The numbers don’t need editorializing. They’re large.
Micron’s Q2 FY26 earnings release reported revenue of $23.86 billion for the quarter ended February 26, 2026, compared to $8.05 billion in Q2 FY25 and $13.64 billion in Q1 FY26. That’s 196% year-over-year growth in a single quarter. GAAP net income came in at $13.79 billion, or $12.07 per diluted share.
The board approved a 30% increase in the quarterly dividend, a move that typically signals management’s belief that elevated revenue levels are sustainable rather than cyclical noise. The company reported operating cash flow of $11.90 billion for the quarter, according to its earnings release.
Guidance points further up. Management forecast approximately $33.5 billion in Q3 FY26 revenue, a figure confirmed in the official press release and corroborated by CNBC. That’s a forecast, not a guarantee. The company also guided for adjusted EPS growth of approximately 57% quarter over quarter, according to the company’s earnings guidance.
AI memory demand, particularly high-bandwidth memory used in model training and inference, is the stated driver. The market’s reaction was muted despite the results. That gap between financial performance and stock movement is worth watching.