What happened
Micron Technology (MU) is the U.S. maker of DRAM, NAND and HBM memory, competing with Samsung Electronics and SK hynix.
MUMicron Technology·FY26Q3 10-QPaidFiling score 63 · Moderate
Sponsored links — aiSwingX™ may earn a commission at no extra cost to you. They never affect our articles, scores or rankings.
Micron's customers will put down $18bn of cash deposits to lock in memory supply
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
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.
In plain terms
With memory in short supply, large customers agreed to pay Micron up front to secure supply. The deposits and financing commitments come to $22bn, of which about $18bn is cash. Of the $41.4bn the company sold in the quarter, though, $26.9bn has not been collected yet.
What the numbers meanSubscribers
Why it mattersSubscribers
Company explanation and contextSubscribers
What to watchSubscribers
Arithmetic table · quarterly metricsSubscribers
End of the free preview
63 Filing score · Moderate
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.
$10.99/mo · $109/yr
Log in to subscribe
Not ready to subscribe? Get free alerts when new articles go out.
Only on days we publish. Unsubscribe any time.
FAQ
Has the $22bn of deposits already been received?
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. The remaining figures and what they mean are in the subscriber section of this article.
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.
© 2026 aiSwingX™. All rights reserved. Quote with attribution. Republication, redistribution and data use are governed by the Terms of Service and License. Not investment advice.
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