Slide 1: Financial results
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Slide 2: Safe Harbor Statement
Safe Harbor Statement During the course of this meeting, we may make projections or other forward-looking statements regarding market demand and supply, including drivers and timelines, our business model, including our strategic customer agreements, pricing trends and drivers, the impact of AI on o
Slide 3: Sanjay Mehrotra
Sanjay Mehrotra Chairman, President and Chief Executive Officer June 24, 2026 3
Slide 4: Overview
Overview • Micron delivered an exceptional fiscal Q3, with significant records in revenue, gross margin and EPS (earnings per share) — all exceeding the high end of our guidance. • Demonstrating Micron’s position as a leader enabling the AI era, our data center revenue exceeded $25 billion in fiscal
Slide 5: Industry Trends (1 of 3)
Industry Trends (1 of 3) • The memory industry has been structurally transformed by the proliferation of AI. • We are only in the early innings of the significant innovation and productivity that can be unleashed in every part of the global economy over time. • Data center-driven growth will be incr
Slide 6: Industry Trends (2 of 3)
Industry Trends (2 of 3) • With respect to supply, our customers are recognizing that supply shortages in memory and storage will take considerable time to improve. • Even as we expect industry supply to improve gradually in 2028, we currently do not have line of sight as to when memory supply will
Slide 7: Industry Trends (3 of 3)
Industry Trends (3 of 3) • In NAND, industry suppliers redirecting cleanroom space from NAND to DRAM and overall limited cleanroom space constrain NAND bit supply growth. • These factors taken together mean supply is structurally constrained in its growth and ability to meet industry demand, despite
Slide 8: Business Model Transformation and Strategic Customer Agreements (1 of 3)
Business Model Transformation and Strategic Customer Agreements (1 of 3) • Strong long-term demand growth, structurally constrained supply growth and memory’s strategic importance have caused customers to recognize that their product roadmaps rely on access to advanced memory technology and dependab
Slide 9: Business Model Transformation and Strategic Customer Agreements (2 of 3)
Not updated Business Model Transformation and Strategic Customer Agreements (2 of 3) • When completed, we expect approximately half or more of our company revenue to be under these SCAs with customers across end markets. Our customers value our U.S. supply plans, and this is reflected in our SCAs. •
Slide 10: Business Model Transformation and Strategic Customer Agreements (3 of 3)
Not updated Business Model Transformation and Strategic Customer Agreements (3 of 3) • For our SCAs with price bands, the floor price enables a very robust gross margin for Micron, well above our peak quarterly margins in any past cycle. • 14 of the 16 SCAs that we have signed have a cumulative reve
Slide 11: Technology and Product Leadership (1 of 2)
Technology and Product Leadership (1 of 2) • AI’s insatiable appetite for memory bandwidth and capacity, with low latency and low power, is driving memory architectural choices, memory product mix shifts and manufacturing process technology decisions, all of which increase the complexity of memory a
Slide 12: Technology and Product Leadership (2 of 2)
Technology and Product Leadership (2 of 2) • We expect future memory demand will continue to skew towards higher performance and higher value products, whose complexity carries higher cost per bit. • Transitions like LP5 to LP6, DDR5 to DDR6 and newer generations of HBM all come with rising bit cost
Slide 13: Data Center
Data Center • AI is driving unprecedented growth in data centers, with industry data center DRAM and NAND bit shipments in calendar 2026 expected to more than double from two years ago. • Agentic AI is structurally reshaping data center infrastructure, extending beyond accelerator-only racks to incl
Slide 14: PC and Mobile
PC and Mobile • PC and smartphone industry revenue is expected to grow despite unit volume declines, reflecting resilient demand for high-end devices at higher prices across end-device categories. • Agentic AI platforms such as OpenClaw and NemoClaw elevate the value of edge devices, enabling improv
Slide 15: Automotive and Robotics
