Micron Q4 2026: Revenue Hits $54.2B, Guide Tops…

Micron's fiscal Q4 revenue rose 379% to $54.2B with EPS of $33.42, and a $61.5B forecast beat the $57B consensus, lifting chip stocks worldwide on Oct. 1.

Fiscal Q4 revenue reached $54.23B, up from $11.32B a year earlier. Non-GAAP EPS was $33.42.
First-quarter guidance of $61.5B, plus or minus $1.5B, compares with a $57B consensus.
Kospi gained 1.95% to 6,971.35 as Samsung and SK Hynix rose on Micron's results.

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Micron Technology (NASDAQ: MU) reported fiscal fourth-quarter revenue of $54.23 billion on Sept. 30, nearly four times the $11.32 billion of a year earlier. The result beat a consensus of roughly $51 billion. Non-GAAP earnings reached $33.42 per share against an expected $31.61. For anyone following micron technology stock, the guidance mattered as much as the quarter: management forecast first-quarter fiscal 2027 revenue of $61.5 billion, plus or minus $1.5 billion, well above the $57 billion the market expected.

What Did Micron Report for Fiscal Q4 2026?

Micron reported record revenue, a gross margin of about 87%, and net income of $37.7 billion on a GAAP basis. The quarter ended Sept. 3. GAAP EPS was $32.87, and GAAP operating income was $43.75 billion. Operating cash flow was $43.97 billion.

Gross margin was 46% a year earlier. Memory prices have risen sharply while industry bit shipments have grown only in the mid-single digits, so pricing drove the gain more than volume. DRAM generated about $39.8 billion, or 73% of sales.

By business unit, the figures were:

Core Data Center: $18.00 billion
Cloud Memory: $16.28 billion
Mobile and Client: $13.11 billion
Automotive and Embedded: $6.82 billion

For fiscal 2026, revenue totaled $133.19 billion, compared with $37.38 billion in fiscal 2025. GAAP net income was $84.97 billion. The company ended the year with $73.48 billion in cash, investments and restricted cash. It declared a quarterly dividend of $0.15 per share and repurchased $650 million of stock during the year.

Why Did Chip Stocks Rally Worldwide?

Chip stocks rallied because Micron's guidance showed that AI-driven memory demand is still outrunning supply. Management said supply of AI memory products would stay tight through at least 2027. That reinforced the case for the memory upcycle across the sector.

Seoul reacted first. Kospi rose 1.95% to 6,971.35 on Oct. 1, helped by record September chip exports. Samsung Electronics (005930.KS) closed 2.79% higher at 276,000 won, and SK Hynix (000660.KS) gained 3.21% to 1,833,000 won. Both stocks traded higher still earlier in the session. In the United States, memory and AI infrastructure names rose in early trading, and Micron closed at $1,097.39, up 3.03%.

The response in Micron's own shares was more restrained than the results implied. Options markets had priced a move of 7% to 8%. Investors weighed the headline beat against a rising capital budget and a first-quarter gross margin guided to about 85.95%, a slight decline from the current quarter.

How Much Will Micron Spend to Add Capacity?

Micron plans roughly $11.5 billion in capital expenditure in fiscal Q1 2027 and about $25 billion in the first half, against $27.37 billion for all of fiscal 2026. The company did not confirm outside estimates of more than $50 billion for the full year. That pace points to a full-year budget well above fiscal 2026 levels.

The spending matters because the industry's margins depend on supply discipline. Memory has historically moved through boom and bust cycles, as new capacity arrived just as demand cooled. Strategic customer agreements, under which buyers lock in long-term supply, are meant to dampen that pattern. The fiscal 2027 guidance implies that those agreements are holding.

What Does the Guidance Mean for AI Stocks?

The guidance confirms that memory has become a pricing-power business inside the AI supply chain, a point that matters for AI stocks broadly. Guided first-quarter EPS is $38.15 non-GAAP, plus or minus $1.00. The implied sequential revenue growth is about 13%.

The cost shows up downstream. Nvidia (NVDA) has said rising memory costs would push its gross margin down to 71% to 72% in its fiscal fourth quarter. Its supply commitments have risen to $279 billion, largely for memory procurement. Memory suppliers are capturing a growing share of AI infrastructure spending, and their customers are absorbing higher input costs. Semiconductor ETFs such as SMH track that shift, with Micron among their larger holdings.

Outlook

Micron enters fiscal 2027 with record margins, supply that is largely committed, and a first-quarter forecast that exceeds expectations by about $4.5 billion. The next test is whether capital spending stays measured while demand holds. The Oct. 1 reaction showed a market treating the quarter as strong but largely anticipated, while still rewarding the sector as a whole.

Mentioned tickers: MU, 005930.KS, 000660.KS, NVDA, SMH