Micron Technology Crushed Earnings, but Is There More Upside For the Stock?

Micron Technology’s earnings surge has reset expectations for fiscal Q3 2026, though analysts are now weighing whether there is additional upside. For the quarter, Wall Street expected Micron to raise YoY earnings by nearly 11X to $20.83 per share, but Micron reported $25.00 EPS, beating consensus by $4.28. Revenue jumped 345.8% YoY to $41.46 billion, versus $35.85 billion expected. The company posted $7.1 billion in capex and adjusted free cash flow of $18.3 billion, alongside non-GAAP gross margin of 84.9%. Results included strong momentum across units, including cloud memory revenue up nearly double QoQ to $13.77 billion and data center revenue of $25 billion, indicating a $100 billion run rate. For fiscal Q4 2026, Micron guided EPS to $30.00–$32.00 and revenue to $49.00–$51.00. Supply shortages are not expected to improve until 2028. Micron has also secured 16 multi-year strategic customer agreements covering nearly 20% of its DRAM volume and a third of NAND volume, strengthening visibility, while valuation remains tied to DRAM cycle durability.