Micron Technology, Inc. Reports Results for the Second Quarter of Fiscal 2026

Record results and outlook reflect strategic value of memory in AI era

BOISE, Idaho, March 18, 2026 (GLOBE NEWSWIRE) — Micron Technology, Inc. (Nasdaq: MU) today announced results for its second quarter of fiscal 2026, which ended February 26, 2026.

Fiscal Q2 2026 highlights

Revenue of $23.86 billion versus $13.64 billion for the prior quarter and $8.05 billion for the same period last yearGAAP net income of $13.79 billion, or $12.07 per diluted shareNon-GAAP net income of $14.02 billion, or $12.20 per diluted shareOperating cash flow of $11.90 billion versus $8.41 billion for the prior quarter and $3.94 billion for the same period last year

“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,” said Sanjay Mehrotra, Chairman, President and CEO of Micron Technology. “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.”

Quarterly Financial Results(in millions, except per share amounts)
GAAP(1) Non-GAAP(2)FQ2-26FQ1-26FQ2-25 FQ2-26FQ1-26FQ2-25        Revenue$23,860 $13,643 $8,053  $23,860 $13,643 $8,053 Gross margin 17,755  7,646  2,963   17,876  7,753  3,053 Percent of revenue 74.4% 56.0% 36.8%  74.9% 56.8% 37.9%Operating expenses 1,620  1,510  1,190   1,421  1,334  1,046 Operating income 16,135  6,136  1,773   16,455  6,419  2,007 Percent of revenue 67.6% 45.0% 22.0%  69.0% 47.0% 24.9%Net income 13,785  5,240  1,583   14,021  5,482  1,783 Diluted earnings per share (EPS) 12.07  4.60  1.41   12.20  4.78  1.56 

For the second quarter of 2026, investments in capital expenditures, net(2) were $5.0 billion and adjusted free cash flow(2) was $6.9 billion. Micron ended the quarter with cash, marketable investments, and restricted cash of $16.7 billion. On March 18, 2026, Micron’s Board of Directors declared a quarterly dividend of $0.15 per share, payable in cash on April 15, 2026, to shareholders of record as of the close of business on March 30, 2026.

Quarterly Business Unit Financial Results FQ2-26FQ1-26FQ2-25    Cloud Memory Business Unit   Revenue$7,749 $5,284 $2,947 Gross margin 74% 66% 55%Operating margin 66% 55% 45%    Core Data Center Business Unit   Revenue$5,687 $2,379 $1,830 Gross margin 74% 51% 47%Operating margin 67% 37% 33%    Mobile and Client Business Unit   Revenue$7,711 $4,255 $2,236 Gross margin 79% 54% 15%Operating margin 76% 47% 1%    Automotive and Embedded Business Unit   Revenue$2,708 $1,720 $1,034 Gross margin 68% 45% 21%Operating margin 62% 36% 6%

Business Outlook

The following table presents Micron’s guidance for the third quarter of 2026:

FQ3-26GAAP(1) OutlookNon-GAAP(2) Outlook   Revenue$33.5 billion ± $750 million$33.5 billion ± $750 millionGross marginApproximately 81%Approximately 81%Operating expensesApproximately $1.60 billionApproximately $1.40 billionDiluted earnings per share$18.90 ± $0.40$19.15 ± $0.40

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

Investor Webcast

Micron will host a conference call on Wednesday, March 18, 2026 at 2:30 p.m. Mountain Time to discuss its second quarter financial results and provide forward-looking guidance for its third 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.

© 2026 Micron Technology, Inc. All rights reserved. Micron, the Micron logo, and all other Micron trademarks are the property of Micron Technology, Inc. All other trademarks are the property of their respective owners.

Forward-Looking Statements

This press release contains forward-looking statements regarding our industry, our strategic position, our customers, including customer demand, and our financial and operating performance, including our guidance for the third quarter of 2026, as well as our investments in manufacturing and goals for such investments. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially. Please refer to the documents we file with the Securities and Exchange Commission, including our most recent Form 10-K and Form 10-Q. These documents contain and identify important factors that could cause our actual results to differ materially from those contained in these forward-looking statements. These certain factors can be found at investors.micron.com/risk-factor. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We are under no duty to update any of the forward-looking statements to conform these statements to actual results.

