Micron Technology: Fiscal 2Q26 Financial Results

Fiscal Q2 2026 highlights

Revenue of $23.86 billion versus $13.64 billion for the prior quarter and $8.05 billion for the same period last year
GAAP net income of $13.79 billion, or $12.07 per diluted share
Non-GAAP net income of $14.02 billion, or $12.20 per diluted share
Operating cash flow of $11.90 billion versus $8.41 billion for the prior quarter and $3.94 billion for the same period last year

Micron Technology, Inc. announced results for its second quarter of fiscal 2026, which ended February 26, 2026.“Micron set new records across revenue, gross margin, EPS, and free cash flow in fiscal Q2, driven by a strong demand environment, tight industry supply, and our strong execution, and we expect significant records again in fiscal Q3,” said Sanjay Mehrotra, chairman, president and CEO, Micron Technology. “In the AI era, memory has become a strategic asset for our customers, and we are investing in our global manufacturing footprint to support their growing demand. Reflecting confidence in the sustained strength of our business, our board has approved a 30% increase in our quarterly dividend.”

Quarterly Financial Results

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For the second quarter of 2026, investments in capital expenditures, net were $5.0 billion and adjusted free cash flow was $6.9 billion. Micron ended the quarter with cash, marketable investments, and restricted cash of $16.7 billion. On March 18, 2026, Micron’s Board of Directors declared a quarterly dividend of $0.15 per share, payable in cash on April 15, 2026, to shareholders of record as of the close of business on March 30, 2026.

Quarterly Business Unit Financial Results

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Business Outlook

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Comments

Micron Technology delivered a superb quarter at almost $24B which represents already 56% of the entire past fiscal year with exceptional growth in revenue, margins, earnings, and free cash flow.

This performance was primarily driven by strong demand for memory and storage products fueled by the rapid expansion of AI technologies. AI is transforming memory into a critical strategic asset, significantly increasing demand across data centers and other computing platforms. Micron is benefiting from tight supply conditions in both DRAM and NAND, which are expected to persist through 2026 and beyond.

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The company is advancing its technology leadership with new DRAM and NAND nodes and expanding its HBM portfolio for AI workloads. Data center demand is particularly strong, with AI servers driving memory usage to more than half of total industry demand. Micron is investing heavily in capacity expansion, with capital expenditures exceeding $25 billion and new fabrication facilities under development globally.

The company also sees growing opportunities in AI-enabled PCs, smartphones, automotive systems, and robotics markets.

Looking ahead, Micron expects even stronger results in fiscal Q3 2026 and continues to position itself as a major beneficiary of the AI-driven memory cycle.

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