Micron reports another stellar quarter and blowout guidance

Micron is whipsawing in after-hours trading despite reporting another quarter of fantastic results with an even better outlook.

For its fiscal Q2 (the period ended February 2026), the memory chip specialist reported:

• Revenue of $23.86 billion (estimate: $19.74 billion, guidance: $18.3 billion to $19.1 billion).

• Adjusted earnings per share of $12.20 (estimate: $9.00, guidance: $8.22 to $8.62).

When Micron provided an outlook for this quarter three months ago, even the bottom ends of its adjusted sales and earnings guidance were above the most optimistic analyst’s estimates. That robust view prompted the stock to nearly double over the next 30 days, and accelerated investors’ interest in memory stocks, which benefited from relatively inexpensive valuations, eye-popping earnings revisions, and strong pricing power as demand ran ahead of supply.

For Q3, management said to expect revenues of $33.5 billion (plus or minus $750 million) with adjusted earnings per share of $19.15 (plus or minus $0.40).

Both of those compare favorably with consensus estimates of $23.66 billion and $11.29, respectively.

“We think any update Micron can provide on (1) the degree they are undershipping end demand (last quarter Micron said that they could only support 50% to 2/3rd of key customer demand), (2) progress and structure on LTA agreements (specifically prepayments), and (3) views on demand growth in 2027 will be the key focus areas for investors,” Morgan Stanley analyst Joseph Moore wrote ahead of this release. “We are hearing buy side consensus north of $15 [for Q3], and while that number seems ultimately achievable, we aren’t sure if they will guide that high.”