Micron Posts Record $41.5B Q3 Revenue, 84.9% Margin and $100B Contracts
MU•Micron posted record fiscal Q3 revenue of $41.5 billion, adjusted EPS of $25.11 and an 84.9% gross margin—the highest since 1990. The company secured 16 multiyear customer agreements worth over $100 billion in minimum contracted revenue ($22 billion in deposits) and sees Q4 revenue near $50 billion with an 86% margin.
1. Record Q3 Financial Performance
Micron posted record fiscal Q3 revenue of $41.46 billion, more than quadrupling from $9.30 billion a year earlier and up from $23.86 billion in the prior quarter, with adjusted EPS of $25.11 and an 84.9% gross margin—the highest since 1990. Operating cash flow reached $25.39 billion and the company ended the period with $30.2 billion in cash, marketable investments and restricted cash.
2. Strategic Customer Agreements
The company signed 16 multiyear customer agreements featuring take-or-pay commitments, representing over $100 billion of minimum contracted revenue and $22 billion in cash deposits, locking in memory supply through several years. These deals signal AI customers treating memory as a critical bottleneck, shifting it from a commodity to a strategic asset.
3. Q4 Outlook and Guidance
Micron forecasts fiscal Q4 revenue of approximately $50 billion, plus or minus $1 billion, with a gross margin near 86% and non-GAAP EPS of $31.00, plus or minus $1.00. Management highlighted high-volume shipments of HBM4 memory chips for AI systems and the development of HBM4E technology for volume production in 2027 to meet rising demand.
