Micron Posts Blowout Earnings With The AI Memory Revolution
MU posted their FQ2 26 earnings on March 18th 2026
MU 0.00%↑ just dropped it’s Fiscal Q2 2026 results (ending February 26, 2026), and they posted amazing results. AI drove Micron’s revenue to nearly triple compared to last year.
Here are the highlights:
Total Revenue: $23.86 billion, up a staggering 196% year-over-year.
Net Income (Non-GAAP): A massive $14.02 billion.
Earnings Per Share (EPS): $12.20, crushing analyst estimates of roughly $8.60.
Operating Margin: Jumped to 69%, up from just 24.9% a year ago.
Free Cash Flow: Generated $6.9 billion in adjusted free cash flow this quarter alone.
The demand for AI infrastructure is turning memory from a commodity into a “strategic asset”.
DRAM Revenue: Hit $18.8 billion (up 207% y/y), fueled by High Bandwidth Memory (HBM) and data center demand.
NAND Revenue: Reached $5 billion (up 169% y/y), with data center NAND sales more than doubling from the previous quarter.
Business Units: Every single business unit—Cloud, Core Data Center, Mobile, and Auto—hit new record highs.
MU 0.00%↑ is feeling flush with cash that they are passing the wins directly to shareholders:
Dividend Hike: The board approved a 30% increase in the quarterly dividend to $0.15 per share.
Share Repurchases: They bought back $350 million worth of shares during the quarter which basically offsets any dilution.
Their outlook for the next quarter (Q3 2026) is even more aggressive:
Projected Revenue: $33.5 billion (give or take $750 million). To put that in perspective, their single-quarter forecast is higher than their full-year revenue for any year before 2025.
Projected EPS: Around $19.15, which is way ahead of what Wall Street was expecting.
CEO Sanjay Mehrotra put it best: “AI has fundamentally recast memory as a defining strategic asset”. With supply staying tight and AI models getting even more memory-intensive, MU 0.00%↑ is currently sitting in a critical seat of the semiconductor world.
If you are a visual learner, I have posted a video on MU 0.00%↑ stock on my Bearded Investor YouTube channel here: