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What Micron reported in fiscal Q4 and FY2026
Micron’s SEC-filed earnings release, announced September 30, says fiscal Q4 ended September 3, 2026. The results below are company-reported figures, not forecasts.
| Measure | FY2026 Q4 | FY2026 Q3 | FY2025 Q4 |
|---|---|---|---|
| Revenue | $54.229 billion | $41.456 billion | $11.315 billion |
| Non-GAAP gross margin | 87.0% | 84.9% | 45.7% |
Sequentially, revenue increased $12.773 billion and non-GAAP gross margin rose 2.1 percentage points. For the full fiscal year, revenue was $133.188 billion, compared with $37.378 billion in FY2025; non-GAAP gross margin was 81.1%, versus 40.9%.
What the next-quarter guidance says—and what it doesn’t
Micron’s Q1 FY2027 outlook is forward guidance, not an achieved result. The revenue midpoint is about 13.4% above Q4’s reported revenue, while the margin outlook is slightly below Q4’s actual margin.
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| Measure | FY2026 Q4 actual | June outlook for FY2026 Q4 | FY2027 Q1 outlook |
|---|---|---|---|
| Revenue | $54.229 billion | $50.0 billion ± $1.0 billion | $61.5 billion ± $1.5 billion |
| Non-GAAP gross margin | 87.0% | Approximately 86% | Approximately 86.25% |
| Non-GAAP diluted EPS | Not stated here as a comparable value (Micron’s September 30, 2026 release) | Not stated here as a comparable value (Micron’s June 24, 2026 release) | $38.15 ± $1.00 |
The reported Q4 revenue was $4.229 billion above the June guidance midpoint, and the reported margin was about one percentage point above the June outlook. The new Q1 forecast calls for another increase in revenue, but not another increase in gross margin. That is evidence of Micron’s near-term expectations, not proof that the forecast will be met or that the industry peak is distant.
How broadly high margins appeared across Micron’s business
Micron reported strong Q4 operating margins across four segments. These operating-margin figures are not the same measure as the company-wide non-GAAP gross margin above.
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| FY2026 Q4 segment | Revenue | Operating margin | Sequential change and segment-level product or customer detail |
|---|---|---|---|
| Core Data Center | $18.002 billion | 85% | Not stated at this segment level in Micron’s September 30, 2026 release |
| Cloud Memory | $16.283 billion | 76% | Not stated at this segment level in Micron’s September 30, 2026 release |
| Mobile and Client | $13.114 billion | 88% | Not stated at this segment level in Micron’s September 30, 2026 release |
| Automotive and Embedded | $6.824 billion | 79% | Not stated at this segment level in Micron’s September 30, 2026 release |
The figures show that high operating margins were not confined to the data-center segments. They do not, by themselves, show that AI demand caused each segment’s performance. Micron operates across data center, cloud, mobile and client, and automotive and embedded markets, but the release’s segment figures should not be treated as a product-by-product explanation.
Why the peak-ahead case has support
In its September 30 release, CEO Sanjay Mehrotra said, “Micron delivered record fiscal 2026 results, and we expect an even stronger fiscal 2027.” The record results are reported history; the stronger-year statement is management’s expectation. Micron also cited Strategic Customer Agreements as one reason for confidence in durability. Such agreements may help support visibility, but they do not demonstrate how demand or pricing would hold up in a downturn.
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- Micron said it began sampling 512GB high-capacity DDR5 server RDIMMs capable of up to 9,200 MT/s and reported multiple qualifications of 8,800 MT/s server RDIMMs.
- It said server LPDDR SOCAMM revenue more than doubled sequentially.
- Its 7600 PCIe Gen 5 and 9650 PCIe Gen 6 SSD products were shipping to customers for KV-cache applications.
- In its June 24 release, Micron said HBM4 was in high-volume shipments for a lead customer’s platform and expected HBM4E volume production in calendar 2027.
Those disclosures span several product types and stages, from sampling and qualification to shipments. They are company statements about product progress, not independent confirmation of the size or duration of end-market demand.
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Cash generation and investment are also part of the picture. Micron reported $33.20 billion of adjusted free cash flow in Q4 and $62.31 billion for FY2026, alongside $27.37 billion of net capital expenditures for FY2026. Those figures describe cash generation and investment during the reported period; they do not establish the returns Micron will earn on capacity investments.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Why these results cannot date the wider memory peak
Memory is exposed to supply and pricing cycles, so a stretch of exceptional margins is not evidence that margins cannot fall. A September 27, 2026 Kobaran commentary, published before the earnings release, described sharp margin collapses after earlier Micron memory upcycles and noted that the newer customer agreements had not yet been tested in a downturn. It is useful context, but it is secondary commentary rather than a detailed, independently verified historical margin series.
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Micron’s own release warns that forward-looking statements involve risks and uncertainties that can cause actual results to differ materially, and says the company is not obligated to update those statements. The Q1 outlook and management’s FY2027 view should therefore be read as expectations subject to change.
Tom’s Hardware reported on October 2, 2026, that Micron expects memory and storage supply-demand conditions to be “much tighter” in FY2027 and FY2028 than in FY2026. That is secondary reporting of the company’s outlook, not an independent industry-wide consensus. Even if supply remains tight, the report does not determine exactly when prices, margins or demand will turn.
What this means for a personal-finance reader
Micron’s results answer a company-specific question more clearly than an industry-timing question. They show a business reporting rapidly rising revenue and unusually high margins, with management forecasting higher near-term revenue. They do not answer whether MU shares are attractively priced, because these operating results alone provide no valuation or expected-return comparison.
Quick Recap
- For the business outlook: distinguish reported results from forecasts, and watch whether later reported revenue and margins track the current guidance.
- For cycle risk: treat customer agreements and product milestones as potentially supportive evidence, not proof that demand or pricing is protected in a downturn.
- For an investment decision: do not use the phrase “the peak is still ahead” as a substitute for a valuation assessment or a risk tolerance check. The timing of the wider memory-cycle peak remains uncertain.
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