Micron Technology (MU) reported revenue of $54.23 billion for its fiscal fourth quarter of 2026, which ended September 3, up from $41.46 billion in the prior quarter and $11.32 billion a year earlier, as demand for memory used in AI servers kept outrunning supply [1]. Its GAAP gross margin reached 86.8% and net income was $37.70 billion, or $32.87 a share [1]. For the full fiscal year, revenue was $133.19 billion, more than three and a half times fiscal 2025, and Micron guided fiscal Q1 2027 revenue to $61.5 billion, plus or minus $1.5 billion [1].
What did Micron report for fiscal Q4 2026?
| Measure (GAAP) | Fiscal Q4 2026 | Fiscal Q3 2026 | Fiscal Q4 2025 |
|---|---|---|---|
| Revenue | $54.23 billion | $41.46 billion | $11.32 billion |
| Gross margin | 86.8% | 84.6% | 44.7% |
| Operating income | $43.75 billion | $33.32 billion | $3.65 billion |
| Operating margin | 80.7% | 80.4% | 32.3% |
| Net income | $37.70 billion | $28.24 billion | $3.20 billion |
| Diluted earnings per share | $32.87 | $24.67 | $2.83 |
| Operating cash flow | $43.97 billion | $25.39 billion | $5.73 billion |
Source: Micron results filed with the SEC on September 30, 2026 [1]. Non-GAAP EPS was $33.42 in fiscal Q4 2026.
Revenue grew 31% from the previous quarter and 379% from a year earlier [1]. For fiscal 2026 as a whole, revenue was $133.19 billion against $37.38 billion in fiscal 2025, operating income was $99.34 billion and net income $84.97 billion, or $74.33 a share [1]. DataPorium covered the previous quarter's results in June, when revenue was reported at $41.5 billion [4].
Why are Micron's profits so high?
Memory prices have risen far faster than Micron's costs. Cost of goods sold was $7.18 billion in fiscal Q4 2026, only 15% more than the $6.26 billion of a year earlier, while revenue rose almost fivefold [1]. That pushed the gross margin from 44.7% to 86.8%, a level more typical of software companies than chip makers [1].
The driver is AI. Data centers that train and run AI models need large amounts of high-bandwidth memory (HBM) and server DRAM, and the industry has not added supply fast enough. Chief executive Sanjay Mehrotra said "AI is becoming Super Intelligence (SI), and memory enhances this intelligence," and that Micron's strategic customer agreements add confidence in the durability of its results [1]. Micron reported product milestones including the first 512GB high-capacity DDR5 server modules and more than a doubling of revenue from its server LPDDR modules in the quarter [1].
Its competitor SK hynix, the other large maker of AI memory, listed shares in the United States in July in a $26.5 billion offering, the largest US listing of the quarter [5].
Which Micron businesses grew the most?
Micron reports four business units. DataPorium segment data, taken from Micron's annual report, show revenue in fiscal Q4 2026 split as follows [6]:
- Core Data Center (CDBU): $18.00 billion, 33.2% of revenue.
- Cloud Memory (CMBU): $16.28 billion, 30.0%.
- Mobile and Client (MCBU): $13.11 billion, 24.2%.
- Automotive and Embedded (AEBU): $6.82 billion, 12.6%.
The two data center units together brought in $34.29 billion, about 63% of the quarter's revenue [6]. One detail matters for comparisons: fiscal Q4 2026 had 14 weeks, one more than a usual quarter, according to the period dates in Micron's filing, which flatters comparisons with a usual 13-week quarter [6].
How is Micron using its cash?
Micron is spending heavily but generating even more cash. Net capital expenditures were $10.77 billion in fiscal Q4 and $27.37 billion for the year, and adjusted free cash flow was $33.20 billion in the quarter and $62.31 billion for the year [1]. The company ended fiscal 2026 with $73.48 billion of cash, marketable investments and restricted cash, and declared a quarterly dividend of $0.15 a share [1].
Operating expenses are rising: research and development was $1.91 billion in the quarter, up from $1.05 billion a year earlier, and selling, general and administrative costs rose to $859 million from $314 million [1]. Mehrotra told CNBC that Micron is raising worker pay "in line with our record performance," which the company said affects its gross margin guidance [3].
What is Micron's guidance for fiscal Q1 2027?
| Fiscal Q1 2027 guidance | GAAP | Non-GAAP |
|---|---|---|
| Revenue | $61.5 billion ± $1.5 billion | $61.5 billion ± $1.5 billion |
| Gross margin | About 85.95% | About 86.25% |
| Operating expenses | About $2.31 billion | About $2.06 billion |
| Diluted EPS | $37.84 ± $1.00 | $38.15 ± $1.00 |
Source: Micron guidance, September 30, 2026 [1].
At the midpoint, revenue would rise about 13% from fiscal Q4, a slower pace than the 31% sequential gain just reported, while the gross margin would stay above 85% [1]. CNBC reported that the guidance was above analysts' expectations for revenue and earnings per share [3].
How has Micron stock performed?
DataPorium data show Micron shares rose from $285.41 at the end of 2025 to a record close of $1,213.56 on June 25, 2026 [2]. They slipped 7.7% in the third quarter, to $1,065.11 on September 30, then rose 3.0% to $1,097.39 on October 1, the day after the report [2]. They closed at $1,029.00 on October 9, still up about 260% for the year [2].
Micron's fiscal Q4 2026 revenue reached $54.23 billion with an 86.8% gross margin, and it guided fiscal Q1 2027 revenue to $61.5 billion on continuing AI memory demand.
Frequently asked questions
How much revenue did Micron report for fiscal Q4 2026?
Micron reported revenue of $54.23 billion for the quarter ended September 3, 2026, up from $11.32 billion a year earlier [1].
What is Micron's guidance for fiscal Q1 2027?
Revenue of $61.5 billion plus or minus $1.5 billion, a non-GAAP gross margin of about 86.25% and non-GAAP EPS of $38.15 plus or minus $1.00 [1].
Why are Micron's margins so high?
Demand for AI memory has pushed prices up much faster than costs: revenue rose almost fivefold from a year earlier while cost of goods sold rose 15% [1].
Does Micron pay a dividend?
Yes. Micron declared a quarterly dividend of $0.15 per share on September 30, 2026, payable on October 29 [1].
Sources & References
- [1] Micron Technology, results for the fourth quarter and full year of fiscal 2026 (Form 8-K exhibit 99.1, September 30, 2026)
- [2] DataPorium Micron (MU) stock page (prices and financial statements)
- [3] CNBC, Stock market news for Oct. 1, 2026 (Micron results and comments)
- [4] DataPorium article, Micron fiscal Q3 2026 earnings: why revenue jumped to $41.5 billion and what comes next
- [5] Renaissance Capital, US IPO Market 3Q 2026 Quarterly Review (October 1, 2026)
- [6] DataPorium Micron revenue by business segment (quarterly, from company filings)
