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Micron Technology (MU) Q2 FY26 earnings results (second quarter fiscal 2026)
10-Q filed Mar 19, 2026
Micron Technology (MU) reported revenue of $23.9B for the second quarter fiscal 2026 (Q2 FY26), +196% from a year earlier and +75% from the quarter before. Operating margin was 67.6%, net earnings $13.8B (57.8% of revenue).
Micron Technology, Q2 FY26: revenue $23.9B (+196% year over year), operating margin 67.6%, net earnings $13.8B, operating cash flow $11.9B. The chart follows the revenue to costs, profit and cash.
| Q2 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $23.9B | +75% | +196% |
| Gross profit | $17.8B | +132% | +499% |
| Operating profit | $16.1B | +163% | +810% |
| Net earnings | $13.8B | +163% | +771% |
| Operating cash flow | $11.9B | +42% | +202% |
| Free cash flow | $5.5B | +83% | — |
What changed
Revenue was $23.9B in Q2 FY26, up 196% year over year and up 75% from the previous quarter. DRAM was the largest line at 79% of revenue. DRAM added $12.6B year over year (up 207%), 80% of the total change.
Gross margin was 74.4%, up 37.6 points from Q2 FY25. Operating profit was $16.1B, a 67.6% margin (up 45.6 points year over year). Of the extra revenue versus Q2 FY25, 91% reached operating profit, above the 22% margin then. Operating expenses grew 36% against revenue growth of 196%. The fastest-growing cost line was Other operating costs (+271%). Net earnings were $13.8B, up 771% year over year. The effective tax rate was 14.7%.
Operating cash flow was $11.9B (up 202% year over year), 86% of net earnings. Non-cash charges added back $2.3B of depreciation and amortization and $0.31B of share-based compensation. Working capital and other items used $4.5B. Capital expenditures of $6.4B left free cash flow of $5.5B.
Questions
What was Micron Technology's revenue in the second quarter fiscal 2026?
Micron Technology (MU) reported revenue of $23.9B for the second quarter fiscal 2026 (Q2 FY26), +196% from a year earlier and +75% from the quarter before.
Was Micron Technology profitable in the second quarter fiscal 2026?
Operating profit was $16.1B (67.6% of revenue) and net earnings $13.8B.
Source: Micron Technology 10-Q on SEC EDGAR.