Highlights

  • Micron posted record Q4 FY2026 revenue of $54.23 billion with gross margin of 86.8%, reflecting sustained AI infrastructure demand for high-bandwidth memory.
  • Full-year FY2026 revenue reached $133.19 billion, driven by Cloud Memory segment revenue of $16.28 billion and Core Data Center segment of $18.00 billion in Q4 alone.
  • Q4 GAAP EPS reached $32.87 with non-GAAP EPS of $33.42, supported by operating cash flow of $43.97 billion for the fiscal year.
  • Q1 FY2027 guidance calls for revenue of $61.5 billion at midpoint, with non-GAAP EPS of $38.15, reflecting accelerating demand heading into fiscal 2027.

Micron Technology (NASDAQ:MU) closed fiscal year 2026 with results that reflect a fundamental shift in the memory market — one driven not by traditional PC and smartphone cycles but by the insatiable appetite of AI infrastructure for high-bandwidth, high-capacity storage. The company's fourth fiscal quarter, ended August 28, 2026, produced revenue of $54.23 billion and a gross margin of 86.8%, metrics that would have seemed implausible in memory's boom-and-bust history, underscoring how AI compute demand has structurally elevated pricing and volumes simultaneously.

Cloud and Data Centre Lead a Diversified Revenue Base

Micron organised its Q4 results across four reportable segments. Cloud Memory, which captures high-bandwidth memory and enterprise DRAM deployed in hyperscale data centres, contributed $16.28 billion in Q4, reflecting the expanding footprint of HBM3E products within AI accelerator stacks. Core Data Centre, which encompasses server DRAM and enterprise storage, added $18.00 billion. Together, these two segments accounted for more than 63% of total Q4 revenue.

Mobile and Client revenue reached $13.11 billion in Q4, supported by continued smartphone memory upgrades and PC DRAM demand tied to AI-capable device launches. Automotive and Embedded contributed $6.82 billion, with automotive DRAM content per vehicle expanding alongside the growth of driver assistance and in-vehicle AI processing systems. Across all four segments, management noted that HBM allocations remained sold out through the end of the fiscal year with limited spot availability.

Full-Year Performance Reflects Structural Demand Transformation

For the full fiscal year ended August 28, 2026, Micron reported total revenue of $133.19 billion — more than double fiscal 2024 levels — confirming that AI-related memory has become the primary growth driver across the company's product portfolio. Operating cash flow for the fiscal year reached $43.97 billion, enabling continued capital expenditure in advanced manufacturing while also funding shareholder returns.

GAAP EPS for Q4 was $32.87 and non-GAAP EPS was $33.42, supported by gross margin of 86.8% that reflects pricing strength in HBM and enterprise DRAM categories where supply constraints remain persistent. Full-year GAAP EPS was materially above prior-year levels as the combination of record volumes and premium AI memory pricing expanded margins across the income statement.

Capital Allocation and Manufacturing Investment

Micron continued to direct a substantial portion of operating cash flow toward leading-edge manufacturing capacity, with investments concentrated on 1-gamma DRAM node technology and next-generation NAND architectures. The company also expanded its U.S. domestic production footprint under the CHIPS and Science Act framework, with advanced packaging capacity at its Idaho facility supporting HBM supply for domestic AI infrastructure customers.

Management noted that the transition from HBM3E to HBM4 is expected to deepen content per accelerator further, with initial customer qualifications underway. Micron has indicated it is investing to increase HBM wafer capacity in anticipation of further demand growth through fiscal 2027.

Q1 FY2027 Guidance Points to Continued Acceleration

For the first fiscal quarter of 2027, Micron provided guidance for total revenue of $61.5 billion, plus or minus $1.5 billion, representing sequential growth from Q4 FY2026's record result. GAAP EPS guidance for Q1 FY2027 was set at $37.84, with non-GAAP EPS of $38.15. Management attributed the higher guidance primarily to expected HBM volume growth and sustained DRAM pricing in cloud infrastructure deployments, where memory content per server continues to rise as AI workload requirements expand.

Stock Price Information

Micron Technology (NASDAQ:MU) traded at $113.16 on 29 October 2026, representing a gain of 7.02% on the day, on volume of 65.36 million shares.