Micron Technology reported record results for its fiscal fourth quarter on Wednesday, with revenue of $54.2 billion and adjusted earnings of $33.42 a share, both ahead of Wall Street forecasts. The memory-chip maker also guided to about $61.5 billion in revenue for the current quarter, well above analyst expectations, as demand for AI data-center memory stays strong.
The numbers
| Metric | Q4 fiscal 2026 | Year earlier |
|---|---|---|
| Revenue | $54.23 billion | $11.32 billion |
| Adjusted EPS | $33.42 | $3.03 |
| GAAP net income | $37.70 billion | $3.20 billion |
| Gross margin (GAAP) | 86.8% | 44.7% |
| Full-year revenue | $133.19 billion | $37.38 billion |
The quarter ended September 3, 2026. Revenue rose about 31% from the previous quarter’s $41.46 billion. Analysts had expected revenue of roughly $51 billion and adjusted earnings of about $31.50 a share, according to consensus figures cited by TheStreet and 24/7 Wall St.
What drove the quarter
Micron makes DRAM and NAND memory, and one product in particular has transformed its business: high-bandwidth memory (HBM), the stacked chips that sit alongside AI processors in data centers. On the earnings call, management said HBM is growing faster than the company as a whole. Tight supply across the memory market has also let Micron raise prices on conventional chips, pushing gross margin close to 87%, a level more typical of software companies than chipmakers.
The company said it now has 26 multi-year strategic customer agreements, up from 17, which it says lock in a significant share of future demand and pricing. “Micron delivered record fiscal 2026 results, and we expect an even stronger fiscal 2027,” chief executive Sanjay Mehrotra said in the results release.
Outlook and spending
- Revenue: $61.5 billion, plus or minus $1.5 billion, for the first quarter of fiscal 2027. TheStreet put the consensus near $57 billion.
- Adjusted EPS: $38.15, plus or minus $1.00.
- Gross margin: about 86% on both GAAP and adjusted measures.
- Investment: Micron spent about $27.4 billion, net, on capital projects in fiscal 2026 and plans higher spending ahead to add supply.
- Shareholder returns: a quarterly dividend of $0.15 a share, payable October 29.
How the stock reacted
Despite the beat, the shares were little changed in early after-hours trading. The muted reaction reflects how much good news was already priced in: Micron’s stock had surged this year ahead of the report, and some investors are watching whether heavier spending on new factories could weigh on margins before the extra supply pays off. After-hours moves can reverse once regular trading resumes on Thursday.
The results arrived after a mixed session on Wall Street, where the Nasdaq edged higher while the Dow fell as bond yields climbed. Read our full market wrap for September 30, and check the economic calendar for what comes next.
Sources
- Micron press release: record fiscal fourth-quarter and full-year 2026 results
- Futu News: Micron Q4 FY2026 revenue and EPS
- TheStreet: Micron Q4 2026 earnings call live updates
- 24/7 Wall St.: Micron CEO guides fiscal 2027 above record 2026
This is general market information, not investment advice. Data may be delayed.
Written by The Daily Economy editorial team with AI assistance and checked against the sources above. Read our editorial policy.