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MU Investment Research Report
Micron Technology, Inc. reviewed through a long-form research lens: disclosure cadence, operating drivers, catalysts, valuation framework, risks, and source notes.
This page is the report artifact itself: a repeatable monthly research surface that turns primary-source data into analyst-style narrative, tables, and visuals for investment review.
Financial Snapshot
| Metric | Current / Guide | Prior Quarter | Year Ago |
|---|---|---|---|
| Revenue | $23.86B | $13.64B | $8.05B |
| GAAP / non-GAAP gross margin | 74.4% / 74.9% | 56.0% / 56.8% | 36.8% / 37.9% |
| GAAP / non-GAAP diluted EPS | $12.07 / $12.20 | $4.60 / $4.78 | $1.41 / $1.56 |
| Operating cash flow | $11.90B | $8.41B | $3.94B |
| Capex / adjusted FCF | $5.0B / $6.9B | ||
| Q3 FY2026 revenue guide | $33.5B +/- $0.75B | ||
| Q3 FY2026 gross margin guide | Approx. 81% | ||
| Q3 FY2026 diluted EPS guide | $18.90 GAAP / $19.15 non-GAAP, +/- $0.40 |
Exhibits
Segment Economics
| Segment | Revenue | Gross Margin | Operating Margin |
|---|---|---|---|
| Cloud Memory | $7.749B | 74% | 66% |
| Core Data Center | $5.687B | 74% | 67% |
| Mobile and Client | $7.711B | 79% | 76% |
| Automotive and Embedded | $2.708B | 68% | 62% |
Catalyst Watchlist
| Item | Why It Matters | Evidence |
|---|---|---|
| Fiscal Q3 earnings call | Tests whether the large Q3 guide is intact. | June 24, 2026 at 2:30 p.m. Mountain time |
| Revenue guide conversion | Q3 guide implies a major sequential step-up from Q2 revenue. | $33.5B +/- $0.75B vs. Q2 revenue of $23.86B |
| Gross-margin durability | Guided gross margin near 81% drives the earnings-power debate. | Q2 GAAP/non-GAAP gross margin of 74.4%/74.9% |
| Cash conversion and capex | Free cash flow must be evaluated beside manufacturing investment. | $6.9B adjusted FCF and $5.0B net capex |
| Capital allocation | Dividend increase signals confidence but competes with investment needs. | 30% dividend increase to $0.15 quarterly dividend |
Scenario Matrix
| Case | Setup |
|---|---|
| Cautious | Q3 revenue or gross margin undershoots guide; investors reassess peak-cycle earnings power. |
| Base | Q3 guide is broadly achieved; debate shifts to duration of AI-memory demand and capex intensity. |
| Constructive | Revenue, margin, and cash conversion remain strong enough to support a higher normalized earnings base. |
Micron Technology, Inc.: monthly investment research view
The June setup is dominated by a sharp memory-cycle acceleration: Micron reported record fiscal Q2 2026 results, framed the cycle around AI-era memory demand, and guided to another step-up in fiscal Q3 revenue. [1] [2] [3] [4]
The key analytical issue is whether the Q2/Q3 earnings power represents a temporary cyclical peak or a more durable reset in memory profitability as data-center and cloud memory demand absorbs supply. [1] [3] [4]
The report does not issue a rating or price objective; it frames the evidence investors would normally debate before the next earnings event. [1] [2] [3] [4]
Key metrics and data coverage
Fiscal Q2 revenue rose to $23.86 billion from $13.64 billion in the prior quarter and $8.05 billion a year earlier, while operating cash flow expanded to $11.90 billion. [2] [5]
The profitability inflection was unusually large: Micron reported 74.4% GAAP gross margin, 74.9% non-GAAP gross margin, GAAP diluted EPS of $12.07, and non-GAAP diluted EPS of $12.20. [6] [7]
Capital intensity remains central to the debate because the company paired $6.9 billion of adjusted free cash flow with $5.0 billion of net capital expenditures and $16.7 billion of cash, marketable investments, and restricted cash. [8] [9]
The report uses 6 captured source documents and 32 sourced facts for source verification before publication. [10]
Recent filings and disclosure cadence
