# 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

![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](https://aiswingx.com/static/covers/mu-fy26q3_cover.jpg?v=1790013614)

**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.

- 종목: MU (Micron Technology)
- 분기: FY26Q3 · 10-Q
- 작성: 2026-09-21 18:00 UTC
- 원문: https://aiswingx.com/p/mu-fy26q3

## 숫자 하나
Expected deposits and financial commitments under strategic customer agreements $22bn (about $18bn cash). Remaining performance obligations about $5bn ($422m recognized as contract liabilities). Trade receivables $26,894m ($7,163m at August 28, 2025, ×3.8) = 64.9% of quarterly revenue. Quarterly gross margin 84.6% (37.7% a year earlier). Debt prepaid in nine months $9,380m (loss $500m).

## 비유 하나
(구독자 전용)

## 출처 하나
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)

## 다음 분기에 볼 것
(구독자 전용)

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## 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".

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(End of free preview. What the numbers mean, why it matters, company context, the next-quarter checklist and the arithmetic are available to subscribers — https://aiswingx.com/pricing)

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## FAQ

**Q. 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.

**Q. 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%.

**Q. 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.

**Q. 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.