Fiscal Q4 2026 and fiscal 2026
Filed Sep 30, 2026MICRON TECHNOLOGY, INC. REPORTS RECORD FISCAL FOURTH-QUARTER AND FULL-YEAR 2026 RESULTS
Fiscal Q4 2026 revenue was $54.23 billion, GAAP net income was $37.70 billion, and operating cash flow was $43.97 billion. The FQ1-27 outlook calls for revenue of $61.5 billion ± $1.5 billion and GAAP gross margin of approximately 85.95%.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| FQ4 2026 revenueGAAP | $54.23B | – | – |
| FQ4 2026 gross marginGAAP | $47.05B | – | – |
| FQ4 2026 gross margin percent of revenueGAAP | 86.8 % | – | – |
| FQ4 2026 operating expensesGAAP | $3.30B | – | – |
| FQ4 2026 operating incomeGAAP | $43.75B | – | – |
| FQ4 2026 operating income percent of revenueGAAP | 80.7 % | – | – |
| FQ4 2026 net incomeGAAP | $37.70B | – | – |
| FQ4 2026 diluted earnings per shareGAAP | $32.87 | – | – |
| FQ4 2026 basic earnings per shareGAAP | $33.36 | – | – |
| FQ4 2026 income tax provisionGAAP | −$6.58B | – | – |
| FQ4 2026 operating cash flowGAAP | $43.97B | – | – |
| FQ4 2026 investments in capital expenditures, netnon-GAAP | −$10.77B | – | – |
| FQ4 2026 adjusted free cash flownon-GAAP | $33.20B | – | – |
| FQ4 2026 non-GAAP gross marginnon-GAAP | $47.20B | – | – |
| FQ4 2026 non-GAAP gross margin percent of revenuenon-GAAP | 87.0 % | – | – |
| FQ4 2026 non-GAAP operating expensesnon-GAAP | $2.57B | – | – |
| FQ4 2026 non-GAAP operating incomenon-GAAP | $44.64B | – | – |
| FQ4 2026 non-GAAP operating income percent of revenuenon-GAAP | 82.3 % | – | – |
| FQ4 2026 non-GAAP net incomenon-GAAP | $38.40B | – | – |
| FQ4 2026 non-GAAP diluted earnings per sharenon-GAAP | $33.42 | – | – |
| Fiscal 2026 revenueGAAP | $133.2B | – | – |
| Fiscal 2026 gross marginGAAP | $107.5B | – | – |
| Fiscal 2026 gross margin percent of revenueGAAP | 80.7 % | – | – |
| Fiscal 2026 operating expensesGAAP | $8.16B | – | – |
| Fiscal 2026 operating incomeGAAP | $99.34B | – | – |
| Fiscal 2026 operating income percent of revenueGAAP | 74.6 % | – | – |
| Fiscal 2026 net incomeGAAP | $84.97B | – | – |
| Fiscal 2026 diluted earnings per shareGAAP | $74.33 | – | – |
| Fiscal 2026 operating cash flowGAAP | $89.67B | – | – |
| Fiscal 2026 investments in capital expenditures, netnon-GAAP | −$27.37B | – | – |
| Fiscal 2026 adjusted free cash flownon-GAAP | $62.31B | – | – |
| Fiscal 2026 non-GAAP gross marginnon-GAAP | $108.0B | – | – |
| Fiscal 2026 non-GAAP operating expensesnon-GAAP | $6.84B | – | – |
| Fiscal 2026 non-GAAP operating incomenon-GAAP | $101.2B | – | – |
| Fiscal 2026 non-GAAP net incomenon-GAAP | $86.76B | – | – |
| Fiscal 2026 non-GAAP diluted earnings per sharenon-GAAP | $75.52 | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Cloud Memory Business UnitThe filing reported gross margin of 83 % and operating margin of 76 % for FQ4-26. | $16.28B | – | – |
| Core Data Center Business UnitThe filing reported gross margin of 90 % and operating margin of 85 % for FQ4-26. | $18.00B | – | – |
| Mobile and Client Business UnitThe filing reported gross margin of 90 % and operating margin of 88 % for FQ4-26. | $13.11B | – | – |
| Automotive and Embedded Business UnitThe filing reported gross margin of 84 % and operating margin of 79 % for FQ4-26. | $6.82B | – | – |
Amounts quoted below without a unit are in millions, as in the filing’s tables. Per-share figures are as printed.
