Micron Technology, Inc. (MU) Earnings Call Transcripts

Micron Technology, Inc.'s Latest Earnings Call - Q3 FY2026

In Micron Technology's Fiscal Q3 2026 earnings call, the company reported strong financial performance, with revenue and earnings exceeding expectations. Revenue was noted at $25 billion, up 15% year-over-year, while earnings per share (EPS) came in at $3.50, beating estimates by $0.25. Management highlighted a robust outlook, signaling continued cash flow growth and a commitment to returning 100% of free cash flow to shareholders, primarily through share buybacks. The company raised its guidance for Q4, anticipating revenue of $27 billion, reflecting strong demand across various sectors, particularly in AI and data centers.

Reported metrics

Guidance from management

Micron raised its Q4 revenue guidance to $27 billion, reflecting strong demand and a commitment to return 100% of free cash flow to shareholders through buybacks.

What management said

Harlan, it's Mark. Maybe just something to add while we're on HBM. So today, we indicated that we expected market tightness to continue beyond '27. And part of that reason is we did see the HBM TAM increase. We saw that. We had said previously that it would cross $100 billion in '28. We see that now, the HBM TAM easily crossing $100 billion in '27.

Yes. I mean, it's not a prorated type of a thing. It is a customer cash deposit, and it's not a prepaid revenue or things like that. And it gets returned to customers on a predefined schedule that has been agreed to that X amount will be returned in Y quarter over time. And it is back-end loaded in terms of the second half of the agreement term is when the bulk of the return of the customer deposit occurs. And of cou...

What analysts pressed on

Analysts expressed concerns about the sustainability of supply given the high demand for DRAM and HBM products. There were also questions about the impact of increased CapEx on margins and the timeline for greenfield investments to contribute to production capacity.

Main topics on the call

• Revenue Growth Acceleration — Micron reported revenue of $25 billion for Q3 2026, a 15% increase year-over-year. Management stated, "We expect cash flow growth will increase in the fourth quarter," indicating strong demand across sectors, particularl...
• Shareholder Returns — Management confirmed a commitment to return 100% of free cash flow to shareholders, primarily through buybacks. Mark Murphy stated, "We intend to increase our capital return from December 9," signaling a proactive approa...
• Strategic Customer Agreements (SCAs) — Micron has signed 16 SCAs, which are designed to be take-or-pay agreements, ensuring stable revenue streams. Sumit Sadana noted, "These agreements cannot be canceled," providing confidence in future cash flows.
• Supply Constraints — Management acknowledged ongoing supply constraints, particularly in DRAM and HBM markets. Sumit Sadana remarked, "The demand continues to be well above our supply," highlighting the challenges in meeting customer needs.

Read the full Micron Technology, Inc. transcript (Q3 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 93 Micron Technology, Inc. earnings call transcripts on record, spanning January 7, 2020 to June 24, 2026. Based on this history, Micron Technology, Inc. reports quarterly. The most recent call on file is dated June 24, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

MU

Exchange

NasdaqGS

Country

US

Sector

Information Technology

Industry

Semiconductors and Semiconductor Equipment

Calls on record

93

First call

January 7, 2020

Most recent

June 24, 2026

Reporting cadence

quarterly