Micron Beats Q4 With $54.2B Revenue and $33.42 EPS, Guides Q1 to $61.5B on AI Memory Demand

MU reported fiscal fourth-quarter 2026 results after the bell on September 30, posting revenue of $54.23 billion and adjusted earnings of $33.42 per share. LSEG consensus had called for $51.07 billion and $31.61, while Bloomberg's survey sat at $51.49 billion and $31.83. Revenue almost quadrupled from $11.32 billion a year earlier, and GAAP net income climbed to $37.7 billion, or $32.87 per share, from $3.2 billion. The adjusted gross margin came in at 87%, a touch above the 86.2% estimate.

The engine is still AI memory. DRAM revenue rose 343% from a year ago to $39.8 billion, 73% of total sales, and CNBC reported that data center revenue jumped 11-fold. CEO Sanjay Mehrotra told analysts Micron is working with NVDA on the industry's first custom HBM implementation, and the company said it expects memory and storage supply-demand conditions to be much tighter in 2027 and 2028 than in 2026. Micron is spending $250 billion on two new HBM campuses in Clay, New York and Boise, Idaho, and fiscal 2026 net capex reached $27.37 billion, backed by $12.75 billion of customer contract deposits and $73.48 billion in cash and investments.

The outlook is the bigger number. Micron guided fiscal Q1 2027 revenue to $61.5 billion, plus or minus $1.5 billion, with adjusted EPS of $38.15, according to its 8-K; LSEG had expected $57 billion and $35.40. One investor noted the quarter just reported ran 14 weeks, which makes the 13-week Q1 guide a steeper sequential step than the headline suggests.

The reaction was muted. Shares were roughly flat in extended trading after a run of more than 500% over the past year that has lifted Micron's market value above $1.2 trillion. Traders flagged that the revenue and margin prints, while beats, fell short of buy-side expectations, and one bullish holder said management noted the pace of price increases is moderating. Points to watch: whether capex accelerates across the three memory makers, how the Taiwan labor dispute that drew strike threats is resolved, and whether contract volume can offset slower pricing gains.