Micron Posts Record Revenue and Earnings for Fiscal 2026

Micron Technology reported record fiscal fourth-quarter and full-year 2026 results on September 30, 2026, posting quarterly revenue of $54.23 billion and annual revenue of $133.19 billion for the fiscal year ended September 3, 2026.

Fourth-quarter revenue rose from $41.46 billion in the prior quarter and $11.32 billion in the same period a year earlier. GAAP net income was $37.70 billion, or $32.87 per diluted share, while non-GAAP net income was $38.40 billion, or $33.42 per diluted share. Operating cash flow reached $43.97 billion, compared with $25.39 billion in the prior quarter and $5.73 billion a year earlier.

For the full fiscal year, revenue totaled $133.19 billion versus $37.38 billion in fiscal 2025. GAAP net income was $84.97 billion, or $74.33 per diluted share, and non-GAAP net income was $86.76 billion, or $75.52 per diluted share. Operating cash flow was $89.68 billion versus $17.53 billion the prior year.

“Micron delivered record fiscal 2026 results, and we expect an even stronger fiscal 2027,” said Sanjay Mehrotra, Micron’s chairman and CEO. Mehrotra said AI is becoming what he called super intelligence and that memory enhances that intelligence and the competitiveness of customers’ platforms, adding that the company’s Strategic Customer Agreements provide added confidence in the durability of its financial performance.

Cash Flow, Balance Sheet and Dividend

Investments in capital expenditures, net, were $10.77 billion in the fourth quarter and $27.37 billion for the full year, and adjusted free cash flow was $33.20 billion for the quarter and $62.31 billion for the year. Micron ended fiscal 2026 with cash, marketable investments, and restricted cash of $73.48 billion.

Also on September 30, 2026, Micron’s Board of Directors declared a quarterly dividend of $0.15 per share, payable in cash on October 29, 2026, to shareholders of record as of the close of business on October 14, 2026.

In prepared remarks for the company’s earnings call, chief financial officer Mark Murphy said Micron reduced debt by approximately $500 million during the quarter, including a note redemption that reduced senior notes by approximately $300 million, and closed the period with $5.2 billion of debt and a net cash balance of $68.3 billion. He said Micron received two credit-rating upgrades during the quarter and is now rated BBB+ or equivalent with all three major agencies. Murphy also said the company intends to increase capital returns beginning December 9, 2026, the second anniversary of the signing of its definitive CHIPS agreements, and that over time it expects to return 100% of its excess cash to shareholders.

Business Unit and Technology Results

Murphy said DRAM revenue was a record $39.8 billion in the fourth quarter, representing 73% of total revenue and up 343% year over year, while NAND revenue was a record $14.1 billion, 26% of revenue and up 526% year over year. The company’s earnings presentation lists full-year DRAM revenue of $100.679 billion, 76% of the annual total, and NAND revenue of $31.785 billion, or 24%.

Each of Micron’s four business units posted record quarterly revenue, Murphy said. The Core Data Center Business Unit generated $18.0 billion, the Cloud Memory Business Unit $16.3 billion, the Mobile and Client Business Unit $13.1 billion, and the Automotive and Embedded Business Unit $6.8 billion. Gross margins in the quarter were 90% for Core Data Center, 83% for Cloud Memory, 90% for Mobile and Client, and 84% for Automotive and Embedded, with Core Data Center posting an 85% operating margin.

Murphy said data-center SSD revenue was nearly $10 billion in the quarter, more than 10 times the year-ago quarter and over two-thirds of total NAND revenue, and that Micron is on track to deliver a fifth consecutive year of record market share in data-center SSDs in calendar 2026.

Product Updates

Among the product highlights in the release, Micron said it began sampling 512GB ultra-dense, high-capacity DDR5 RDIMM modules capable of speeds up to 9,200 MT/s, which it described as an industry first, and completed multiple customer qualifications of its 1-gamma-based 8,800 MT/s server RDIMM modules. Revenue from its server LPDDR SOCAMM portfolio more than doubled sequentially in the quarter, the company said, and its 7600 PCIe Gen 5 and 9650 PCIe Gen 6 SSDs are now shipping to customers for KV-cache applications while the 6600 ION SSD ramped in volume.

Micron said it is shipping 6-channel 1-gamma LPDDR5X for flagship mobile devices, has secured design wins with every Tier 1 OEM customer for its AI workstation product, and began sampling 1-gamma-based LPDDR6 products to multiple physical AI markets.

Mehrotra said Micron is working with NVIDIA on NVHBM, which he described as the industry’s first custom-HBM4E implementation, intended for adoption on next-generation GPUs and NVLink Fusion platforms. He said agreements are completed for the vast majority of Micron’s calendar 2027 HBM bit supply, with significant price increases year over year.

Guidance, Customer Agreements and Capacity Plans

For the first quarter of fiscal 2027, Micron guided to revenue of $61.5 billion, plus or minus $1.5 billion; GAAP gross margin of approximately 85.95% and non-GAAP gross margin of approximately 86.25%; GAAP operating expenses of approximately $2.31 billion and non-GAAP operating expenses of approximately $2.06 billion; and diluted earnings per share of $37.84, plus or minus $1.00, on a GAAP basis and $38.15, plus or minus $1.00, on a non-GAAP basis. Murphy said the company expects fiscal 2027 to be another record year, with sequential revenue growth each quarter, and anticipates a tax rate of around 15.5% for the first quarter and the full fiscal year.

Mehrotra said Micron has signed 26 strategic customer agreements, multi-year take-or-pay contracts the company currently estimates represent over 35% of its revenue through 2030. Customer financial commitments under those agreements and extensions have increased to $32 billion, the vast majority in cash deposits, and Murphy put remaining performance obligations at approximately $150 billion, a figure he said is based on committed volumes and minimum pricing.

On spending, Murphy projected first-quarter capital expenditures of around $11.5 billion and first-half fiscal 2027 capital expenditures of approximately $25 billion, with higher spending in the second half of the year. Mehrotra said Micron plans to increase fiscal 2027 capital expenditures versus its prior plans, with a majority of the increase going to construction aimed at accelerating cleanroom availability in late calendar 2028 and beyond.

Mehrotra cited manufacturing milestones across Micron’s global footprint: a concrete pour at the company’s first New York fab, with initial wafer output expected in calendar 2030; its ID1 fab on track for wafer output in mid-calendar 2027 and ID2 in late calendar 2028; a groundbreaking during the quarter for a DRAM fab expansion in Japan, with initial output expected in late calendar 2028; shipments from its Tongluo facility in Taiwan on track for mid-calendar 2027; initial output from a Singapore HBM advanced-packaging facility expected in early calendar 2027; and a new Singapore NAND facility on track to begin output in the second half of calendar 2028.

Micron also announced in August 2026 that Manish Bhatia was appointed president and chief operating officer and that Dr. Scott DeBoer was appointed president and chief technology and products officer, according to the prepared remarks.

Micron scheduled its earnings conference call for September 30, 2026, at 2:30 p.m. Mountain Time, with a webcast replay available for one year after the call.