Micron Technology (MU) official guidance

We expect Micron DRAM supply to grow approximately in line with the industry supply growth, while Micron NAND supply grows somewhat less than the industry supply growth in calendar 2026.

We expect Micron DRAM supply to grow approximately in line with the industry supply growth, while Micron NAND supply grows somewhat less than the industry supply growth in calendar 2026.

(1)GAAP earnings per share and non-GAAP earnings per share based on approximately 1.15 billion diluted shares.

| Diluted earnings per share | $30.73 ± $1.00 | $31.00 ± $1.00 |

| Diluted earnings per share | $30.73 ± $1.00 | $31.00 ± $1.00 |

| Gross margin | Approximately 86% | Approximately 86% |

| Gross margin | Approximately 86% | Approximately 86% |

| Operating expenses | Approximately $1.86 billion | Approximately $1.65 billion |

| Operating expenses | Approximately $1.86 billion | Approximately $1.65 billion |

| Revenue | $50.0 billion ± $1.0 billion | $50.0 billion ± $1.0 billion |

| Revenue | $50.0 billion ± $1.0 billion | $50.0 billion ± $1.0 billion |

We expect fiscal 2026 CapEx to be above $25 billion.

We project our fiscal 2027 CapEx to step up meaningfully to support HBM and DRAM related investments.

In fiscal Q3, we project CapEx of approximately $7 billion while delivering significantly higher free cash flow on stronger operating cash flow.

We expect construction related CapEx to increase by over $10 billion year-over-year in fiscal 2027 as we build out our global manufacturing sites to address long-term demand opportunities.

AI demand is driving DRAM and NAND data center bit TAM to exceed 50% of the industry TAM for the first time in calendar 2026.

Based on a share count of approximately 1.15 billion shares, we expect EPS to be a record $19.15 per share ± $0.40.

We expect industry DRAM bit shipments in calendar 2026 to grow in the low 20s% range, slightly above our prior outlook.

We expect a fiscal Q3 and fiscal year 2026 tax rate of around 15.1%.

We expect a fiscal Q3 and fiscal year 2026 tax rate of around 15.1%.

Based on a share count of approximately 1.15 billion shares, we expect EPS to be a record $19.15 per share ± $0.40.

In fiscal Q3, we project CapEx of approximately $7 billion while delivering significantly higher free cash flow on stronger operating cash flow.

Gross margin to be approximately 81%, and operating expenses to be approximately $1.4 billion.

We expect industry NAND bit shipments in calendar 2026 to grow approximately 20%.

Gross margin to be approximately 81%, and operating expenses to be approximately $1.4 billion.

We expect to increase our fiscal 2027 OpEx as we ramp R&D investments in support of an unprecedented set of long-term opportunities in memory and storage.

We see an unprecedented set of opportunities for memory and storage to enable the AI era across market segments and expect to meaningfully increase our R&D investments in fiscal 2027.

We expect fiscal Q3 revenue to be a record $33.5 billion ± $750 million.

We expect server units to grow in the low teens % range in calendar 2026, driven by growth in both AI and traditional servers.

We expect Micron DRAM and NAND supply to grow approximately in line with the industry in calendar 2026.

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 % range.

(1)GAAP earnings per share based on approximately 1.14 billion diluted shares and non-GAAP earnings per share based on approximately 1.15 billion diluted shares.

| Diluted earnings per share | $18.90 ± $0.40 | $19.15 ± $0.40 |

| Gross margin | Approximately 81% | Approximately 81% |

| Operating expenses | Approximately $1.60 billion | $200 million | B | Approximately $1.40 billion |

| Revenue | $33.5 billion ± $750 million | $33.5 billion ± $750 million |

Based on a share count of approximately 1.15 billion shares, we expect EPS to be a record $8.42 per share, plus or minus $0.20.

We expect a fiscal Q2 and fiscal year 2026 tax rate of around 15.5%.

Based on a share count of approximately 1.15 billion shares, we expect EPS to be a record $8.42 per share, plus or minus $0.20.

