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Micron Technology, Inc. (MU) perpetual futures
MU perpetual futures on 30 crypto exchanges – live perp price vs the stock, funding rate, open interest and where to trade MUUSDT.
Micron Technology is a global leader in advanced semiconductor memory and storage solutions, offering DRAM, NAND, and NOR products for cloud, mobile, automotive, and more.
$755.01-1.0%NASDAQ closed
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venue perp mark · Binance (MU/USDT)
Auto: highest-volume live perp venueOpen in TradingView
Trading data
Perpetual market activity
33/33 live markets
Trading data
Perpetual market activity
Venues
30
Live markets
33/33
24h volume
$351MCoverage: 26/33 marketsExchange-reported volume: $433.9M
Open interest
$538.9MCoverage: 30/33 markets
Best liquidity
$30.7M
MEXC
Tightest spread
+0.1 bps
Extended
Highest volume
$163M
Binance
Settlement mix
USDT · 17/33
Perp/spot vol.
0.02x
Spot volume $20.9B
OI / float
+0.06%
Float $851.4B
Spot performance
1D-2.52%
5D+10.68%
1M-16.42%
6M+7.40%
YTD+172.70%
1Y+221.68%
Venue matrix
33 markets
Some venue links are sponsored. We may receive a commission, and eligible users may occasionally receive trading-fee discounts, at no additional cost to you.
| Trade | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
 Binance | Trade | MU/USDT | Trading | $754.45 | 0.0% APR 0.000% every 8h | +0.1 bps | - | $163M | $113.8M | USDT | - | |
 OKX | Trade | MU/USDT | Trading | $754.36 | 0.0% APR 0.000% every 8h | +0.1 bps | $2.6M | $40.1M | $34.4M | USDT | 50x | |
 Hyperliquid HIP-3 | Trade | xyz:MU | Trading | $753.96 | -73.3% APR -0.00837% every 1h | +0.8 bps | - | $38.1M | $149.8M | USDC | 10x | |
 Bybit | Trade | MU/USDT | Trading | $754.29 | 0.0% APR 0.000% every 8h | +1.1 bps | $3.8M | $27.7M | $27.6M | USDT | 100x | |
 MEXC | Trade | MU/USDT | Trading | $755.01 | 0.0% APR 0.000% every 8h | +0.4 bps | $30.7M | $27.4M | $135.4M | USDT | 200x | |
 Bitget | Trade | MU/USDT | Trading | $754.37 | 0.0% APR 0.000% every 8h | +0.1 bps | - | $20.7M | $13.7M | USDT | 50x | |
 Gate.io | Trade | MU/USDT | Trading | $754.27 | 0.0% APR 0.000% every 8h | +2.3 bps | $13.6M | $16.6M | $27.4M | USDT | 75x | |
 Aster | Trade | MUUSD1 | Trading | $756.57 | -10.5% APR -0.00956% every 8h | +1.1 bps | $399.2K | $7.5M | $16M | USD1 | - | |
 BloFin | Trade | MU/USDT | Trading | $754.22 | 0.0% APR 0.000% every 8h | +0.5 bps | - | $2.3M | $2.4M | USDT | 50x | |
 Phemex | Trade | MUX / USDT | Trading | $754.47 | +11.0% APR +0.010% every 8h | +3.3 bps | - | $1.6M | $1.7M | USDT | 10x | |
 Ondo Perps | Trade | MU/USD | Trading | $753.54 | - | +3.1 bps | $881.8K | $1.6M | $1.8M | USDC | 10x | |
 Variational | Trade | MU/USDC | Trading | $754.57 | 0.0% APR 0.000% every 8h | +3.8 bps | no public depth feed | $834.1K | $2.6M | USDC | - | |
 Extended | Trade | MU/USD | Trading | $755.95 | -114.8% APR -0.013% every 1h | +0.1 bps | - | $748.7K | $299.8K | USD | 10x | |
 Helix (Injective) | Trade | MU/USDC | Trading | $761.36 | +3.6% APR +0.00042% every 1h | +19,999.5 bps | $0 | $292K | - | USDC | 12x | |
| Aster | Trade | MUUSDT | Trading | $756.08 | 0.0% APR 0.000% every 8h | +2.4 bps | $1.1M | $251.5K | $661.8K | USDT | - | |
| MEXC | Trade | MU/USDC | Trading | $754.40 | 0.0% APR 0.000% every 8h | +0.1 bps | $175.5K | $206K | $203.8K | USDC | 20x | |
 Pacifica | Trade | MU/USDC | Trading | $754.19 | +11.0% APR +0.00125% every 1h | +0.1 bps | - | $190.1K | $274.7K | USDC | 10x | |
 Deribit | Trade | MU/USDC | Trading | $753.93 | -1.7% APR -0.00160% every 8h | +2.4 bps | $472.8K | $174.4K | $1M | USDC | 10x | |
 HTX | Trade | MU/USDT | Trading | $754.38 | 0.0% APR 0.000% every 8h | +3.1 bps | $3.9M | $121.9K | $311K | USDT | - | |
| MEXC | Trade | MU/USD1 | Trading | $754.37 | 0.0% APR 0.000% every 8h | +7.8 bps | $166.1K | $102.8K | $314.1K | USD1 | 20x | |
 Crypto.com Exchange | Trade | MU/USD | Trading | $754.04 | +5.0% APR +0.00057% every 1h | +10.6 bps | $167.6K | $86.1K | $543.8K | USD | 50x | |
 GRVT | Trade | MU/USDT | Trading | $754.39 | 0.0% APR 0.000% every 8h | +1.6 bps | $735.7K | $22.1K | $42.6K | USDT | - | |
 Orderly Network | Trade | MU/USDC | Trading | $754.47 | +11.0% APR +0.010% every 8h | - | no public depth feed | $17K | $11.6K | USDC | - | |
 Aevo | Trade | MU/USDC | Trading | $753.87 | +8.8% APR +0.00100% every 1h | +8.4 bps | $203.8K | $0 | $24K | USDC | 10x | |
 Paradex | Trade | MU/USD | Trading | $753.77 | -30.5% APR -0.028% every 8h | +12,589.5 bps | $0 | $0 | $1.5K | USDC | 5x | |
 Vest | Trade | MU/USDC | Trading | $762.79 | +5.0% APR +0.00057% every 1h | +250.0 bps | $0 | - | - | USDC | 25x | |
 XT.com | Trade | MU/USDT | Trading | $753.80 | 0.0% APR 0.000% every 8h | +0.1 bps | $245.1K | $1.2M | - | USDT | 50x | |
 Deepcoin | Trade | MU/USDT | Trading | $753.92 | - | +0.1 bps | - | $37.9M⚠ | $30.7K | USDT | 20x | |
 KuCoin | Trade | MU/USDT | Trading | $754.48 | 0.0% APR 0.000% every 8h | +3.3 bps | $134.6K | $19.7M⚠ | $6.4M | USDT | 20x | |
