Micron $MU jumps 18%; Q3 revenue $41.46B beats $35.91B view

$41.46B of fiscal Q3 revenue put Micron Technology $MU back at the center of the AI memory trade, with shares up about 18% in premarket trading after the company reported results for the quarter ended May 28, 2026. The figure compares with $23.86B in the prior quarter and $9.30B a year earlier in Micron's official results release.

The earnings surprise was concrete. Micron reported GAAP net income of $28.24B, or $24.67 per diluted share, and non-GAAP net income of $28.86B, or $25.11 per diluted share. Earnings trackers cited consensus near $35.91B of revenue and $20.98 of EPS, putting the beat at roughly $5.54B on sales and $4.13 on adjusted EPS.

Management tied the step-change to strategic customer agreements in memory and storage. The release said operating cash flow reached $25.39B, compared with $11.90B in the prior quarter and $4.61B a year earlier. Capital expenditures, net, were $7.1B, and adjusted free cash flow was $18.3B.

The forward number matters because the stock reaction is not only about the May quarter. Micron guided fiscal Q4 revenue to $50B, plus or minus $1B, with non-GAAP diluted EPS of $31.00, plus or minus $1.00. That guidance extends the question from one earnings beat to whether high-bandwidth memory and broader DRAM/NAND pricing can hold through the next quarter.

For the broader market, Micron is now a read-through for AI infrastructure costs, server supply chains, and downstream hardware pricing. The next check is the fiscal Q4 report and any update on the volume, duration, and pricing terms of the strategic customer agreements.

Not investment advice. Verify all figures with primary sources before acting.