Micron Technology (MU) Q4 2026 earnings summary

Executive summary

• Fiscal Q4 2026 set records in revenue, gross margin, and EPS, all exceeding guidance highs.

• Full-year 2026 revenue reached $133.2B, up 256% year-over-year, with DRAM revenue surpassing $100B.

• Data center revenue quadrupled year-over-year; incentive compensation increased for all employees.

• Fiscal 2027 is expected to surpass 2026, with sequential quarterly revenue growth and tighter supply-demand conditions.

• Leadership changes include new presidents for operations and technology to accelerate innovation.

Financial highlights

• Q4 2026 revenue: $54.2B, up 31% sequentially and 379% year-over-year; full-year revenue: $133.2B, up 256% year-over-year.

• Q4 gross margin: 87% (non-GAAP), up 210 bps sequentially; full-year gross margin: 81.1% (non-GAAP), up 40 points from 2025.

• Q4 operating income: $44.6B, operating margin: 82.3%; Q4 EPS: $33.42, up 33% sequentially; full-year EPS: $75.52, up 811% year-over-year.

• Q4 operating cash flow: $44B; free cash flow: $33.2B; year-end cash/investments: $73.5B.

• Declared quarterly dividend of $0.15/share, payable October 29, 2026.

Outlook and guidance

• Fiscal Q1 2027 revenue expected at $61.5B ± $1.5B; gross margin ~86.25%; operating expenses ~$2.06–2.3B; diluted EPS $37.84–$38.15.

• Fiscal 2027 projected to be another record year with sequential revenue growth each quarter and tighter supply-demand for memory and storage.

• CapEx for fiscal Q1: ~$11.5B; first half fiscal 2027 CapEx: ~$25B, with higher construction CapEx in H2.

• Fiscal 2027 tax rate expected at ~15.5%.

• Operating expenses to rise by ~$2.5B in fiscal 2027, mainly for R&D and incentive compensation.