"In fiscal Q1, Micron delivered record revenue and significant margin expansion at the company level and also in each of our business units. Revenue came in at $13.64 billion, up 56.6% year over year, crushing the $12.88 billion consensus estimate. Non-GAAP EPS of $4.78 beat the $3.94 estimate by over 21%. GAAP gross margins expanded to 56.0%, up from 38.4% a year ago."
"The Cloud Memory Business Unit was the standout, with revenue nearly doubling to $5.28 billion and gross margins hitting 66%. That's the HBM business, the high-bandwidth memory chips that power NVIDIA's AI GPUs. Furthermore, Micron's operating income surged 182% year over year to $6.14 billion, and free cash flow came in at $3.91 billion."
"Micron followed that with guidance that was equally aggressive: Q2 FY2026 revenue guided to $18.7 billion, with non-GAAP EPS of $8.42 and GAAP gross margins expected at 67%. MU shares had already run hard into these results. The stock was trading around $285 at the start of the year and closed at $461.73 the day before earnings, a gain of 61.78% year to date."
Micron Technology reported record fiscal Q2 2026 results with revenue of $13.64 billion, up 56.6% year-over-year, and non-GAAP EPS of $4.78, both significantly exceeding analyst estimates. The Cloud Memory Business Unit, which produces high-bandwidth memory chips for AI applications, nearly doubled revenue to $5.28 billion with 66% gross margins. Operating income surged 182% year-over-year to $6.14 billion, and free cash flow reached $3.91 billion. Forward guidance was equally strong, with Q2 FY2026 revenue projected at $18.7 billion and non-GAAP EPS of $8.42. Despite these exceptional results, shares fell 4% to $445, reflecting a classic market pattern where strong performance disappoints after significant pre-earnings gains already incorporated high expectations into the stock price.
Read at 24/7 Wall St.
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