Micron Technology Inc (NASDAQ:MU) has announced record results for the third quarter of fiscal 2026, which ended 28 May 2026, with revenue of $41.46 billion.
GAAP net income came in at $28.24 billion, or $24.67 per diluted share, while non-GAAP net income was $28.86 billion, or $25.11 per diluted share. Operating cash flow was $25.39 billion, compared with $11.90 billion in the prior quarter and $4.61 billion in the same period last year.
Chairman, President and Chief Executive Officer Sanjay Mehrotra said the results and the outlook for the fourth quarter reflected the strategic value of memory in the AI era. He added that Micron was investing at record levels in technology, products and supply to meet growing customer demand.
Micron said capital expenditures, net, were $7.1 billion in the quarter and adjusted free cash flow was $18.3 billion. The company ended the period with $30.2 billion in cash, marketable investments and restricted cash.
On 24 June 2026, the board declared a quarterly dividend of $0.15 per share. The dividend will be paid in cash on 21 July 2026 to shareholders on the register at the close of business on 6 July 2026.
For the fourth quarter of fiscal 2026, Micron guided for revenue of $50.0 billion, plus or minus $1.0 billion. The company said gross margin was expected to be approximately 86%, with operating expenses of about $1.86 billion under GAAP and $1.65 billion on a non-GAAP basis.
Micron’s fourth-quarter diluted earnings per share outlook was $30.73, plus or minus $1.00, on a GAAP basis, and $31.00, plus or minus $1.00, on a non-GAAP basis.
The company also highlighted product progress across its memory and storage portfolio. HBM4 is in high-volume shipments for its lead customer’s platform, while HBM4E development is underway with volume production expected in calendar 2027.
Micron said qualification samples of 256GB DDR5 RDIMMs have been shipped, LP5X SOCAMM2 products are in high-volume production, and G9-based PCIe Gen6 high-performance SSDs are also in high-volume production.
Other updates included shipments of its 245TB QLC SSD, qualification of its Gen5 QLC PC Client SSD with G9 NAND, and progress in automotive and mobile products, including first volume shipments of a G9-based UFS 4.1 automotive NAND solution.
The company said it will host a conference call on 24 June 2026 at 2:30 p.m. Mountain Time to discuss the results and provide fourth-quarter guidance.