Micron (MU) Q2 2026 (USD): adj. EPS 12.20 (exp. 8.74), Revenue 23.9bln (exp. 19.13bln)

• Q2 investments in capex was USD 5.0bln
• Q2 adj. FCF was USD 6.9bln
• Ended the quarter with cash, marketable investments, and restricted cash of USD 16.7bln

• Exec says results were driven by a strong demand environment, tight industry supply, and strong execution
• Expects significant records again in fiscal Q3
• Says in the AI era, memory has become a strategic asset for customers, is investing in global manufacturing footprint to support their growing demand.
• Reflecting confidence in the sustained strength of the business, board approved a 30% increase in quarterly dividend, to USD 0.15/shr.

• Q3 adj. EPS view 18.75-19.55 (exp. 12.03)
• Q3 Rev. view 32.75-34.25bln (exp. 24.3bln)
• Expects DRAM and NAND industry bit demand in 2026 to be constrained by supply, supply-demand conditions to remain tight beyond 2026
• Expects 2026 capex to be above USD 25bln
• Expects construction-related capex to increase by over USD 10bln Y/Y
• Expects higher equipment spend Y/Y in FY27

Micron's Q2 results notably exceeded expectations, with adjusted EPS and revenue both showing significant beats. This strong performance is underpinned by robust demand and a constrained supply environment, suggesting a favorable outlook for the semiconductor sector, especially in AI applications. Additionally, their guidance for Q3 looks promising, indicating that growth momentum is expected to continue, which could have positive implications for semiconductor-related equities and possibly broader market sentiment.