$MU · MICRON TECHNOLOGY INC

Micron Technology filed its FY2026 10-K, reporting revenue of $133.188B (+256% YoY), gross margin of 80.7%, operating margin of 74.6%, and net income of $84.969B ($74.33 diluted EPS). DRAM revenue reached $100.68B (+252%) and NAND revenue grew 274%, both driven by sharp ASP increases and mid-20% bit shipment growth. The company disclosed that strategic customer agreements with price bands are expected to produce gross margins "meaningfully above" any prior cycle peak, even at floor pricing.

Extended-hours trading shows MU at $1,055.00, up 1.85% vs the regular close of $1,036.84 but down 3.03% from the filing-time price of $1,088.00. The modest after-hours gain suggests the blockbuster FY2026 numbers were largely priced in, though the strategic-agreement margin floor disclosure may be providing support.

Micron's results confirm the memory industry has structurally transformed: AI-driven HBM demand and strategic pricing agreements are producing margins and cash flows that make prior cycles look like a

Micron's FY2026 results reflect the AI infrastructure buildout super-cycle, with HBM and data-center DRAM demand driving pricing power unseen in the memory industry's history. The 80.7% gross margin and strategic price-band agreements signal a structural shift away from the boom-bust commodity-m

Tariff and trade regulation risks are flagged, including potential escalation of U.S.-China restrictions that could impact Micron's significant China revenue exposure. The filing also notes intense competition in semiconductor memory markets requiring continuous R&D investment and manufacturing cost