Micron Caps Prices on Major Deals, Fuels Record Margin
Micron Technology posted a record quarter driven by higher memory prices rather than volume, with non-GAAP gross margin at 84.9% and operating margin at 81.2% in Q3 2026. The company has signed 16 strategic customer agreements that place floors and ceilings on prices—covering about 40% of revenue—thereby locking in elevated margins even as the cycle evolves. Management expects Q4 gross margin near 86% as price growth slows, though the durability of profitability depends on volumes and external supply dynamics.