Gotrade News - Micron Technology (MU) posted record fiscal fourth-quarter 2026 revenue of $54.23 billion and guided the next quarter to about $61.5 billion, as AI demand keeps memory supply tight.
According to the company's official earnings release filed with the SEC, non-GAAP earnings per share reached $33.42 and non-GAAP gross margin climbed to 87.0%.
The results land in the middle of what investors call an AI memory supercycle, where high-bandwidth memory (HBM) for AI accelerators absorbs a growing share of industry capacity.
Management said it sees no near-term end to the shortage, a signal that pricing power for memory makers may persist into 2027 and 2028.
Micron Q4 Revenue Jumps 379% on AI Memory Demand
As reported by Investing.com, fourth-quarter revenue rose 31% from the prior quarter and 379% year over year, while full-year fiscal 2026 revenue reached $133.2 billion, up 256%. Adjusted EPS of $33.42 beat the $31.16 consensus estimate cited in the same report by about 7%.
Per Investing.com, operating margin reached 82% and operating cash flow totaled $44.0 billion, or 81% of revenue. Data center SSD revenue was about $10 billion, roughly ten times its level a year earlier.
Metric | Fiscal Q4 2026 | Fiscal Q1 2027 Guidance |
|---|
Revenue | $54.23B | $61.5B (plus or minus $1.5B) |
Non-GAAP gross margin | 87.0% | About 86.25% |
Non-GAAP EPS | $33.42 | $38.15 (plus or minus $1.00) |
Calendar 2027 HBM Supply Largely Sold Out
HBM revenue grew faster than total company revenue in the quarter, according to Investing.com's earnings call transcript. CEO Sanjay Mehrotra told analysts the company has secured agreements for most of next year's HBM output at higher prices.
"We have completed agreements for the vast majority of our calendar 2027 HBM bit supply with significant price increases year-over-year." Sanjay Mehrotra, Micron CEO
Mehrotra also said Micron is working with NVIDIA (NVDA) on the industry's first custom HBM4E implementation, called NV-HBM, to be adopted on NVIDIA's next generation of GPUs. Micron expects HBM demand growth to outpace conventional DRAM through calendar 2028, per the same transcript.
Capex Rises as Micron Sees Tighter Supply in 2027
CFO Mark Murphy said capex will be higher in the second half of fiscal 2027, with construction spending growing much faster than equipment spending, according to the Investing.com transcript.
Net capex for fiscal Q1 2027 is projected at about $11.5 billion, after $27.37 billion in fiscal 2026 per the SEC filing.
Mehrotra said memory and storage supply-demand conditions should be "much tighter in fiscal 2027 and 2028 than they were in 2026," adding the company has "no line of sight" to when the market returns to balance.
Per Investing.com, Micron expects industry DRAM bit shipments to grow in the low-20% range in both years while staying supply-constrained.
The stock's reaction was muted after a strong run. According to Investing.com, MU closed the regular session up 0.1% at $1,066.10 and slipped 0.78% to $1,056.75 in after-hours trading.
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