 Ourbit | Trade | MU/USDT | Trading | $754.29 | 0.0% APR 0.000% every 8h | +0.1 bps | $12.7M | $14.2M⚠ | $492.3K | USDT | 200x | |
 Bitunix | Trade | MU/USDT | Trading | $754.41 | +31.5% APR +0.029% every 8h | +0.1 bps | $8.1M | $7.4M⚠ | $1.4M | USDT | 100x | |
 BingX | Trade | MU-USDT | Trading | $754.51 | +5.5% APR +0.00500% every 8h | +0.5 bps | $9.4M | $2.6M⚠ | $6.8K | USDT | - | |
 Backpack | Trade | MU/USDC | Trading | $754.62 | +5.5% APR +0.00063% every 1h | +0.7 bps | $237.4K | $1M⚠ | $200.4K | USDC | 10x |
Unverified volume: implausibly high against open interest, a typical sign of wash trading. These venues are listed last.
Tokenized wrappers of the real stock, tradable on-chain and on crypto exchanges around the clock. Premium/discount compares the token price to our stock reference price. Data: CoinMarketCap · Robinhood · DexScreener · GeckoTerminal.
| Product | Price | Premium vs stock | 24h Vol. | Market Cap | Chains |
|---|---|---|---|---|---|
| MUBbStocks | $754.25 | -0.10% | $10.6M | $48.7M | BNB Smart Chain (BEP20) |
| rMUTokenized | $753.80 | -0.16% | $6.8M | $5.7M | Arbitrum |
| MUonOndo GM | $756.57 | +0.21% | $3.9M | $26.6M | Ethereum · BNB Smart Chain (BEP20) · Solana · HyperEVM |
| MUxxStocks | $754.81 | -0.03% | $2.4M | $25.4M | Solana · Ethereum · Arbitrum · Mantle |
| MURobinhood | $754.21 | -0.12% | $781k | $4.3M | Robinhood Chain |
| MUTokenized | $757.37 | +0.31% | $12k | $6.5M | Solana |
| Exchange | Pair | Price | 24h Vol. | Liquidity |
|---|---|---|---|---|
 uniswapDEX · robinhood | MU/SPY ↗ | $754.21 | $781k | $477k |
 communityV3DEX · ethereum | MUon/USDC ↗ | $756.04 | $15k | $146k |
 metricDEX · bsc | MUB/USDT ↗ | $757.69 | $6k | $93k |
Tradability
Execution quality
Entry cost and depth per venue at $1k–$100k
Tradability
Execution quality
Entry cost and depth per venue at $1k–$100kBroad liquidity · 17 of 30 venues absorb $10k · Typical cost: +5.5 bps – +9.0 bps
No fresh book data: Binance, Hyperliquid HIP-3, Deepcoin, Bitget, BloFin, Phemex, Variational, Extended, Helix (Injective), Pacifica, Orderly Network, Paradex, Vest
Taker execution estimate incl. approx. fees - maker fills are not guaranteed.
Best venues for this underlying
Best liquidity
MUTightest spread
MUHighest volume
MUFunding history
Stored venue snapshots by market
Funding history
Stored venue snapshots by marketNext catalyst
Catalysts
Next catalyst
Catalysts
Earnings
2026-12-23
Revenue est. $61.7B · Updated 4h ago
Dividend
$0.15
2026-10-14
No unusual perp activity right now.
Reference data
Market context
Reference data
Market context
NASDAQ
Extended-hours reference
Bid760.77
Ask764.7
Volume27,920,953
Research data
Analysts, filings and peer context
Research data
Analysts, filings and peer context
Estimates
6DateEPS estimateRevenue estimateGrowthAnalysts
FY 202673.85$130.2B+250%22
FY 2027175.61$278B+109%30
FY 2028211.13$325.7B+17%30
FY 2029217.90$333.3B+2%9
FY 2030267.29$497.9B+49%6
FY 20310.00$156B-69%8
Source: FMP · Consensus
Company events
62026-12-23EarningsActual - / Estimate 38.22-
2026-10-14Dividend$0.15-
2026-09-30Earnings · After market closeActual 33.42 / Estimate 31.77Beat
2026-07-06Dividend$0.15-
2026-06-24EarningsActual 25.11 / Estimate 20.98Beat
2026-03-30Dividend$0.15-
Peer comparison
Similar listed perpsRevenue mix
Latest annualUNITED STATESGeographic$91.3B
TAIWAN, PROVINCE OF CHINAGeographic$17B
CHINAGeographic$8.3B
Analysts
Price targets in USD| Consensus rating | Buy |
|---|---|
| Average 12-month price target | $1,589 |
| 12-month target range (low – high) | $1,200 – $3,000 |
| Ratings in the provider's consensus | 70 |
Price targets as of 2026-11-15
Analyst rating history
Ratings| Month | Strong buy | Buy | Hold | Sell | Strong sell |
|---|---|---|---|---|---|
| Nov 2026 | 9 | 36 | 4 | 0 | 1 |
| Oct 2026 | 9 | 36 | 3 | 0 | 1 |
| Sep 2026 | 9 | 36 | 4 | 0 | 1 |
| Aug 2026 | 9 | 35 | 5 | 0 | 0 |
| Jul 2026 | 9 | 31 | 5 | 0 | 1 |
| Jun 2026 | 9 | 31 | 5 | 1 | 1 |
| May 2026 | 9 | 30 | 5 | 1 | 1 |
| Apr 2026 | 10 | 30 | 6 | 0 | 0 |
| Mar 2026 | 10 | 28 | 6 | 2 | 1 |
| Feb 2026 | 10 | 28 | 4 | 2 | 0 |
| Jan 2026 | 10 | 27 | 4 | 2 | 1 |
| Dec 2025 | 9 | 26 | 5 | 2 | 1 |
Ownership
Institutional · 2026-Q3Free float99.7%1.1B shares
Shares outstanding1.1B shares
Institutional61.5%3,683 investors
Investor count change-507
Reference market activity
MU-PERPDay range (Nov 13)$750.25$796.18
52 week$192.59$1.26K
Spot volume27.7M
Average volume-
Price performance
111D-2.5%
5D+10.7%
1M-16.4%
3M-19.9%
6M+7.4%
YTD+172.7%
1Y+221.7%
3Y+909.0%
5Y+913.7%
10Y+4,200.1%
MAX+55,099.3%
Insider activity
FY2026 Q4Acquisitions47 transactions999,983 shares
Dispositions72 transactions512,273 shares
Purchases0Ratio 0.65
Sales28
Insider transactions
25DateReporting persontransactionssharesPriceFilings
Micron officer Scott J. Deboer sold 28,545 common shares in 3 open-market transactions on Oct 16, 2026, at prices from $900 to $902.01, leaving 147,430 shares owned.
