Micron Technology just posted the kind of quarter that makes accountants do a double-take. The memory chipmaker reported fiscal Q3 2026 revenue of $41.46 billion, a figure that looks even more staggering when you consider it was just $9.3 billion in the same period a year ago.
That is not a typo. Revenue grew more than 4x year-over-year, and the profits followed suit. GAAP net income came in at $28.24 billion, up from $1.89 billion in the prior year.
The numbers behind the transformation
Semiconductor companies don’t usually generate gross margins of 84.9%. That is the kind of number you associate with software companies or luxury goods, not a business that manufactures physical chips in billion-dollar fabrication plants. A year ago, Micron’s gross margin was 39%.
Non-GAAP earnings per share hit $25.11, significantly beating analyst expectations.
