Micron Technology, Inc. announced impressive results for its second fiscal quarter of 2026, which concluded on February 26, 2026. The company reported a significant increase in revenue, reaching $23.86 billion, a substantial rise compared to $13.64 billion in the prior quarter and $8.05 billion in the same period last year. This remarkable growth of 194% year-over-year was largely attributed to the robust demand for memory chips, particularly in the artificial intelligence sector, alongside tight industry supply conditions. Non-GAAP earnings per share stood at $12.20, significantly exceeding analyst expectations, while GAAP net income reached $13.79 billion, or $12.07 per diluted share, an increase of 771.3% from the previous year.
Sanjay Mehrotra, Chairman, President, and CEO of Micron Technology, highlighted the company's record achievements across revenue, gross margin, EPS, and free cash flow in fiscal Q2. He anticipates even more significant records in fiscal Q3, emphasizing that memory has become a strategic asset in the AI era. Micron's operating cash flow also saw a substantial increase, reaching $11.90 billion, up from $8.41 billion in the prior quarter and $3.94 billion for the same period last year. The company's board has approved a 30% increase in its quarterly dividend, reflecting confidence in the sustained strength of the business.
Breaking down the revenue by product, DRAM revenues reached $18.8 billion, marking a 207% increase year-over-year and constituting 79% of Micron's total revenues. NAND sales contributed $5 billion, an increase of 169% year-over-year, making up 21% of total revenues. The consolidated gross margin for the quarter was 75%, demonstrating significant pricing power due to constrained supply. Despite the record performance, Micron's leadership noted a severe imbalance between supply and demand, with CEO Mehrotra stating that the company can only fulfill 50% to two-thirds of some key customer orders in the near future.
Looking ahead to the third fiscal quarter of 2026, Micron provided optimistic guidance, forecasting revenue of $33.5 billion, plus or minus $750 million, and diluted earnings per share of $19.15, plus or minus $0.40. This outlook significantly surpasses market expectations, with Mehrotra noting that the fiscal Q3 single-quarter revenue guidance exceeds the full-year revenue for every year in the company's history through fiscal 2024. In response to the high demand and supply shortages, Micron plans to invest over $25 billion in capital expenditures in fiscal 2026 to expand its manufacturing capacity, including new facilities in Idaho and New York, with initial production from the Idaho fab expected by mid-2027.
