According to the filing that moved the market: on 24 June 2026, Micron told Wall Street it had turned in the strongest quarter in its history. Fiscal third-quarter revenue printed at $41.46 billion against an LSEG consensus of $35.84 billion, with adjusted earnings per share of $25.11 versus $20.78 expected, on revenue that stood at just $9.3 billion a year earlier. The shares added 15% in extended trading that night, capping a run of roughly 700% over the preceding year that had already pushed the company’s market value past $1 trillion. The orig headline on this story credited Sandisk and Western Digital with soaring on the news; the documents behind it name no such move, so the record here is Micron’s alone.
The numbers inside the statement, in order of severity. Gross margin hit 84.9%, up from 74.9% the prior quarter and 39% a year before. Net income came to $28.24 billion, equal to $24.46 a share, against $1.89 billion, or $1.68, in the year-ago period. Every business unit multiplied, none evenly: the core data center line grew seven times over, reaching $11.5 billion from a $1.53 billion base, cloud memory rose over 300% to $13.77 billion, mobile and client grew 250% to $11.52 billion, automotive and embedded more than quadrupled to $4.63 billion, and data center solid state drives cleared $5 billion on their own. The company guided the current quarter to about $50 billion, versus $43.58 billion expected and $11.3 billion a year ago, and declared a 15-cent dividend for July. On the transcript’s own summary arithmetic, the quarter marked revenue up 74% from the prior quarter and 346% against a year earlier.
The structural story sits in the contract regime announced on the same call. Micron has signed 16 Strategic Customer Agreements, take-or-pay deals that bind customers to specific volumes, typically for five years through the end of calendar 2030, with automotive terms closer to three. Together they cover roughly 20% of the company’s DRAM volume and a third of its NAND volume, and 14 of the 16 carry cumulative revenue at minimum prices of approximately $100 billion over the remaining term. CEO Sanjay Mehrotra, on the supply picture: “Our customers are recognizing that supply shortages in memory and storage will take considerable time to improve, even as we expect industry supply to improve gradually in 2028,” and on the contracts, “When completed, we expect approximately half or more of our company revenue to be under these” agreements, with $22 billion in cash deposits and financial commitments projected so far. CFO Mark Murphy put the logic plainly: “This is good for Micron,” he told analysts. “We get visibility on our demand, it’s committed volume that we can be confident about making our investments.”
On the timeline, the call’s supply argument is the part worth keeping: demand for DRAM and NAND exceeds supply, tightness is expected to persist beyond calendar 2027, and new fabs face construction lead times, skilled-trade shortages, permitting and energy infrastructure before a single wafer moves. The technology ledger runs the same direction, with the 1-gamma DRAM node and G9 NAND ramping, HBM4 12-High volumes tracking twice the pace of the previous generation and more than $1 billion in HBM4 revenue already shipped. Four months on, the market’s verdict sits in plain numbers: at the close on 2 November the stock traded at 833.59, down 5.78% on the day, a stock that had already priced in most of the record. The record shows a company that converted a shortage into contracts. What it cannot yet show is what those floors are worth in the glut, if one ever comes.
