Micron Posts Record Year and Lifts First-Quarter Outlook

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• MU

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Micron Technology (MU) reported revenue of $54.23 billion for the fiscal fourth quarter ended September 3, 2026, after a $17.60 billion sequential increase in the prior quarter, when sales rose from $23.86 billion to $41.46 billion. [1][2][3][4]

The semiconductor memory and storage maker said AI-driven demand and operational execution positioned it for a record fiscal 2027. GAAP net income was $37.70 billion, or $32.87 a share, versus $28.24 billion, or $24.67 a share, in the third quarter. Non-GAAP net income was $38.40 billion, or $33.42 a share. [1][2][3]

GAAP gross margin expanded to 86.8% of revenue from 84.6% in the third quarter, following a 10.2-point sequential expansion from 74.4% in the second quarter. GAAP operating income reached $43.75 billion, or 80.7% of revenue. [2][3][4]

Chairman and CEO Sanjay Mehrotra said the company is increasing investments in technology, products and manufacturing to help drive what he called Super Intelligence forward with customers, and that Strategic Customer Agreements provide added confidence in the durability of Micron’s financial performance. [1][2]

Core Data Center was the largest sequential step-up among reportable units. Revenue rose to $18.00 billion from $11.52 billion, with gross margin at 90% and operating margin at 85%. Cloud Memory revenue rose to $16.28 billion from $13.77 billion; gross margin held at 83% and operating margin slipped to 76% from 78%. Mobile and Client revenue rose to $13.11 billion from $11.52 billion, with gross margin at 90% and operating margin at 88%. Automotive and Embedded revenue rose to $6.82 billion from $4.63 billion, with gross margin at 84% and operating margin at 79%. [5][6]

The company said server LPDDR SOCAMM portfolio revenue more than doubled sequentially in the fourth quarter. It began sampling 512GB ultra-dense DDR5 RDIMM modules capable of speeds up to 9,200 MT/s, completed multiple customer qualifications of 1-gamma 8,800 MT/s server RDIMMs, and said 7600 PCIe Gen 5 and 9650 PCIe Gen 6 SSD products are shipping for KV-cache applications. The 6600 ION SSD achieved a strong volume ramp, and Micron is shipping 6-channel 1-gamma LPDDR5X for flagship mobile devices. [5][7]

Operating cash flow was $43.97 billion, versus $25.39 billion in the third quarter. Adjusted free cash flow was $33.20 billion. Investments in capital expenditures, net, were $10.77 billion. Cash, marketable investments, and restricted cash ended the year at $73.48 billion, versus $30.2 billion at the end of the third quarter. The board declared a quarterly dividend of $0.15 a share. [1][2][8][6]

For the full year ended September 3, 2026, revenue was $133.19 billion, versus $37.38 billion a year earlier. GAAP net income was $84.97 billion, or $74.33 a share. Non-GAAP net income was $86.76 billion, or $75.52 a share. Operating cash flow was $89.68 billion. Adjusted free cash flow was $62.31 billion. Full-year capital expenditures, net, were $27.37 billion. [1][2][8]

Micron’s outlook for the first quarter of 2027 is revenue of $61.5 billion, plus or minus $1.5 billion, versus fourth-quarter guidance of $50.0 billion, plus or minus $1.0 billion, issued in June. GAAP gross margin is expected at approximately 85.95%, or approximately 86.25% on a non-GAAP basis. GAAP diluted earnings are expected at $37.84 a share, plus or minus $1.00, or $38.15 a share non-GAAP. Operating expenses are expected at approximately $2.31 billion GAAP and $2.06 billion non-GAAP. [5][6]

Mehrotra said Micron delivered record fiscal 2026 results and expects an even stronger fiscal 2027. [1]

Citations

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  1,MU,ex_99_1,2026-09-30,0000723125-26-000018,filing
  2,MU,ex_99_1,2026-09-30,0000723125-26-000018,filing
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