
| Piper Sandler | Harsh Kumar | $130 | $109.85 | -85.6% | Mar 21, 2024 |
| Stifel Nicolaus | Brian Chin | $140 | $109.85 | -84.4% | Mar 21, 2024 |
| Wells Fargo | Aaron Rakers | $135 | $109.85 | -85.0% | Mar 21, 2024 |
| Morgan Stanley | Joseph Moore | $98 | $109.85 | -89.1% | Mar 21, 2024 |
| Goldman Sachs | Toshiya Hari | $122 | $109.85 | -86.4% | Mar 21, 2024 |
| KeyBanc | John Vinh | $135 | $109.85 | -85.0% | Mar 21, 2024 |
| CFRA | Angelo Zino | $110 | $94 | -87.8% | Mar 19, 2024 |
| UBS | Timothy Arcuri | $120 | $94 | -86.7% | Mar 19, 2024 |
| Stifel Nicolaus | Brian Chin | $120 | $94 | -86.7% | Mar 19, 2024 |
| Robert W. Baird | Tristan Gerra | $115 | $94 | -87.2% | Mar 19, 2024 |
| Wolfe Research | Chris Caso | $120 | $94.16 | -86.7% | Mar 13, 2024 |
| Wedbush | Matt Bryson | $103 | $96.96 | -88.6% | Mar 12, 2024 |
| Mizuho Securities | Vijay Rakesh | $100 | $80.58 | -88.9% | Feb 21, 2024 |
| Rosenblatt Securities | Hans Mosesmann | $140 | $84.1 | -84.4% | Dec 21, 2023 |
| UBS | Timothy Arcuri | $90 | $81.08 | -90.0% | Dec 20, 2023 |
| Morgan Stanley | Joseph Moore | $58.5 | $65.78 | -93.5% | Sep 28, 2023 |
| Mizuho Securities | Vijay Rakesh | $82 | $65.2 | -90.9% | Sep 28, 2023 |
| Wedbush | Matt Bryson | $80 | $68.5 | -91.1% | Sep 21, 2023 |
| Raymond James | Srini Pajjuri | $76 | $65.13 | -91.6% | Jun 29, 2023 |
| Mizuho Securities | Vijay Rakesh | $72 | $66.29 | -92.0% | May 23, 2023 |
| Mizuho Securities | John Vinh | $70 | $63.27 | -92.2% | Apr 10, 2023 |
| Bernstein | Mark Li | $80 | $62.94 | -91.1% | Mar 29, 2023 |
| UBS | Analyst unavailable | $70 | $49.43 | -92.2% | Dec 22, 2022 |
| UBS | Timothy Arcuri | $75 | $50.68 | -91.7% | Dec 21, 2022 |
| Wells Fargo | Analyst unavailable | $70 | $53.49 | -92.2% | Dec 7, 2022 |
| Mizuho Securities | Jason Getz | $52 | $58.74 | -94.2% | Nov 17, 2022 |
| Credit Suisse | Analyst unavailable | $78 | $63.1 | -91.3% | Nov 16, 2022 |
| Loop Capital Markets | Ambrish Srivastava | $70 | $51.14 | -92.2% | Sep 30, 2022 |
| Stifel Nicolaus | Brian Chin | $58 | $51.5 | -93.6% | Sep 30, 2022 |
| Deutsche Bank | Analyst unavailable | $60 | $51.22 | -93.3% | Sep 30, 2022 |
| Morgan Stanley | Analyst unavailable | $49 | $50.78 | -94.6% | Sep 30, 2022 |
| BMO Capital | Analyst unavailable | $70 | $51.39 | -92.2% | Sep 30, 2022 |
| Stifel Nicolaus | Analyst unavailable | $54 | $51.46 | -94.0% | Sep 30, 2022 |
| Needham | Analyst unavailable | $60 | $50.01 | -93.3% | Sep 30, 2022 |
| Morgan Stanley | Joseph Moore | $49 | $51.14 | -94.6% | Sep 30, 2022 |
| Piper Sandler | Harsh Kumar | $45 | $50.01 | -95.0% | Sep 29, 2022 |
| J.P. Morgan | Analyst unavailable | $65 | $49.64 | -92.8% | Sep 27, 2022 |
| Wedbush | Analyst unavailable | $65 | $48.88 | -92.8% | Sep 26, 2022 |
| Evercore ISI | Analyst unavailable | $70 | $48.88 | -92.2% | Sep 26, 2022 |
| Susquehanna | Mehdi Hosseini | $60 | $50.1 | -93.3% | Sep 26, 2022 |
