Micron Q2 Earnings Top Estimates With Record Revenue
Micron Q2 earnings topped estimates on March 18, 2026 as AI memory demand drove revenue to $23.9 billion and spurred guidance pointing to further upside.
KEY TAKEAWAYS
- Revenue hit $23.9 billion, exceeding pre-report analyst estimates of about $19.7 billion.
- Operating cash flow rose to $11.9 billion, strengthening Micron's liquidity profile.
- Management expects another record quarter for revenue, margins, EPS and free cash flow.
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Micron Technology Inc. (MU) reported fiscal second-quarter earnings on March 18, 2026, that surpassed expectations as strong AI-related memory demand and tight industry supply boosted sales. The company forecast another record quarter ahead.
Record Revenue and Cash Flow
Micron posted revenue of $23.9 billion for the quarter ended February 26, 2026, up from $13.6 billion in the prior quarter and $8.1 billion a year earlier. GAAP net income reached $13.8 billion, or $12.07 per diluted share, while non-GAAP net income was $14.0 billion, or $12.20 per diluted share. Operating cash flow rose to $11.9 billion, compared with $8.4 billion in the previous quarter and $3.9 billion in the year-ago period. The surge in cash flow reflects a significant strengthening of Micron’s liquidity following the revenue jump.
AI Demand and Outlook
Company executives attributed the strong results to robust AI memory demand, including from Nvidia’s AI chips, combined with constrained industry supply that kept inventories tight. The results exceeded analyst forecasts that had anticipated about $19.7 billion in revenue and $9.19 in earnings per share. Sanjay Mehrotra, chairman, president, and CEO, said, “Micron set new records across revenue, gross margin, EPS, and free cash flow in fiscal Q2.” The company expects to set significant records again in fiscal Q3 across those same metrics, signaling management’s view that the favorable demand-supply dynamics will continue into the next quarter.