Micron CEO Sanjay Mehrotra exercised 235,666 shares of stock options/vested awards, receiving 21,233 common shares as a grant and 189,596 performance RSUs. He disposed of 166,256 shares at $989.04 for tax withholding and 70,224 performance RSUs upon conversion.
Micron Technology officer Michael Charles Ray sold 40 shares of Common Stock on 2026-10-14 at $947.29, leaving 56,248 shares owned.
Micron officer Ray Michael Charles received 4,298 common shares via an award, had 8,989 shares withheld for taxes, and sold 1,088 shares at $914.13–$919.36 across five trades.
Filings
62 · Latest SEC filings2026-10-204Insider transaction report (Form 4)
Micron officer Scott J. Deboer sold 28,545 common shares in 3 open-market transactions on Oct 16, 2026, at prices from $900 to $902.01, leaving 147,430 shares owned.
2026-10-154Insider transaction report (Form 4)
Micron CEO Sanjay Mehrotra exercised 235,666 shares of stock options/vested awards, receiving 21,233 common shares as a grant and 189,596 performance RSUs. He disposed of 166,256 shares at $989.04 for tax withholding and 70,224 performance RSUs upon conversion.
2026-10-154Insider transaction report (Form 4)
Micron officer Michael D. Cordano reported an award of 4,298 common shares and 48,060 performance restricted stock units, plus 4,694 shares disposed for tax withholding at $989.04.
2026-10-154Insider transaction report (Form 4)
Micron director Linnie M Haynesworth received a grant of 304 restricted stock units at $0.00 on Oct 13, 2026, an award rather than a purchase, leaving 304 units owned after.
2026-10-154Insider transaction report (Form 4)
Micron officer Manish H. Bhatia reported option exercises of 68,697 common shares, awards of 10,111 common shares and 54,632 performance RSUs, and 59,088 shares withheld for taxes at $989.04.
2026-10-154Insider transaction report (Form 4)
Micron officer Scott R. Allen received awards of 1,012 common shares and 17,252 performance RSUs, and had 6,183 shares withheld for taxes at $914.13-$989.04, leaving 29,787 shares owned.
2026-10-154Insider transaction report (Form 4)
Micron director Robert Holmes received an award of 304 restricted stock units on Oct 13, 2026, at $0.00 per unit, bringing his holdings to 304. An award is compensation, not a purchase.
2026-10-154Insider transaction report (Form 4)
Micron Technology officer Michael Charles Ray sold 40 shares of Common Stock on 2026-10-14 at $947.29, leaving 56,248 shares owned.
2026-10-154Insider transaction report (Form 4)
Micron officer Ray Michael Charles received 4,298 common shares via an award, had 8,989 shares withheld for taxes, and sold 1,088 shares at $914.13–$919.36 across five trades.
2026-10-154Insider transaction report (Form 4)
Micron CFO Mark J. Murphy reported option exercises (M-Exempt) of 64,880 common shares and awards of 7,078 common shares plus 51,758 performance RSUs; 50,343 shares were withheld for taxes (F-InKind) at $989.04.
2026-10-154Insider transaction report (Form 4)
Micron officer Scott J. Deboer reported option exercises converting into 55,338 common shares, grants of 9,100 common shares and 47,445 performance RSUs, plus 16,490 performance RSUs converted and 42,608 shares withheld for tax at $989.04.
2026-10-154Insider transaction report (Form 4)
Micron officer April S. Arntzen reported option exercises of 38,166 common shares, tax withholding of 28,882 shares at $989.04, a gift of 1,013 shares, and new awards of 3,944 common shares and 30,480 performance RSUs.
2026-10-154Insider transaction report (Form 4)
Micron director Dugle Lynn A received an award of 304 Restricted Stock Units on Oct 13, 2026, at $0.00, a grant of compensation rather than a purchase; 304 units held after.
2026-10-154Insider transaction report (Form 4)
Micron director Liu Teyin M received a grant of 304 common shares at $0.00 per share on Oct 13, 2026, bringing holdings to 26,367 shares.
2026-10-154Insider transaction report (Form 4)
Micron director Simons Anna C received a 304-share Common Stock award on 2026-10-13 at $0.00, a compensation grant rather than an open-market purchase, bringing her holdings to 4,137 shares.
