Micron Technology, Inc. — Fiscal 2026 Earnings Summary

Financial Performance

• Fiscal Q4 2026 revenue was $54.23 billion, compared to $41.46 billion in the prior quarter and $11.32 billion in the same period last year.
• Full-year 2026 revenue was $133.19 billion, versus $37.38 billion for the prior year.
• Q4 2026 GAAP net income was $37.70 billion ($32.87 per diluted share); Non-GAAP net income was $38.40 billion ($33.42 per diluted share).
• Full-year 2026 GAAP net income was $84.97 billion ($74.33 per diluted share); Non-GAAP net income was $86.76 billion ($75.52 per diluted share).
• Q4 2026 operating cash flow was $43.97 billion, versus $25.39 billion in the prior quarter and $5.73 billion in the same period last year.
• Full-year 2026 operating cash flow was $89.68 billion, versus $17.53 billion for the prior year.
• Q4 2026 GAAP gross margin was 86.8% (vs. 84.6% prior quarter and 44.7% prior year); Non-GAAP gross margin was 87.0%.
• Full-year 2026 GAAP gross margin was 80.7% (vs. 39.8% prior year); Non-GAAP gross margin was 81.1%.
• Q4 2026 GAAP operating income was $43.75 billion (80.7% of revenue); Non-GAAP operating income was $44.64 billion (82.3% of revenue).
• Full-year 2026 GAAP operating income was $99.34 billion (74.6% of revenue); Non-GAAP operating income was $101.19 billion (76.0% of revenue).
• Adjusted free cash flow for Q4 2026 was $33.20 billion; for full-year 2026, it was $62.31 billion.
• Micron ended the year with $73.48 billion in cash, marketable investments, and restricted cash.
• Capital expenditures, net, were $10.77 billion in Q4 2026 and $27.37 billion for the full year.

Guidance and Future Outlook

• Micron expects an even stronger fiscal 2027 following record fiscal 2026 results.
• Q1 2027 revenue guidance is $61.5 billion ± $1.5 billion.
• Q1 2027 GAAP gross margin is guided to approximately 85.95%; Non-GAAP gross margin is guided to approximately 86.25%.
• Q1 2027 GAAP operating expenses are guided to approximately $2.31 billion; Non-GAAP operating expenses are guided to approximately $2.06 billion.
• Q1 2027 GAAP diluted earnings per share are guided to $37.84 ± $1.00; Non-GAAP diluted earnings per share are guided to $38.15 ± $1.00.
• Strategic Customer Agreements are cited as providing added confidence in the durability of Micron's financial performance.

Business Segments and Product Lines

• Cloud Memory Business Unit: Q4 2026 revenue was $16.28 billion; Gross margin was 83%; Operating margin was 76%.
• Core Data Center Business Unit: Q4 2026 revenue was $18.00 billion; Gross margin was 90%; Operating margin was 85%.
• Mobile and Client Business Unit: Q4 2026 revenue was $13.11 billion; Gross margin was 90%; Operating margin was 88%.
• Automotive and Embedded Business Unit: Q4 2026 revenue was $6.82 billion; Gross margin was 84%; Operating margin was 79%.
• Began sampling the industry's first 512GB ultra-dense high-capacity DDR5 RDIMM modules capable of speeds up to 9,200 MT/s.
• Completed multiple customer qualifications of 1-gamma based, 8,800 MT/s high-speed server RDIMM modules.
• Server LPDDR SOCAMM portfolio revenue more than doubled sequentially in Q4 2026.
• 7600 PCIe Gen 5 and 9650 PCIe Gen 6 SSD high-performance products are shipping for KV-cache applications.
• 6600 ION SSD achieved a strong volume ramp in Q4 2026.
• Shipping 6-channel 1-gamma LPDDR5X for flagship mobile devices.
• Secured design wins with every Tier 1 OEM customer for AI workstation products.
• 4600 SSD secured additional qualifications with leading PC OEMs.
• Began sampling 1-gamma based LPDDR6 products to multiple physical AI markets.

Market and Competitive Landscape

• AI is evolving into "Super Intelligence (SI)," with memory enhancing the competitiveness of customers' platforms.
• Micron is increasing investments in technology, products, and manufacturing to drive SI forward.
• The company is a global leader in semiconductor memory and storage, powering AI and compute-intensive applications from cloud to edge.

Risks and Challenges

• Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially, including industry conditions, strategic position, customer demand, investment goals, and financial performance.
• Guidance does not incorporate the impact of potential business combinations, divestitures, restructuring activities, balance sheet valuation adjustments, strategic investments, financing transactions, or other significant transactions.
• Actual results may differ due to factors identified in SEC filings, including Form 10-K and Form 10-Q.

Management Commentary and Tone

• Sanjay Mehrotra, Chairman and CEO, stated that Micron delivered record fiscal 2026 results and expects an even stronger fiscal 2027.
• Management emphasized that AI is becoming Super Intelligence and that memory enhances the competitiveness of customers' platforms.
• Management highlighted that Strategic Customer Agreements provide added confidence in the durability of Micron's financial performance.

Other Key Points

• On September 30, 2026, the Board of Directors declared a quarterly dividend of $0.15 per share, payable on October 29, 2026, to shareholders of record as of October 14, 2026.
• Total payments of dividends to shareholders for the full year 2026 were $610 million.
• Repurchases of common stock under the repurchase program totaled $650 million for the full year 2026.
• Repurchases of common stock for employee equity award withholdings totaled $1,127 million for the full year 2026.
• Proceeds from customer contract liability deposits were $12.75 billion for the full year 2026.
• Long-term debt decreased to $4.69 billion as of September 3, 2026, from $5.14 billion in the prior quarter and $14.02 billion in the prior year.
• Noncurrent customer contract liabilities increased to $12.90 billion as of September 3, 2026, from $568 million in the prior quarter.