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, pricing trends and drivers, the impact of AI on our industry and our business, our customers, our manufacturing pr
Slide 3: Sanjay Mehrotra
Sanjay Mehrotra Chairman, President and Chief Executive Officer March 18, 2026 3
Slide 4: Overview (1 of 3)
Overview (1 of 3) • Micron delivered an exceptional fiscal Q2, with stellar records in revenue, gross margin, EPS (earnings per share) and free cash flow. • Quarterly revenue nearly tripled versus one year ago, and revenue for DRAM, NAND, HBM (high-bandwidth memory) and each business unit reached ne
Slide 5: Overview (2 of 3)
Overview (2 of 3) • The step-up in our results and outlook are the outcome of an increase in memory demand driven by AI, structural supply constraints and Micron’s strong execution across the board. • Our memory and storage solutions are at the heart of this AI revolution. • Memory makes AI smarter
Slide 6: Overview (3 of 3)
Overview (3 of 3) • We continue to work with customers on strategic customer agreements — or SCAs — that are different from prior LTAs (long-term agreements) and have specific commitments over a multi-year time horizon for improved visibility and stability in our business model. • These SCAs also pr
Slide 7: Technology (1 of 2)
Technology (1 of 2) • We are making excellent progress ramping our industry-leading 1γ (1-gamma) DRAM and G9 NAND technology nodes. • We expect 1γ to become the highest-volume node in Micron's history. • Our 1γ node was already the fastest ramp to mature yields, is ramping volumes faster than all pr
Slide 8: Technology (2 of 2)
Technology (2 of 2) • In NAND, our G9 node also remains on track to constitute a majority of bits by mid-calendar 2026. We also achieved a record mix of QLC (quad-level cell) bits in the quarter. • Looking ahead, we expect co-location of R&D (research and development) and high-volume manufacturing a
Slide 9: Data center server demand
Data center server demand • AI demand is driving DRAM and NAND data center bit TAM (total addressable market) to exceed 50% of the industry TAM for the first time in calendar 2026. • Traditional server demand is robust, driven by a combination of demand from workloads initiated by agentic AI as well
Slide 10: Data center HBM
Data center HBM • At NVIDIA’s GTC (GPU Technology Conference), we announced that Micron has begun volume shipments of its HBM4 36GB 12H in the first quarter of calendar year 2026 and is designed for the NVIDIA Vera Rubin. • With our HBM4 production ramp and volume shipments underway, we expect to re
Slide 11: Data center LP DRAM
Data center LP DRAM • Micron pioneered the development of LP DRAM for the data center, which consumes one-third the power of DDR DRAM server modules. • Building on this leadership, we sampled the industry’s first 256GB LP SOCAMM2 product, which is built using our 1γ node and enables a massive 2TB of
Slide 12: Data center NAND
Data center NAND • We are seeing an acceleration in NAND bit demand in the data center due to AI use cases such as vector database and KV cache offload, and due to growing share of SSDs in capacity storage tiers. • Micron's data center SSD product portfolio, enabled by our technology leadership and
Slide 13: PC
PC • In calendar 2026, a number of factors, including DRAM and NAND supply constraints, could cause PC and smartphone units to decline in the low-double-digits percentage range. • Over time, we expect the value of on-device AI to drive strong memory content growth in PCs and smartphones. • In PCs, t
Slide 14: Mobile
Mobile • Likewise, in smartphones, OEMs have recently announced new flagship devices such as Samsung Galaxy S26 and Google Pixel 10 with agentic AI integrated into their mobile operating systems. • The mix of flagship smartphones shipping with 12GB or more of DRAM increased to nearly 80% in calendar
Slide 15: Automotive, industrial and embedded (1 of 2)
Automotive, industrial and embedded (1 of 2) • We saw continued pricing improvement across automotive, industrial and embedded markets. • Total AEBU (Automotive and Embedded Business Unit) revenues reached a record, with automotive and industrial revenue together exceeding $2 billion in the quarter.
