Summary
Micron Technology, Inc. delivered a record-breaking quarter with Q3 FY26 revenue of $41.5B, up 346% YoY, and non-GAAP gross margin surging to 84.9%.
MU's growth is powered by AI data center demand and transformative long-term take-or-pay contracts, securing ~50% of revenue and reducing cyclicality.
Management guides for $50B revenue next quarter and $30B in free cash flow for Q4 FY26, fully funding aggressive CapEx from operational cash generation.
I estimate MU's EPS at $114 in 12 months, supporting a $1,725/share price target by July 2027 at 15x P/E, with upside potential if growth outperforms.
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