Filing Flows › Micron Technology (MU) › Q3 FY26 › vs Q3 FY25
Micron Technology (MU) Q3 FY26 vs Q3 FY25 (year over year)
Micron Technology's revenue rose $32.2B (+346%) from $9.3B in Q3 FY25 to $41.5B in Q3 FY26. The biggest changes: DRAM +$24.3B (+343%); NAND +$7.8B (+361%); Other (primarily NOR) +$110M (+147%). Gross margin 84.6% against 37.7% (+46.8 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 Q3 FY25, the increases inside each band.
Margins
| Q3 FY26 | Q3 FY25 | Change | |
|---|---|---|---|
| Gross margin | 84.6% | 37.7% | +46.8 pts |
| Operating margin | 80.4% | 23.3% | +57.0 pts |
| Net margin | 68.1% | 20.3% | +47.9 pts |
| Free cash flow margin | 42.4% | 18.0% | +24.4 pts |
Every line
| Line | Q3 FY26 | Q3 FY25 | Change | % |
|---|---|---|---|---|
| DRAM | $31.3B | $7.1B | $24.3B | +343% |
| NAND | $9.9B | $2.2B | $7.8B | +361% |
| Other (primarily NOR) | $185M | $75.0M | $110M | +147% |
| Revenue | $41.5B | $9.3B | $32.2B | +346% |
| Gross profit | $35.1B | $3.5B | $31.5B | +899% |
| Cost of revenue | $6.4B | $5.8B | $607M | +10% |
| Operating profit | $33.3B | $2.2B | $31.1B | 15× |
| Operating expenses | $1.7B | $1.3B | $399M | +30% |
| Pre-tax earnings | $33.2B | $2.1B | $31.1B | 16× |
| Research & development | $1.3B | $965M | $351M | +36% |
| SG&A | $407M | $318M | $89.0M | +28% |
| Other operating costs | $15.0M | $56.0M | −$41.0M | -73% |
| Net earnings | $28.2B | $1.9B | $26.4B | 15× |
| Income tax | $5.0B | $235M | $4.7B | 21× |
| Depreciation & amortization | $2.4B | $2.1B | $270M | +13% |
| Share-based compensation | $355M | $253M | $102M | +40% |
| Working capital & other | $5.6B | −$377M | $6.0B | — |
| Operating cash flow | $25.4B | $4.6B | $20.8B | +451% |
| Free cash flow (OCF − capex) | $17.6B | $1.7B | $15.9B | +951% |
| Capital expenditures | $7.8B | $2.9B | $4.9B | +166% |
Questions
How much did Micron Technology's revenue grow year over year in Q3 FY26?
Micron Technology's revenue rose $32.2B (+346%) from $9.3B in Q3 FY25 to $41.5B in Q3 FY26.
What drove Micron Technology's revenue change in Q3 FY26?
DRAM +$24.3B (+343%); NAND +$7.8B (+361%); Other (primarily NOR) +$110M (+147%).