Automotive and Robotics • In automotive, ADAS (advanced driver-assistance systems) remains a powerful driver of content growth. • L2+ and above vehicles, which feature progressively increasing levels of autonomy, have over five times the memory and storage content of an average vehicle. • The mix of
Slide 16: Market outlook
Market outlook • We now expect supply-demand conditions for both DRAM and NAND to remain tight beyond calendar 2027. • In DRAM, we expect industry DRAM bit shipments in calendar 2026 to grow in the low- to mid-20s percentage range, slightly above our prior outlook. • In NAND, we expect industry NAND
Slide 17: Micron Supply Efforts (1 of 3)
Micron Supply Efforts (1 of 3) • Our SCAs provide enhanced visibility on our long-term demand and provide us greater confidence on our capex (capital expenditures) and R&D (research and development) investments. • We are focused on maximizing output from our fabs, including collaboration with our su
Slide 18: Micron Supply Efforts (2 of 3)
Micron Supply Efforts (2 of 3) • We are also making good progress on expanding our global manufacturing footprint to increase supply over time. • This includes our significant investments in U.S. leading-edge DRAM manufacturing, with our ID1 and ID2 fabs in Idaho, whose construction is well underway
Slide 19: Micron Supply Efforts (3 of 3)
Micron Supply Efforts (3 of 3) • In our newly acquired Tongluo site in Taiwan, we expect to support meaningful product shipments from the existing 300,000-square-feet fab in mid-calendar 2027, about a quarter earlier than our prior expectations. • Adding to the existing fab, we have begun constructi
Slide 20: Mark Murphy
Mark Murphy Chief Financial Officer June 24, 2026 20
Slide 21: FQ3-26 revenue $41.5B
FQ3-26 revenue $41.5B Revenue up 74% Q/Q and up 346% Y/Y June 24, 2026 21
Slide 22: Performance by technology
Performance by technology DRAM FQ3-26 NAND FQ3-26 • $31.3 billion, representing 76% of total revenue in • $9.9 billion, representing 24% of total revenue in FQ3-26 FQ3-26 • Revenue increased 67% Q/Q • Revenue increased 99% Q/Q • Bit shipments up low-single digit percentage range • Bit shipments incr
Slide 23: Quarterly business unit financial results
Quarterly business unit financial results Amounts in millions FQ3-26 FQ2-26 FQ3-25 Cloud Memory (CMBU) Revenue $13,769 $7,749 $3,386 Gross margin 83 % 74 % 58 % Operating margin 78 % 66 % 46 % Core Data Center (CDBU) Revenue $11,524 $5,687 $1,530 Gross margin 87 % 74 % 38 % Operating margin 83 % 67
Slide 24: Financial performance by business unit (1 of 2)
Financial performance by business unit (1 of 2) • Cloud Memory Business Unit (CMBU) revenue was a record $13.8 billion and represented 33% of total company revenue. • CMBU revenue was up 78% sequentially, driven by higher pricing and bit shipments. • CMBU gross margins were 83%, up 9 percentage poin
Slide 25: Financial performance by business unit (2 of 2)
Financial performance by business unit (2 of 2) • Mobile and Client Business Unit (MCBU) revenue was a record $11.5 billion and represented 28% of total company revenue. • MCBU revenue was up 49% sequentially, driven by higher pricing, partially offset by lower bit shipments. • MCBU gross margins we
Slide 26: FQ3-26 Non-GAAP operating results
FQ3-26 Non-GAAP operating results Revenue: $41.46 billion Gross margin: 84.9% Operating expenses: $1.52 billion Operating income: $33.68 billion Net income: $28.86 billion Diluted earnings per share: $25.11 Cash from operations (GAAP): $25.39 billion See non-GAAP reconciliations in Appendix June 24,
Slide 27: Cash flow and capital allocation
Cash flow and capital allocation From FY-23 to FQ3-26 Cash flow from operations FQ3-26: $25.4 billion (61% of revenue) • $1.4 billion towards repurchasing 14 million shares Net Capex1 FQ3-26: $7.1 billion • $2.0 billion towards dividends paid Adjusted free cash flow* FQ3-26: $18.3 billion • $3.4 bil
Slide 28: FQ4-26 guidance Non-GAAP
FQ4-26 guidance Non-GAAP Revenue $50.0 billion ± $1.0 billion Gross margin Approximately 86% Operating expenses Approximately $1.65 billion Diluted earnings per share* $31.00 ± $1.00 *Based on ~1.15 billion diluted shares. See non-GAAP reconciliations in Appendix. June 24, 2026 28
Slide 29: Outlook
Outlook • Micron continues to invest in a disciplined manner across • We forecast free cash flow to increase substantially again our global footprint to address customer demand. in fiscal Q4. • As a reminder, our capex is net of anticipated • After Dec. 9, 2026, the second anniversary of the governm
