Micron Reports Record 84.9% Gross Margin on June 24, Surpassing Nvidia and Meta

According to CNBC, Micron reported on Wednesday a gross margin of 84.9% for fiscal Q3 2026, up from 74.9% in the prior period and marking the highest among all major U.S. tech companies, surpassing Meta's 81.9% and Nvidia's 75%. The company's CFO Mark Murphy noted that fiscal Q3 gross margin more than doubled from a year ago and was a company record.

Micron's fiscal third-quarter revenue reached $41.46 billion, up more than $20 billion sequentially, with net income of $28.24 billion up over 100% from the previous high. CEO Sanjay Mehrotra projected a gross margin for fiscal Q4 of roughly 86%, citing long-term strategic customer agreements that will maintain elevated margins as AI demand continues to drive memory shortages.