MU US S&P 500NASDAQ-100Russell 1000 Earnings call
Micron Technology (MU) · Q3 2026 results and valuation
Share price: $811.30 · 2026-11-11
Micron Technology provides memory and storage solutions, including DRAM, NAND, and NOR products. The company serves the data center, mobile, automotive, and industrial markets by supplying components, modules, and solid-state drives. Source: 10-K annual report (2025-10-03)
Results Q3 2026 vs Q2 2026 · previous quarter · fiscal Q4 2026 · published 30 Sep 2026 and 24 Jun 2026
Net income up 33.5% on the previous quarter. Management sounded cautious, in its script and in answers to analysts.
1 · Numbers
+33.5%
Net income vs Q2 2026
Outlook given
Net income 37.70B vs 28.24B
Revenue +30.8%
Against the same quarter last year (Q3 2025) it is +1077.8%, so it is not just seasonal.
2 · How management spoke
Cautious
Among the least upbeat of all company calls
Answers to analysts: typical, in line with the script.
Last call it was different: the answers were less upbeat than the script.
3 · What stood out
More than 75% of Micron's fiscal year 2027 shipments are already committed, reflecting strengthening demand and allowing the company to shift allocation conversations out to 2028.
Valuation
Is Micron Technology undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-08-28), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 6.7% growth a year (3-year revenue growth), the model's fair value is $46.77 a share — the stock trades 1635% above it. Today's price assumes 55.4% growth a year.
Current price
$811.30
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+55.4% for 10 yrs
Fair value / share
$46.77
Buy below
$35.08
Price vs fair value
Overvalued >200%
Price vs buy-below price
Overvalued >200%
Read between the lines
-
Key theme
Management expects market conditions to remain tight through 2028, which is expected to be supportive for the company.
Source quote
“And the market conditions, as we said, we would expect to remain tight, and that would be supportive through '28.”
-
Guidance
Micron expects its exposure to China to be in the single-digit range in fiscal '27 as exposure has been reducing over the last several quarters.
-
Key theme
Management expressed confidence that HBM will continue to contribute and provide a strong ROI product for the company.
Source quote
“And we're confident that HBM will continue to contribute and be a strong ROI product for us.”
-
Guidance
Quarter guidance includes single-digit sequential bit growth and double-digit cost for both DRAM and NAND to assist with investor modeling.
-
Key theme
Then on the supply side, there's still the same structural constraints on supply growth that Micron Technology has talked about before, which is diminishing returns from technology transitions versus past technology transitions.
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q3 2026. Ring: Q2 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“We refer to the documents that we filed with the SEC, including our most recent Form 10-K and upcoming 10-Q for a discussion of risks that may affect our results.”
“So I think that's really those are all the reasons why we see that DRAM is reducing supply industry shipments next year.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-09-03)
| Metric | Q3 2026period end 2026-09-03 | Q2 2026period end 2026-05-28 | Change | Q3 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 54.23B | 41.46B | +30.8% | 11.31B | +379.3% |
| Gross profit | 47.05B | 35.06B | +34.2% | 5.05B | +830.9% |
| Operating income | 43.75B | 33.32B | +31.3% | 3.65B | +1097.3% |
| Net income | 37.70B | 28.24B | +33.5% | 3.20B | +1077.8% |
| EPS | 32.93 | 24.67 | +33.5% | 2.84 | +1059.5% |
| P/E today 9.3 | 12.9 | 20.9 | −8.0 | 16.1 | −3.2 |
Topics
Most discussed now
- You're already starting to see multiple ones, whether in the enterprise or consumers being implemented and driving real value.
- Even though there's Micron Technology is going to be having first wafer output from its Idaho facility mid-calendar '27 and others in...
Faded since Q2 2026
- Dropped Please refer to Micron Technology's most recent financial reports on Form 10-K, Forms 10-Q, and other filings.
- Dropped Micron Technology is only in the early innings of the significant innovation productivity that can be unleashed in every part of...
- Dropped When all targeted SCAs are completed, Micron Technology expects to have substantially higher levels of SCA customer deposits and related…
- Dropped Micron Technology expects these SCAs to significantly enhance durability and predictability of Micron's strong financial performance…
Latest announcements
Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.
- Director or officer change · SEC 8-K
- Results of operations · SEC 8-K
Micron Technology reported fiscal 2026 annual revenue of $133.19 billion, compared to $37.38 billion for the prior year.
- Director or officer change · SEC 8-K
Micron Technology, Inc. appointed Manish Bhatia as President and Chief Operating Officer and Dr. Scott DeBoer as President and Chief Technology and Products Officer, effective August 26, 2026.
- Results of operations · SEC 8-K
Micron reported revenue of $41.46 billion for the third quarter of fiscal 2026, compared to $9.30 billion for the same period last year.
- Director or officer change · SEC 8-K
Micron Technology, Inc. appointed Alexis Black Björlin as an independent director on June 9, 2026, with a compensation plan including a $125,000 cash retainer and $250,000 in restricted stock.
- Other events · SEC 8-K
Micron Technology, Inc. announced the pricing of cash tender offers for various senior notes, with consideration amounts ranging from $1,048.11 to $1,079.93 per $1,000 principal amount.
- Other events · SEC 8-K
- Results of operations · SEC 8-K
Micron Technology reported revenue of $23.86 billion for the second quarter of fiscal 2026, compared to $8.05 billion for the same period last year.
Catalyst calendar
management-stated targets — from the latest earnings call; plans, not promises.
-
2027
server units continuing to grow
Source quote
“We commented about the server units continuing to grow into '27.”
-
the year
more than 75% of shipments committed
Source quote
“And so as we've gone through working on our fiscal year '27 and we commented that we have more than 75% of our shipments committed for the year that shows a strengthening demand and allows us to shift our conversations on allocation with our customers out to 2028.”
-
through 2028
HBM growing faster than conventional DRAM
Source quote
“HBM growing faster than conventional DRAM through 2028, which means that as a portion of the industry's output capability, HBM is growing in terms of that share.”
-
through '28
market conditions expected to remain tight
Source quote
“And the market conditions, as we said, we would expect to remain tight, and that would be supportive through '28.”
-
through 2028
HBM growing as a portion of the industry's capacity
Source quote
“That means that HBM will continue to gain -- to grow as a portion of the industry's capacity here through 2028.”