BOISE, Idaho, August 29, 2026, 16:58 (EDT)
- Micron most recently traded at $932.86, slipping 0.25%. The company’s market capitalisation stands at $1.07 trillion.
- Revenue for the fiscal third quarter was $41.46 billion, while GAAP gross margin came in at 84.6%.
- Micron forecast fiscal fourth-quarter revenue at $50 billion, with a possible variance of $1 billion either way.
- Analyst consensus stands at $1,513.41, with target estimates ranging from $361 to $2,200.
Micron Technology Inc. (NASDAQ:MU) dipped 0.25% to $932.86 in the most recent quote. Increased U.S. Google searches for “themotleyfool” drew focus to Micron’s AI-memory demand and sentiment connected to Nvidia U.S. Google Trends source.
The slight drop brought Micron’s valuation to roughly $1.07 trillion. Investors are weighing this against a projected fiscal fourth-quarter revenue midpoint of $50 billion and an expected gross margin of 86%.
Micron reported fiscal third-quarter revenue of $41.46 billion, up from $9.30 billion a year ago. GAAP net income was $28.24 billion, and operating cash flow came to $25.39 billion Micron fiscal Q3 results.
Adjusted free cash flow reached $18.3 billion following $7.1 billion in capital expenditures. Chief Executive Sanjay Mehrotra stated the results demonstrated the “strategic value of memory in the AI era.”
Execution in product delivery is now as crucial as demand. Micron reported that HBM4 is shipping in high volume for its primary customer’s platform, with HBM4E manufacturing still scheduled for calendar 2027.
| Metric | FQ3 2025 | FQ2 2026 | FQ3 2026 | FQ4 2026 outlook |
|---|---|---|---|---|
| Revenue | $9.30B | $23.86B | $41.46B | $50.0B ± $1.0B |
| GAAP gross margin | 37.7% | 74.4% | 84.6% | Approximately 86% |
| GAAP diluted EPS | $1.68 | $12.07 | $24.67 | $30.73 ± $1.00 |
| Operating cash flow | $4.61B | $11.90B | $25.39B | No disclosure |
The market capitalization stands at approximately 6.4 times the annualized revenue of the fiscal third quarter. It is also equivalent to around 14.6 times the annualized adjusted free cash flow. If fourth-quarter guidance is met, these ratios appear less stretched.
Wall Street sentiment is positive, though not unanimous. The consensus forecast from 44 analysts sets an average price target at $1,513.41, suggesting a potential increase of 62.2%. Estimates from individual analysts span from $361 up to $2,200 analyst consensus.
Micron is set to release its fiscal fourth-quarter results on September 30. Investors are expected to focus on whether HBM shipments maintain the 86% margin forecast and underpin the $50 billion revenue midpoint Micron investor relations.
Risks: Memory pricing continues to display cyclical trends. Heavy reliance on key customers, significant capital outlays and quicker industry capacity growth by competitors may affect margins. The broad span of analyst targets highlights the valuation’s sensitivity to different assumptions.
Micron’s earnings momentum remains intact despite Friday’s slight pullback. However, reaching a trillion-dollar valuation in September now depends on sustained AI demand and outstanding margins.
Related articles: NASDAQ:MU
