Micron's customers will put down $18bn of cash deposits to lock in memory supply — quarterly revenue $41.5bn (4.5×), with $26.9bn still to be collected
Fiscal Q3 2026 (March–May) 10-Q: revenue $41,456m (a year earlier $9.3bn), gross margin 84.6%, net income $28.2bn. 'Strategic customer agreements' with binding multi-year volumes are expected to bring $22bn of deposits and financial commitments, about $18bn of it cash. Receivables went from $7.2bn to $26.9bn in nine months. $9.4bn of debt prepaid in nine months; capex about $27bn this year
aiSwingX™ Editorial · Reviewed
Published
Micron Form 10-Q for fiscal Q3 2026 (as of May 28, 2026): statement of operations, cash-flow statement, Note 5 'Receivables', revenue note (remaining performance obligations, contract liabilities/customer deposits), debt note (prepayments, losses), MD&A 'Liquidity — strategic customer agreements, $22bn deposits, $27bn capex', segment note (customer concentration)
aiSwingX™ analyzes US filings and reports them as news investors can read.
–
5 0
Micron Technology (MU) reported revenue of $41,456m for its fiscal third quarter (February 27–May 28, 2026), 4.5 times a year earlier, and net income of $28,243m. The liquidity section of the 10-Q filed on June 25 holds a sentence that is not on the income statement: what customers have agreed to put down to secure multi-year supply.
What happened
Micron Technology (MU) is the U.S. maker of DRAM, NAND and HBM memory, competing with Samsung Electronics and SK hynix.
Its quarterly report (10-Q) for fiscal Q3 2026 (February 27–May 28, 2026) shows revenue of $41,456m, 4.5 times the $9,301m of a year earlier and 1.7 times the prior quarter's $23,860m. Cost of goods sold rose only 10%, from $5,793m to $6,400m, so gross margin went from 37.7% to 84.6%. Operating income was $33,318m and net income $28,243m.
The liquidity section of MD&A reads: "We recently executed certain strategic customer agreements, including agreements executed subsequent to May 28, 2026. These agreements include binding commitments for specific volumes over the multi-year contract terms. … we expect to receive cash deposits and related financial commitments of $22 billion for agreements concluded to date. Approximately $18 billion of these commitments will be in the form of cash deposits." Remaining performance obligations at May 28 were about $5bn, of which $422m had already been recognized as contract liabilities (customer deposits). At the end of August, remaining performance obligations "were not material".
What the numbers meanSubscribers
Why it mattersSubscribers
Company explanation and contextSubscribers
What to watchSubscribers
Arithmetic table · quarterly metricsSubscribers
End of the free preview
What the numbers mean — for subscribers
We find the numbers that are in the filing but not in the news, and analyze what they mean, how big they are and what to watch next quarter — with the arithmetic and quarterly metrics. Cancel any time.
No. The company says it 'expects to receive' it for agreements concluded to date, and customer deposits recognized as contract liabilities at May 28 were $422m. The figure includes agreements signed after May 28. How the deposits interact with cash flow, capex and revenue recognition is explained in the subscriber section.
Why are receivables so large?
The 10-Q does not explain the increase separately. Quarterly revenue rose 74% from $23,860m to $41,456m, so quarter-end balances rose with it; the ratio of receivables to quarterly revenue, 64.9%, is close to the prior quarter's 64.5%.
How is an 84.6% gross margin possible?
Cost of goods sold rose only 10% while revenue rose 4.5 times. The company cites data-center demand across segments including Cloud Memory (CMBU), and says about half of 2025 revenue came from the data-center market and more than half from its top ten customers. This article treats pricing only through the disclosed figures.
Where can I verify these numbers?
On SEC EDGAR: Micron's fiscal Q3 2026 Form 10-Q (accession 0000723125-26-000015), Note 5 receivables, the remaining-performance-obligation and contract-liability paragraphs of the revenue note, the prepayment table in the debt note, and the liquidity section of MD&A.
How aiSwingX™ wrote this
We read the filing on SEC EDGAR in full — statements, notes, MD&A. Press releases and news are not used as sources.
Every figure is reconciled to its location in the filing and to XBRL data. One mismatch means no publication.
An editor reviews before publication; any later change is recorded in the revision history.
Micron Form 10-Q for fiscal Q3 2026 (as of May 28, 2026): statement of operations, cash-flow statement, Note 5 'Receivables', revenue note (remaining performance obligations, contract liabilities/customer deposits), debt note (prepayments, losses), MD&A 'Liquidity — strategic customer agreements, $22bn deposits, $27bn capex', segment note (customer concentration) · SEC EDGAR · This article is not investment advice. Disclaimer
Frequently asked questions
Where can I verify the figures in this article?
Open the filing cited at the bottom of the article (e.g. the 10-Q note number) on SEC EDGAR via the link at the end of the article.
What is the at-a-glance box?
A four-item summary of the article: the key figure, what it means, the source, and what to watch next quarter. If you are short on time, read just that.
May I quote or share this article?
Customary quotation and sharing are fine with attribution (aiSwingX™ and the article URL). Republishing the full text elsewhere requires the License plan.
aiSwingX™ analyzes US filings and reports them as news investors can read.
