Micron Technology (MU) Q2 FY2026 earnings: revenue $23.9 billion, up 196.3% on the year

Micron Technology Inc. (MU) reported revenue of $23.9 billion for Q2 FY2026, the quarter ended 26 February 2026, up 196.3% on the same quarter a year earlier. Net income was $13.8 billion, up 770.8% on the year, and diluted earnings per share $12.07. The figures are the company's own, from the 10-Q it filed with the SEC on 19 March 2026.

Revenue

$23.9 billion

+196.3% on the year · +74.9% on the quarter

Q3 FY2024Q2 FY2026

Operating margin

67.6%

22.0% a year earlier

Q3 FY2024Q2 FY2026

Net income

$13.8 billion

+770.8% on the year · +163.1% on the quarter

Q3 FY2024Q2 FY2026

Diluted EPS

$12.07

+756.0% on the year · +162.4% on the quarter

Q3 FY2024Q2 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 6 new.

Revenue rose to $23.86 billion: Revenue was $23.86 billion, compared with $13.64 billion in the prior quarter and $8.05 billion a year earlier.
GAAP EPS of $12.07 diluted: GAAP net income was $13.79 billion, or $12.07 per diluted share. Non-GAAP net income was $14.02 billion, or $12.20 per diluted share.
Cloud Memory revenue reached $7.75 billion: Cloud Memory revenue was $7,749 million, against $5,284 million in the prior quarter. Gross margin was 74% and operating margin 66%.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Revenue	23,860	13,643	8,053	+74.9%	+196.3%
Cost of revenue	6,105	5,997	5,090	+1.8%	+19.9%
Gross profit	17,755	7,646	2,963	+132.2%	+499.2%
Gross margin	74.4%	56.0%	36.8%
Research and development	1,250	1,171	898	+6.7%	+39.2%
Selling, general and administrative	344	337	285	+2.1%	+20.7%
Operating income	16,135	6,136	1,773	+163.0%	+810.0%
Operating margin	67.6%	45.0%	22.0%
Interest expense	32.0	74.0	112	-56.8%	-71.4%
Pre-tax income	16,160	6,061	1,758	+166.6%	+819.2%
Income tax	2,371	829	177	+186.0%	+1,239.5%
Effective tax rate	14.7%	13.7%	10.1%
Net income	13,785	5,240	1,583	+163.1%	+770.8%
Net margin	57.8%	38.4%	19.7%
Diluted EPS	$12.07	$4.60	$1.41	+162.4%	+756.0%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Operating cash flow	11,903	8,411	3,942	+41.5%	+202.0%
Capital expenditure	6,387	5,389	4,055	+18.5%	+57.5%
Free cash flow	5,516	3,022	-113	+82.5%
Free cash flow margin	23.1%	22.2%	-1.4%
Cash from investing	-5,525	-4,594	-3,152
Cash from financing	-2,167	-3,745	96.0
Depreciation and amortisation	2,286	2,212	2,079	+3.3%	+10.0%
Share-based compensation	297	290	233	+2.4%	+27.5%
Buybacks	350	300	0.0	+16.7%
Dividends paid	132	134	130	-1.5%	+1.5%
Dividend per share	$0.12	$0.12	$0.12	0.0%	0.0%
Diluted shares, weighted	1,142m	1,138m	1,123m	+0.4%	+1.7%
Shares outstanding at period end	1,128m	1,126m	1,118m	+0.2%	+0.9%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Shareholders' equity	72,459	58,806	48,633	+23.2%	+49.0%
Debt	10,142	11,756	14,355	-13.7%	-29.3%
Operating lease liabilities	656	669	599	-1.9%	+9.5%
Finance lease liabilities	2,215	2,343	2,310	-5.5%	-4.1%
Other liabilities	16,037	12,397	7,156	+29.4%	+124.1%
Total liabilities and equity	101,509	85,971	73,053	+18.1%	+39.0%
Goodwill	1,150	1,150	1,150	0.0%	0.0%
Intangible assets	468	465	423	+0.6%	+10.6%
Investments	2,719	2,284	2,038	+19.0%	+33.4%
Cash and equivalents	13,908	9,731	7,552	+42.9%	+84.2%
Receivables	15,389	8,009	5,092	+92.1%	+202.2%
Inventory	8,267	8,205	9,007	+0.8%	-8.2%
Other assets	59,608	56,127	47,791	+6.2%	+24.7%
Total assets	101,509	85,971	73,053	+18.1%	+39.0%

Questions

What was Micron Technology's revenue in Q2 FY2026?

