Micron Technology released its fiscal third-quarter earnings report on a day when its stock declined significantly during trading hours prior to the afternoon announcement. Following the report, the stock reached a new all-time high.

The company reported $41.46 billion in revenue for the quarter, an increase of nearly 350% compared to the same period in the previous year and a 74% sequential increase. Micron reported earnings per share of $25.11, exceeding analyst expectations by nearly $5.

Micron announced a shift to Strategic Customer Agreements (SCAs), reporting 16 such agreements with its latest results. These initial agreements included $22 billion in cash deposits and related commitments. Fourteen of the 16 agreements have a cumulative revenue potential of approximately $100 billion over their five-year terms.

For the current quarter, Micron expects $50 billion in revenue and earnings per share of $31. The projected revenue represents 21% sequential growth, while the expected earnings per share indicate 23% sequential growth. Analyst estimates suggest Micron could achieve $98 in earnings per share in the 2027 fiscal year. The company's data center revenue is currently on an annualized run rate exceeding $100 billion.

Following the earnings report, Micron's stock received about two dozen analyst upgrades or new ratings. No significant analyst downgrades were issued within a few days of the report. As of June 30, 2026, Micron had a market capitalization of nearly $1.3 trillion and was trading at approximately 11 times forward earnings. In the year prior to this latest earnings report, Micron stock had gained more than 700%.