We expect free cash flow to strengthen in fiscal Q2, and we expect to generate significantly higher free cash flow year over year in fiscal 2026.

We expect free cash flow to strengthen in fiscal Q2, and we expect to generate significantly higher free cash flow year over year in fiscal 2026.

Gross margin to be in the range of 68%, plus or minus 100 basis points.

We would expect gross margins to expand beyond fiscal Q2, but we would expect that growth to be more gradual than what we've seen in the last couple of quarters, or the first quarter and the second quarter guide.

We forecast an HBM TAM CAGR of approximately 40% through calendar 2028, from approximately $35 billion in 2025 to around $100 billion in 2028.

We forecast an HBM TAM CAGR of approximately 40% through calendar 2028, from approximately $35 billion in 2025 to around $100 billion in 2028.

Operating expenses to be approximately $1.38 billion, plus or minus $20 million.

We expect revenue to be a record $18.7 billion, plus or minus $400 million.

(1)GAAP earnings per share based on approximately 1.14 billion diluted shares and non-GAAP earnings per share based on approximately 1.15 billion diluted shares.

| Diluted earnings per share | $8.19 ± $0.20 | $8.42 ± $0.20 |

| Gross margin | 67.0% ± 1.0% | 68.0% ± 1.0% |

| Operating expenses | $1.56 billion ± $20 million | $1.38 billion ± $20 million |

| Revenue | $18.70 billion ± $400 million | $18.70 billion ± $400 million |

We expect our fiscal Q1 capital spending to be approximately $4.5 billion.

Based on a share count of approximately 1.15 billion shares, we expect EPS to be a record $3.75 per share, ±$0.15.

We expect calendar 2025 industry DRAM bit demand growth to be in the high teens percentage range, somewhat higher than our previous outlook.

We expect a fiscal Q1 and fiscal year 2026 tax rate of around 16.5%.

Based on a share count of approximately 1.15 billion shares, we expect EPS to be a record $3.75 per share, ±$0.15.

We expect free cash flow to strengthen in fiscal Q1, and we project significantly higher annual free cash flow year over year in fiscal 2026.

We expect revenue to be a record $12.5 billion, ±$300 million, gross margin to be in the range of 51.5%, ±100 basis points, and operating expenses to be approximately $1.34 billion, ±$20 million.

We believe or we expect gross margin to improve sequentially first to second quarter.

What we had said before regarding longer-term HBM TAM, we had said that by 2030, we expect HBM TAM to reach $100 billion, and we had also said that HBM bit CAGR will grow faster than the DRAM CAGR.

We expect calendar 2025 industry NAND bit demand growth to also be higher than our previous outlook, now in the low to mid-teens percentage range.

We expect revenue to be a record $12.5 billion, ±$300 million, gross margin to be in the range of 51.5%, ±100 basis points, and operating expenses to be approximately $1.34 billion, ±$20 million.

We now expect PC unit shipments to grow at a mid-single-digit percentage level in calendar 2025 versus our low single-digit percentage growth expectations previously.

We expect revenue to be a record $12.5 billion, ±$300 million, gross margin to be in the range of 51.5%, ±100 basis points, and operating expenses to be approximately $1.34 billion, ±$20 million.

In data center, we now expect calendar 2025 total server units to grow approximately 10%, up from our prior expectations of mid-single-digit percentage growth.

Smartphone unit shipment expectations remain unchanged at low single-digit percentage range in calendar 2025.

(1)GAAP earnings per share based on approximately 1.13 billion diluted shares and non-GAAP earnings per share based on approximately 1.15 billion diluted shares.

| Diluted earnings per share | $3.56 ± $0.15 | $3.75 ± $0.15 |

| Gross margin | 50.5% ± 1.0% | 51.5% ± 1.0% |

| Operating expenses | $1.49 billion ± $20 million | $1.34 billion ± $20 million |

| Revenue | $12.50 billion ± $300 million | $12.50 billion ± $300 million |