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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.
Research Coverage
Source mix captured for this monthly report.
Revenue Trajectory
Reported Q2 revenue history plus Q3 revenue guide, in billions.
Segment Mix
Fiscal Q2 revenue by reported business unit, in billions.
Scenario Lens
Qualitative setup for the next earnings update.
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 |
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]
Micron Technology, Inc. filed 4 with the SEC on 2026-06-02. [11]
Micron Technology, Inc. filed 4 with the SEC on 2026-06-02. [12]
Micron Technology, Inc. filed 144 with the SEC on 2026-05-29. [13]
Micron Technology, Inc. filed SD with the SEC on 2026-05-20. [14]
Micron Technology, Inc. filed SCHEDULE 13G/A with the SEC on 2026-05-14. [15]
Micron Technology, Inc. filed 4 with the SEC on 2026-05-13. [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 Micron Technology, Inc. filed 4 with the SEC on 2026-06-02. [11]
- Filing Micron Technology, Inc. filed 4 with the SEC on 2026-06-02. [12]
- Filing Micron Technology, Inc. filed 144 with the SEC on 2026-05-29. [13]
- Filing Micron Technology, Inc. filed SD with the SEC on 2026-05-20. [14]
- Filing Micron Technology, Inc. filed SCHEDULE 13G/A with the SEC on 2026-05-14. [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]
Micron Technology, Inc. filed 4 with the SEC on 2026-06-02.
SEC submissions for Micron Technology, Inc. · 2026-06-09 · verified -
[12]
Micron Technology, Inc. filed 4 with the SEC on 2026-06-02.
SEC submissions for Micron Technology, Inc. · 2026-06-09 · verified -
[13]
Micron Technology, Inc. filed 144 with the SEC on 2026-05-29.
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]
Micron Technology, Inc. filed SCHEDULE 13G/A with the SEC on 2026-05-14.
SEC submissions for Micron Technology, Inc. · 2026-06-09 · verified -
[16]
Micron Technology, Inc. filed 4 with the SEC on 2026-05-13.
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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