Micron Beats Q3 Guidance

Micron Technology (NASDAQ: MU ) held its third-quarter earnings conference call on Wednesday.

Below is the complete transcript from the call.

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For comprehensive financial data and transcripts, visit View the webcast at Watch the full earnings call below: Summary Micron Technology Inc reported record fiscal Q3 2026 results with revenue, gross margin, and EPS surpassing high-end guidance, reflecting strong demand driven by AI.

The company's data center revenue reached over $25 billion, with SSD revenue more than doubling sequentially; demand continues to exceed supply, expected to remain tight until beyond 2027.

Micron announced 16 strategic customer agreements (SCAs), covering a significant portion of DRAM and NAND volume, enhancing long-term revenue stability.

The company is investing in technology and manufacturing capacity, including greenfield FAB expansions, to meet growing demand, with significant projects underway in the US, Taiwan, Japan, and Singapore.

Micron's fiscal Q4 2026 guidance includes a projected revenue of $50 billion and a gross margin of approximately 86%, with a strong outlook on cash flow and strategic investments in R&D and CAPEX.

Full Transcript OPERATOR Ladies and gentlemen, thank you for joining us and welcome to Micron Technology Inc's fiscal third quarter 2026 financial conference call.

After today's prepared remarks, we will host a question and answer session.

Webcast viewers, please note that you will be able to advance the slides as you view at your own pace.

I will now hand the conference over to Satya Kumar, Corporate Vice President of Investor Relations and Treasury.

Satya, please go ahead.

Satya Kumar, Corporate Vice President of Investor Relations and Treasury Thank you and welcome to Micron Technology Inc's fiscal third quarter 2026 financial conference call.

On the call with me today are Sanjay Mehrotra, our Chairman, President and CEO, and Mark Murphy, our CFO.

Today's call is being webcast from our Investor Relations site at investors.micron.com, including audio and slides.

In addition, the press release detailing our quarterly results has been posted on the website along with the prepared remarks for this call.

Today's discussion contains forward-looking statements that are subject to risks and uncertainties.

These forward-looking statements include statements regarding our future financial and operating performance and our business model, as well as trends and expectations in our business, customers, market, industry, products, and regulatory and other matters.

These statements are based on our current assumptions and we assume no obligation to update these statements.

Please refer to our most recent financial reports on Form 10-K, Form 10-Q, and other filings with the SEC for more information on the risks and uncertainties that could cause actual results to differ materially from expectations.

Today's discussion of financial results is presented on a non-GAAP financial basis unless otherwise specified.

A reconciliation of GAAP to non-GAAP financial measures can be found on our website.

I'll now turn the call over to Sanjay.

Sanjay Mehrotra, Chairman, President & CEO Thank you, Satya.

Micron delivered an exceptional fiscal Q3 with significant records in revenue, gross margin, and EPS, all exceeding the high end of our guidance, demonstrating Micron's position as a leader enabling the AI era.

Our data center revenue exceeded $25 billion in fiscal Q3, or an annualized run rate of over $100 billion.

Our data center SSD revenue exceeded $5 billion, more than doubling sequentially.

DRAM and NAND industry demand continues to significantly exceed industry supply.

We expect tight conditions to persist beyond calendar 2027 as a result of AI-driven demand across all segments coupled with structural supply constraints.

We are excited to announce that we have now signed 16 strategic customer agreements, or FCAs, which we expect will fundamentally transform our business model.

The memory industry has been structurally transformed by the proliferation of AI.

We are only in the early innings of the significant innovation and productivity that can be unleashed in every part of the global economy over time.

Data center-driven growth will be increasingly complemented by AI-enabled features in smartphones, high-end PCs, and new consumer devices, as well as in automotive, industrial applications, and robotics.

Exciting possibilities enabled by robotics and human eyes, as well as fully autonomous vehicles, portend a robust long-term demand environment for memory and storage.

With respect to supply, our customers are recognizing that supply shortages in memory and storage will take considerable time to improve.