The run captured 8 recent SEC filing items for Micron Technology, Inc., with the latest verified filing dated 2026-06-09. [11] [12] [13]
A company insider filed Form 4 with the SEC on 2026-06-02, reporting a transaction in Micron Technology, Inc. stock. The filer is the insider, not the company. [11]
A company insider filed Form 4 with the SEC on 2026-06-02, reporting a transaction in Micron Technology, Inc. stock. The filer is the insider, not the company. [12]
A company insider filed Form 144 with the SEC on 2026-05-29, reporting a transaction in Micron Technology, Inc. stock. The filer is the insider, not the company. [13]
Micron Technology, Inc. filed SD with the SEC on 2026-05-20. [14]
An outside institutional holder filed SCHEDULE 13G/A with the SEC on 2026-05-14, naming Micron Technology, Inc. as the issuer. The filer is the holder, not the company. [15]
A company insider filed Form 4 with the SEC on 2026-05-13, reporting a transaction in Micron Technology, Inc. stock. The filer is the insider, not the company. [16]
Operating drivers and financial quality
Business-unit economics show the strength is broad rather than isolated: Cloud Memory, Core Data Center, Mobile and Client, and Automotive and Embedded all reported high fiscal Q2 gross margins. [17] [18] [19] [20]
Cloud Memory and Core Data Center are the highest-signal areas for an AI-memory thesis because they contributed $7.749 billion and $5.687 billion of fiscal Q2 revenue, respectively, with operating margins above 60%. [17] [18]
Mobile and Client contributed the largest segment revenue line in the release at $7.711 billion, while Automotive and Embedded added $2.708 billion, giving the report a broader end-market base than a pure data-center read-through. [19] [20]
The financial-quality question is whether gross margin near the mid-70s in Q2 and guided gross margin around 81% in Q3 can persist as Micron invests in its manufacturing footprint. [6] [4] [1]
Key news, events, and watch items
The June 24 fiscal Q3 earnings call is the next major catalyst because it should test whether the $33.5 billion revenue guide, approximately 81% gross-margin guide, and EPS guide remain credible as reported demand and supply conditions evolve. [21] [3] [4] [22]
The most important watch item is not the date of the call itself; it is the bridge from Q2 revenue of $23.86 billion to Q3 guidance of $33.5 billion, which implies another large sequential step-up. [2] [3] [21]
A second watch item is whether operating expenses remain contained relative to gross profit, because Q3 operating expense guidance was approximately $1.60 billion on a GAAP basis and $1.40 billion on a non-GAAP basis. [6] [23] [4]
A third watch item is capital allocation: the 30% dividend increase is a signal of board confidence, but investors still need to compare shareholder returns with manufacturing investment needs. [24] [8] [1]
Micron stated that prepared remarks and slides were posted to investors.micron.com, but this host could not retrieve those investor-relations materials during the run, so the report relies on the official SEC exhibit release for the current financial model spine. [25] [26]
Valuation framework and scenario lens
The valuation debate should be framed around normalized earnings power, not a single-quarter annualization, because Q2 and Q3 guidance reflect exceptional memory-cycle conditions. [2] [6] [5] [8] [3] [4] [22]
A constructive scenario depends on Q3 revenue and gross margin converting into durable free cash flow, while a more cautious scenario assumes margins normalize as supply, pricing, or capex requirements change. [3] [4] [8]
The report avoids unsupported recommendation language; instead, it lays out what the next update must prove about demand durability, segment mix, and cash conversion. [2] [6] [5] [8] [3] [4] [22]
