Micron Technology, Inc. Reports Record Fiscal Fourth-Quarter and Full-Year 2026 Results

BOISE, Idaho, Sept. 30, 2026 (GLOBE NEWSWIRE) -- Micron Technology, Inc. (Nasdaq: MU) today announced results for its fourth quarter and full year of fiscal 2026, which ended September 3, 2026.

Fiscal Q4 2026 Highlights

Revenue of $54.23 billion versus $41.46 billion for the prior quarter and $11.32 billion for the same period last year

GAAP net income of $37.70 billion, or $32.87 per diluted share

Non-GAAP net income of $38.40 billion, or $33.42 per diluted share

Operating cash flow of $43.97 billion versus $25.39 billion for the prior quarter and $5.73 billion for the same period last year

Fiscal 2026 Highlights

Revenue of $133.19 billion versus $37.38 billion for the prior year

GAAP net income of $84.97 billion, or $74.33 per diluted share

Non-GAAP net income of $86.76 billion, or $75.52 per diluted share

Operating cash flow of $89.68 billion versus $17.53 billion for the prior year

“Micron delivered record fiscal 2026 results, and we expect an even stronger fiscal 2027,” said 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. 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.”

Quarterly Financial Results

(in millions, except per share amounts)

GAAP (1) Non-GAAP (2)

FQ4-26 FQ3-26 FQ4-25 FQ4-26 FQ3-26 FQ4-25

Revenue $ 54,229 $ 41,456 $ 11,315 $ 54,229 $ 41,456 $ 11,315

Gross margin 47,047 35,056 5,054 47,204 35,199 5,169

Percent of revenue 86.8 % 84.6 % 44.7 % 87.0 % 84.9 % 45.7 %

Operating expenses 3,296 1,738 1,400 2,568 1,518 1,214

Operating income 43,751 33,318 3,654 44,636 33,681 3,955

Percent of revenue 80.7 % 80.4 % 32.3 % 82.3 % 81.2 % 35.0 %

Net income 37,701 28,243 3,201 38,398 28,857 3,469

Diluted earnings per share 32.87 24.67 2.83 33.42 25.11 3.03

Annual Financial Results

(in millions, except per share amounts)

GAAP (1) Non-GAAP (2)

FY-26 FY-25 FY-26 FY-25

Revenue $ 133,188 $ 37,378 $ 133,188 $ 37,378

Gross margin 107,504 14,873 108,032 15,286

Percent of revenue 80.7 % 39.8 % 81.1 % 40.9 %

Operating expenses 8,164 5,103 6,841 4,440

Operating income 99,340 9,770 101,191 10,846

Percent of revenue 74.6 % 26.1 % 76.0 % 29.0 %

Net income 84,969 8,539 86,758 9,470

Diluted earnings per share 74.33 7.59 75.52 8.29

Investments in capital expenditures, net (2) were $10.77 billion for the fourth quarter of 2026 and $27.37 billion for the full year of 2026. Adjusted free cash flow (2) was $33.20 billion for the fourth quarter of 2026 and $62.31 billion for the full year of 2026. Micron ended the year with cash, marketable investments, and restricted cash of $73.48 billion. 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.

Quarterly Business Unit Financial Results

FQ4-26 FQ3-26 FQ4-25

Cloud Memory Business Unit

Revenue $ 16,283 $ 13,769 $ 4,543

Gross margin 83 % 83 % 59 %

Operating margin 76 % 78 % 48 %

Core Data Center Business Unit

Revenue $ 18,002 $ 11,524 $ 1,577

Gross margin 90 % 87 % 41 %

Operating margin 85 % 83 % 25 %

Mobile and Client Business Unit

Revenue $ 13,114 $ 11,521 $ 3,760

Gross margin 90 % 87 % 36 %

Operating margin 88 % 86 % 29 %

Automotive and Embedded Business Unit

Revenue $ 6,824 $ 4,634 $ 1,434

Gross margin 84 % 79 % 31 %

Operating margin 79 % 75 % 20 %

Business Outlook

The following table presents Micron’s guidance for the first quarter of 2027:

FQ1-27 GAAP (1) Outlook Non-GAAP (2) Outlook

Revenue $61.5 billion ± $1.5 billion $61.5 billion ± $1.5 billion

Gross margin Approximately 85.95% Approximately 86.25%

Operating expenses Approximately $2.31 billion Approximately $2.06 billion

Diluted earnings per share $37.84 ± $1.00 $38.15 ± $1.00

Further information regarding Micron’s business outlook is included in the prepared remarks and slides, which have been posted at investors.micron.com .

Product Highlights

We began sampling the industry's first 512GB ultra dense high-capacity DDR5 RDIMM modules capable of speeds up to 9,200 MT/s.

We have completed multiple customer qualifications of our 1-gamma based, 8,800 MT/s high-speed server RDIMM modules.

Our industry leading server LPDDR SOCAMM portfolio revenue more than doubled sequentially in the fourth quarter of 2026.

Our 7600 PCIe Gen 5 and 9650 PCIe Gen 6 SSD high-performance products are now shipping to market-leading customers for KV-cache applications.

Our 6600 ION SSD achieved a strong volume ramp in the fourth quarter of 2026.

We are now shipping 6-channel 1-gamma LPDDR5X for flagship mobile devices.

We have secured design wins with every Tier 1 OEM customer for AI workstation product.

Our 4600 SSD secured additional qualifications with leading PC OEMs.

We began sampling 1-gamma based LPDDR6 products to multiple physical AI markets.

Investor Webcast

Micron will host a conference call on Wednesday, September 30, 2026 at 2:30 p.m. Mountain Time to discuss its fourth-quarter and full-year financial results and provide forward-looking guidance for its first quarter. A live webcast of the call will be available online at investors.micron.com . A webcast replay will be available for one year after the call.

We encourage you to visit our website at micron.com throughout the quarter for the most current information on the company, including information on financial conferences that we may be attending. You can also follow us on LinkedIn, X (@MicronTech) and YouTube (@MicronTechnology).

About Micron Technology, Inc.