Micron (MU) Q2 FY26 earnings call

Earnings call· Feb 2026 (Q2 FY26)· Information Technology· Mar 18, 2026

Source: earnings call transcript

Micron reported a strong Q2 FY26, driven by robust AI-fueled demand for both DRAM and NAND, leading to significant pricing increases. The company is investing heavily in CapEx, including new fab construction, to address the persistent supply-demand imbalance, though new capacity will not meaningfully impact shipments until FY28. Management highlighted strong product performance in HBM and Gen6 SSDs, while also noting increasing OpEx due to R&D investments.

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MU operating KPIs by quarter

MU operating KPIs stated on its earnings calls, by fiscal quarter
KPI	May 2026 Q3 FY26	Aug 2026 Q4 FY26	Change vs prior quarter
Remaining performance obligation (RPO)	$5B+ RPO at the end of fiscal Q3 was over $5 billion. Source: earnings call transcript	~$150B To date, we have signed 26 SCAs in total, and our remaining performance obligations, or RPO, is approximately $150 billion. Source: earnings call transcript	—

Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.

Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.