| Goldman Sachs | Analyst unavailable | $63 | $49.62 | -93.0% | Sep 23, 2022 |
| Wells Fargo | Aaron Rakers | $75 | $50.8 | -91.7% | Sep 21, 2022 |
| Mizuho Securities | Vijay Rakesh | $56 | $50.8 | -93.8% | Sep 21, 2022 |
| BMO Capital | Analyst unavailable | $80 | $52.85 | -91.1% | Sep 19, 2022 |
| Citigroup | Christopher Danely | $75 | $61.4 | -91.7% | Aug 10, 2022 |
| Deutsche Bank | Analyst unavailable | $68 | $61.15 | -92.4% | Aug 10, 2022 |
| Mizuho Securities | Analyst unavailable | $75 | $59.81 | -91.7% | Aug 10, 2022 |
| Citigroup | Analyst unavailable | $75 | $59.9 | -91.7% | Aug 10, 2022 |
| Morgan Stanley | Joseph Moore | $56 | $63.64 | -93.8% | Jul 22, 2022 |
| UBS | Timothy Arcuri | $50 | $26.83 | -94.4% | Jul 5, 2022 |
| Loop Capital Markets | Ambrish Srivastava | $85 | $53.65 | -90.6% | Jul 1, 2022 |
| Citigroup | Analyst unavailable | $80 | $53.67 | -91.1% | Jul 1, 2022 |
| Wells Fargo | Analyst unavailable | $90 | $52.08 | -90.0% | Jul 1, 2022 |
| Cowen & Co. | Analyst unavailable | $70 | $55.28 | -92.2% | Jul 1, 2022 |
| Robert W. Baird | Analyst unavailable | $60 | $55.28 | -93.3% | Jul 1, 2022 |
| Wedbush | Analyst unavailable | $85 | $55.28 | -90.6% | Jul 1, 2022 |
| Deutsche Bank | Analyst unavailable | $70 | $55.28 | -92.2% | Jul 1, 2022 |
| J.P. Morgan | Analyst unavailable | $80 | $55.28 | -91.1% | Jul 1, 2022 |
| Goldman Sachs | Analyst unavailable | $75 | $55.28 | -91.7% | Jul 1, 2022 |
| UBS | Analyst unavailable | $90 | $55.28 | -90.0% | Jul 1, 2022 |
| Raymond James | Analyst unavailable | $72 | $55.28 | -92.0% | Jul 1, 2022 |
| Piper Sandler | Analyst unavailable | $50 | $55.28 | -94.4% | Jul 1, 2022 |
| UBS | Timothy Arcuri | $57.5 | $28.01 | -93.6% | Jun 29, 2022 |
| Rosenblatt Securities | Hans Mosesmann | $82.5 | $27.84 | -90.8% | Jun 29, 2022 |
| J.P. Morgan | Analyst unavailable | $96 | $59.82 | -89.3% | Jun 28, 2022 |
| Barclays | Tom O'Malley | $75 | $58.78 | -91.7% | Jun 28, 2022 |
| BMO Capital | Analyst unavailable | $85 | $59.29 | -90.6% | Jun 27, 2022 |
| Mizuho Securities | Vijay Rakesh | $95 | $56.94 | -89.4% | Jun 21, 2022 |
| Piper Sandler | Harsh Kumar | $70 | $55.75 | -92.2% | Jun 20, 2022 |
| Citigroup | Analyst unavailable | $100 | $69.94 | -88.9% | Jun 6, 2022 |
| Needham | Rajvindra Gill | $130 | $70.99 | -85.6% | May 16, 2022 |
| Mizuho Securities | Vijay Rakesh | $113 | $66.96 | -87.4% | May 12, 2022 |
| Credit Suisse | Mehdi Hosseini | $130 | $76.18 | -85.6% | Apr 2, 2022 |
| Robert W. Baird | Tristan Gerra | $90 | $81.94 | -90.0% | Mar 29, 2022 |
| Morgan Stanley | Joseph Moore | $83 | $81.94 | -90.8% | Mar 29, 2022 |
| J.P. Morgan | Harlan Sur | $115 | $79.75 | -87.2% | Mar 28, 2022 |
| Bernstein | Mark Li | $94 | $79.56 | -89.6% | Mar 16, 2022 |
| Goldman Sachs | Toshiya Hari | $110 | $72.82 | -87.8% | Mar 12, 2022 |
| Citigroup | Christopher Danely | $120 | $88.71 | -86.7% | Feb 24, 2022 |
| Wedbush | Matt Bryson | $120 | $89.74 | -86.7% | Feb 14, 2022 |
