Micron Q3 2026: Revenue Quadruples to $42B, HBM Supply Sold Out

Micron's fiscal third quarter of 2026 delivered a result that makes most tech earnings look incremental. Revenue came in at nearly $42 billion, quadrupled from $9 billion a year earlier and well past the consensus estimate of roughly $36 billion, according to The Next Web. Gross margins crossed 81%, up from 27% in the year-ago quarter. Adjusted earnings per share landed above $25, against an expectation of around $21.

The engine behind the numbers is high-bandwidth memory for AI accelerators. CEO Sanjay Mehrotra said the company can fulfill "only between half and two-thirds" of customer demand, with the entire 2026 HBM supply sold out under multi-year contracts. Micron has collected $22 billion in customer prepayments, which partly explains its willingness to raise its capital expenditure forecast from a previous $20 billion target to more than $25 billion. HBM4 revenue has already exceeded $1 billion, and the company says HBM4 is ramping twice as fast as the prior HBM3E generation.

Fourth-quarter guidance puts projected revenue at approximately $50 billion, well above the analyst expectation of roughly $44 billion, and would compare to just over $11 billion in the year-ago quarter.

The honest caveat is that Micron ranks third among HBM suppliers, behind SK Hynix and Samsung, and reportedly holds the thinnest share of Nvidia's HBM4 allocations among the three. Whether that changes as the HBM market grows toward a projected $100 billion by 2028, from approximately $35 billion in 2025, is not a question these results answer. What the reporting also does not give you is a breakdown of how much of the $42 billion came from HBM specifically versus Micron's broader DRAM and NAND lines.

For infrastructure buyers, the supply picture Mehrotra described is as relevant as the financial one: the companies that locked in multi-year contracts have guaranteed access, and those that did not are still waiting.