Micron Technology just delivered a quarter that makes most earnings beats look like rounding errors. The memory chipmaker reported fiscal Q3 2026 revenue of $41.46 billion, up from $9.30 billion in the same period a year ago. That’s a 346% year-over-year jump, driven almost entirely by insatiable demand for AI-optimized memory products.
Non-GAAP earnings per share came in at $25.11, blowing past analyst expectations of roughly $20.20. GAAP net income hit $28.24 billion, or $24.67 per diluted share. Micron’s stock surged 15% or more in after-hours trading following the June 24 earnings release, though it gave back nearly 5% two days later during a broader tech selloff.
The numbers behind the AI memory gold rush
Operating cash flow reached $25.39 billion for the quarter. To put that in perspective, that’s more cash generated in a single quarter than some S&P 500 companies produce in an entire year.
The company issued Q4 revenue guidance of approximately $50 billion, which would represent yet another step-change increase. Management also declared a dividend, a signal of confidence that this isn’t a one-quarter sugar high.
