Micron Posts $41.5 Billion Q3 Revenue as Memory Prices, Not Shipments, Drive 74% Jump
Updated
Updated · Trefis · Aug 21
Micron Posts $41.5 Billion Q3 Revenue as Memory Prices, Not Shipments, Drive 74% Jump
3 articles · Updated · Trefis · Aug 21
Summary
$41.5 billion in fiscal Q3 2026 revenue marked a 74% sequential surge, but Micron’s record quarter came with DRAM bit shipments up only low single digits and NAND up mid-single digits.
Price did the heavy lifting: DRAM prices rose in the low 60% range and NAND prices in the mid-80% range, leaving earnings highly exposed if memory pricing cools without any drop in orders.
NAND accounted for 24% of revenue, yet Micron faces a tougher supply backdrop there as YMTC captured 14% of global NAND shipments in calendar Q2, ahead of Micron by third-party estimates.
Micron says 16 take-or-pay customer agreements provide some protection, but they cover only about 20% of DRAM volume and one-third of NAND volume, leaving most sales still tied to market repricing.
The key risk is margin durability rather than valuation: operating margin hit 65.7% versus a three-year average of 11.2%, while Micron guided fiscal Q4 revenue to about $50 billion with a meaningful moderation in price increases.