Slide 16: Automotive, industrial and embedded (2 of 2)
Image option 1 Automotive, industrial and embedded (2 of 2) • Rapid improvements in AI are supercharging the capabilities of robots. • We believe we are on the cusp of a 20-year growth vector in robotics and expect robotics to become one of the largest product categories in the technology world. • H
Slide 17: Market outlook
Market outlook • We expect both DRAM and NAND industry bit demand in calendar 2026 to be constrained by supply. • We continue to expect supply-demand conditions for both DRAM and NAND to remain tight beyond calendar 2026. • We expect industry DRAM bit shipments in calendar 2026 to grow in the low-20
Slide 18: Supply efforts (1 of 3)
Supply efforts (1 of 3) • Micron is working to address the unprecedented gap between supply and demand, and we achieved several important milestones in expanding our global manufacturing footprint this past quarter. • In DRAM, earlier this week, we announced the successful closing of the acquisition
Slide 19: Supply efforts (2 of 3)
Supply efforts (2 of 3) • In NAND, the combination of a higher demand outlook and our decision to co-locate R&D cleanroom in our manufacturing fab underpin our decision to break ground for a new NAND fab at our Singapore site. • We expect initial wafer output from this fab in the second half of cale
Slide 20: Supply efforts (3 of 3)
Supply efforts (3 of 3) • We expect fiscal 2026 capex (capital expenditures) to be above $25 billion. • From our last earnings call estimate, the majority of the increase is driven by cleanroom facility-related capex — of which the largest factor is Tongluo, followed by construction spend increase o
Slide 21: Mark Murphy
Mark Murphy Chief Financial Officer March 18, 2026 21
Slide 22: FQ2-26 revenue $23.9B
FQ2-26 revenue $23.9B Revenue up 75% Q/Q and up 196% Y/Y March 18, 2026 22
Slide 23: Performance by technology
Performance by technology DRAM FQ2-26 NAND FQ2-26 • $18.8 billion, representing 79% of total revenue • $5.0 billion, representing 21% of total revenue in in FQ2-26 FQ2-26 • Revenue increased 207% Y/Y • Revenue increased 169% Y/Y • Revenue increased 74% Q/Q • Revenue increased 82% Q/Q • Bit shipments
Slide 24: Quarterly business unit financial results
Quarterly business unit financial results Amounts in millions FQ2-26 FQ1-26 FQ2-25 Cloud Memory (CMBU) Revenue $7,749 $5,284 $2,947 Gross margin 74 % 66 % 55 % Operating margin 66 % 55 % 45 % Core Data Center (CDBU) Revenue $5,687 $2,379 $1,830 Gross margin 74 % 51 % 47 % Operating margin 67 % 37 %
Slide 25: Financial performance by business unit (1 of 2)
Financial performance by business unit (1 of 2) • Cloud Memory Business Unit revenue was a record $7.7 billion and represented 32% of total company revenue. • CMBU revenue was up 47% sequentially, driven by an increase in prices and favorable mix. • CMBU gross margins were 74%, higher by 9 percentag
Slide 26: Financial performance by business unit (2 of 2)
Financial performance by business unit (2 of 2) • Mobile Client Business Unit revenue was a record $7.7 billion and represented 32% of total company revenue. • MCBU revenue was up 81% sequentially, driven by higher pricing, partially offset by lower bit shipments. • MCBU gross margins were 79%, up 2
Slide 27: FQ2-26 Non-GAAP operating results
FQ2-26 Non-GAAP operating results Revenue: $23.86 billion Gross margin: 74.9% Operating expenses: $1.42 billion Operating income: $16.46 billion Net income: $14.02 billion Diluted earnings per share: $12.20 Cash from operations (GAAP): $11.90 billion See non-GAAP reconciliations in Appendix March 18
Slide 28: Cash flow and capital allocation
Cash flow and capital allocation From FY-23 to FQ2-26 Cash flow from operations FQ2-26: $11.9 billion (50% of revenue) • $1.4 billion toward repurchasing 14 million shares Net Capex1 FQ2-26: $5.0 billion • $1.8 billion towards dividends paid • $3.2 billion returned to Adjusted free cash flow* FQ2-26
Slide 29: FQ3-26 guidance Non-GAAP
FQ3-26 guidance Non-GAAP Revenue $33.5 billion ± $750 million Gross margin Approximately 81% Operating expenses Approximately $1.40 billion Diluted earnings per share* $19.15 ± $0.40 *Based on ~1.15 billion diluted shares. See non-GAAP reconciliations in Appendix. March 18, 2026 29
Slide 30: Outlook