2026-10-154Insider transaction report (Form 4)
Director Steven J. Gomo of Micron Technology received a grant of 304 common shares on 2026-10-13, a Form 4 award at $0.00 and not an open-market purchase, leaving 17,443 shares owned.
2026-10-154Insider transaction report (Form 4)
Director Bjorlin Alexis received an award of 304 shares of Micron common stock on 2026-10-13 at $0.00 per share, an acquisition under code A (grant/compensation, not an open-market purchase). Holdings after: 396 shares.
2026-10-154Insider transaction report (Form 4)
Micron director MaryAnn Wright received an award of 304 restricted stock units on Oct 13, 2026, at $0.00 per unit, bringing her to 304 units owned. This was a grant, not an open-market purchase.
2026-10-024Insider transaction report (Form 4)
Micron Technology director Robert Holmes Swan received an award of 38 restricted stock units on 2026-09-30, as reported in a Form 4 filed 2026-10-02.
2026-10-024Insider transaction report (Form 4)
Micron Technology (MU) director Liu Teyin M received an award (A) of 29 shares of Common Stock at $0.00 on 2026-09-30, which are not an open-market purchase, and held 26,063 shares afterwards.
2026-10-024Insider transaction report (Form 4)
Micron Technology director Bjorlin Alexis received an award of 29 shares of Common Stock (transaction code A) on 2026-09-30, at $0.00, bringing reported holdings to 92 shares. Form 4 filed 2026-10-02.
2026-08-284Insider transaction report (Form 4)
Director Bjorlin Alexis sold 25 common shares of Micron Technology at $1,132.33 each on June 26, 2026, leaving 235 shares owned.
2026-08-254Insider transaction report (Form 4)
Micron CEO Sanjay Mehrotra sold 40,000 common shares across 27 open-market sales on 2026-08-21 at prices from $959.14 to $989.59, leaving 274,132 shares held after the last reported sale.
2026-08-204Insider transaction report (Form 4)
Officer Sadana Sumit sold 15,000 common shares of Micron Technology at $934.29 per share, leaving 191,021 shares owned.
2026-07-284Insider transaction report (Form 4)
President and CEO Sanjay Mehrotra sold 8,715 shares of Micron common stock on 2026-07-24 across 12 trades at prices ranging from $942.87 to $965.85, leaving 304,503 shares owned afterward.
2026-07-284Insider transaction report (Form 4)
Micron CEO Sanjay Mehrotra sold 31,285 common shares across 30 open-market transactions at $906.48–$941.60, retaining 343,695 shares after the first sale.
2026-07-274Insider transaction report (Form 4)
Scott R. Allen, Micron's Chief Accounting Officer, sold 879 shares of common stock on 2026-07-23 at $1000 per share, leaving 34,958 shares owned afterward.
2026-07-174Insider transaction report (Form 4)
Scott R. Allen (CVP, Chief Accounting Officer) had 912 Micron common shares withheld to cover taxes at $983.12 per share, across 2 transactions, leaving 35,837 shares owned afterward.
2026-07-064Insider transaction report (Form 4)
April Arnzen (EVP & Chief People Officer) sold 40,000 shares of Micron common stock across 18 transactions on 2026-07-01 at prices ranging from $1,077.05 to $1,095.88 per share.
2026-07-024Insider transaction report (Form 4)
Director Liu Teyin M was awarded 27 shares of Micron Technology common stock (compensation grant, not an open-market purchase), bringing their total holding to 26,034 shares.
2026-07-024Insider transaction report (Form 4)
Robert Holmes Swan, a director at Micron Technology, was awarded 35 Restricted Stock Units on 2026-06-30, a form of compensation rather than a market purchase. He now owns 35 RSUs.
2026-07-024Insider transaction report (Form 4)
Director Lynn A Dugle sold 1,300 shares of Micron common stock at $1150.43 on 2026-06-30 and gifted an additional 700 shares the same day.
2026-06-304Insider transaction report (Form 4)
Sanjay Mehrotra (President & CEO) sold 11,494 shares of Micron common stock across 19 open-market transactions on June 26, 2026, at prices ranging from $1,170.60 to $1,192.42, leaving him with about 344,007 shares.
2026-06-304Insider transaction report (Form 4)
Micron CEO Sanjay Mehrotra sold 28,506 common shares in 30 separate open-market transactions at prices ranging from $1,128.41 to $1,169.96.
2026-06-114Insider transaction report (Form 4)
Director Alexis Bjorlin was awarded 63 shares of Micron common stock as compensation, bringing total holdings to 63 shares.
2026-06-113Initial insider ownership statement (Form 3)
This Form 3 filing discloses that director Alexis Bjorlin held 260 shares of Micron common stock as of 2026-06-09; no shares were bought or sold in this filing.
2026-06-024Insider transaction report (Form 4)
CEO Sanjay Mehrotra sold 37,439 Micron shares in 30 transactions on 2026-05-29 at prices ranging from $942.14 to $972.61, leaving 424,398 shares owned after the first sale.
2026-06-024Insider transaction report (Form 4)
Sanjay Mehrotra (President & CEO) sold 2,561 shares of Micron common stock on 2026-05-29 across 6 trades at prices ranging from $973.75 to $979.37. He held 384,503 shares afterward.
2026-05-134Insider transaction report (Form 4)
Director Steven J. Gomo sold 2,000 shares of Micron common stock on the open market at prices between $786.47 and $787.60, leaving him with 17,139 shares owned afterward.
2026-05-054Insider transaction report (Form 4)
Michael Ray, Micron's Chief Legal Officer, sold 7,601 shares of common stock across 25 transactions at prices ranging from $511.64 to $544.73.
2026-05-054Insider transaction report (Form 4)
CEO Sanjay Mehrotra sold 40,000 shares of Micron common stock in 27 separate open-market transactions between May 1-5, 2026, at prices ranging from $511.91 to $545.39 per share.
2026-04-174Insider transaction report (Form 4)
Scott R. Allen, Micron's Chief Accounting Officer, had 912 shares of common stock withheld to cover taxes at $465.66 per share, across two transactions on 2026-04-15. This was not an open-market sale or purchase.
