Micron Technology reported record results for its fiscal third quarter ended May 28, 2026, with revenue of $41.456 billion, up from $23.860 billion in the prior quarter and $9.301 billion a year earlier. GAAP net income was $28.243 billion, compared with $13.785 billion in fiscal second quarter 2026 and $1.885 billion a year earlier. GAAP diluted earnings per share were $24.67, versus $12.07 in the prior quarter and $1.68 a year earlier, while non-GAAP diluted EPS was $25.11.
GAAP gross margin was 84.6% and operating margin was 80.4%, while operating cash flow was $25.39 billion. The company said DRAM revenue was $31.3 billion, or 76% of total revenue, and NAND revenue was $9.9 billion, or 24% of total revenue. By business unit, revenue was $13.769 billion in cloud memory, $11.524 billion in core data center, $11.521 billion in mobile and client, and $4.634 billion in automotive and embedded.
For fiscal fourth quarter, Micron guided for revenue of $50.0 billion plus or minus $1.0 billion, GAAP diluted EPS of $30.73 plus or minus $1.00, non-GAAP diluted EPS of $31.00 plus or minus $1.00, and gross margin of about 86%. The company said it has signed 16 strategic customer agreements across data center, consumer and automotive markets, typically multi-year contracts with binding volume commitments, representing about 20% of its DRAM volume and about one-third of its NAND volume over the covered period. Fourteen of the 16 agreements carry cumulative minimum revenue of about $100 billion over the remaining term, and projected deposits and related financial commitments total about $22 billion.
Micron also said HBM4 is in high-volume shipments for a lead customer platform, development of HBM4E is under way, and several data-center, mobile and automotive memory and storage products are advancing through sampling, qualification and production milestones. The company ended the quarter with $30.2 billion in cash, marketable investments and restricted cash, reported net capital spending of $7.1 billion and adjusted free cash flow of $18.3 billion, and declared a quarterly dividend of $0.15 per share payable on July 21, 2026. Reuters reported that after the results and outlook, Nasdaq futures rose about 2% and related semiconductor and storage stocks also moved higher.