# Micron stock Q3 2026: a $54bn record quarter, 81% margins and the HBM boom
> Micron stock Q3 2026: revenue up 4.8x to $54.2bn, an 80.7% operating margin and a $61.5bn guide. Our DCF says $846 vs an $885 price. Here is why.

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## Facts
- Ticker: MU
- QSILabs fair value: $846.07 USD
- Price: $884.74 (as of 2026-10-30)
- As of: Q3 2026: fiscal Q4 2026 results (quarter ended 2026-09-03), Form 10-K filed 2026-10-09
- Published: 2026-11-02
- Author: QSI Labs Research
- Canonical: https://www.quantitativesuperintelligencelabs.com/research/micron-stock-q3-2026-hbm-earnings-valuation/

## Short answer
Micron stock enters November 2026 as the purest public bet on AI memory, and its latest results show why. Micron's fiscal fourth quarter of 2026, which ran from June to early September and covers calendar Q3 2026, brought revenue of $54.2bn, up 4.8 times on a year earlier, a GAAP operating margin of 80.7% and earnings of $32.87 per share. Micron guided to $61.5bn for the next quarter. The open question for Micron stock in Q3 2026 is not demand; it is how long memory prices stay this high. All figures are as of Micron's fiscal Q4 2026 results, reported on 30 September 2026, and its Form 10-K, filed on 9 October 2026; share prices are as of the 30 October 2026 close of $884.74.

## Key takeaways
- Value: the QSILabs discounted cash flow value for Micron (MU) is $846.07 per share as of its fiscal Q4 2026 results, against an $884.74 close on 30 October 2026, about 4% lower.
- Record quarter: Micron revenue was $54,229m in fiscal Q4 2026 (quarter ended 3 September 2026), up from $11,315m a year earlier and $41,456m in the prior quarter, with a GAAP gross margin of 86.8% (Micron 8-K, 30 September 2026).
- Full year: Micron's fiscal 2026 revenue was $133,188m, 3.6 times fiscal 2025, with GAAP net income of $84,969m, or $74.33 per diluted share, and operating cash flow of $89.7bn.
- Guidance: Micron (MU) guided fiscal Q1 2027 revenue to $61.5bn, plus or minus $1.5bn, with a GAAP gross margin of about 85.95% and GAAP EPS of $37.84, plus or minus $1.00.
- Contracts: Micron received $12.75bn of customer deposits in fiscal 2026 under take-or-pay strategic customer agreements, and says even floor prices in those deals yield gross margins above its past peak (Form 10-K).

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