Micron’s fiscal Q3 surge and take-or-pay deals support strong outlook
Micron reported fiscal Q3 2026 revenue of $41.46 billion, up 345.7% year over year, with non-GAAP gross margin of 84.9% and operating income of $33.32 billion. Q4 guidance calls for $50.0 billion revenue and about 86% gross margin. Free cash flow rose to $18.30 billion, and the company holds $24.4 billion net cash after a $4.3 billion notes tender. Micron has signed 16 take-or-pay SCAs running 2026–2030 with about $100 billion minimum-price RPO across 14 agreements.