Micron (MU) Q2 earnings report 2026

Micron’s revenue almost tripled in the latest quarter as results topped analysts’ estimates and guidance sailed past expectations. The stock, which is up more than 350% in the past year, slipped in extended trading.

Here’s how the company did relative to LSEG consensus:

• Earnings per share: $12.20 adjusted vs. $9.31 expected
• Revenue: $23.86 billion vs. $20.07 billion expected

Micron is benefiting from soaring demand for Nvidia graphics processing units that run generative artificial intelligence models. Each generation of Nvidia chip packs in more memory, creating a supply crunch. Micron has been working to add capacity, as have competitors Samsung and SK Hynix.

Revenue in the fiscal second quarter increased from $8.05 billion a year earlier, according to a statement.

For the current period, the company expects about $33.5 billion in revenue, up from $9.3 billion a year ago, implying growth of over 200%. Adjusted earnings per share will be about $19.15, Micron said. Analysts polled by LSEG had expected $12.05 in adjusted earnings per share on $24.3 billion in revenue.

“The step-up in our results and outlook are the outcome of an increase in memory demand driven by AI, structural supply constraints and Micron’s strong execution across the board,” CEO Sanjay Mehrotra said in prepared remarks the company issued at the time of the release.

Micron’s stock has been on a tear. The shares tripled in 2025 and have jumped another 62% year to date as of Wednesday’s close. Among the 10 most valuable U.S. tech companies, Micron is the only one that’s up. Oracle is the leading decliner, down 22%, and Microsoft and Tesla have also seen double-digit percentage drops.

“Looking at how the shares were trading going into this earnings report, I thought the biggest risk was high investor expectations,” said Hendi Susanto, a portfolio manager at Gabelli Funds, in an email. “However, fiscal third-quarter guidance is strong, well above analysts’ and my own expectations.”

Mehrotra said that AI and conventional servers are facing a “lack of adequate DRAM and NAND supply.” That refers to the company’s traditional memory products that have long been used in data centers and devices.

Memory companies have been shifting production capacity largely to high-bandwidth memory, which is embedded onto Nvidia’s latest GPUs and many other chips powering AI. Those products have higher margins.

The company’s GAAP gross margin, the profit left after accounting for the cost of goods sold, more than doubled in the past year to 74.4% from 36.8%, and increased from 56% in the prior quarter.

Net income climbed to $13.8 billion, or $12.07 per share, from $1.58 billion, or $1.41 per share, in the same quarter last year.

Micron said revenue in its cloud memory business rose more than 160% to $7.75…