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| 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 | 6 (17%) |
| Chris Caso | Wolfe Research | 5 (0%) |
| Tom O'Malley | Barclays | 4 (0%) |
| Vijay Rakesh | Mizuho Securities | 3 (0%) |
| Chris Danely | Citigroup | 3 (33%) |
| 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 |
On August 26, 2026, Micron appointed Manish Bhatia, 54, previously EVP, Global Operations, as President and Chief Operating Officer, and Scott DeBoer, 60, previously EVP, Chief Technology and Products Officer, as President and Chief Technology and Products Officer, both effective immediately. There are no family relationships or related-party transactions to disclose for either appointee.
| 9 (11%) |
| Bank of America | 1 | 7 (14%) |
| Morgan Stanley | 1 | 6 (17%) |
| Wolfe Research | 1 | 5 (0%) |
| Citigroup | 2 | 5 (20%) |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| 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% | $-113M |
| 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% | 56.0% | 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% | $24.67 | +1368.5% | 84.6% | 80.4% | 68.1% | $17.56B |
| FY2026 Q4 | $54.23B | +379.3% | $32.87 | +1061.5% | 86.8% | 80.7% | 69.5% | $26.81B |
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).
Micron posted a fifth consecutive record quarter, with revenue of $41.5 billion up 346% year over year and 74% sequentially as the AI-driven memory shortage pushed DRAM prices up in the low 60s percentage range. Consolidated gross margin reached a record 84.9% and operating margin hit 81.2%, lifting GAAP EPS to $24.72 (non-GAAP $25.11) and producing record free cash flow of $18.3 billion. The standout development was 16 strategic customer agreements covering roughly 20% of DRAM and a third of NAND volume, carrying approximately $100 billion of remaining performance obligations and $22 billion of cash deposits and financial commitments that management frames as a structural transformation of the business model. Micron guided fiscal Q4 to a record $50 billion in revenue and $31 EPS at the midpoint with gross margin around 86%, while flagging that supply will stay tight beyond calendar 2027. HBM4 is ramping twice as fast as the prior generation, with over $1 billion already shipped.
Demand | Cloud & AI | Pricing | Revenue Growth | Margin | Competitive Dynamics | Supply Chain | Capex Investment | |
|---|---|---|---|---|---|---|---|---|
| 2025Q1 | 9 | 5 | 2 | 3 | 1 | 3 | 6 | 2 |
| 2025Q2 | 1 | 2 | 1 | 3 | 2 | 1 | 1 | |
| 2025Q3 | 3 | 5 | 2 | 1 | 3 | 2 | 1 | 2 |
| 2025Q4 | 4 | 4 | 2 | 2 | 3 | 2 | 2 | 1 |
| 2026Q1 | 7 | 6 | 3 | 5 | 2 | 3 | 1 | 3 |
| 2026Q2 | 5 | 6 | 6 | 3 | 3 | 3 | 2 | 4 |
| 2026Q3 | 4 | 3 | 1 | 1 | 1 | 1 |
| '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | '26Q2 | '26Q3 | |
|---|---|---|---|---|---|---|---|
| Demand | 9 | 1 | 3 | 4 | 7 | 5 | 4 |
| Cloud & AI | 5 | 5 | 4 | 6 | 6 | ||
| Pricing | 2 | 2 | 2 | 2 | 3 | 6 | 3 |
| Revenue Growth | 3 | 1 | 1 | 2 | 5 | 3 | 1 |
| Margin | 1 | 3 | 3 | 3 | 2 | 3 | 1 |
| Competitive Dynamics | 3 | 2 | 2 | 2 | 3 | 3 | |
| Supply Chain | 6 | 1 | 1 | 2 | 1 | 2 | 1 |
| Capex Investment | 2 | 1 | 2 | 1 | 3 | 4 | 1 |
Calendar quarter Q2 2026Earnings call Jun 24, 2026
FY2026 Q3 in brief
Micron posted a fifth consecutive record quarter, with revenue of $41.5 billion up 346% year over year and 74% sequentially as the AI-driven memory shortage pushed DRAM prices up in the low 60s percentage range.
Newest quarter FY2026 Q4 is part of Pro · see what Pro adds →
GAAP revenue YoY +345.7% → base 8. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
Sources. Tellvest earnings-call sentiment score for Micron Technology, Inc. (MU), FY2026 Q3: 9/10. Scores: Micron Technology, Inc.’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: MU daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
What MU and other companies said about each other on FY2026 Q3 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“we announced our EPIC co-development engagement with TSMC, who joined as a founding partner together with Micron, Samsung and SK Hynix.”
Micron is a founding partner in Applied's EPIC co-development platform, reflecting strong memory-maker collaboration amid DRAM capacity expansion.
“we concluded a multiyear EUV supply agreement with ASML supporting our increased adoption of EUV at the 1 delta node and future generation.”
Micron signed a multiyear EUV supply agreement with ASML to support increased EUV adoption at its 1-delta and future DRAM nodes, a positive signal on ASML EUV tool demand.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
MU Micron Technology, Inc. | 9 | +345.7% | |
| ADI Analog Devices | 9 | +37.3% | |
| ALAB Astera Labs, Inc. Common Stock | 9 | +104.5% | |
| AMAT Applied Materials | 9 | +11.4% | |
| AMD Advanced Micro Devices, Inc. | 9 | +50.1% | |
| ARM Arm Holdings | 7 | +22.4% | |
| ASML ASML Holding | 10 | +21.3% | |
| AVGO Broadcom Inc. | 10 | +47.9% | |
| CRDO Credo Technology Group Holding Ltd | 10 | +157.0% | |
| INTC Intel Corporation | 8 | +25.4% | |
| KLAC KLA Corporation | 8 | +15.2% | |
| LRCX Lam Research | 9 | +30.0% | |
| MCHP Microchip Technology | 9 | +38.0% | |
| MPWR Monolithic Power Systems | 10 | +47.6% | |
| MRVL Marvell Technology | 10 | +27.6% | |
| NVDA NVIDIA Corporation | 9 | +85.2% | |
| NXPI NXP Semiconductors | 9 | +19.5% | |
| ON ON Semiconductor | 8 | +9.2% | |
| Q Qnity Electronics, Inc. | 10 | +22.1% | |
| QCOM Qualcomm | 3 | -4.0% | |
| SWKS Skyworks Solutions | 3 | -3.1% | |
| TER Teradyne | 9 | +103.9% | |
| TSM Taiwan Semiconductor Manufacturing Company Limited | 9 | +36.0% | |
| TXN Texas Instruments | 9 | +22.8% |