Micron reports record $54.23 billion quarter and guides to $61.5 billion next

Micron Technology reported record results for its fiscal fourth quarter and full fiscal year 2026 on September 30, 2026, and forecast even higher revenue for the quarter now under way. The memory chipmaker said demand tied to artificial intelligence continues to outstrip supply.

Record quarter

Micron said revenue for the fiscal fourth quarter was $54.23 billion. GAAP 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. GAAP gross margin was 86.8%, and 87.0% on a non-GAAP basis.

According to Investing.com, quarterly revenue rose 31% from the previous quarter and 379% from a year earlier, and the $33.42 adjusted earnings per share beat analysts' estimate of $31.16.

For the full fiscal year, Micron reported revenue of $133.19 billion, compared with $37.38 billion in fiscal 2025. Full-year GAAP net income was $84.97 billion, or $74.33 per diluted share, and operating cash flow was $89.68 billion.

DRAM, NAND and business units

DRAM revenue in the quarter was $39.8 billion, or 73% of the total, and NAND revenue was $14.1 billion, or 26%, according to Investing.com and MarketBeat. MarketBeat's summary of the earnings call said NAND revenue rose 42% from the prior quarter, with prices up about 30%.

By business unit, Micron reported Core Data Center revenue of $18.00 billion, Cloud Memory revenue of $16.28 billion, Mobile and Client revenue of $13.11 billion, and Automotive and Embedded revenue of $6.82 billion.

Outlook and supply

For the first quarter of fiscal 2027, Micron guided revenue to $61.5 billion, plus or minus $1.5 billion, with a GAAP gross margin of about 85.95% and non-GAAP earnings of $38.15 per share, plus or minus $1.00.

According to MarketBeat's call summary, Chief Executive Sanjay Mehrotra said memory and storage conditions are expected to be much tighter in fiscal 2027 and 2028. Micron has completed agreements covering the majority of its calendar 2027 high-bandwidth memory (HBM) supply, and it is working with NVIDIA on a custom HBM4E product, the summary said. Investing.com reported that net capital spending for the first fiscal quarter of 2027 is expected to be about $11.5 billion.

In the press release, Mehrotra said: "AI is becoming Super Intelligence, and memory enhances this intelligence and the competitiveness of our customers' platforms."

Micron also declared a quarterly dividend of $0.15 per share, payable October 29, 2026.

Market reaction

Investing.com reported that Micron shares closed the regular session at $1,066.10, up 0.1%, and slipped 0.78% to $1,056.75 in after-hours trading following the release.

Why it matters

Micron's results are one of the clearest measures of how spending on AI data centers is flowing through to chip suppliers. The company is guiding to another quarter of growth, says it has already sold most of its 2027 HBM supply, and expects market conditions to be tighter still in fiscal 2027 and 2028.

Sources

This article was drafted with AI assistance and checked against the sources above. Company claims are reported as claims. Cover image is AI-generated.