Filing Flows › Micron Technology (MU) › Q3 FY26 › vs Q2 FY26
Micron Technology (MU) Q3 FY26 vs Q2 FY26 (quarter over quarter)
Micron Technology's revenue rose $17.6B (+74%) from $23.9B in Q2 FY26 to $41.5B in Q3 FY26. The biggest changes: DRAM +$12.6B (+67%); NAND +$4.9B (+99%); Other (primarily NOR) +$90.0M (+95%). Gross margin 84.6% against 74.4% (+10.1 pts).
Micron Technology, Q3 FY26: revenue $41.5B (+346% year over year), operating margin 80.4%, net earnings $28.2B, operating cash flow $25.4B. The chart draws each line against Q2 FY26, the increases inside each band.
Margins
| Q3 FY26 | Q2 FY26 | Change | |
|---|---|---|---|
| Gross margin | 84.6% | 74.4% | +10.1 pts |
| Operating margin | 80.4% | 67.6% | +12.7 pts |
| Net margin | 68.1% | 57.8% | +10.4 pts |
| Free cash flow margin | 42.4% | 23.1% | +19.2 pts |
Every line
| Line | Q3 FY26 | Q2 FY26 | Change | % |
|---|---|---|---|---|
| DRAM | $31.3B | $18.8B | $12.6B | +67% |
| NAND | $9.9B | $5.0B | $4.9B | +99% |
| Other (primarily NOR) | $185M | $95.0M | $90.0M | +95% |
| Revenue | $41.5B | $23.9B | $17.6B | +74% |
| Gross profit | $35.1B | $17.8B | $17.3B | +97% |
| Cost of revenue | $6.4B | $6.1B | $295M | +5% |
| Operating profit | $33.3B | $16.1B | $17.2B | +106% |
| Operating expenses | $1.7B | $1.6B | $118M | +7% |
| Pre-tax earnings | $33.2B | $16.2B | $17.1B | +106% |
| Research & development | $1.3B | $1.2B | $66.0M | +5% |
| SG&A | $407M | $344M | $63.0M | +18% |
| Other operating costs | $15.0M | $26.0M | −$11.0M | -42% |
| Net earnings | $28.2B | $13.8B | $14.5B | +105% |
| Income tax | $5.0B | $2.4B | $2.6B | +110% |
| Depreciation & amortization | $2.4B | $2.3B | $78.0M | +3% |
| Share-based compensation | $355M | $309M | $46.0M | +15% |
| Working capital & other | $5.6B | $4.5B | $1.1B | +25% |
| Operating cash flow | $25.4B | $11.9B | $13.5B | +113% |
| Free cash flow (OCF − capex) | $17.6B | $5.5B | $12.0B | +218% |
| Capital expenditures | $7.8B | $6.4B | $1.4B | +23% |
Questions
How much did Micron Technology's revenue grow quarter over quarter in Q3 FY26?
Micron Technology's revenue rose $17.6B (+74%) from $23.9B in Q2 FY26 to $41.5B in Q3 FY26.
What drove Micron Technology's revenue change in Q3 FY26?
DRAM +$12.6B (+67%); NAND +$4.9B (+99%); Other (primarily NOR) +$90.0M (+95%).