Micron Technology (MU) closed out fiscal 2026 with record quarterly revenue, gross margin and earnings per share, and each figure topped the high end of the company’s own guidance. The results came after the market close on Wednesday, September 30. Shares ended the regular session at $1,065.11, little changed on the day.
Quarterly revenue reached $54.23 billion, against analyst expectations of $51.07 billion and roughly $11.31 billion a year earlier, an increase of 379%. Adjusted earnings per share were $33.42, ahead of the $31.61 consensus and up from $3.03 in the year-ago period. GAAP earnings per share came in at $32.87.
Adjusted gross margin was 87.0%, versus the 86.1% analysts had modeled. Adjusted operating income totaled $44.64 billion (estimate: $42.41 billion), and adjusted net income was $38.40 billion (estimate: $36.31 billion).
All four business units grew sharply:
- Core Data Center: $18.00 billion, up 1,042% from a year earlier.
- Cloud Memory: $16.28 billion, up 258% and above the $15.14 billion estimate.
- Mobile and Client: $13.11 billion, up 249% and slightly above the $12.95 billion estimate.
- Automotive and Embedded: $6.82 billion, up 376% and well above the $4.73 billion estimate.
Cash Generation and Spending
Operating cash flow was $43.97 billion, compared with an expected $34.47 billion. After net capital expenditures of $10.77 billion, adjusted free cash flow was $33.20 billion, far above the $19.91 billion analysts projected. The board declared a quarterly dividend of $0.15 per share.
Product and Customer Milestones
Micron said it has started sampling 512GB DDR5 RDIMM modules, which it describes as the first of their density in the industry, with speeds up to 9,200 MT/s. Revenue from its server LPDDR SOCAMM products more than doubled from the prior quarter.
On storage, the 7600 PCIe Gen 5 and 9650 PCIe Gen 6 SSDs are now shipping to leading customers for KV-cache workloads. For phones, the company is shipping 6-channel 1-gamma LPDDR5X to flagship device makers. In AI workstations, it has won designs with every Tier 1 OEM customer.
Outlook for FY1Q27
Micron expects revenue of $61.5 billion, ±$1.5 billion, which compares with a consensus of $57.02 billion. It sees adjusted earnings per share of $38.15, ±$1.00, where analysts were at $35.40. The one softer spot is margin: the company is targeting roughly 86.25% for adjusted gross margin, slightly below the 86.4% analysts expected.