(1)GAAP represents U.S. Generally Accepted Accounting Principles.(2)Non-GAAP represents GAAP excluding the impact of certain activities, which management excludes in analyzing our operating results and understanding trends in our earnings; adjusted free cash flow; investments in capital expenditures, net; and business outlook. Further information regarding Micron’s use of non-GAAP measures and reconciliations between GAAP and non-GAAP measures are included within this press release. MICRON TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share amounts)
(Unaudited) 2nd Qtr.1st Qtr.2nd Qtr.Six Months Ended February 26,
2026November 27,
2025February 27,
2025February 26,
2026February 27,
2025      Revenue$23,860 $13,643 $8,053 $37,503 $16,762 Cost of goods sold 6,105  5,997  5,090  12,102  10,451 Gross margin 17,755  7,646  2,963  25,401  6,311       Research and development 1,250  1,171  898  2,421  1,786 Selling, general, and administrative 344  337  285  681  573 Other operating (income) expense, net 26  2  7  28  5 Operating income 16,135  6,136  1,773  22,271  3,947       Interest income 155  139  108  294  215 Interest expense (32) (74) (112) (106) (230)Other non-operating income (expense), net (98) (140) (11) (238) (22)  16,160  6,061  1,758  22,221  3,910       Income tax (provision) benefit (2,371) (829) (177) (3,200) (460)Equity in net income (loss) of equity method investees (4) 8  2  4  3 Net income$13,785 $5,240 $1,583 $19,025 $3,453       Earnings per share     Basic$12.25 $4.66 $1.42 $16.91 $3.10 Diluted 12.07  4.60  1.41  16.68  3.08       Number of shares used in per share calculations     Basic 1,126  1,125  1,115  1,125  1,113 Diluted 1,142  1,138  1,123  1,140  1,123  MICRON TECHNOLOGY, INC.
CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)As ofFebruary 26,
2026November 27,
2025August 28,
2025    Assets   Cash and equivalents$13,908 $9,731 $9,642 Short-term investments 681  587  665 Receivables 17,314  10,184  9,265 Inventories 8,267  8,205  8,355 Other current assets 1,243  958  914 Total current assets 41,413  29,665  28,841 Long-term marketable investments 2,038  1,697  1,629 Property, plant, and equipment 51,408  48,477  46,590 Operating lease right-of-use assets 684  700  736 Intangible assets 468  465  453 Deferred tax assets 680  641  616 Goodwill 1,150  1,150  1,150 Other noncurrent assets 3,668  3,176  2,783 Total assets$101,509 $85,971 $82,798     Liabilities and equity   Accounts payable and accrued expenses$10,997 $9,796 $9,649 Current debt 585  569  560 Other current liabilities 2,714  1,695  1,245 Total current liabilities 14,296  12,060  11,454 Long-term debt 9,557  11,187  14,017 Noncurrent operating lease liabilities 656  669  701 Noncurrent unearned government incentives 1,002  1,148  1,018 Other noncurrent liabilities 3,539  2,101  1,443 Total liabilities 29,050  27,165  28,633     Commitments and contingencies       Shareholders’ equity   Common stock 127  127  127 Additional capital 14,092  13,610  13,339 Retained earnings 66,824  53,344  48,583 Treasury stock (8,502) (8,152) (7,852)Accumulated other comprehensive income (loss) (82) (123) (32)Total equity 72,459  58,806  54,165 Total liabilities and equity$101,509 $85,971 $82,798  MICRON TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)Six Months EndedFebruary 26,
2026February 27,
2025   Cash flows from operating activities  Net income$19,025 $3,453 Adjustments to reconcile net income to net cash provided by operating activities:  Depreciation expense and amortization of intangible assets 4,498  4,109 Stock-based compensation 599  469 Change in operating assets and liabilities:  Receivables (8,298) 338 Inventories 88  (132)Accounts payable and accrued expenses 928  (714)Other current liabilities 1,469  (321)Other noncurrent liabilities 2,106  195 Other (101) (211)Net cash provided by operating activities 20,314  7,186    Cash flows from investing activities  Expenditures for property, plant, and equipment (11,776) (7,261)Purchases of available-for-sale securities (1,120) (816)Proceeds from government incentives 2,256  1,028 Proceeds from maturities and sales of available-for-sale securities 701  874 Other (180) (125)Net cash used for investing activities (10,119) (6,300)   Cash flows from financing activities  Repayments of debt (4,626) (2,626)Repurchases of common stock – repurchase program (650) — Repurchases of common stock – withholdings on employee equity awards (545) (252)Payments of dividends to shareholders (266) (261)Proceeds from issuance of debt —  2,682 Other 175  131 Net cash used for financing activities (5,912) (326)   Effect of changes in currency exchange rates on cash, cash equivalents, and restricted cash 5  (49)   Net increase in cash, cash equivalents, and restricted cash 4,288  511 Cash, cash equivalents, and restricted cash at beginning of period 9,646  7,052 Cash, cash equivalents, and restricted cash at end of period$13,934 $7,563  MICRON TECHNOLOGY, INC.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
(In millions, except per share amounts) 2nd Qtr.1st Qtr.2nd Qtr. February 26,
2026November 27,
2025February 27,
2025    GAAP gross margin$17,755 $7,646 $2,963 Stock-based compensation 121  107  89 Other —  —  1 Non-GAAP gross margin$17,876 $7,753 $3,053     GAAP operating expenses$1,620 $1,510 $1,190 Stock-based compensation (176) (173) (144)Other (23) (3) — Non-GAAP operating expenses$1,421 $1,334 $1,046     GAAP operating income$16,135 $6,136 $1,773 Stock-based compensation 297  280  233 Other 23  3  1 Non-GAAP operating income$16,455 $6,419 $2,007     GAAP net income$13,785 $5,240 $1,583 Stock-based compensation 297  280  233 Loss on debt prepayments 47  130  4 Other 25  (20) — Estimated tax effects of above and other tax adjustments (133) (148) (37)Non-GAAP net income$14,021 $5,482 $1,783     GAAP weighted-average common shares outstanding – Diluted 1,142  1,138  1,123 Adjustment for stock-based compensation 7  10  20 Non-GAAP weighted-average common shares outstanding – Diluted 1,149  1,148  1,143     GAAP diluted earnings per share$12.07 $4.60 $1.41 Effects of the above adjustments 0.13  0.18  0.15 Non-GAAP diluted earnings per share$12.20 $4.78 $1.56  RECONCILIATION OF GAAP TO NON-GAAP MEASURES, Continued

