BOISE, Idaho — Micron Technology, Inc. (Nasdaq: MU) reported record financial results for its fiscal fourth quarter and full fiscal year 2026 on Wednesday, September 30, 2026. The semiconductor manufacturer posted fourth-quarter revenue of $54.23 billion, up 379% year-over-year from $11.32 billion in the fourth quarter of fiscal 2025 and rising 31% sequentially from $41.46 billion in the third quarter. For the full fiscal year 2026, Micron generated $133.19 billion in revenue and GAAP net income of $84.97 billion, or $74.33 per diluted share, underscoring an unprecedented demand environment for high-density AI memory and storage architectures.
Alongside its backward-looking print, Micron issued robust forward guidance for the first quarter of fiscal 2027, projecting revenue of $61.5 billion plus or minus $1.5 billion and non-GAAP diluted earnings per share of $38.15 plus or minus $1.00. The outlook indicates that memory supply tighteners across High Bandwidth Memory (HBM) and enterprise solid-state drives (SSDs) continue to expand into fiscal 2027.
Key Takeaways
- Unprecedented top-line growth: Fourth-quarter revenue climbed to $54.23 billion versus $11.32 billion in the prior-year period, lifting full-year fiscal 2026 revenue to $133.19 billion.
- Exceptional profitability: GAAP gross margin expanded to 86.8% in the fourth quarter (87.0% non-GAAP), generating quarterly GAAP net income of $37.70 billion ($32.87 per diluted share).
- Aggressive cash generation and liquidity: Full-year operating cash flow reached $89.68 billion and adjusted free cash flow totaled $62.31 billion, bringing total cash, marketable investments, and restricted cash to $73.48 billion.
- Bullish first-quarter FY27 outlook: Management forecasted first-quarter fiscal 2027 revenue of $61.5 billion (±$1.5 billion) and non-GAAP gross margin of approximately 86.25%.
Q4 and Full-Year 2026 Financial Breakdown
Micron’s fiscal fourth quarter, which ended September 3, 2026, reflected broad-based margin expansion and operating leverage. Operating income for the quarter reached $43.75 billion on a GAAP basis (80.7% of revenue) and $44.64 billion on a non-GAAP basis (82.3% of revenue), compared to GAAP operating income of $3.65 billion in the fourth quarter of fiscal 2025.
Operating cash flow for the quarter stood at $43.97 billion, compared to $25.39 billion in the prior quarter and $5.73 billion in the prior-year period. Net capital expenditures totaled $10.77 billion for the quarter and $27.37 billion for the full fiscal year, reflecting substantial fab equipment investments to support 1-gamma DRAM and HBM packaging lines.
| Financial Metric (in Millions, Except Per Share) | FQ4-26 (GAAP) | FQ3-26 (GAAP) | FQ4-25 (GAAP) | FY-26 Full Year |
|---|---|---|---|---|
| Revenue | $54,229 | $41,456 | $11,315 | $133,188 |
| Gross Margin | $47,047 (86.8%) | $35,056 (84.6%) | $5,054 (44.7%) | $107,504 (80.7%) |
| Operating Income | $43,751 | $33,318 | $3,654 | $99,340 |
| Net Income | $37,701 | $28,243 | $3,201 | $84,969 |
| Diluted Earnings Per Share (EPS) | $32.87 | $24.67 | $2.83 | $74.33 |
| Operating Cash Flow | $43,970 | $25,390 | $5,730 | $89,680 |
| Capital Expenditures (Net) | $10,770 | $8,210 | $3,120 | $27,370 |
Segment Performance: Data Center and Cloud Leadership
Execution across business units reflected accelerating migration toward AI clusters. The Core Data Center Business Unit emerged as the largest revenue driver during the fourth quarter, generating $18.00 billion in revenue with a 90% gross margin and an 85% operating margin, up dramatically from $1.58 billion in the fourth quarter of fiscal 2025.
The Cloud Memory Business Unit contributed $16.28 billion in fourth-quarter revenue with an 83% gross margin, compared to $4.54 billion in the prior-year period. In mobile and personal computing, the Mobile and Client Business Unit delivered $13.11 billion in revenue with a 90% gross margin, up from $3.76 billion a year earlier. The Automotive and Embedded Business Unit generated $6.82 billion in revenue, reflecting an 84% gross margin compared to $1.43 billion in the fourth quarter of fiscal 2025.
Earlier in the year, broader semiconductor market dynamics had highlighted price increases across consumer electronics, as detailed in our coverage of Apple’s Mac and iPad pricing adjustments during the fiscal third-quarter memory squeeze and the wider rally across SanDisk and AI memory peers following Micron’s record prints. Today’s figures demonstrate that enterprise server demand, rather than consumer devices alone, continues to absorb the bulk of cutting-edge DRAM supply.
Balance Sheet, Liquidity, and Capital Allocation
Micron closed fiscal 2026 with $73.48 billion in cash, marketable investments, and restricted cash. Full-year adjusted free cash flow reached $62.31 billion, providing substantial capital flexibility as the company scales domestic fabrication plants and advanced packaging facilities.
Reflecting this cash generation, Micron’s Board of Directors declared a quarterly dividend of $0.15 per share on September 30, 2026, payable in cash on October 29, 2026, to shareholders of record as of October 14, 2026. The capital return plan balances shareholder yield with ongoing fab multi-year buildouts in Idaho and New York.
First-Quarter Fiscal 2027 Guidance
For the first quarter of fiscal 2027, Micron provided the following guidance ranges in its SEC filing:
- Revenue: $61.5 billion ± $1.5 billion
- GAAP Gross Margin: Approximately 85.95% (Non-GAAP: Approximately 86.25%)
- Operating Expenses: Approximately $2.31 billion GAAP (Non-GAAP: Approximately $2.06 billion)
- Diluted EPS: $37.84 ± $1.00 GAAP (Non-GAAP: $38.15 ± $1.00)
This guidance reflects strong sequential growth over the record fourth quarter, indicating that cloud hyperscalers and sovereign AI infrastructure builds continue to order high-density server RDIMM modules and high-performance PCIe SSDs at elevated pricing. Readers tracking enterprise hardware buildouts can also compare these results with Broadcom’s third-quarter AI semiconductor revenue trajectory.
Risks and What to Watch Next
Despite record results, investors must evaluate cyclical and operational risks:
- Capital expenditure execution: With fiscal 2026 capital expenditures reaching $27.37 billion and capacity expanding across 1-gamma nodes, any potential demand digestion by cloud service providers could weigh on future utilization rates.
- Supply chain concentration: Advanced packaging capacity and qualification cycles for cutting-edge memory modules remain critical bottlenecks for server deployment timelines.
- Upcoming catalysts: Investors should track Micron’s full Form 10-K filing with the SEC for detailed geographic revenue breakdowns and monitor broader third-quarter earnings releases across hyperscale cloud customers throughout October 2026.
Sources & Further Reading
- Micron Technology, Inc. Form 8-K Exhibit 99.1 — Q4 and Full-Year Fiscal 2026 Earnings Release, filed with the U.S. Securities and Exchange Commission on September 30, 2026.
- Micron Investor Relations, quarterly webcast and prepared remarks, September 30, 2026.
- Apple Hikes Mac and iPad Prices; Micron Soars on Beat, ECMSource archive, June 2026.
- SanDisk Pops 21% as Micron’s Record Print Drives AI Memory, ECMSource archive, June 2026.
Disclosure: This article is for informational purposes only and is not investment advice.