Micron (MU) Q4 FY2026 Earnings Call: Record Revenue and Tight Memory Supply Outlook
Source Tradingkey
Key Takeaways
- Micron (MU) reported fiscal Q4 2026 revenue of $54.2 billion, up 31% sequentially and 379% year over year. Non-GAAP diluted EPS reached $33.42, while gross margin was 87%.
- Full-year fiscal 2026 revenue rose 256% to a record $133.2 billion. Gross margin expanded 40 percentage points to 81.1%, and EPS increased 811% to $75.52.
- DRAM revenue reached $39.8 billion in fiscal Q4, with pricing up in the high-teens percentage range sequentially. NAND revenue was $14.1 billion, with pricing up approximately 30%.
- Management expects fiscal Q1 2027 revenue of $61.5 billion, plus or minus $1.5 billion, gross margin of approximately 86.25%, and EPS of $38.15, plus or minus $1.00.
- Micron expects memory and storage supply-demand conditions in calendar 2027 and 2028 to be tighter than in 2026. Management said it does not have visibility into when industry supply and demand will return to balance.
- The company has signed 26 strategic customer agreements, or SCAs, representing an estimated share of more than 35% of revenue through 2030. Remaining performance obligations were approximately $150 billion.
Core Financial Data
| Metric | Fiscal Q4 2026 | Change / Commentary |
|---|---|---|
| Revenue | $54.2 billion | Up 31% sequentially and 379% year over year; sixth consecutive quarterly record |
| DRAM revenue | $39.8 billion | Up 27% sequentially and 343% year over year; 73% of total revenue |
| NAND revenue | $14.1 billion | Up 42% sequentially and 526% year over year; 26% of total revenue |
| Gross margin | 87% | Up 210 basis points sequentially |
| Operating margin | 82.3% | Up 110 basis points sequentially and 47 percentage points year over year |
| Non-GAAP diluted EPS | $33.42 | Up 33% sequentially |
| Operating cash flow | $44.0 billion | Record quarterly cash generation reported by management |
| Capital expenditures | $10.8 billion | Produced free cash flow of $33.2 billion |
| Cash and investments | $73.5 billion | Net cash balance of $68.3 billion at quarter-end |
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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