Micron Technology (MU) reported revenue of $23.9 billion for Q2 FY2026, the quarter ended 26 February 2026, up 196.3% on the same quarter a year earlier.

How much did Micron Technology earn in Q2 FY2026?

Net income for Q2 FY2026 was $13.8 billion, up 770.8% on the year, and diluted earnings per share $12.07.

When did Micron Technology report Q2 FY2026 results?

Micron Technology filed its 10-Q for the quarter ended 26 February 2026 with the SEC on 19 March 2026.

Quarterly results, the last 20 quarters

	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *
Revenue	7,687	7,786	8,642	6,643	4,085	3,693	3,752	4,010	4,726	5,824	6,811	7,750	8,709	8,053	9,301	11,315	13,643	23,860	41,456	54,229
Cost of revenue	4,122	4,110	4,607	4,021	3,192	4,899	4,420	4,445	4,761	4,745	4,979	5,013	5,361	5,090	5,793	6,261	5,997	6,105	6,400	7,182
Gross profit	3,565	3,676	4,035	2,622	893	-1,206	-668	-435	-35.0	1,079	1,832	2,737	3,348	2,963	3,508	5,054	7,646	17,755	35,056	47,047
Gross margin	46%	47%	47%	39%	22%	-33%	-18%	-11%	-1%	19%	27%	35%	38%	37%	38%	45%	56%	74%	85%	87%
R&D	712	792	773	839	849	788	758	719	845	832	850	903	888	898	965	1,047	1,171	1,250	1,316	1,913
SG&A	259	263	264	280	251	231	219	219	263	280	291	295	288	285	318	314	337	344	407	859
Operating income	2,631	2,546	3,004	1,521	-209	-2,303	-1,761	-1,472	-1,128	191	719	1,522	2,174	1,773	2,169	3,654	6,136	16,135	33,318	43,751
Operating margin	34%	33%	35%	23%	-5%	-62%	-47%	-37%	-24%	3%	11%	20%	25%	22%	23%	32%	45%	68%	80%	81%
Interest expense	45.0	55.0	44.0	45.0	51.0	89.0	119	129	132	144	150	136	118	112	123	124	74.0	32.0	0.0	0.0
Pre-tax income	2,521	2,509	2,988	1,553	-176	-2,271	-1,753	-1,458	-1,155	170	715	1,510	2,152	1,758	2,113	3,631	6,061	16,160	33,212	44,238
Tax rate	9%	10%	12%	4%	n/a	n/a	n/a	n/a	n/a	-366%	53%	41%	13%	10%	11%	12%	14%	15%	15%	15%
Net income	2,306	2,263	2,626	1,492	-195	-2,312	-1,896	-1,430	-1,234	793	332	887	1,870	1,583	1,885	3,201	5,240	13,785	28,243	37,701
Net margin	30%	29%	30%	22%	-5%	-63%	-51%	-36%	-26%	14%	5%	11%	21%	20%	20%	28%	38%	58%	68%	70%
Diluted EPS	$2.04	$2.00	$2.34	$1.37	-$0.18	-$2.12	-$1.73	-$1.31	-$1.12	$0.71	$0.30	$0.79	$1.67	$1.41	$1.68	$2.83	$4.60	$12.07	$24.67	$32.87
Operating cash flow	3,938	3,628	3,838	3,777	943	343	24.0	249	1,401	1,219	2,482	3,405	3,244	3,942	4,609	5,730	8,411	11,903	25,388	43,973
Capital expenditure	3,265	2,611	2,578	3,613	2,449	2,205	1,561	1,461	1,796	1,384	2,086	3,120	3,206	4,055	2,938	5,658	5,389	6,387	7,826	11,110
Free cash flow	673	1,017	1,260	164	-1,506	-1,862	-1,537	-1,212	-395	-165	396	285	38.0	-113	1,671	72.0	3,022	5,516	17,562	32,863
Buybacks	259	408	981	784	425	0.0	0.0	0.0	0.0	0.0	0.0	300	0.0	0.0	0.0	0.0	300	350	0.0	0.0
Dividends paid	112	112	111	126	126	126	126	126	129	127	128	129	131	130	131	130	134	132	171	173
Shares outstanding	1,120m	1,118m	1,105m	1,094m	1,091m	1,094m	1,095m	1,098m	1,104m	1,107m	1,109m	1,109m	1,114m	1,118m	1,119m	1,122m	1,126m	1,128m	1,129m	1,131m
Filing	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 26 February 2026, filed 19 March 2026: the filing.