On September 30, 2026, Micron Technology reported results for its fiscal fourth quarter and full fiscal year 2026, which ended September 3, 2026. In the earnings release filed with the SEC, fourth-quarter revenue was $54.23 billion, against $41.46 billion in the prior quarter and $11.32 billion in the same quarter a year earlier. GAAP net income for the quarter was $37.70 billion, or $32.87 per diluted share, and GAAP gross margin was 86.8 percent of revenue (87.0 percent non-GAAP).
For the full year, revenue was $133.19 billion against $37.38 billion in fiscal 2025, and GAAP net income was $84.97 billion. Operating cash flow for the year was $89.68 billion and net capital expenditures were $27.37 billion. All four business units grew sharply year over year; the Core Data Center unit brought in $18.0 billion in the quarter, up from $1.58 billion a year earlier. Micron guided first-quarter fiscal 2027 revenue to $61.5 billion, plus or minus $1.5 billion, with non-GAAP gross margin of about 86.25 percent.
CEO Sanjay Mehrotra said Micron expects “an even stronger fiscal 2027” and pointed to its Strategic Customer Agreements as added confidence in the durability of its results. The release also frames the moment in grand terms, stating that “AI is becoming Super Intelligence (SI).”
Why it matters: memory is now one of the tightest bottlenecks in AI hardware, and these numbers show how much pricing power that gives the main DRAM makers; a memory company earning gross margins above 85 percent was unthinkable in earlier cycles. What it does not show: the release does not break out HBM revenue as a separate figure and does not name customers, and memory has historically been a boom-and-bust business. Guidance is a forecast, and the release does not say how long the shortage driving these margins will last.