Risk factors and evidence gaps
The largest fundamental risk is cyclicality: if Q3 revenue or gross margin comes in below the guide, the market may reassess whether Q2 represented peak conditions rather than a durable earnings base. [3] [4] [2] [6]
Execution risk is tied to capital intensity because Micron is investing in a global manufacturing footprint while reporting large free cash flow in the current upcycle. [1] [8]
Data coverage is also a report risk: investor-relations pages and prepared remarks were unavailable from this host during the run, so the analysis leans on the SEC exhibit release and marks retrieval gaps explicitly. [25] [26]
Micron investor-relations pages were unavailable, so prepared remarks and presentation retrieval are listed as a gap. [26]
Primary sources behind this report
Source notes are preserved as reader citations while operational retrieval details remain outside the public report narrative. [10]
Monthly Event Timeline
- Filing A company insider filed Form 4 with the SEC on 2026-06-02, reporting a transaction in Micron Technology, Inc. stock. The filer is the insider, not the company. [11]
- Filing A company insider filed Form 4 with the SEC on 2026-06-02, reporting a transaction in Micron Technology, Inc. stock. The filer is the insider, not the company. [12]
- Filing A company insider filed Form 144 with the SEC on 2026-05-29, reporting a transaction in Micron Technology, Inc. stock. The filer is the insider, not the company. [13]
- Filing Micron Technology, Inc. filed SD with the SEC on 2026-05-20. [14]
- Filing An outside institutional holder filed SCHEDULE 13G/A with the SEC on 2026-05-14, naming Micron Technology, Inc. as the issuer. The filer is the holder, not the company. [15]
- Earnings event Micron announced that its fiscal third quarter 2026 earnings conference call is scheduled for June 24, 2026 at 2:30 p.m. Mountain time. [21]
Saved monthly reports
Source Notes
-
[1]
Micron described fiscal Q2 2026 as record results and said the outlook reflected the strategic value of memory in the AI era.
Micron fiscal Q2 2026 earnings release, Exhibit 99.1 · 2026-03-18 · verified -
[2]
Micron reported fiscal Q2 2026 revenue of $23.86 billion, compared with $13.64 billion in the prior quarter and $8.05 billion in the same period last year.
Micron fiscal Q2 2026 earnings release, Exhibit 99.1 · 2026-03-18 · verified -
[3]
Micron's fiscal Q3 2026 revenue guidance was $33.5 billion plus or minus $750 million.
Micron fiscal Q2 2026 earnings release, Exhibit 99.1 · 2026-03-18 · verified -
[4]
Micron's fiscal Q3 2026 gross margin guidance was approximately 81% on both a GAAP and non-GAAP basis.
Micron fiscal Q2 2026 earnings release, Exhibit 99.1 · 2026-03-18 · verified -
[5]
Micron reported fiscal Q2 2026 operating cash flow of $11.90 billion, compared with $8.41 billion in the prior quarter and $3.94 billion in the same period last year.
Micron fiscal Q2 2026 earnings release, Exhibit 99.1 · 2026-03-18 · verified -
[6]
Micron reported fiscal Q2 2026 GAAP gross margin of 74.4% and non-GAAP gross margin of 74.9%.
Micron fiscal Q2 2026 earnings release, Exhibit 99.1 · 2026-03-18 · verified -
[7]
Micron reported fiscal Q2 2026 GAAP diluted EPS of $12.07 and non-GAAP diluted EPS of $12.20.
Micron fiscal Q2 2026 earnings release, Exhibit 99.1 · 2026-03-18 · verified -
[8]
Micron reported fiscal Q2 2026 capital expenditures, net, of $5.0 billion and adjusted free cash flow of $6.9 billion.
Micron fiscal Q2 2026 earnings release, Exhibit 99.1 · 2026-03-18 · verified -
[9]
Micron ended fiscal Q2 2026 with cash, marketable investments, and restricted cash of $16.7 billion.
Micron fiscal Q2 2026 earnings release, Exhibit 99.1 · 2026-03-18 · verified -
[10]
OpenNash positions this page as research workflow automation for public data access, not as a replacement for investment judgment.
