Micron Technology Revenue Surges 196% to $23.86B in Q2 FY2026

Micron Technology (NASDAQ: MU), a memory and storage chip manufacturer, reported net revenue of $23.86 billion for the three months ending February 26, 2026, a 196% increase from $8.05 billion in the same quarter last year. For the six months ending February 26, revenue reached $37.50 billion, up 124% from $16.76 billion in the prior-year period. Read more earnings reports.

The company posted net income of $13.79 billion for the quarter, compared to $1.58 billion a year earlier. For the half-year period, net income totaled $19.03 billion versus $3.45 billion in the corresponding period of fiscal 2025. Operating income for the quarter was $16.14 billion, up from $1.77 billion in the prior-year quarter.

Gross profit margin widened dramatically. For the three months ending February 26, gross profit was $17.76 billion on the $23.86 billion in revenue, compared to gross profit of $2.96 billion on $8.05 billion in revenue a year earlier. Cost of goods sold was $6.11 billion for the quarter, down from $5.09 billion in the year-ago period despite the revenue surge.

By business segment, the Compute and Networking Business Unit generated $18.77 billion in revenue for the quarter, up from $6.12 billion a year earlier. The Mobile Business Unit recorded revenue of $4.997 billion, compared to $1.86 billion in the prior-year quarter. The Embedded Business Unit contributed $95 million versus $75 million a year ago.

For the six-month period, Compute and Networking revenue was $29.58 billion compared to $12.52 billion in the prior-year half. Mobile revenue reached $7.74 billion versus $4.10 billion, while Embedded revenue was $183 million compared to $143 million.

Operating expenses for the quarter totaled $1.62 billion, up from $1.19 billion a year earlier. Research and development expenses were $1.25 billion versus $898 million in the prior-year quarter. Selling, general and administrative expenses increased to $344 million from $285 million.

The company reported diluted earnings per share of $12.07 for the quarter ending February 26, 2026, compared to $1.41 in the same quarter of fiscal 2025. For the six-month period, diluted EPS was $16.68 versus $3.08 in the prior-year half.

Cash from operations for the six months ending February 26 was $20.31 billion, up from $7.19 billion in the year-earlier period. Cash used in investing activities was $10.12 billion compared to $6.30 billion a year ago. Cash used in financing activities was $5.91 billion versus $326 million in the prior-year period.

Total assets as of February 26, 2026 were $101.51 billion, up from $82.80 billion as of August 28, 2025. Cash and cash equivalents stood at $13.91 billion compared to $9.64 billion at the end of fiscal 2025. Accounts receivable more than doubled to $15.39 billion from $7.16 billion.

Stockholders' equity increased to $72.46 billion as of February 26, 2026 from $54.17 billion as of August 28, 2025. Retained earnings grew to $66.82 billion from $48.58 billion. The company had 1.128 billion shares outstanding as of the quarter end, up from 1.122 billion at fiscal year-end.

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