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Micron Technology, Inc.
Wed, March 18, 2026 at 4:01 PM EDT 14 min read
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
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Revenue of $23.86 billion versus $13.64 billion for the prior quarter and $8.05 billion for the same period last year
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GAAP net income of $13.79 billion, or $12.07 per diluted share
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Non-GAAP net income of $14.02 billion, or $12.20 per diluted share
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Operating cash flow of $11.90 billion versus $8.41 billion for the prior quarter and $3.94 billion for the same period last year
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“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) | |||||||||||||||||
| FQ2-26 | FQ1-26 | FQ2-25 | FQ2-26 | FQ1-26 | FQ2-25 | ||||||||||||||
| 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.
