MU · Micron Technology
The biggest quarter in memory history is almost pure price
Hook
Micron just reported the largest quarter in memory-industry history — $41.5B of revenue, up ~346% in a year — and guided the next quarter $8.5B higher. The number nobody is leading with: cost of goods barely moved. This quarter is almost pure price.
The 5 numbers
- Revenue$41.46B vs $23.86B prior qtr, $9.30B a year ago — +346% YoY, +74% QoQ (derived) [PR: FQ3-26 highlights] · consensus ~$35.69B [Investing.com]
- Non-GAAP diluted EPS$25.11 vs $1.91 a year ago [PR: Quarterly Financial Results] · consensus ~$20.49 [Investing.com]
- Guidance (FQ4-26)Revenue $50.0B ± $1.0B · gross margin ~86% · non-GAAP EPS $31.00 ± $1.00 — implies +21% QoQ (derived) [PR: Business Outlook]
- The surpriseGAAP gross margin 84.6% vs 37.7% a year ago [PR: Quarterly Financial Results]
- Buried detailCOGS $6.40B, up only ~10% YoY while revenue rose ~346% — the explosion is price/mix on constrained supply, not units [PR: Consolidated Statements of Operations; % derived]
Beat / miss vs consensus
Beat compiled consensus on revenue by ~16% and non-GAAP EPS by ~23%; shares rose ~14.6% following the report [Investing.com, Jun 25, 2026 — third-party compiled].
Bull lens
Visibility is being contractualized: multi-year "Strategic Customer Agreements" the CEO says will "significantly enhance the durability and predictability" of results, HBM4 already in high-volume shipment, HBM4E slated for calendar 2027 [PR: CEO quote; Product highlights]. Guided margin (~86%) is above the record just printed. Long-term debt cut from $14.0B to $5.1B since August; $30.2B cash and investments; $18.3B adjusted free cash flow this quarter [PR: balance sheet; highlights].
Bear lens
A price cycle, not a volume cycle — and memory pricing mean-reverts. Receivables have grown to $31.0B from $9.3B last August; growth in receivables consumed $20.0B of cash over nine months [PR: balance sheet; cash flow statement]. Capex nearly doubled (nine-month PP&E spend $19.6B vs $10.2B) [PR: cash flow statement] — record supply investment at cycle highs is the classic setup for the next downturn.
Ready-to-publish angle
"Micron isn't shipping 4x the chips — it's charging what AI-constrained supply will bear." Delivered formats: a 6-post X thread skeleton and a 150-word newsletter section, in your voice, with the verification table attached.
Verification & disclaimer
12-line verification table delivered with the brief: each figure, its source tag, and a confident / check-this flag. Consensus figures flagged as third-party compiled. Informational only. Not investment advice. No recommendation or rating of any security is made or implied.