Micron Technology (MU) Earnings Date & Reports

Key Takeaways

• Micron reported fiscal fourth-quarter 2026 revenue of $54.23 billion, up 379% year over year and above consensus estimates.
• Non-GAAP diluted earnings per share (EPS) came in at $33.42, topping analysts' expectations of roughly $31.60.
• Non-GAAP gross margin surged to 87.0%, compared with 45.7% in the same quarter a year earlier.
• Full-year fiscal 2026 revenue reached $133.19 billion, up 256% from $37.38 billion in fiscal 2025.
• Guidance for fiscal Q1 2027 of $61.5 billion in revenue and $38.15 in non-GAAP diluted EPS came in ahead of consensus.

Earnings Context and Why It Matters

Micron Technology is one of the world's largest producers of DRAM (dynamic random-access memory), NAND flash storage, and high-bandwidth memory (HBM) used in everything from smartphones to artificial intelligence (AI) servers. As a bellwether for the memory-chip cycle, its results offer investors a real-time read on demand for the computing infrastructure powering AI. The fiscal fourth quarter of 2026, which ended September 3, 2026, closed out a transformative year in which soaring data-center demand reshaped Micron's revenue mix and profitability. With AI-related memory orders absorbing industry capacity, this report matters not only for Micron shareholders but also for gauging the health of the broader semiconductor supply chain.

Reported Results

Micron reported fiscal fourth-quarter 2026 revenue of $54.23 billion, up from $41.46 billion in the prior quarter and $11.32 billion in the same period last year. The result beat consensus estimates of roughly $51 billion. GAAP (Generally Accepted Accounting Principles) net income was $37.70 billion, or $32.87 per diluted share. On a non-GAAP basis, net income was $38.40 billion, or $33.42 per diluted share, above analysts' expectations of about $31.60.

DRAM accounted for $39.77 billion, or 73% of quarterly revenue, with average selling prices rising in the high-teens percentage range sequentially. NAND contributed $14.10 billion, or 26% of revenue, with average selling prices up roughly 30% quarter over quarter. The Core Data Center Business Unit was the standout, generating $18.0 billion in revenue, up 56% sequentially, at a 90% gross margin. For the full fiscal year, Micron posted revenue of $133.19 billion and GAAP net income of $84.97 billion, or $74.33 per diluted share.

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Market Reaction and Investor Sentiment

Micron's results landed ahead of Wall Street estimates on both the top and bottom lines, while its fiscal Q1 2027 guidance also exceeded consensus. The combination of record revenue, expanding margins, and a stronger-than-expected outlook reinforced a broadly constructive sentiment toward AI-linked memory demand. Management highlighted that more than 75% of fiscal 2027 shipments are already committed, and that market conditions are expected to remain tight through 2028. Still, investors continue to weigh cyclical risks, including substantial capital expenditures on new capacity, historically volatile memory pricing, and the possibility that aggressive supply expansion could eventually pressure margins.

Forward Outlook and Key Factors to Monitor

Micron guided to fiscal first-quarter 2027 revenue of $61.5 billion, plus or minus $1.5 billion, and non-GAAP diluted EPS of $38.15, plus or minus $1.00. Both midpoints came in above consensus expectations at the time of the report. Management said it expects fiscal 2027 to be another record year, with sequential revenue growth each quarter.

Investors will want to watch several factors in the quarters ahead. First, the pace of HBM shipment growth relative to conventional DRAM, which management expects to outpace the broader category through 2028. Second, pricing momentum and gross margin trajectory, especially as DRAM supply growth decelerates and capacity constraints persist. Third, capital spending and the timing of new manufacturing capacity, including first wafer output from Micron's Idaho facility, which is expected around mid-calendar 2027.

Other items to monitor include NAND supply dynamics, where Micron's growth has lagged the industry average, as well as customer concentration risk in the AI supply chain. The company's expanded strategic customer agreements, which now cover both DRAM and NAND through 2030, provide visibility but also tie Micron's fortunes more closely to a concentrated group of large buyers. Balanced against record profitability, these dynamics will shape how investors assess the durability of the current upcycle.

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