Micron Technology delivered a record fiscal fourth quarter on September 30, 2026, with revenue surging to $54.23 billion from $11.32 billion a year earlier. GAAP net income reached $37.7 billion, or $32.87 per share, as demand for high-bandwidth memory tied to artificial intelligence infrastructure remained exceptionally strong.
Non-GAAP gross margin came in above management's 86% target, reflecting pricing power in a traditionally cyclical memory market. Data center sales rose 11x year over year, and HBM3E modules stayed fully sold out deep into next year. DRAM revenue reached $38.26 billion, about 70.5% of total quarterly revenue, while NAND revenue rose to $12.32 billion, about 22.7%. High-capacity enterprise SSDs crossed a $1.5 billion quarterly run rate.
Operating cash flow for fiscal 2026 was $89.68 billion, allowing Micron to fund $27.37 billion in capital expenditures. The company also confirmed more than $100 billion in cumulative long-term take-or-pay contract value with hyperscale cloud providers and AI GPU customers, with binding price floors and volume commitments.
Despite the strong results, shares slipped after the report. Management issued first-quarter guidance of $61.5 billion in revenue, plus or minus $1.5 billion, and GAAP diluted EPS of $37.84, but investors focused on future supply growth and whether pricing and margins can be sustained as new memory capacity comes online.
Utkarsh Ahuja, founder and managing partner at Moon Pursuit Capital, said expectations were already very high and that the company's commentary on 2027 would matter more than the quarterly beat. "If demand continues absorbing new capacity as quickly as it comes online, these economics can hold for longer than investors might expect from a traditional memory cycle," Ahuja said. "If supply starts catching up, Micron can still grow very strongly while pricing and margins begin to come back down."
Micron had disclosed 16 strategic customer agreements as of its June earnings report and later announced deals with General Motors, Ford and several major automotive suppliers. The company expects roughly half or more of its revenue to eventually fall under these agreements.