2026-04-164Insider transaction report (Form 4)
Michael D. Cordano, EVP Worldwide Sales at Micron Technology, sold 3,407 shares of common stock at $435 on 2026-04-14, leaving 44,059 shares owned afterward.
2026-04-144Insider transaction report (Form 4)
Sumit Sadana, EVP and Chief Business Officer of Micron Technology, sold 24,000 shares of common stock on 2026-04-10 at $421.35 per share, leaving 224,021 shares owned afterward.
2026-04-134Insider transaction report (Form 4)
Michael D. Cordano (EVP, Worldwide Sales) sold 3,407 shares of Micron common stock at $420.81 per share, leaving 47,466 shares owned afterward.
2026-04-034Insider transaction report (Form 4)
April Arnzen (EVP and Chief People Officer) sold 40,000 shares of Micron common stock on 2026-04-01 across 4 trades at prices from $345.13 to $348.46, leaving 125,737 shares owned afterward.
2026-04-024Insider transaction report (Form 4)
Director Liu Teyin M was granted 97 shares of Micron common stock as compensation on 2026-03-31, bringing total holdings to 26,007 shares.
2026-04-024Insider transaction report (Form 4)
Director Robert Holmes Swan was awarded 121 Restricted Stock Units as compensation on 2026-03-31, bringing his RSU holdings to 121 shares. This was a grant, not an open-market purchase.
Transcripts
Earnings callsFY2026 Q42026-09-30
Earnings calls
AI summary
positiveKey takeaways
- More than 75% of FY2027 shipments are committed, and allocation discussions with customers now extend to 2028.
- Micron signed 10 new customer SCAs in the quarter, for a total of 26, covering both DRAM and NAND through 2030; about 35% of sales are covered by 2030, with DRAM volume slightly below and NAND bit volume slightly above that level.
- Supply remains structurally constrained by clean room space, diminishing technology-transition returns, HBM's growing share of industry output, and rising HBM trade ratios; management said it has no line of sight to when supply and demand balance.
- China exposure is expected to be in the single-digit range in fiscal 2027; Scott DeBoer said Micron's technology is at least two nodes ahead of China competition.
- Micron increased HBM pricing significantly for calendar 2027, resetting at the start of the calendar year to narrow the profitability gap with conventional DRAM.
Financial highlights
- More than 75% of FY2027 shipments are committed.
- 26 SCAs cover about 35% of sales by 2030; DRAM volume is a little less than that and NAND bit volume a little more.
- China exposure is expected to be in the single-digit range in fiscal 2027.
- Fiscal Q1 guidance factors in single-digit sequential bit growth and double-digit cost increases for both DRAM and NAND.
Guidance
- Fiscal 2027 is expected to see margin expansion relative to Q1 from continued price increases at a more moderate pace and a better product mix, partially offset by start-up costs.
- Fiscal Q1 guidance factors in single-digit sequential bit growth and double-digit cost increases for both DRAM and NAND.
- Excluding incentive comp effects, the year-over-year R&D increase in fiscal 2027 will be over $1 billion, more than the $1 billion indicated last quarter.
- The majority of the construction CapEx increase for fiscal 2027 versus prior plans is for clean rooms that will come online in late 2028 and beyond.
Q&A themes
- 2027-2028 demand visibility, SCA pricing frameworks and margin sustainability
- HBM TAM, HBM market share targets, and HBM4E/NV HBM co-design with NVIDIA
- CapEx mix, clean room construction timing, and when it converts to bit supply
- CPU/agentic AI demand as an incremental driver of DRAM demand and supply-demand imbalance
Risks
- Supply growth is structurally constrained by clean room availability; new clean rooms take time to build, equip and qualify, with meaningful shipments only a few quarters after opening.
- The majority of new SCA pricing frameworks carry floor and ceiling bands, and about a quarter of SCA revenue is open to periodic negotiations or moves with market dynamics.
- Start-up costs partially offset expected price and mix benefits in fiscal 2027.
FY2026 Q32026-06-24
Earnings calls
AI summary
positiveMicron generated record cash flow in recent quarters and expects continued growth, with plans to return 100% of excess cash to shareholders primarily through buybacks. The company signed 16 Strategic Customer Agreements covering approximately 40% of revenue, with targets to reach roughly 50% coverage, featuring take-or-pay obligations and $18 billion in cash deposits from customers. HBM demand significantly exceeds supply, with the TAM now expected to cross $100 billion in 2027 rather than 2028, driving planned CapEx increases to above mid-40% of revenue in FY2027.
