Earnings

Micron Technology · Q3 FY2026

MU · Semiconductors · DRAM / HBM Memory

Micron's revenue went from $9.30 billion to $41.46 billion in a single year, gross margin widened from 37.7% to 84.6%, and non-GAAP earnings per share of $25.11 came in 17% above expectations. The stock rose 15.7% the next day; the real surprise was not the quarter but the $50 billion guidance issued where the market had penciled in $43.4 billion. From here, what matters is the pace of the HBM4 ramp and when the capacity the industry is adding turns the cycle.