| Barclays | Thomas O'Malley | $105 | $94.98 | -88.3% | Jan 12, 2022 |
| Bank of America Securities | Vivek Arya | $118 | $93.76 | -86.9% | Jan 10, 2022 |
| New Street | Pierre Ferragu | $135 | $93.76 | -85.0% | Jan 9, 2022 |
| Cowen & Co. | Karl Ackerman | $101 | $90.46 | -88.8% | Dec 21, 2021 |
| Deutsche Bank | Sidney Ho | $100 | $90.46 | -88.9% | Dec 21, 2021 |
| Piper Sandler | Harsh Kumar | $90 | $90.46 | -90.0% | Dec 21, 2021 |
| KeyBanc | John Vinh | $110 | $71.37 | -87.8% | Sep 29, 2021 |
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What changed
Revenue jumped from $23.9B in Q2 to $41.5B in Q3, a 74% sequential increase, while gross margin expanded from 75% to 84.9%. The company moved from a single five-year SCA to 16 SCAs covering roughly 40% of future revenue. Capital deployment broadened with a multiyear EUV supply agreement with ASML and accelerated fab construction across Idaho, Taiwan, and Singapore. EPS of $25.11 beat consensus by approximately 20%.
Guidance delta
Guidance was raised. Q4 FY2026 outlook projects record revenue of approximately $50B, 86% gross margin, and ~$31 EPS, up from Q3 actuals of $41.5B revenue and 84.9% margin. In the prior quarter, Q3 guidance was $33.5B at roughly 81% margin; actuals exceeded that by a wide margin, coming in at $41.5B and 84.9%.
Key takeaways
- Record Q3 revenue of $41.5B, up 74% sequentially and 346% year-over-year, driven by AI-related DRAM and NAND demand.
- Gross margin reached 84.9%, a new high, with EPS of $25.11 beating consensus by approximately 20%.
- Sixteen strategic customer agreements covering roughly 40% of future revenue with floor-price margins above historic peaks.
- Cash deposits of $22B secured from SCA commitments, providing immediate liquidity and demand visibility.
- Q4 guidance points to approximately $50B revenue, 86% gross margin, and ~$31 EPS.
- Supply constraints for DRAM and NAND expected to persist through and beyond 2027.
Management priorities
- Continue signing and executing SCAs across data-center, automotive, and consumer markets.
- Ramp 1-gamma DRAM and G9 NAND to highest-volume nodes.
- Achieve first wafer output from Idaho ID1 fab by mid-2027 and ID2 by late 2028.
- Complete clean-room expansion at Taiwan Tongluo site and bring Singapore packaging to HBM capacity by H1 2027.
- Increase R&D spend to support next-generation memory technologies including the 1-delta DRAM node.
Related earnings events
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Sources
- Earnings call transcript and parsed analysis · 2026-06-25T00:16:05.227583+00:00
- FN2 earnings calendar · 2026-07-28T01:23:15.070317+00:00
- Polygon adjusted daily market bars · 2026-07-28T05:41:52.397117+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-28T05:41:52.394333+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 . For educational purposes only; not investment advice.