Overview
- Micron posted Q2 revenue of $23.86 billion and EPS of $12.20, with record margins and guidance pointing to roughly 80% gross margin next quarter.
- The company guided Q3 revenue to about $33.5 billion and EPS around $19.15, both far above Wall Street forecasts.
- Fiscal 2026 capital spending was raised by $5 billion to more than $25 billion, with a further step-up flagged for 2027 to expand HBM and DRAM capacity.
- Shares fell roughly 4%–5% after the report as investors focused on the larger capex plan and the debate over whether margins have peaked.
- Analysts boosted targets — Citi and UBS to $510 and some to $700 — citing durable AI-driven demand, concentrated HBM supply among Micron, Samsung and SK Hynix, and new multi-year customer agreements including a five-year deal.