Micron Technology, Inc. Reports Results for the Second Quarter of Fiscal 2026

Core Insights - Micron Technology reported record results in its second quarter of fiscal 2026, with significant increases in revenue, gross margin, EPS, and free cash flow, driven by strong demand and tight industry supply [3][7] - The company anticipates continued strong performance in fiscal Q3, reflecting the strategic importance of memory in the AI era [3][9] - A 30% increase in the quarterly dividend was approved by the board, indicating confidence in the business's sustained strength [3][5] Financial Performance - Revenue for Q2 2026 reached $23.86 billion, up from $13.64 billion in the previous quarter and $8.05 billion year-over-year [7] - GAAP net income was $13.79 billion, translating to $12.07 per diluted share, while non-GAAP net income was $14.02 billion, or $12.20 per diluted share [7][26] - Operating cash flow was reported at $11.90 billion, compared to $8.41 billion in the prior quarter and $3.94 billion in the same period last year [7] Business Unit Performance - The Cloud Memory Business Unit generated revenue of $7.75 billion with a gross margin of 74% [6] - The Core Data Center Business Unit reported revenue of $5.69 billion and a gross margin of 74% [6] - The Mobile and Client Business Unit achieved revenue of $7.71 billion, reflecting strong demand across various segments [6] Capital Expenditures and Cash Flow - Capital expenditures for Q2 2026 were $5.0 billion, with adjusted free cash flow of $6.9 billion [5][27] - The company ended the quarter with cash, marketable investments, and restricted cash totaling $16.7 billion [5] Outlook - For Q3 2026, Micron projects revenue of approximately $33.5 billion, with a gross margin of around 81% [9][30] - Diluted earnings per share are expected to be between $18.90 and $19.15 [9][30]