MU

Miss

Earnings Call

Jun 24, 2026

Q2 FY2026

EPS Estimate

20.98

EPS Actual

12.20

Post-Earnings Close

$1213.56

Earnings Reaction

+15.7%

Overview

Micron's fiscal Q2 FY2026 results were, by almost any measure, extraordinary. Revenue of $23.9 billion came in ahead of guidance and represented a 196% year-over-year increase, the largest single-quarter sequential dollar increase in the company's history. Gross margin reached 75%, nearly double the year-ago level, and non-GAAP EPS of $12.20 grew 682% year over year. Free cash flow of $6.9 billion set a new quarterly record, surpassing the prior record set just one quarter earlier by 77%. Every business unit, Cloud Memory, Core Data Center, Mobile and Client, and Automotive and Embedded, posted record revenues simultaneously, a feat that underscores how broad-based the pricing and demand recovery has become.

Key Themes

Segment momentum and mix

The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several

Segment momentum and mix

The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several

Segment momentum and mix

The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several

Segment momentum and mix

The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several

Notable Quotes

“We are confident in the trajectory of the business and the investments we are making across the portfolio, and we expect the momentum we saw this quarter to carry into the back half of the year.”

Chief Executive Officer

“We are confident in the trajectory of the business and the investments we are making across the portfolio, and we expect the momentum we saw this quarter to carry into the back half of the year.”

Report generated on Jun 23, 2026

AI-generated earnings analysis. Not investment advice.

Q&A Summary

The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.

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Overview

Q&A Summary