OpenNash investment research note · 2026-06-09 · verified -
[11]
A company insider filed Form 4 with the SEC on 2026-06-02, reporting a transaction in Micron Technology, Inc. stock. The filer is the insider, not the company.
SEC submissions for Micron Technology, Inc. · 2026-06-09 · verified -
[12]
A company insider filed Form 4 with the SEC on 2026-06-02, reporting a transaction in Micron Technology, Inc. stock. The filer is the insider, not the company.
SEC submissions for Micron Technology, Inc. · 2026-06-09 · verified -
[13]
A company insider filed Form 144 with the SEC on 2026-05-29, reporting a transaction in Micron Technology, Inc. stock. The filer is the insider, not the company.
SEC submissions for Micron Technology, Inc. · 2026-06-09 · verified -
[14]
Micron Technology, Inc. filed SD with the SEC on 2026-05-20.
SEC submissions for Micron Technology, Inc. · 2026-06-09 · verified -
[15]
An outside institutional holder filed SCHEDULE 13G/A with the SEC on 2026-05-14, naming Micron Technology, Inc. as the issuer. The filer is the holder, not the company.
SEC submissions for Micron Technology, Inc. · 2026-06-09 · verified -
[16]
A company insider filed Form 4 with the SEC on 2026-05-13, reporting a transaction in Micron Technology, Inc. stock. The filer is the insider, not the company.
SEC submissions for Micron Technology, Inc. · 2026-06-09 · verified -
[17]
Micron's Cloud Memory Business Unit generated fiscal Q2 2026 revenue of $7.749 billion with 74% gross margin and 66% operating margin.
Micron fiscal Q2 2026 earnings release, Exhibit 99.1 · 2026-03-18 · verified -
[18]
Micron's Core Data Center Business Unit generated fiscal Q2 2026 revenue of $5.687 billion with 74% gross margin and 67% operating margin.
Micron fiscal Q2 2026 earnings release, Exhibit 99.1 · 2026-03-18 · verified -
[19]
Micron's Mobile and Client Business Unit generated fiscal Q2 2026 revenue of $7.711 billion with 79% gross margin and 76% operating margin.
Micron fiscal Q2 2026 earnings release, Exhibit 99.1 · 2026-03-18 · verified -
[20]
Micron's Automotive and Embedded Business Unit generated fiscal Q2 2026 revenue of $2.708 billion with 68% gross margin and 62% operating margin.
Micron fiscal Q2 2026 earnings release, Exhibit 99.1 · 2026-03-18 · verified -
[21]
Micron announced that its fiscal third quarter 2026 earnings conference call is scheduled for June 24, 2026 at 2:30 p.m. Mountain time.
Micron fiscal Q2 2026 earnings release, Exhibit 99.1 · 2026-03-18 · verified -
[22]
Micron's fiscal Q3 2026 diluted EPS guidance was $18.90 plus or minus $0.40 on a GAAP basis and $19.15 plus or minus $0.40 on a non-GAAP basis.
Micron fiscal Q2 2026 earnings release, Exhibit 99.1 · 2026-03-18 · verified -
[23]
Micron's fiscal Q3 2026 operating expense guidance was approximately $1.60 billion on a GAAP basis and approximately $1.40 billion on a non-GAAP basis.
Micron fiscal Q2 2026 earnings release, Exhibit 99.1 · 2026-03-18 · verified -
[24]
Micron's board approved a 30% increase in the quarterly dividend and declared a quarterly dividend of $0.15 per share.
Micron fiscal Q2 2026 earnings release, Exhibit 99.1 · 2026-03-18 · verified -
[25]
Micron stated that further information regarding its business outlook was included in prepared remarks and slides posted at investors.micron.com.
Micron fiscal Q2 2026 earnings release, Exhibit 99.1 · 2026-03-18 · verified -
[26]
Micron investor-relations pages were unavailable, so prepared remarks and presentation retrieval are listed as a gap.
Investor relations retrieval gap · 2026-06-09 · unverified
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