Micron Technology (MU) Releases Q1 2026 Earnings: Revenue & EPS Beat; Margins and Cash Flow Surge

Micron Technology (MU) — Q1 2026 results

Revenue: $13.6 billion, up 56.7% year-over-year; above the consensus estimate of $13.2 billion, a beat of about $452 million (~3.4%).

Gross profit: $7.6 billion, up 128.4% year-over-year.

Operating profit: $6.1 billion, up 182.2% year-over-year.

Net income attributable to common shareholders: $5.2 billion, up 180.2% year-over-year.

Diluted earnings per share: $4.60, up 175.5% year-over-year and ahead of the estimate of $4.05, a beat of about $0.55 (≈13.7%).

Balance sheet and cash flow

Cash from operating activities: $8.4 billion, up 159.3% year-over-year, supporting strong free cash generation.

Purchases of property, plant and equipment (capital spending): $5.4 billion, up 68.1% year-over-year.

Cash and cash equivalents: $9.7 billion, up 45.4% year-over-year.

Cost of sales: $6.0 billion, up 11.9% year-over-year.

Total liabilities: $27.2 billion, up 10.1% year-over-year.

Micron delivered broad-based improvement across the income statement and cash flow, with sizable year-over-year margin expansion and strong operating cash generation. The company beat both revenue and EPS expectations for the quarter, while increasing capital investment considerably. Overall, Micron (MU) reported a materially stronger quarter driven by higher revenue, improved profitability, and robust cash flow.

Micron Technology Inc. Insider Trading Activity

Micron Technology Inc. insiders have traded $MU stock on the open market 109 times in the past 6 months. Of those trades, 0 have been purchases and 109 have been sales.

Here’s a breakdown of recent trading of $MU stock by insiders over the last 6 months:

SANJAY MEHROTRA (President and CEO) has made 0 purchases and 76 sales selling 177,500 shares for an estimated $34,339,396.
MARK J. MURPHY (EVP & Chief Financial Officer) has made 0 purchases and 11 sales selling 160,000 shares for an estimated $32,105,934.
SCOTT J DEBOER (EVP, CTO and Products Officer) has made 0 purchases and 2 sales selling 102,000 shares for an estimated $20,772,620.
SUMIT SADANA (EVP and Chief Business Officer) sold 92,638 shares for an estimated $11,625,142
MANISH H BHATIA (EVP, Global Operations) sold 80,000 shares for an estimated $9,852,800
APRIL S ARNZEN (EVP and Chief People Officer) has made 0 purchases and 2 sales selling 30,000 shares for an estimated $4,337,400.
SCOTT R. ALLEN (CVP, Chief Accounting Officer) sold 8,800 shares for an estimated $1,848,176
STEVEN J GOMO sold 7,000 shares for an estimated $876,050
RICHARD M BEYER sold 5,552 shares for an estimated $864,335
MICHAEL CHARLES RAY (SVP, Chief Legal Officer) has made 0 purchases and 9 sales selling 3,682 shares for an estimated $742,384.
MARY PAT MCCARTHY has made 0 purchases and 4 sales selling 4,808 shares for an estimated $569,632.

To track insider transactions, check out Quiver Quantitative's insider trading dashboard.

Micron Technology Inc. Hedge Fund Activity

We have seen 1,166 institutional investors add shares of Micron Technology Inc. stock to their portfolio, and 883 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

UBS AM, A DISTINCT BUSINESS UNIT OF UBS ASSET MANAGEMENT AMERICAS LLC added 9,046,315 shares (+87.4%) to their portfolio in Q3 2025, for an estimated $1,513,629,425
CAPITAL RESEARCH GLOBAL INVESTORS removed 7,992,357 shares (-45.3%) from their portfolio in Q3 2025, for an estimated $1,337,281,173
CAPITAL WORLD INVESTORS removed 6,621,636 shares (-9.4%) from their portfolio in Q3 2025, for an estimated $1,107,932,135
JPMORGAN CHASE & CO removed 5,631,226 shares (-24.3%) from their portfolio in Q3 2025, for an estimated $942,216,734
BANK OF AMERICA CORP /DE/ removed 3,887,644 shares (-29.4%) from their portfolio in Q3 2025, for an estimated $650,480,594
AQR CAPITAL MANAGEMENT LLC added 2,918,535 shares (+411.9%) to their portfolio in Q3 2025, for an estimated $488,329,276
SUSQUEHANNA INTERNATIONAL GROUP, LLP removed 2,903,984 shares (-74.7%) from their portfolio in Q3 2025, for an estimated $485,894,602

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.

Micron Technology Inc. Government Contracts

We have seen $249,000 of award payments to $MU over the last year.

Here are some of the awards which we have have seen pay out the most over the last year:

FACILITIES MAINTENANCE WORK ORDERS -BGAD: $249,000

To track government contracts to publicy traded companies, check out Quiver Quantitative's government contracts dashboard.

Micron Technology Inc. Congressional Stock Trading

Members of Congress have traded $MU stock 6 times in the past 6 months. Of those trades, 1 have been purchases and 5 have been sales.

Here’s a breakdown of recent trading of $MU stock by members of Congress over the last 6 months:

REPRESENTATIVE VAL T. HOYLE sold up to $15,000 on 09/23.
SENATOR JOHN BOOZMAN has traded it 3 times. They made 0 purchases and 3 sales worth up to $45,000 on 09/17, 08/22, 07/01.
REPRESENTATIVE LISA C. MCCLAIN has traded it 2 times. They made 1 purchase worth up to $15,000 on 07/22 and 1 sale worth up to $15,000 on 08/04.

To track congressional stock trading, check out Quiver Quantitative's congressional trading dashboard.

Micron Technology Inc. Analyst Ratings

Wall Street analysts have issued reports on $MU in the last several months. We have seen 21 firms issue buy ratings on the stock, and 0 firms issue sell ratings.

Here are some recent analyst ratings:

Needham issued a "Buy" rating on 12/16/2025
Rosenblatt issued a "Buy" rating on 12/15/2025
Wedbush issued a "Outperform" rating on 12/15/2025
Stifel issued a "Buy" rating on 12/12/2025
Citigroup issued a "Buy" rating on 12/10/2025
HSBC issued a "Buy" rating on 12/09/2025
Morgan Stanley issued a "Overweight" rating on 11/24/2025

To track analyst ratings and price targets for Micron Technology Inc., check out Quiver Quantitative's $MU forecast page.

Micron Technology Inc. Price Targets

Multiple analysts have issued price targets for $MU recently. We have seen 28 analysts offer price targets for $MU in the last 6 months, with a median target of $230.0.

Here are some recent targets:

N. Quinn Bolton from Needham set a target price of $300.0 on 12/16/2025
Kevin Cassidy from Rosenblatt set a target price of $300.0 on 12/15/2025
Matt Bryson from Wedbush set a target price of $300.0 on 12/15/2025
Brian Chin from Stifel set a target price of $300.0 on 12/12/2025
Christopher Danely from Citigroup set a target price of $300.0 on 12/10/2025
Melissa Weathers from Deutsche Bank set a target price of $280.0 on 12/09/2025
Ricky Seo from HSBC set a target price of $330.0 on 12/09/2025