Micron Q4 earnings: $54.23bn revenue, $33.42 adjusted EPS and a higher Q1 outlook
Micron exceeded its own fourth-quarter guidance and forecast $61.5 billion of revenue for fiscal Q1 2027, as AI-driven memory demand remained the central growth engine.
Verified brief
The story in 60 seconds
Micron Technology reported fiscal fourth-quarter 2026 revenue of $54.23 billion, GAAP diluted earnings of $32.87 per share and non-GAAP diluted earnings of $33.42 per share. Revenue was above the company's prior $50.0 billion midpoint guidance. For fiscal Q1 2027, Micron forecast revenue of $61.5 billion, plus or minus $1.5 billion, and non-GAAP diluted earnings of $38.15, plus or minus $1.00. The figures explain the fresh search interest in MU stock, but the release does not determine how the shares will trade after hours or in the next session.
This brief and the full story below are based on the disclosed sources. SearchTrends Daily’s interpretation appears later under “Our take.”
Full reporting
The complete story
Micron's fiscal fourth-quarter results are now official. The memory-chip company reported $54.229 billion of revenue for the quarter ended September 3, 2026, up from $41.456 billion in the previous quarter and $11.315 billion a year earlier.
GAAP net income was $37.701 billion, or $32.87 per diluted share. On Micron's adjusted basis, net income was $38.398 billion and diluted earnings were $33.42 per share. GAAP gross margin was 86.8%; adjusted gross margin was 87.0%. Operating cash flow reached $43.973 billion.
For the full fiscal year, Micron reported $133.188 billion of revenue, GAAP net income of $84.969 billion and operating cash flow of $89.675 billion. It said adjusted free cash flow was $62.308 billion for the year, while net capital expenditure was $27.367 billion.
The forward-looking number readers should separate from the completed quarter is the fiscal Q1 2027 outlook. Micron guided to revenue of $61.5 billion, plus or minus $1.5 billion; adjusted gross margin of about 86.25%; and adjusted diluted earnings of $38.15, plus or minus $1.00. Guidance is a company forecast, not a reported result or a guarantee.
Source perspectives
What other reporting adds
These are the reports, official records, and trend observations used to build the story. The note under each link explains exactly what it contributes.
Primary filing for quarterly and full-year results, business-unit figures, cash flow, capital expenditure and fiscal Q1 2027 guidance.
Read original source ↗U.S. Securities and Exchange CommissionMicron Form 8-K filed September 30, 2026Primary regulatory filing confirming that Micron announced the results under Items 2.02 and 9.01.
Read original source ↗U.S. Securities and Exchange CommissionMicron fiscal Q3 2026 earnings release — prior Q4 outlookPrimary source for the company's previous-quarter results and the guidance range against which Q4 performance is compared.
Read original source ↗U.S. Securities and Exchange CommissionMicron fiscal Q3 2026 Form 10-QPrimary context on the 53-week fiscal year, the 14-week fourth quarter and management's description of AI-driven memory demand and supply constraints.
Read original source ↗S&P Global Market IntelligenceMicron: A look at memory ahead of Q4 earningsIndependent pre-results context on consensus revenue, memory pricing, constrained supply and AI-related demand.
Read original source ↗SearchTrends Daily opinion
Our take
Analysis
What the evidence and search signal suggest
Three numbers carry more information than the headline alone. First, revenue cleared the top of Micron's own prior range, so the quarter was stronger than management had formally guided in June. Second, adjusted gross margin rose to 87.0% from 84.9%, showing that profitability expanded alongside sales rather than being diluted by the growth. Third, the Q1 revenue midpoint of $61.5 billion is about 13.4% above Q4's reported revenue.
There are also reasons not to convert those numbers into a simple stock-price prediction. The share price reflects prior expectations as well as reported performance; the release arrived after the regular US trading session; and the conference call can add information about supply, customer commitments, capital spending and risks. A strong result can still produce a mixed market reaction if expectations were already higher or if new commentary changes the outlook.
The most durable operational signal is the combination of data-centre growth, very high gross margins and a higher next-quarter revenue range. The main counterweight is execution: Micron is investing heavily in capacity and technology while the memory market has historically been cyclical. Today's report demonstrates current demand and pricing power; it does not abolish that cycle.
Analysis and commentary are SearchTrends Daily’s interpretation. They are intentionally separated from the sourced account above.
Meaning
Why this matters
Micron makes DRAM and NAND memory used across data centres, computers, phones, vehicles and other systems. Its results have become a closely watched indicator of whether spending on AI infrastructure is translating into demand for memory as well as processors.
The quarter exceeded Micron's own June outlook. Management had guided to $50.0 billion of revenue, plus or minus $1.0 billion, and adjusted earnings of $31.00 per share, plus or minus $1.00. Actual revenue was about $4.23 billion above that midpoint and $3.23 billion above the top of the guided range. Adjusted EPS was $2.42 above the midpoint and $1.42 above the top of the range.
That comparison is more reliable than treating an unsourced social-media expectation as consensus. S&P Global's pre-results analysis had placed consensus revenue at $50.7 billion and described memory pricing, supply constraints and AI demand as the central drivers. The reported total exceeded that figure too, but different data services can publish different analyst-consensus numbers.
Background
How we got here
Micron's prior quarter had already marked a sharp acceleration. Fiscal Q3 revenue was $41.456 billion, GAAP net income was $28.243 billion and adjusted EPS was $25.11. In its Q3 filing, the company said AI-driven demand for memory and storage was growing faster than industry supply and that higher average selling prices were lifting both DRAM and NAND revenue.
The fourth quarter also contained 14 weeks because fiscal 2026 was a 53-week year, while the third quarter contained 13 weeks. That calendar difference means the 30.8% sequential revenue increase should not be read as a pure like-for-like measure of weekly growth. Even with that caution, revenue and profit were records on the company's reported figures.
The business mix helps explain the scale. Core Data Center Business Unit revenue rose to $18.002 billion from $11.524 billion in Q3. Cloud Memory revenue increased to $16.283 billion from $13.769 billion. Mobile and Client revenue reached $13.114 billion, and Automotive and Embedded revenue reached $6.824 billion.
Outlook
What is likely to happen next
Micron's earnings call is scheduled for 4:30 p.m. Eastern on September 30. The most important follow-up evidence will be management's comments on memory supply, pricing, high-bandwidth memory demand, customer agreements and planned capital expenditure. A webcast replay and prepared materials are expected on the investor-relations site.
The company will later file its annual report, which should provide fuller audited detail and risk disclosures for fiscal 2026. Any material correction to the earnings release or the SEC filing would also warrant an update.
We would change our view if the call materially narrows the apparent strength of demand, if the formal annual report revises a key figure, or if subsequent guidance shows the Q1 forecast was temporary rather than durable. We would not treat an initial after-hours price move as proof of the long-term business outlook; the next regular session and later filings provide separate evidence.
A conditional editorial assessment based on the evidence available at the review date, not a guaranteed outcome.
Live record
Updates to this story
No material updates yet.
Commentary
What we think
SearchTrends Daily opinion: the useful way to read Micron's release is as an earnings result, an outlook and a market reaction that must be kept separate. The result beat the company's June ranges, and the outlook points higher again. Whether MU shares reward that performance depends on what investors had already priced in and what management says next; the financial statement itself is not investment advice.