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Sentiment · FY2026 Q3
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Tim Arcuri | UBS | 12 (0%) |
| Harlan Sur | JPMorgan | 10 (0%) |
| Krish Sankar | TD Cowen | 10 (10%) |
| CJ Muse | Cantor Fitzgerald | 9 (11%) |
| Vivek Arya | Bank of America | 7 (14%) |
| Joe Moore | Morgan Stanley | 5 (0%) |
| Tom O'Malley | Barclays | 4 (0%) |
| Chris Caso | Wolfe Research | 4 (0%) |
| Chris Danely | Citigroup | 3 (33%) |
| Vijay Rakesh | Mizuho Securities | 3 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| UBS | 1 | 12 (0%) |
| TD Cowen | 2 | 11 (9%) |
| JPMorgan | 1 | 10 (0%) |
| Cantor Fitzgerald | 1 |
| 9 (11%) |
| Bank of America | 1 | 7 (14%) |
| Morgan Stanley | 1 | 5 (0%) |
| Barclays | 1 | 4 (0%) |
| Wolfe Research | 1 | 4 (0%) |
Micron reported fiscal Q2 revenue of $23.9 billion, nearly tripling year-over-year, with record gross margin of 75% doubling year-over-year as the first multiyear SCA was signed and HBM4 volume shipments commenced for Vera Rubin platforms. The company provides only next-quarter guidance; management guided fiscal Q3 revenue of $33.5 billion and raised fiscal 2026 CAPEX above $25 billion while increasing the dividend 30% as the Tongluo acquisition closed ahead of schedule.
Demand | Cloud & AI | Pricing | Competitive Dynamics | Revenue Growth | Margin | Supply Chain | Capex Investment | |
|---|---|---|---|---|---|---|---|---|
| 2025Q1 | 9 | 5 | 2 | 3 | 3 | 1 | 6 | 2 |
| 2025Q2 | 1 | 2 | 2 | 1 | 3 | 1 | 1 | |
| 2025Q3 | 3 | 5 | 2 | 2 | 1 | 3 | 1 | 2 |
| 2025Q4 | 4 | 4 | 2 | 2 | 2 | 3 | 2 | 1 |
| 2026Q1 | 7 | 6 | 3 | 3 | 5 | 2 | 1 | 3 |
| 2026Q2 | 5 | 6 | 6 | 3 | 3 | 3 | 2 | 4 |
| '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | '26Q2 | |
|---|---|---|---|---|---|---|
| Demand | 9 | 1 | 3 | 4 | 7 | 5 |
| Cloud & AI | 5 | 5 | 4 | 6 | 6 | |
| Pricing | 2 | 2 | 2 | 2 | 3 | 6 |
| Competitive Dynamics | 3 | 2 | 2 | 2 | 3 | 3 |
| Revenue Growth | 3 | 1 | 1 | 2 | 5 | 3 |
| Margin | 1 | 3 | 3 | 3 | 2 | 3 |
| Supply Chain | 6 | 1 | 1 | 2 | 1 | 2 |
| Capex Investment | 2 | 1 | 2 | 1 | 3 | 4 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $7.75B | +93.3% | $0.79 | +160.3% | 35.3% | 19.6% | 11.4% | $285M |
| FY2025 Q1 | $8.71B | +84.3% | $1.67 | +249.1% | 38.4% | 25.0% | 21.5% | $38M |
| FY2025 Q2 | $8.05B | +38.3% | $1.41 | +98.6% | 36.8% | 22.0% | 19.7% | $7.15B |
| FY2025 Q3 | $9.30B | +36.6% | $1.68 | +460.0% | 37.7% | 23.3% | 20.3% | $1.67B |
| FY2025 Q4 | $11.31B | +46.0% | $2.83 | +258.2% | 44.7% | 33.2% | 28.3% | $72M |
| FY2026 Q1 | $13.64B | +56.7% | $4.60 | +175.4% | 56.1% | 45.0% | 38.4% | $3.02B |
| FY2026 Q2 | $23.86B | +196.3% | $12.08 | +756.7% | 74.4% | 67.6% | 57.8% | $5.52B |
| FY2026 Q3 | $41.46B | +345.7% | $24.72 | +1371.4% | 84.6% | 80.4% | 68.1% | $17.56B |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What MU and other companies said about each other on FY2026 Q2 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“the successful closing of the acquisition of the Tongluo site from Powerchip Semiconductor, completing the transaction ahead of schedule”
Micron closed the acquisition of the Tongluo fab site from Powerchip Semiconductor ahead of schedule to expand DRAM manufacturing capacity.
“OEMs have recently announced new flagship devices such as Samsung Galaxy S26 and Google Pixel 10 with agentic AI integrated into their mobile operating systems”
Google's Pixel 10 with on-device agentic AI is cited as a flagship driving higher smartphone DRAM content.
“the fast-growing new category of personal AI workstation, such as NVIDIA DGX Spark and AMD Ryzen AI Halo, come in 128GB configurations”
AMD's Ryzen AI Halo personal AI workstations ship with 128GB memory configurations, a driver of higher memory content per device.
“the recent announcement of NVIDIA Grok 3 LPX implements up to 12TB of DDR5 in a rack-scale architecture”
NVIDIA rack-scale architectures consume very large DDR5 content (up to 12TB per rack), a read-through to sustained NVIDIA-driven DRAM demand.
“At NVIDIA's GTC, we announced that Micron Technology, Inc. has begun volume shipment of its HBM4 36GB 12-Hi in 2026 and is designed for NVIDIA Vera Rubin.”
Micron is shipping HBM4 designed into NVIDIA's Vera Rubin platform, confirming NVIDIA's next-gen AI accelerators drive substantial high-bandwidth memory demand.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
MU Micron Technology, Inc. | 9 | +196.3% | |
| ADI Analog Devices | 9 | +30.4% | |
| ALAB Astera Labs, Inc. Common Stock | 9 | +93.4% | |
| AMAT Applied Materials | 5 | -2.1% | |
| AMD Advanced Micro Devices, Inc. | 9 | +37.9% | |
| ARM Arm Holdings | 7 | +20.1% | |
| ASML ASML Holding | 9 | +13.3% | |
| AVGO Broadcom Inc. | 9 | +29.5% | |
| INTC Intel Corporation | 6 | +7.2% | |
| KLAC KLA Corporation | 7 | +11.5% | |
| LRCX Lam Research | 9 | +23.8% | |
| MCHP Microchip Technology | 9 | +35.1% | |
| MPWR Monolithic Power Systems | 10 | +26.1% | |
| MRVL Marvell Technology | 10 | +22.1% | |
| NVDA NVIDIA Corporation | 10 | +73.2% | |
| NXPI NXP Semiconductors | 7 | +12.2% | |
| ON ON Semiconductor | 6 | +4.7% | |
| Q Qnity Electronics, Inc. | 10 | +17.6% | |
| QCOM Qualcomm | 3 | -3.5% | |
| SWKS Skyworks Solutions | 3 | -1.0% | |
| TER Teradyne | 9 | +87.0% | |
| TXN Texas Instruments | 9 | +18.6% |