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Start with the period, then compare Micron’s revenue and margins with both the prior quarter and the same quarter a year earlier. In its September 30, 2026 release, Micron reported fiscal Q4 revenue of $54.229 billion, GAAP gross margin of 86.8%, and FY2026 operating cash flow of $89.675 billion. Keep those reported results separate from Micron’s non-GAAP measures and its outlook for the next quarter.
Which period does Micron’s latest report cover?
The latest release available as of October 7, 2026, covers Micron’s fourth quarter and full fiscal year 2026. The quarter ended September 3, 2026, and Micron published the release on September 30, 2026. Fiscal Q4 is Micron’s fiscal period, not necessarily the fourth calendar quarter. The release marks its income statement and balance sheet unaudited.
Use the release for headline results. Micron’s investor presentation and prepared remarks can add management context; its SEC filing provides filing-level notes and risk disclosures. The release reports figures in millions of dollars except per-share amounts, so keep units consistent when converting them to billions.
How should you compare Micron’s revenue?
Use sequential and year-over-year comparisons separately: Q3 shows what changed from the immediately preceding quarter, while Q4 a year earlier provides a same-quarter comparison. Full-year totals answer a different question and should not be mixed with quarterly figures.
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| Period | Revenue | Useful comparison |
|---|---|---|
| Q4 FY2026 | $54.229 billion | Current quarter |
| Q3 FY2026 | $41.456 billion | Prior-quarter comparison |
| Q4 FY2025 | $11.315 billion | Same-quarter year-over-year comparison |
| FY2026 | $133.188 billion | Current full fiscal year |
| FY2025 | $37.378 billion | Prior full fiscal year |
These revenue figures are from Micron Technology, Inc.’s September 30, 2026 release. The comparisons describe different time frames; a quarter-to-quarter movement is not a substitute for a year-over-year comparison, and neither by itself explains why revenue changed.
What do gross and operating margins show?
Gross margin is the amount left after cost of goods sold, shown both in dollars and as a share of revenue. The percentage helps compare profitability across periods with different revenue levels. Operating income comes after operating expenses, so operating margin shows how much revenue remained after both production costs and operating expenses.
| Period and basis | Gross margin | Gross margin as a share of revenue | Operating income | Operating margin |
|---|---|---|---|---|
| Q4 FY2026 GAAP | $47.047 billion | 86.8% | $43.751 billion | 80.7% |
| Q4 FY2026 non-GAAP | $47.204 billion | 87.0% | $44.636 billion | 82.3% |
| Q3 FY2026 GAAP | Not stated as a dollar figure here | 84.6% | Not stated here | Not stated here |
| Q3 FY2026 non-GAAP | Not stated as a dollar figure here | 84.9% | Not stated here | Not stated here |
| Q4 FY2025 GAAP | Not stated as a dollar figure here | 44.7% | Not stated here | Not stated here |
| Q4 FY2025 non-GAAP | Not stated as a dollar figure here | 45.7% | Not stated here | Not stated here |
Q4 FY2026 GAAP operating expenses were $3.296 billion; non-GAAP operating expenses were $2.568 billion. The margin and income statement figures above are from Micron’s September 30, 2026 release. Read revenue, gross margin, operating expenses, and operating income together, then examine the company’s stated adjustments rather than assigning an unsupported cause to a change.
How is GAAP different from Micron’s non-GAAP results?
GAAP means U.S. Generally Accepted Accounting Principles. Micron’s non-GAAP presentation starts from GAAP and excludes selected activities that management says it excludes when analyzing operating results and earnings trends. The two presentations answer related but distinct questions; the adjusted measure does not replace the reported GAAP result.
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What does Micron’s guidance say about next quarter?
Guidance is management’s estimate, not a realized result or a guarantee. In the September 30, 2026 release, Micron gave the following outlook for Q1 FY2027:
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| Q1 FY2027 outlook | GAAP | Non-GAAP |
|---|---|---|
| Revenue | $61.5 billion ± $1.5 billion | $61.5 billion ± $1.5 billion |
| Gross margin | Approximately 85.95% | Approximately 86.25% |
| Operating expenses | Approximately $2.31 billion | Approximately $2.06 billion |
| Diluted earnings per share | $37.84 ± $1.00 | $38.15 ± $1.00 |
These are estimates in Micron’s September 30, 2026 release, not actual Q1 results. Micron says actual results may differ materially and that forward-looking statements are subject to risks and uncertainties. When Q1 results become available, compare them with the outlook using the same fiscal period and accounting basis.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How should you read cash flow beside profit?
Net income is an accounting measure; operating cash flow also reflects adjustments and changes in operating assets and liabilities. For FY2026, Micron reported net income of $84.969 billion and net cash provided by operating activities of $89.675 billion. The cash flow statement reported $30.712 billion of expenditures for property, plant, and equipment.
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Micron separately reported FY2026 net investments in capital expenditures of $27.37 billion and adjusted free cash flow of $62.31 billion. Keep the labels distinct: the cash-flow-statement spending figure, net capital investment, and Micron’s adjusted free cash flow are not interchangeable. For the adjusted measure, use Micron’s definition and reconciliation in the release.
The FY2026 operating cash flow reconciliation includes a $25.206 billion use of cash from receivables and a $2.017 billion use from inventory. These figures are prompts to inspect working-capital movements in context; on their own, they do not establish collection problems or inventory risk.
What do Micron’s business-unit results add?
For Q4 FY2026, Micron reported revenue and margins for four named business units. The figures show how reported results were distributed across the units in that quarter; a single quarter does not establish that the mix will persist.
| Business unit, Q4 FY2026 | Revenue | Gross margin | Operating margin |
|---|---|---|---|
| Cloud Memory | $16.283 billion | 83% | 76% |
| Core Data Center | $18.002 billion | 90% | 85% |
| Mobile and Client | $13.114 billion | 90% | 88% |
| Automotive and Embedded | $6.824 billion | 84% | 79% |
These unit figures are from Micron’s September 30, 2026 release. Use the company’s unit names and period labels; avoid inferring demand drivers or durability beyond what the release and supporting materials establish.
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What is a practical way to read the next Micron report?
- Confirm the fiscal period and release date. Note the quarter-end date and whether the statements are unaudited.
- Compare like with like. Put the quarter beside the preceding quarter and the same quarter a year earlier; assess full-year totals separately.
- Read the income statement across. Check revenue, gross margin, operating expenses, and operating income, keeping GAAP and non-GAAP figures distinct.
- Inspect reconciliations and cash flow. See what adjustments drive the non-GAAP figures, how net income reconciles to operating cash flow, and how capital spending is labeled.
- Use segment results and outlook as context. Treat business-unit mix as period-specific and guidance as a forward-looking estimate; later compare that outlook with realized results.
- Check the filing and risk disclosures. The release is a useful headline document, while Micron’s SEC filing and accompanying materials provide additional detail.
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