Outlook • We expect higher price, lower cost and favorable mix to • Micron continues to invest in a disciplined manner across all contribute to gross margin expansion in Q3. our global footprint. • As mentioned last quarter, Micron’s fiscal Q4 2026 opex • To address customer demand, as mentioned ear
Slide 31: Appendix
Appendix March 18, 2026 31
Slide 32: Financial summary
Financial summary Non-GAAP Amounts in millions, except per share FQ2-26 % of revenue FQ1-26 % of revenue FQ2-25 % of revenue Revenue $23,860 100% $13,643 100% $8,053 100% Gross margin 17,876 75% 7,753 57% 3,053 38% Operating income 16,455 69% 6,419 47% 2,007 25% Income tax (provision) benefit (2,504
Slide 33: Non-GAAP financial data and guidance
Non-GAAP financial data and guidance % of revenue FQ2-26 FQ2-26 non-GAAP (amounts in millions, FQ3-26 DRAM 79 % except per share) non-GAAP guidance NAND 21 % Revenue $23,860 $33.5 billion ± $750 million Gross margin 74.9% Approximately 81% % Sales volume change FQ2-26 Q/Q Operating expenses $1,421 A
Slide 34: Revenue by technology
Revenue by technology % of % of % of Amounts in millions FQ2-26 revenue FQ1-26 revenue FQ2-25 revenue DRAM $18,768 79% $10,812 79% $6,123 76% NAND 4,997 21% 2,743 20% 1,855 23% Other (primarily NOR) 95 —% 88 1% 75 1% Total $23,860 100% $13,643 100% $8,053 100% Percentages of total revenue may not to
Slide 35: Revenue by technology
Revenue by technology Amounts in millions FQ2-26 FQ1-26 Q/Q % Change FQ2-25 Y/Y % Change DRAM $18,768 $10,812 74% $6,123 207% NAND 4,997 2,743 82% 1,855 169% Other (primarily NOR) 95 88 8% 75 27% Total $23,860 $13,643 75% $8,053 196% March 18, 2026 35
Slide 36: Revenue by business unit
Revenue by business unit Amounts in millions FQ2-26 FQ1-26 Q/Q % Change FQ2-25 Y/Y % Change Cloud Memory (CMBU) $7,749 $5,284 47% $2,947 163% Core Data Center (CDBU) 5,687 2,379 139% 1,830 211% Mobile and Client (MCBU) 7,711 4,255 81% 2,236 245% Automotive and Embedded (AEBU) 2,708 1,720 57% 1,034 1
Slide 37: Non-GAAP reconciliations
Non-GAAP reconciliations March 18, 2026 37
Slide 38: Consolidated results
Consolidated results Non-GAAP reconciliations Amounts in millions FQ2-26 FQ1-26 FQ2-25 GAAP gross margin $17,755 $7,646 $2,963 Stock-based compensation 121 107 89 Other — — 1 Non-GAAP gross margin $17,876 $7,753 $3,053 GAAP operating expenses $1,620 $1,510 $1,190 Stock-based compensation (176) (173)
Slide 39: Consolidated results
Consolidated results Non-GAAP reconciliations Amounts in millions FQ2-26 FQ1-26 FQ2-25 GAAP cost of goods sold $6,105 $5,997 $5,090 Stock-based compensation (121) (107) (89) Other — — (1) Non-GAAP cost of goods sold $5,984 $5,890 $5,000 GAAP research and development $1,250 $1,171 $898 Stock-based co
Slide 40: Consolidated results
Consolidated results Non-GAAP reconciliations Amounts in millions FQ2-26 FQ1-26 FQ2-25 GAAP net income $13,785 $5,240 $1,583 Stock-based compensation 297 280 233 Loss on debt prepayments 47 130 4 Other 25 (20) — Estimated tax effects of above and other tax adjustments (133) (148) (37) Non-GAAP net i
Slide 41: Consolidated results
Consolidated results Non-GAAP reconciliations Amounts in millions FQ2-26 FQ1-26 FQ2-25 GAAP net income $13,785 $5,240 $1,583 Interest (income) expense, net (123) (65) 4 Income tax provision (benefit) 2,371 829 177 Depreciation expense and amortization of intangible assets 2,286 2,212 2,079 Non-GAAP
Slide 42: Consolidated results
Consolidated results Non-GAAP reconciliations Amounts in millions, except per share FQ2-26 FQ1-26 FQ2-25 GAAP shares used in diluted EPS calculations 1,142 1,138 1,123 Adjustment for stock-based compensation 7 10 20 Non-GAAP shares used in diluted EPS calculations 1,149 1,148 1,143 GAAP diluted earn
Slide 43: Consolidated results
Consolidated results Non-GAAP reconciliations Amounts in millions FQ2-26 FQ1-26 FQ2-25 Cash and cash equivalents $13,908 $9,731 $7,552 Short-term investments 681 587 663 Long-term marketable investments 2,038 1,697 1,375 Restricted cash 26 1 11 Current debt (585) (569) (504) Long-term debt (9,557) (
Slide 44: FQ3-26 guidance
FQ3-26 guidance Non-GAAP reconciliations GAAP Outlook Adjustments Non-GAAP Outlook Revenue $33.5 billion ± $750 million — $33.5 billion ± $750 million Gross margin Approximately 81% —A Approximately 81% Operating expenses Approximately $1.60 billion $200 million B Approximately $1.40 billion Diluted
Slide 45: All rights reserved. Information, products, and/or specifications are subject
© 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