What did Micron actually report for fiscal Q3 2026?

Adjusted EPS of $25.11 against a $20.63 consensus and revenue of $41.46B against $35.59B — a 22% earnings beat and a 16% revenue beat. The Q4 guide called for EPS of $30.00 to $32.00 (consensus $25.50) and revenue of $49.0B to $51.0B (consensus $42.92B). FY26 capex was framed at roughly $27B with FY27 explicitly above it.

Why did the stock gap so hard after hours?

Three reasons stacked. The Q4 guide was about $5 above consensus on EPS — that alone is a major repricing event. The forward language ('tight conditions persist beyond calendar 2027,' HBM4 ramping at 2x HBM3E, $22B in customer cash deposits) extended the cycle thesis by at least a year. And the stock was set up short into the print after Tuesday's forced-selling flush, so short covering amplified the move from the 1080s up to 1220 before it settled around 1181.

What does this mean for SanDisk and Western Digital?

SNDK is the cleanest read-through because Micron just confirmed both NAND and HBM pricing are holding. The early after-hours bid in SNDK reflected that. WDC trades on the same setup. The first 30 minutes of cash trade tomorrow tells you whether the sympathy lift is real or a one-print reaction. The level that matters is whether SNDK can hold above Tuesday's close on real volume.

Is the memory cycle still early?

Earlier than consensus had it. The model going into tonight assumed memory pricing rolled over sometime in calendar 2026. Management explicitly said tight conditions persist beyond calendar 2027, FY27 capex is going up, and customers have pre-funded $22B in strategic agreements. That is a different cycle profile than the sell side was carrying — and it is the part of the print that re-prices not just MU but the entire memory and memory-equipment complex.

How would you trade it tomorrow?

No chase into the gap. The after-hours run from the 1080s to 1220 already paid the overnight risk-takers. The setup to wait for is the first failed bounce or the first higher-low that holds above VWAP in cash hours, with the stop at the after-hours low rather than yesterday's cash-session low. Size against the level, not the headline.

← ArticlesThe Trading Desk · Earnings RecapJune 24, 2026

The Trading Desk · Earnings Recap

Micron Just Crushed Q3 — Why the $30 Print Changes the Whole Memory Trade

Micron printed a blowout fiscal Q3 and guided Q4 EPS to $30–$32 against a $25.50 consensus. The stock gapped from a 1006 low to 1220 after hours and settled near 1181. Here is what the numbers actually mean, how the tape behaved, and where the memory trade goes from here.

By Guy Gentile

Editorial illustration of Micron's after-hours candle gapping vertically off a 1006 intraday low into the 1200s, with HBM stacks glowing behind the print. — Plate 34 — The flush was Tuesday. The print was Wednesday. The trade is what comes next.

Micron just printed the cleanest blowout the memory complex has seen this cycle.

Fiscal Q3 adjusted EPS came in at $25.11 against a $20.63 consensus. Revenue was $41.46B versus $35.59B expected. The Q4 guide was the headline: EPS of $30.00 to $32.00 against a $25.50 consensus, and revenue of $49.0B to $51.0B against $42.92B. Management framed FY27 capex above FY26's roughly $27B, called out HBM4 12-high ramping twice as fast as HBM3E, said tight memory conditions persist beyond calendar 2027, and disclosed $22B in customer cash deposits backing strategic supply agreements.

The stock cleared a 1006 cash-session low into the close, gapped to 1220 after hours on the print, and settled around 1181 — a 175-point round-trip from yesterday's flush in twenty-four hours. Here is what actually matters.

Disclaimer

This essay reflects the personal views and opinions of Guy Gentile and is published for informational and educational purposes only. It is not investment advice, a recommendation to buy or sell any security, an offer or solicitation, or a research report. Markets carry risk and any positions, setups, or names discussed may change without notice. Mr. Gentile and parties affiliated with him may hold, add to, reduce, or close positions in the securities discussed at any time. Do your own research and consult a licensed financial professional before making investment decisions. Past performance is not indicative of future results.

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