Micron reported fiscal Q3 2026 revenue of $41.46 billion (adjusted EPS $25.11), demolishing analyst consensus of $35.84 billion and nearly 4.5× the year-ago quarter's $9.3 billion. The stock rose 10% after-hours. For Q4, Micron guided $50 billion ± $1 billion revenue—double consensus estimates of $43.6 billion—underscoring sustained AI memory shortages and pricing power.
Core data center revenue exploded 7.5× to $11.5 billion. Cloud memory jumped 300% to $13.77 billion. Gross margin hit 84.9%, well above the 81.8% consensus, as HBM4 volumes ramped twice as fast as HBM3E predecessor. The company signed 16 long-term customer agreements locking supply through 2030 and signaled memory-supply tightness will persist beyond 2027.
Micron's market cap surpassed $1 trillion; stock is up 700% over the past 12 months. The company plans record capex in fiscal 2027 to expand fab capacity, with Q4 capex alone projected at $10 billion. Operating cash flow for the quarter reached $25.4 billion.
For architects: Micron's forward guidance and margin accretion (86% projected gross margin in Q4) suggest hyperscalers remain willing to lock supply at premium pricing. The 300% cloud-memory growth and HBM4E sampling readiness for 2027 underscore that memory—not GPUs—is now the binding constraint for new training clusters.