595112AY9 Filings — Micron Technology, Inc. - FilingSpy
595112AY9
Micron Technology, Inc.
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A maker of the memory chips inside phones, computers, and data centers, Micron produces DRAM, NAND, and high-bandwidth memory used from smartphones to AI servers, sold to consumers under the Crucial brand. Founded in 1978 in Boise, Idaho, by twin brothers Ward and Joe Parkinson, it started designing chips in the basement of a dental office before pivoting to manufacturing. The name comes from the micron, a length unit of one-thousandth of a millimeter.
Q3 FY2026 revenue rose 346% to $41.5B with gross margin at 85% on AI-driven memory demand
Micron's memory pricing and AI demand just reset the scale of the business. rose 346% to $41.5B and reached 85% as DRAM and NAND climbed and mix shifted toward data center products. The company is now generating cash faster than it can deploy it, with $25.0B in cash and cut to $5.1B.
Key takeaways
rose 74% sequentially and 346% to $41.5B, with DRAM sales up 67% quarter over quarter and NAND sales up 99% quarter over quarter, driven by AI-fueled demand and higher .
expanded to 85% from 74% in Q2 FY2026 and 38% in Q3 FY2025, from higher ASPs, favorable mix, and manufacturing cost reductions.
rose 106.5% sequentially to $33.3B and reached $28.2B, with of $24.67 against $2.85 a year earlier.
Section summaries
Management's Discussion and Analysis
Revenue surged 346% YoY to $41.5B with 85% gross margin, driven by AI-fueled demand and sharply higher DRAM and NAND pricing.
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Q3 FY2026 reached $41.5B, up 74% sequentially and 346% , with DRAM sales up 67% QoQ and NAND sales up 99% QoQ.
All business units grew; more than doubled sequentially and achieved an 86% .
reached $45.7B for the first nine months, and FY2026 net of incentives is estimated at $27B, supported by $22B in expected customer deposits from strategic agreements.
R&D expenses rose 36% to $1.3B on development wafer volumes and compensation; the company expects strategic customer price-band agreements to keep margins above past peaks.
What changed
Q3 FY2026 and against $23.9B and 74.4%: revenue rose to $41.5B and gross margin to 85%, extending the pricing and mix gains flagged after Q2.
FY2026 execution against over $25B net of incentives: nine-month of $45.7B supports the revised $27B net capex estimate with $22B in customer deposits expected.
CHIPS Act grants and Boise milestones: the Q3 filing does not report first drawdowns or construction milestones toward 2027 output.
HBM capacity shift risk noted in Q2: Q3 risk factors restate competitive capacity expansion and oversupply risk without reporting any shift of HBM back to conventional DRAM.
From the FY2025 10-K watch items, NAND ASPs and bit shipments were not separately stated this quarter; the Q3 filing reports NAND sales up 99% QoQ without pricing detail.
move to high-teens in FY2026 from Pillar Two: not quantified this quarter, carried from prior filings.
What to watch
Q4 FY2026 and against $41.5B and 85% as DRAM and NAND pricing moves develop
First drawdowns of the up-to-$6.4B CHIPS Act grants and Boise fab construction milestones toward 2027 output
FY2026 after nine-month of $45.7B against $27B net of incentives
DRAM and NAND next quarter after Q3's 67% DRAM and 99% NAND sales QoQ increases
Consolidated expanded to 85% from 74% in Q2 and 38% in Q3 FY2025, driven by higher , favorable mix, and cost reductions.
All business units saw significant and growth; revenue more than doubled sequentially, and achieved an 86% .
R&D expenses rose 36% to $1.3B, reflecting increased development wafer volumes and employee compensation to support long-term memory and storage opportunities.
reached $45.7B for the first nine months, while net of incentives are estimated at $27B for FY2026, supported by $22B in expected customer deposits from strategic agreements.
The company expects gross margins from strategic customer agreements with price bands to remain well above past peak quarterly margins, enhancing financial predictability.
Quantitative and Qualitative Disclosures About Market Risk
For further discussion about market risk and sensitivity analysis related to changes in interest rates and currency exchange rates, see Part II, Item 7A. Quantitative and Qualitative Disclosures About Market Risk in our Annual Report on Form 10-K for the year ended August 28, 20…
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For further discussion about market risk and sensitivity analysis related to changes in interest rates and currency exchange rates, see Part II, Item 7A. Quantitative and Qualitative Disclosures About Market Risk in our Annual Report on Form 10-K for the year ended August 28, 2025. There have been no material changes to our market risk during the nine months ended May 28, 2026.
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Table of Contents
For a discussion of legal proceedings, see Part I. Financial Information, Item 1. Financial Statements, Notes to Consolidated Financial Statements, Note 10. Contingencies and Item 1A. Risk Factors in this Quarterly Report on Form 10-Q. SEC regulations require disclosure of certa…
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For a discussion of legal proceedings, see Part I. Financial Information, Item 1. Financial Statements, Notes to Consolidated Financial Statements, Note 10. Contingencies and Item 1A. Risk Factors in this Quarterly Report on Form 10-Q.
SEC regulations require disclosure of certain proceedings related to environmental matters unless we reasonably believe that the related monetary sanctions, if any, will be less than a specified threshold. We use a threshold of $1 million for this purpose.
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Table of Contents
DRAM and NAND ASPs surged ~140% and ~130% YoY in 9M 2026, but volatility, geopolitical restrictions, and competitive capacity expansions pose material risks.
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and average selling prices increased approximately 140% and 130% in the first nine months of 2026 versus the prior year, but historical annual swings have ranged from +40% to -50%, and prices have fallen below manufacturing costs in some periods.
face pressure from fixed manufacturing costs, underutilization, product mix shifts, and the risk that AI-driven demand forecasts may not materialize, leading to excess and lower pricing.
Geopolitical risks are acute: the ’s May 2023 ruling bars critical Chinese infrastructure operators from buying Micron products, and a majority of output comes from Taiwan, exposing the company to potential supply disruptions.
Intense competition from Samsung, SK hynix, , , and others is compounded by government support for rivals and industry capacity expansions that could oversupply the market and depress prices.
Capacity expansion projects in the U.S. and elsewhere face execution risks, including construction delays, cost overruns, and reliance on incentives that may be reduced, terminated, or clawed back if milestones are missed.
Customer concentration is significant: over half of came from the top ten customers in 2025, and about half was from the data center end market, where build-out delays or reduced demand could materially impact results.