Micron's latest quarter is one of the most extreme results in chip history, and it's a big reason S&P 500 earnings growth looks so strong (see two chip companies carrying Q3 growth). All figures are from Micron's Sept 30, 2026 release for the quarter ended Sep 3, 2026, unless noted.
The quarter
| FQ4 2026 | FQ3 2026 | FQ4 2025 | |
|---|---|---|---|
| Revenue | $54.23B | $41.46B | $11.32B |
| Gross margin (GAAP) | 86.8% | 84.6% | 44.7% |
| Operating income (GAAP) | $43.75B | $33.32B | $3.65B |
| Operating margin (GAAP) | 80.7% | 80.4% | 32.3% |
| Net income (GAAP) | $37.70B | $28.24B | $3.20B |
| Diluted EPS, GAAP / non-GAAP | $32.87 / $33.42 | $24.67 / $25.11 | $2.83 / $3.03 |
Revenue was up about 379% YoY and 31% QoQ (our math).
Cash
- Operating cash flow: $43.97B in the quarter
- Net capex: $10.77B in the quarter, $27.37B for the year
- Adjusted free cash flow: $33.20B in the quarter, $62.31B for the year
- Cash, investments and restricted cash: $73.48B at year end
The full year
Fiscal 2026 revenue was $133.19B, up from $37.38B. GAAP net income was $84.97B ($74.33 a share), and operating cash flow was $89.68B.
Guidance for fiscal Q1 2027
- Revenue: $61.5B ± $1.5B
- Gross margin: about 85.95% GAAP / 86.25% non-GAAP
- EPS: $37.84 ± $1.00 GAAP / $38.15 ± $1.00 non-GAAP
What management said on the call
From the Motley Fool transcript of the Sept 30 call:
- More than 75% of fiscal 2027 shipments are already under customer allocation or contract.
- Micron has 26 strategic customer agreements covering about 35% of its production bit volume through 2030.
- HBM pricing was raised significantly for calendar 2027. Supply is limited by cleanroom lead times and HBM4/HBM4E complexity. More in the HBM4 race.
- COO Manish Bhatia: "we really don't have line of sight to when supply and demand balances."
- China sales are expected to fall to a single-digit percentage of revenue in fiscal 2027.
Product notes from the release: Micron began sampling a 512GB DDR5 RDIMM at up to 9,200 MT/s.
Why it matters beyond Micron
Micron's margins are your RAM bill. TrendForce expects conventional DRAM contract prices to rise about 20% QoQ in Q4 2026. See why RAM is so expensive and our DDR5 buying guide.