FQ1-27 outlook
- Revenue$61.5 billion ± $1.5 billion
- Gross marginGAAP: Approximately 85.95%; Non-GAAP: Approximately 86.25%
- Operating expensesGAAP: Approximately $2.31 billion; Non-GAAP: Approximately $2.06 billion
- NoteGAAP diluted earnings per share: $37.84 ± $1.00
- NoteNon-GAAP diluted earnings per share: $38.15 ± $1.00
- NoteGAAP earnings per share and non-GAAP earnings per share based on approximately 1.15 billion diluted shares.
Capital returns
- 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.
- Repurchases of common stock - repurchase program were $(650) for the year ended September 3, 2026.
- Repurchases of common stock - withholdings on employee equity awards were $(1,127) for the year ended September 3, 2026.
- Payments of dividends to shareholders were $(610) for the year ended September 3, 2026.
What drove it
- The company cited AI-driven demand and strong operational execution.
- The company stated that its Strategic Customer Agreements provide added confidence in the durability of Micron’s financial performance.
- Server LPDDR SOCAMM portfolio revenue more than doubled sequentially in the fourth quarter of 2026.
- The 6600 ION SSD achieved a strong volume ramp in the fourth quarter of 2026.
- The company began sampling the industry's first 512GB ultra dense high-capacity DDR5 RDIMM modules capable of speeds up to 9,200 MT/s.
- The company completed multiple customer qualifications of its 1-gamma based, 8,800 MT/s high-speed server RDIMM modules.
- The company secured design wins with every Tier 1 OEM customer for AI workstation product.
Concerns
- Receivables were $36,197 as of September 3, 2026, compared with $31,025 as of May 28, 2026 and $9,265 as of August 28, 2025.
- Inventories were $10,372 as of September 3, 2026, compared with $8,567 as of May 28, 2026 and $8,355 as of August 28, 2025.
- Expenditures for property, plant, and equipment were $(30,712) for the year ended September 3, 2026.
- The company stated that forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially.
What to watch
- FQ1-27 revenue outlook of $61.5 billion ± $1.5 billion.
- FQ1-27 GAAP gross-margin outlook of approximately 85.95% and non-GAAP gross-margin outlook of approximately 86.25%.
- FQ1-27 GAAP operating-expense outlook of approximately $2.31 billion and non-GAAP operating-expense outlook of approximately $2.06 billion.
- FQ1-27 GAAP diluted earnings-per-share outlook of $37.84 ± $1.00 and non-GAAP outlook of $38.15 ± $1.00.
- Customer contract liabilities, which were $12,895 as of September 3, 2026.
- Capital expenditures and investments in capital expenditures, net.
Balance sheet and cash flow
- Cash and equivalents were $38,364 as of September 3, 2026, compared with $24,995 as of May 28, 2026 and $9,642 as of August 28, 2025.
- Short-term investments were $5,070 and long-term marketable investments were $30,019 as of September 3, 2026.
- Micron ended the year with cash, marketable investments, and restricted cash of $73.48 billion.
- Receivables were $36,197 and inventories were $10,372 as of September 3, 2026.
- Current debt was $491 and long-term debt was $4,688 as of September 3, 2026.
- Noncurrent customer contract liabilities were $12,895 as of September 3, 2026, compared with $568 as of May 28, 2026 and $142 as of August 28, 2025.
- Net cash provided by operating activities was $89,675 for the year ended September 3, 2026, compared with $17,525 for the year ended August 28, 2025.
