Micron revenue surges 379% to $54.23 billion

Micron Technology reported calendar third-quarter 2026 revenue of $54.23 billion, representing a 379% increase year over year. The top line beat analyst estimates of $50.95 billion by 6.4%, marking 12 consecutive quarters of sales growth. Adjusted earnings per share reached $33.42, exceeding the consensus estimate of $31.82 by 5%.

Adjusted operating income totaled $44.64 billion with an 82.3% margin, topping expectations of $42.28 billion by 5.6%. Operating margin expanded to 80.7% from 32.3% in the same quarter last year, while free cash flow margin climbed to 61.2% from 0.6%.

For the fourth calendar quarter of 2026, Micron guided for revenue of $61.5 billion at the midpoint, which is 6.8% above Wall Street projections of $57.57 billion and implies 351% year-on-year growth. Adjusted EPS guidance sits at $38.15 at the midpoint, ahead of analyst estimates of $35.92. Over the next 12 months, sell-side analysts project 91.3% revenue expansion.

Days sales of inventory rose to 131 days from 122 in the previous quarter, though remaining 21 days below the company's five-year average. Following the announcement, the stock remained flat at $1,064.