MU · Full Picture

MICRON TECHNOLOGY INC — the full picture

Earnings window · 2026-06-04 to 2026-09-24 · anchored on the 10-Q report

One earnings window, everything merged: the filing, the call, press releases and news digests, folded into ranked threads.

What to look at first

  1. Capital Expenditure Program · Capital expenditurePriority 96
    -17.1% cash; 3 sources (news, press_release, sec_filing); 9 forward row(s); structured_verified
    Estimated capital expenditures for property, plant, and equipment in 2026, net of proceeds from government incentives: approximately $27 billion.
  2. Revenue Performance and Mix · Revenue growth & mixPriority 92
    +19.8% revenue; 3 sources (news, press_release, sec_filing); 4 forward row(s); quote_verified
    In the recent quarter Micron reported revenue of $23.86B, revenue triple year-over-year, gross margins of 75%, and management guided for $33.5B in next-quarter revenue and 81% gross margins.
  3. AI Infrastructure Demand · Demand, orders & backlogPriority 91
    +42.5% revenue; 3 sources (news, press_release, sec_filing); 2 forward row(s); quote_verified
    Micron has a $100 billion sales backlog referenced in the news digest.
  4. Gross Margin Drivers · Gross marginPriority 90
    +114.0% net_income (realized); 3 sources (news, press_release, sec_filing); 2 forward row(s); quote_verified
    Consolidated gross margin percentage for Q3 2026: 85%.
  5. Guidance and Outlook · Guidance & outlookPriority 89
    +72.5% net_income; 2 sources (news, press_release); 12 forward row(s); quote_verified
    Micron's guidance for fiscal Q4 2026 revenue is $50.0 billion ± $1.0 billion (GAAP and Non-GAAP).
  6. Strategic Customer Agreements · UnclassifiedPriority 89
    +70.2% revenue; 2 sources (news, sec_filing); 9 forward row(s); quote_verified
    Micron expects to receive cash deposits and related financial commitments of $22 billion for strategic customer agreements concluded to date, approximately $18 billion of which will be in the form of cash deposits.
  7. Domestic Manufacturing Investment · Capacity & footprint expansionPriority 84
    +15.7% assets; 2 sources (news, sec_filing); 14 forward row(s); quote_verified
    Micron entered into direct funding agreements with U.S. Department of Commerce for up to $6.1 billion in CHIPS Act direct funding on December 9, 2024 for a planned Boise fab and two planned Clay, New York fabs; amended June 11, 2025 to add a second Boise fab but direct funding for up to $6.1 billion remains unchanged.
  8. Balance Sheet and Liquidity · Liquidity & cash positionPriority 82
    +10.1% cash (realized); 3 sources (news, press_release, sec_filing); structured_verified
    Cash and marketable investments as of May 28, 2026: $30.13 billion, and as of August 28, 2025: $11.94 billion; $5.40 billion of the May 28, 2026 balance was held by foreign subsidiaries.
  9. Operating Expense Trends · Operating expenses (SG&A)Priority 81
    -7.2% operating_income; 3 sources (news, press_release, sec_filing); 2 forward row(s); structured_verified
    Micron's GAAP operating expenses outlook for fiscal Q4 2026 is approximately $1.86 billion.
  10. Free Cash Flow Trends · Cash flow generationPriority 79
    +25.3% cash (realized); 2 sources (news, sec_filing); 1 forward row(s); quote_verified
    Net cash provided by operating activities for the nine months ended May 28, 2026: $45,702 million; for the nine months ended May 29, 2025: $11,795 million.
  11. Capital Allocation · UnclassifiedPriority 78
    -5.8% cash (realized); 3 sources (news, press_release, sec_filing); 3 forward row(s); structured_verified
    Micron's Board authorized discretionary repurchase of up to $10 billion of outstanding common stock; through May 28, 2026 Micron repurchased $7.84 billion under the authorization.
  12. Customer Dynamics · Customers & concentrationPriority 77
    +36.2% revenue; 2 sources (news, press_release); 5 forward row(s); quote_verified
    Micron has 16 take-or-pay agreements through 2030 covering approximately $100B in minimum revenue.

Threads by pillar

Revenue & Demand Priority 97 · 10 threads

Costs & Margins Priority 96 · 8 threads

Capital & Balance Sheet Priority 98 · 6 threads

Strategy & Portfolio Priority 87 · 7 threads

Legal, Regulatory & Policy Priority 42 · 5 threads

Guidance & Outlook Priority 89 · 1 thread

Macro & Market Conditions Priority 63 · 4 threads

Management & Governance Priority 31 · 1 thread

Unclassified Priority 97 · 5 threads

Expected impact by metric

metricforward netforward grossrealized
revenue+209.9%+209.9%+42.4%
net_income+72.5%+72.5%+167.9%
cash-8.8%+41.0%+46.6%
assets+36.5%+36.5%+15.9%
liability-15.8%+15.8%+7.0%
operating_income-7.7%+7.7%-0.8%
margin+5.1%+5.1%+55.9%