Key takeaways
- 16 SCAs signed totaling $22+ billion in cash and related financial commitments; agreements feature take-or-pay clauses, price bands, and cannot be canceled by customers
- HBM3E and HBM4 demand through 2027-2028 far exceeds supply capacity across all customer segments and geographies
- FY2026 CapEx increased to ~$27 billion; FY2027 CapEx will exceed mid-40% range with majority allocated to construction; greenfield capacity begins contributing bits in calendar 2028
- Enterprise SSD revenue reached $5 billion in FQ3 within $25 billion total data center revenue; DRAM-NAND portfolio mix remains 75-80% DRAM and 20% NAND
- Market tightness expected to continue beyond 2027; supply growth will determine shipment growth rather than demand for the foreseeable future
Financial highlights
- Last two quarters generated as much cash flow as company's entire history
- 16 SCAs generated $22+ billion in total cash and related financial commitments, with ~$18 billion in cash deposits
- Enterprise SSD revenue: $5 billion in FQ3; total data center revenue: $25 billion in FQ3
- FY2026 CapEx increased to approximately $27 billion; FY2027 CapEx will exceed mid-40% range with $10 billion in Q4
Guidance
- Free cash flow expected to exceed $30 billion next quarter with continued growth in Q4
- Dividend increased 30% recently; principal capital return mechanism is share repurchase; committed to increased capital return from December 9th (second anniversary of CHIPS agreement)
- HBM TAM now expected to cross $100 billion in 2027 rather than 2028
- Startup costs from Idaho One, Tongluo, and Idaho Two expected at $100-200 million per quarter in 2027; elevated levels through first half of next year
Q&A themes
- Strategic Customer Agreements provide revenue visibility and customer commitment through take-or-pay structures with financial deposits and multiyear volume commitments
- HBM demand severely constrained with asks far exceeding supply capacity through 2028; market tightness expected to persist beyond 2027
- SOCAMM and LPDRAM in data center growing due to agentic AI and CPU-based server demand; Micron positioning as leader with reliability and serviceability differentiation
- Supply-demand gap with DRAM extremely constrained and HBM very constrained; no homogeneous fulfillment percentage applicable across all customer segments and geographies
Risks
- Supply constraints expected to persist beyond 2027 with management unable to project when supply will meet demand
- Startup costs from greenfield fab construction (Idaho One, Tongluo, Idaho Two) will increase DRAM bit costs near-term and create 0.5-1+ point margin effect in 2027
- LPDRAM adoption in data center faces reliability, availability, and serviceability complications as it was not designed for data center environments
FY2026 Q22026-03-18
Earnings calls
AI summary
positiveMicron achieved exceptional fiscal Q2 performance with revenue nearly tripling year-over-year to $23.9B and gross margin reaching a company record of 75%. The company raised fiscal Q3 guidance to $33.5B revenue and 81% gross margin, reflecting sustained AI demand, tight industry supply conditions, and successful technology ramps of 1γ DRAM and G9 NAND nodes. Management expects supply-demand imbalances to persist beyond 2026 while increasing capital expenditure and R&D investments to capture long-term opportunities.
Key takeaways
- Fiscal Q2 revenue $23.9B, up 196% YoY; DRAM revenue $18.8B (79% of total), NAND revenue $5.0B (21% of total)
- Gross margin of 75%, up 18 percentage points sequentially; Q3 guidance of 81% gross margin reflecting pricing strength and favorable mix
- Record free cash flow of $6.9B in Q2; net cash position of $6.5B; fiscal 2026 CapEx expected above $25B; fiscal 2027 CapEx to increase meaningfully by over $10B for construction
- 30% increase in quarterly dividend to $0.15 per share; 1γ DRAM on track to be majority of DRAM bit mix by mid-calendar 2026; G9 NAND to constitute majority of NAND bits by mid-calendar 2026
- Completed first five-year SCA with large customer; in discussions with multiple customers on similar multiyear strategic customer agreements for improved visibility and supply certainty
Financial highlights
- Total revenue $23.9B, up 75% sequentially and 196% year-over-year
- Gross margin 75%, up 18 points sequentially; non-GAAP EPS $12.20, up 155% sequentially
- Operating cash flow $11.9B; free cash flow $6.9B (quarterly record); capital expenditures $5.0B
- Fiscal Q3 guidance: revenue $33.5B (+/- $750M), gross margin ~81%, EPS $19.15 (+/- $0.40)
Guidance
- Fiscal Q3 revenue guidance of $33.5B, exceeding full-year revenue for every year through fiscal 2024
- Fiscal Q3 gross margin approximately 81%; fiscal Q3 CapEx approximately $7B
- Fiscal 2026 CapEx above $25B; fiscal 2027 CapEx to step up meaningfully with construction-related CapEx increasing over $10B year-over-year
- Industry DRAM bit shipments in calendar 2026 expected to grow in low-twenties percentage range; NAND bit shipments expected to grow approximately 20%; Micron supply to grow approximately in line with industry
Q&A themes
- SCAs provide multiyear volume and supply commitments with robust terms across tight and normal supply cycles; designed to give customers planning certainty and Micron visibility into demand; negotiations ongoing with multiple customers across multiple markets
- Allocation strategy focuses on maintaining diversified end-market mix while prioritizing data center given TAM growth; some customers receiving 50-67% of requested demand; price-sensitive markets like consumer may see demand impact from higher prices
- HBM margins currently lower than non-HBM DRAM/LP products; company managing overall portfolio mix of HBM, LP, DDR5, and SSDs; market remains strong for both HBM4 and HBM3E in calendar 2026
- Data center SSD business (ESSD) more than doubled sequentially in Q2, represents ~50% of NAND revenue; company well-positioned with G9-based products across capacity and performance tiers; HBF (high-bandwidth flash) still early-stage with limitations in write speed, power, and retention
Risks
- Calendar 2026 PC and smartphone units expected to decline in low double-digit percentage range due to DRAM and NAND supply constraints and higher pricing
- Trade and geopolitical developments could impact guidance; impacts not currently included in forward outlook
- Gross margin sustainability dependent on continued tight supply conditions and AI demand; historical precedent suggests potential for margin compression as supply normalizes, though management believes structural factors support higher margins longer-term
FY2026 Q12025-12-17
Earnings calls
AI summary
positiveMicron achieved record quarterly results across revenue, gross margin, and EPS, significantly exceeding guidance, driven by strong execution in AI data center demand and tight DRAM/NAND supply. The company raised FY2026 CapEx to $20B to support HBM and 1-gamma production growth, expecting both DRAM and NAND bit shipments to increase approximately 20% in calendar 2026. Management projects substantial record revenue, margins, and free cash flow for both Q2 and full FY2026.