 2nd Qtr.1st Qtr.2nd Qtr. February 26,
2026November 27,
2025February 27,
2025    GAAP net cash provided by operating activities$11,903 $8,411 $3,942     Expenditures for property, plant, and equipment (6,387) (5,389) (4,055)Proceeds from sales of property, plant, and equipment 5  6  7 Proceeds from government incentives 1,378  878  963 Investments in capital expenditures, net (5,004) (4,505) (3,085)Adjusted free cash flow$6,899 $3,906 $857 

The tables above reconcile GAAP to non-GAAP measures of gross margin, operating expenses, operating income, net income, diluted shares, diluted earnings per share, and adjusted free cash flow. The non-GAAP adjustments above may or may not be infrequent or nonrecurring in nature, but are a result of periodic or non-core operating activities. We believe this non-GAAP information is helpful in understanding trends and in analyzing our operating results and earnings. We are providing this information to investors to assist in performing analysis of our operating results. When evaluating performance and making decisions on how to allocate our resources, management uses this non-GAAP information and believes investors should have access to similar data when making their investment decisions. We believe these non-GAAP financial measures increase transparency by providing investors with useful supplemental information about the financial performance of our business, enabling enhanced comparison of our operating results between periods and with peer companies. The presentation of these adjusted amounts varies from amounts presented in accordance with U.S. GAAP and therefore may not be comparable to amounts reported by other companies. Our management excludes the following items as applicable in analyzing our operating results and understanding trends in our earnings:

Stock-based compensation;Gains and losses from debt prepayments;Restructure and asset impairments; andThe estimated tax effects of above, non-cash changes in net deferred income taxes, assessments of tax exposures, certain tax matters related to prior fiscal periods, and significant changes in tax law. The divergence between our GAAP and non-GAAP income tax (provision) benefit relates to the difference in our GAAP and non-GAAP estimated annual effective tax rates, which are computed separately.

Non-GAAP diluted shares are adjusted for the impact of additional shares resulting from the exclusion of stock-based compensation from non-GAAP income.

MICRON TECHNOLOGY, INC.
RECONCILIATION OF GAAP TO NON-GAAP OUTLOOKFQ3-26GAAP Outlook Adjustments Non-GAAP Outlook        Revenue$33.5 billion ± $750 million —   $33.5 billion ± $750 millionGross marginApproximately 81% — A Approximately 81%Operating expensesApproximately $1.60 billion $200 million B Approximately $1.40 billionDiluted earnings per share(1)$18.90 ± $0.40 $0.25 A, B, C $19.15 ± $0.40 Non-GAAP Adjustments
(in millions)              AStock-based compensation – cost of goods sold $141 BStock-based compensation – research and development  132 BStock-based compensation – sales, general, and administrative  68 CTax effects of the above items and other tax adjustments  (52)       $289  (1)GAAP earnings per share based on approximately 1.14 billion diluted shares and non-GAAP earnings per share based on approximately 1.15 billion diluted shares.

The tables above reconcile our GAAP to non-GAAP guidance based on the current outlook. The guidance does not incorporate the impact of any potential business combinations, divestitures, additional restructuring activities, balance sheet valuation adjustments, strategic investments, financing transactions, and other significant transactions. The timing and impact of such items are dependent on future events that may be uncertain or outside of our control.

Contacts:

Satya Kumar
Investor Relations
satyakumar@micron.com
(408) 450-6199

Mark Plungy
Media Relations
mplungy@micron.com
(408) 203-2910