Slide 30: Appendix
Appendix June 24, 2026 30
Slide 31: Financial summary
Financial summary Non-GAAP Amounts in millions, except per share FQ3-26 % of revenue FQ2-26 % of revenue FQ3-25 % of revenue Revenue $41,456 100% $23,860 100% $9,301 100% Gross margin 35,199 85% 17,876 75% 3,623 39% Operating income 33,681 81% 16,455 69% 2,490 27% Income tax (provision) benefit (5,0
Slide 32: Non-GAAP financial data and guidance
Non-GAAP financial data and guidance % of revenue FQ3-26 FQ3-26 non-GAAP (amounts in millions, FQ4-26 DRAM 76 % except per share) non-GAAP guidance NAND 24 % Revenue $41,456 $50.00 billion ± $1.0 billion Gross margin 84.9% Approximately 86% % Sales volume change FQ3-26 Q/Q Operating expenses $1,518
Slide 33: Revenue by technology
Revenue by technology % of % of % of Amounts in millions FQ3-26 revenue FQ2-26 revenue FQ3-25 revenue DRAM $31,328 76% $18,768 79% $7,071 76% NAND 9,943 24% 4,997 21% 2,155 23% Other (primarily NOR) 185 —% 95 —% 75 1% Total $41,456 100% $23,860 100% $9,301 100% Percentages of total revenue may not t
Slide 34: Revenue by technology
Revenue by technology Amounts in millions FQ3-26 FQ2-26 Q/Q % Change FQ3-25 Y/Y % Change DRAM $31,328 $18,768 67% $7,071 343% NAND 9,943 4,997 99% 2,155 361% Other (primarily NOR) 185 95 95% 75 147% Total $41,456 $23,860 74% $9,301 346% June 24, 2026 34
Slide 35: Revenue by business unit
Revenue by business unit Amounts in millions FQ3-26 FQ2-26 Q/Q % Change FQ3-25 Y/Y % Change Cloud Memory (CMBU) $13,769 $7,749 78% $3,386 307% Core Data Center (CDBU) 11,524 5,687 103% 1,530 653% Mobile and Client (MCBU) 11,521 7,711 49% 3,255 254% Automotive and Embedded (AEBU) 4,634 2,708 71% 1,12
Slide 36: Non-GAAP reconciliations
Non-GAAP reconciliations June 24, 2026 36
Slide 37: Consolidated results
Consolidated results Non-GAAP reconciliations Amounts in millions FQ3-26 FQ2-26 FQ3-25 GAAP gross margin $35,056 $17,755 $3,508 Stock-based compensation 143 121 115 Non-GAAP gross margin $35,199 $17,876 $3,623 GAAP operating expenses $1,738 $1,620 $1,339 Stock-based compensation (198) (176) (148) Ot
Slide 38: Consolidated results
Consolidated results Non-GAAP reconciliations Amounts in millions FQ3-26 FQ2-26 FQ3-25 GAAP cost of goods sold $6,400 $6,105 $5,793 Stock-based compensation (143) (121) (115) Non-GAAP cost of goods sold $6,257 $5,984 $5,678 GAAP research and development $1,316 $1,250 $965 Stock-based compensation (1
Slide 39: Consolidated results
Consolidated results Non-GAAP reconciliations Amounts in millions FQ3-26 FQ2-26 FQ3-25 GAAP net income $28,243 $13,785 $1,885 Stock-based compensation 341 297 263 Loss on debt prepayments 325 47 46 Other 23 25 58 Estimated tax effects of above and other tax adjustments (75) (133) (71) Non-GAAP net i
Slide 40: Consolidated results
Consolidated results Non-GAAP reconciliations Amounts in millions FQ3-26 FQ2-26 FQ3-25 GAAP net income $28,243 $13,785 $1,885 Interest (income) expense, net (215) (123) (12) Income tax provision (benefit) 4,978 2,371 235 Depreciation expense and amortization of intangible assets 2,364 2,286 2,094 No
Slide 41: Consolidated results
Consolidated results Non-GAAP reconciliations Amounts in millions, except per share FQ3-26 FQ2-26 FQ3-25 GAAP shares used in diluted EPS calculations 1,145 1,142 1,125 Adjustment for stock-based compensation 4 7 19 Non-GAAP shares used in diluted EPS calculations 1,149 1,149 1,144 GAAP diluted earni
Slide 42: Consolidated results
Consolidated results Non-GAAP reconciliations Amounts in millions FQ3-26 FQ2-26 FQ3-25 Cash and cash equivalents $24,995 $13,908 $10,163 Short-term investments 1,027 681 648 Long-term marketable investments 4,106 2,038 1,402 Restricted cash 27 26 6 Current debt (582) (585) (538) Long-term debt (5,14
Slide 43: FQ4-26 guidance
FQ4-26 guidance Non-GAAP reconciliations GAAP Outlook Adjustments Non-GAAP Outlook Revenue $50.0 billion ± $1.0 billion — $50.0 billion ± $1.0 billion Gross margin Approximately 86% —A Approximately 86% Operating expenses Approximately $1.86 billion $205 million B Approximately $1.65 billion Diluted
Slide 44: © 2026 Micron Technology, Inc. All rights reserved.
© 2026 Micron Technology, Inc. All rights reserved. Information, products, and/or specifications are subject to change without notice. All information is provided on an “AS IS” basis without warranties of any kind. Statements regarding products, including statements regarding product features, avail