Key takeaways
- Record fiscal Q1 revenue of $13.6B (+21% sequentially, +57% YoY) with DRAM at $10.8B and NAND at $2.7B; Q2 guidance of $18.7B represents new record
- Gross margin expanded to 56.8% in Q1 (+11 points sequentially) with Q2 guidance of 68% (+/- 100 bps), driven by pricing, cost execution, and favorable mix
- HBM TAM projected to reach $100B by 2028 (40% CAGR from ~$35B in 2025), arriving two years earlier than prior outlook; HBM4 ramping in CQ2 with industry-leading 11+ Gbps performance
- CapEx increased to $20B for FY2026 (from $18B prior) to support HBM and 1-gamma supply; planning Idaho fab first wafer output mid-calendar 2027 (accelerated from H2 2027)
- Tight supply environment expected to persist through and beyond calendar 2026; calendar 2025 DRAM bit demand upgraded to low 20% growth vs prior high teens; calendar 2026 NAND bit demand in high teens range
Financial highlights
- Fiscal Q1 revenue $13.6B (+21% QoQ, +57% YoY); DRAM $10.8B record (+69% YoY); NAND $2.7B (+22% YoY)
- Non-GAAP EPS $4.78 (+58% QoQ, +167% YoY); operating margin 47% (+12 points QoQ, +20 points YoY)
- Free cash flow $3.9B (quarterly record); operating cash flow $8.4B; CapEx $4.5B; net cash position ~$250M after $2.7B debt reduction
- Q2 FY2026 guidance: Revenue $18.7B (+/- $400M), gross margin 68% (+/- 100 bps), EPS $8.42 (+/- $0.20)
Guidance
- Fiscal Q2 revenue expected at record $18.7B (+/- $400M); gross margin 68% (+/- 100 bps); EPS $8.42 (+/- $0.20)
- Calendar 2025 DRAM bit demand growth in low 20% range (vs prior high teens); NAND bit demand in high teens range (vs prior low-to-mid teens)
- Calendar 2026 DRAM and NAND bit shipments expected to increase approximately 20%, constrained by industry supply; both metrics expected to reach ~20% growth
- FY2026 CapEx ~$20B weighted to second half; expect significantly higher free cash flow YoY; tax rate ~15.5% for Q2 and FY2026
Q&A themes
- Long-term customer agreements in discussions for multiyear contracts involving DRAM and NAND with specific commitments and stronger contract structures; company unable to meet 50-66% of demand from several key customers
- HBM market share management: company not disclosing specific share targets; will manage product mix between HBM and non-HBM DRAM based on customer requirements and profitability; HBM 2026 supply sold out with volume and pricing negotiations completed
- Cost execution strong across DRAM and NAND; 1-gamma ramp proceeding well with faster yield ramp expected vs HBM3E; transition from 3E to HBM4 expected with minimal margin impact from startup costs
- Gross margin sustainability: expect expansion beyond Q2 but at more gradual rate than recent quarters given high absolute margin levels; strong market conditions expected to persist through FY2026
Risks
- Potential tariff impacts not included in guidance; company maintaining disciplined CapEx approach despite strong demand, limiting near-term supply growth to ~20% despite larger demand gap
- Memory pricing elasticity risk in consumer segments (PCs, smartphones) may impact unit demand; some customer mix adjustments expected but already factored into forecasts
- Fab construction lead times lengthening across geographies; company dependent on technology transitions (1-gamma DRAM, G9 NAND) for near-term supply growth given clean room constraints
FY2025 Q42025-09-23
Earnings calls
AI summary
positiveMicron achieved exceptional fiscal 2025 results with record $37.4 billion revenue (49% YoY growth), 41% gross margins (17 percentage point expansion), and $8.29 EPS (538% increase). Data center business reached 56% of revenue with 52% gross margins, led by HBM which generated $10 billion combined revenue from HBM, high-capacity DIMMs, and LP server DRAM. The company expects continued strength into fiscal 2026 with record Q1 guidance of $12.5 billion revenue and $3.75 EPS.
Key takeaways
- Record fiscal 2025 revenue of $37.4 billion, up 49% YoY, with gross margins expanding 17 percentage points to 41%
- Data center business grew to record 56% of total revenue with 52% gross margins; HBM revenue grew over fivefold YoY to $10 billion combined
- One gamma DRAM reached mature yields 50% faster than prior generation and achieved first revenue from major hyperscale customer in Q4
- Industry DRAM supply expected to remain tight throughout 2026 due to constrained node migration, extended D4/LP4 end-of-life support, and limited new capacity
- Fiscal Q1 2026 guidance: record $12.5B revenue, 51.5% gross margin, $3.75 EPS; fiscal 2026 CapEx expected higher than fiscal 2025 levels
Financial highlights
- Fiscal Q4 2025 revenue: $11.3 billion, up 22% sequentially and 46% YoY; consolidated gross margin 45.7%, up 670 basis points sequentially
- Full-year fiscal 2025: DRAM revenue $28.6B (up 62% YoY), NAND revenue $8.5B (up 18% YoY); DRAM all-in costs down low single-digit percentage points
- Fiscal Q4 non-GAAP EPS: $3.75, with 59% sequential growth and 157% YoY increase
- Fiscal 2025 free cash flow: $3.7 billion (10% of revenue); ending cash and investments: $11.9 billion with $15.4 billion total liquidity
Guidance
- Fiscal Q1 2026: Revenue $12.5B ±$300M, gross margin 51.5% ±100 bps, EPS $3.75 ±$0.15
- Fiscal 2026 CapEx expected higher than fiscal 2025's $13.8B, with framework guidance around $18 billion net; majority for DRAM front-end equipment and construction
- Calendar 2025: Industry DRAM bit demand growth high teens percentage; industry NAND bit demand growth low to mid-teens percentage
- Calendar 2026: Anticipate further DRAM supply tightness and continued NAND market strengthening; medium-term DRAM and NAND bit demand growth of mid-teens CAGR
Q&A themes
