Memory chips maker Micron (NASDAQ:MU) announced better-than-expected revenue in calendar Q3 2026 (fiscal Q4 2026), with sales up 379% year on year to $54.23 billion. On top of that, next quarter's revenue guidance ($61.5 billion at the midpoint) was surprisingly good and 6.8% above what analysts were expecting. Its non-GAAP profit of $33.42 per share was 5% above analysts' consensus estimates.

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Micron (MU) Q3 CY2026 Highlights:

Revenue: $54.23 billion vs analyst estimates of $50.95 billion (379% year-on-year growth, 6.4% beat)

Adjusted EPS: $33.42 vs analyst estimates of $31.82 (5% beat)

Adjusted Operating Income: $44.64 billion vs analyst estimates of $42.28 billion (82.3% margin, 5.6% beat)

Revenue Guidance for Q4 CY2026 is $61.5 billion at the midpoint, above analyst estimates of $57.57 billion

Adjusted EPS guidance for Q4 CY2026 is $38.15 at the midpoint, above analyst estimates of $35.92

Operating Margin: 80.7%, up from 32.3% in the same quarter last year

Free Cash Flow Margin: 61.2%, up from 0.6% in the same quarter last year

Inventory Days Outstanding: 131, up from 122 in the previous quarter

Market Capitalization: $1.20 trillion

"Micron delivered record fiscal 2026 results, and we expect an even stronger fiscal 2027," said Sanjay Mehrotra, Chairman and CEO of Micron Technology. "AI is becoming Super Intelligence (SI), and memory enhances this intelligence and the competitiveness of our customers' platforms. We are increasing our investments in technology, products and manufacturing to help drive SI forward with our customers, and our Strategic Customer Agreements provide added confidence in the durability of Micron's financial performance."

Company Overview

Founded in the basement of a Boise, Idaho dental office in 1978, Micron (NASDAQ:MU) is a leading provider of memory chips used in thousands of devices across mobile, data centers, industrial, consumer, and automotive markets.

Revenue Growth

A company's long-term sales performance is one signal of its overall quality. Any business can have short-term success, but a top-tier one grows for years. Luckily, Micron's sales grew at an incredible 36.9% compounded annual growth rate over the last five years. Its growth surpassed the average semiconductor company and shows its offerings resonate with customers, a great starting point for our analysis. Semiconductors are a cyclical industry, and long-term investors should be prepared for periods of high growth followed by periods of revenue contractions (which can sometimes offer opportune times to buy).