- Expenditures for property, plant, and equipment were $(30,712) for the year ended September 3, 2026, compared with $(15,857) for the year ended August 28, 2025.
- Net cash used for investing activities was $(61,641) for the year ended September 3, 2026, compared with $(14,087) for the year ended August 28, 2025.
- Net increase in cash, cash equivalents, and restricted cash was $28,745 for the year ended September 3, 2026, compared with $2,594 for the year ended August 28, 2025.
Analysis
Micron reported record fiscal Q4 2026 revenue of $54.23 billion, compared with $41.46 billion in FQ3-26 and $11.32 billion in FQ4-25. GAAP gross margin was 86.8 % and GAAP operating margin was 80.7 %, while GAAP net income was $37.70 billion, or $32.87 per diluted share. Non-GAAP net income was $38.40 billion, or $33.42 per diluted share.
The quarterly business-unit table showed revenue of $18,002 for Core Data Center, $16,283 for Cloud Memory, $13,114 for Mobile and Client, and $6,824 for Automotive and Embedded. Core Data Center reported 90 % gross margin and 85 % operating margin. Mobile and Client reported 90 % gross margin and 88 % operating margin. The company attributed its performance to AI-driven demand and strong operational execution, and stated that server LPDDR SOCAMM portfolio revenue more than doubled sequentially in the fourth quarter.
Cash generation and investment were both substantial. FQ4 operating cash flow was $43.97 billion and adjusted free cash flow was $33.20 billion after investments in capital expenditures, net of $10.77 billion. For fiscal 2026, operating cash flow was $89.68 billion, adjusted free cash flow was $62.31 billion, and investments in capital expenditures, net were $27.37 billion. Cash, marketable investments, and restricted cash totaled $73.48 billion at year-end. The company also repurchased $650 through its repurchase program during fiscal 2026 and declared a quarterly dividend of $0.15 per share.
Fiscal 2026 revenue was $133.19 billion, with GAAP net income of $84.97 billion and operating cash flow of $89.68 billion. The balance sheet showed receivables of $36,197, inventories of $10,372, and noncurrent customer contract liabilities of $12,895 as of September 3, 2026. The company guided FQ1-27 revenue to $61.5 billion ± $1.5 billion, GAAP gross margin to approximately 85.95%, and GAAP diluted earnings per share to $37.84 ± $1.00.
The guide pairs higher revenue than FQ4-26 with continued high profitability, including non-GAAP gross margin of approximately 86.25%. Management said it is increasing investments in technology, products, and manufacturing. Execution against the stated revenue, margin, capital-expenditure and product-ramp outlook, including DDR5 RDIMM, server LPDDR SOCAMM, PCIe Gen 5 and Gen 6 SSD, and LPDDR6 programs, is the central reported operating focus.
Management, verbatim
Micron delivered record fiscal 2026 results, and we expect an even stronger fiscal 2027.
Sanjay Mehrotra, Chairman and CEO of Micron Technology
AI is becoming Super Intelligence (SI), and memory enhances this intelligence and the competitiveness of our customers’ platforms.
Sanjay Mehrotra, Chairman and CEO of Micron Technology
We are increasing our investments in technology, products and manufacturing to help drive SI forward with our customers, and our Strategic Customer Agreements provide added confidence in the durability of Micron’s financial performance.
Sanjay Mehrotra, Chairman and CEO of Micron Technology
Not in the filing
stated, not guessed- Previous-release outlook was not provided, so comparison of actual results with prior guidance is unavailable.
- FQ1-27 tax-rate guidance was not provided.
- Explicit year-over-year and sequential percentage changes were not provided for total revenue, income, cash flow, or business-unit revenue rows.
- FQ4 2026 and fiscal 2026 free cash flow on a GAAP basis was not provided; the filing provided adjusted free cash flow.
- Debt maturities, total debt as a single reported line item, and net debt were not provided.
- Business-unit operating income and business-unit net income were not provided.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.