- HBM four transition expected with first production shipments in CQ2 2026, ramping throughout year in line with customer demand; pricing agreements complete for HBM 3E, discussions ongoing for HBM 4E
- Traditional server unit growth outlook strengthened to mid-single digits (from flat) in calendar 2025, driven by AI agents and traditional server workloads; AI server growth remains robust
- DRAM inventory days below target levels expected to persist through 2026; NAND inventory days improving with disciplined supply management
- HBM four specifications deliver 2.8 TB/s bandwidth and 11+ Gbps pin speeds, outperforming competition with superior power efficiency using Micron's advanced CMOS base die
Risks
- Guidance excludes potential impacts from new tariffs; tariff implementation could affect costs and profitability
- Continued node migration to one gamma and extended D4/LP4 support limiting supply growth capacity; new fab capacity remains expensive and time-consuming to build
- Customer inventory levels are healthy but any demand normalization or macro weakness could reduce pricing power and demand for premium products like HBM
FY2025 Q32025-06-25
Earnings calls
Company news
Reuters, WSJ, Bloomberg and FT first, as far as our news provider delivers them; other publishers behind the second filter. Headlines link to the publisher.- Audi Announces Its First U.S. Factory; Nvidia, Micron Drive Earnings Boom
- Micron introduces quarterly employee bonus tied to profits
- Micron says it has reached agreement with Taiwan union
- Micron union in Taiwan to launch strike as bonus dispute escalates
- Micron's Taoyuan union in Taiwan secures authorisation to strike
- Micron enters $600 million settlement of Netlist patent dispute
- Micron Profit, Revenue Surge on Memory Demand
- Micron forecasts quarterly revenue above estimates
- Netlist seeks U.S. import ban on Micron chips used in Google, Nvidia AI computing
- Micron's Taiwan workers to get rewards worth up to 68 months of pay
Company data
Company intelligence
Updated: Nov 15, 2026, 09:53 AM UTC
Company data
Company intelligence
Company profile
- Sector
- Technology
- Industry
- Semiconductors
- Chief executive
- Sanjay Mehrotra
- Employees
- 61,000
- IPO date
- Jun 1, 1984
- Country
- US
- Exchange
- NASDAQ Global Select
Altman Z-scorei12.87
Piotroski scorei8/9
Overall ratingiA
Owner earningsi$76.21B$66.44 per share
ESG risk ratingiBIndustry rank: 16/29
Rating factors
- Return on equityi
- 5/5
- Return on assetsi
- 5/5
- Debt to equityi
- 4/5
- Price to earningsi
- 3/5
- Price to booki
- 1/5
Company press releases
Micron Announces Participation in Investor EventsGlobeNewsWireMicron Announces Board of Directors RetirementGlobeNewsWireMicron Announces Over $67 Million in New Idaho Community Investments for Transportation, Housing and ChildrenGlobeNewsWireMicron Invests in New York Critical Minerals Processing With Indium CorporationGlobeNewsWireMicron to Host Technology Webinar on Oct. 21GlobeNewsWireSterne Kessler Client Netlist Negotiates $600 Million Settlement with Micron TechnologyBusiness Wire
Congressional disclosures
Senate
John BoozmanSale (Partial) · $1,001 - $15,000Disclosed: Oct 21, 2026John BoozmanSale (Partial) · $1,001 - $15,000Disclosed: Oct 21, 2026Sheldon WhitehousePurchase · $1,001 - $15,000Disclosed: Jul 8, 2026Sheldon WhitehousePurchase · $1,001 - $15,000Disclosed: Jul 8, 2026John FettermanPurchase · $1,001 - $15,000Disclosed: Apr 3, 2026
House
Market cap history
$879.49B-22.9%Aug 2026 – Nov 2026
Latest: $879.49B · 2026-11-13High: $1.20T · 2026-10-05Low: $828.46B · 2026-11-09
Largest fund holders
| Fund | Weight | Shares held |
|---|---|---|
| VTI | 1.64% | 35.8M |
| VOO | 1.83% | 29.7M |
| QQQ | 3.76% | 24M |
| FXAIX | 1.82% | 21.3M |
| IVV | 1.26% | 15.2M |
| 1657.T | 0.96% | 15.2M |
| XAW.TO | 0.75% | 15.2M |
| XUU.TO | 1.12% | 15.2M |
| XWD.TO | 0.91% | 15.2M |
| SPY | 1.26% | 13.8M |
| VPMAX | 12.82% | 11M |
| VTV | 4.56% | 10.8M |
Analyst track record
How the analysts covering MU have done: ratings, price-target accuracy and the measured reaction after their calls.
| 12 months | 3 years | |
|---|---|---|
| Ratings | 248 | 677 |
| Analysts | 40 | 55 |
| Buy / hold / sell | 236 / 11 / 1 | 622 / 50 / 5 |
| Upgrades / downgrades / initiations | 2 / 3 / 11 | 15 / 8 / 17 |
| Price targets hit / missed | 118 / 116 (50%) | 518 / 116 (82%) |
| Avg. return after a rating (TipRanks) | +31.3% | +323.0% |
| Best / worst call | +299.2% / -73.4% | > +1,000% / -73.4% |
After buy calls on this stock: median 21-day move +3.0% vs S&P 500 +3.6% (n = 628)
Most accurate on this stock
Share of an analyst's price targets on this stock that the price reached within 12 months (our measurement over the last 3 years, at least 8 targets). It describes past calls, not the odds of the current one.
- Vijay RakeshMizuho Securities96% hit rate on this stock · 23 targets measuredBuytarget $1,400Oct 18, 2026
- Krish SankarTD Cowen93% hit rate on this stock · 15 targets measuredBuytarget $1,600Oct 1, 2026
- Thomas O'MalleyBarclays93% hit rate on this stock · 14 targets measuredBuytarget $2,000Oct 1, 2026
Latest ratings
| Date | Analyst | Call | Target | |
|---|---|---|---|---|
| Nov 9, 2026 | Vivek AryaBank of America SecuritiesNov 9, 2026 | BuyMaintained | –↗ | article ↗ |
| Nov 3, 2026 | Mark LiBernsteinNov 3, 2026 | BuyMaintained | $1,300 | |
| Oct 29, 2026 | Atif MalikCitiOct 29, 2026 | BuyMaintained | $1,300↗ | article ↗ |
| Oct 27, 2026 | Mark LiBernsteinOct 27, 2026 | BuyReiterated | $1,300↗ | article ↗ |
| Oct 25, 2026 | Vivek AryaBank of America SecuritiesOct 25, 2026 | BuyMaintained | $1,550↗ | article ↗ |
Share of analysts per call each month (latest call per analyst within 180 days). Targets and closes in USD.
TipRanks data · computed Nov 13, 2026 · 248 ratings
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