Micron reported a dramatic revenue increase in fiscal 2026, while the latest Qualcomm figure reviewed here is a single-quarter result that does not establish a comparable growth rate. The contrast is useful—but it is not an apples-to-apples growth comparison: Micron’s latest release covers its fourth quarter and full fiscal year, whereas Qualcomm’s latest reviewed result is Q3 FY2026. Revenue trends can indicate changing demand and business scale, but they do not by themselves show which company is more profitable, financially resilient, or attractively valued.
What the latest reported revenue shows
Micron Technology’s fiscal 2026 results, released September 30, 2026, show substantial growth in reported revenue. Qualcomm’s latest result reviewed is Q3 FY2026, announced July 29, 2026. Because the companies’ fiscal calendars and disclosed periods differ, these figures should not be treated as matched periods.
| Company and period | Reported revenue | What the comparison establishes |
|---|---|---|
| Micron FY2026 | $133.188 billion | Compared with $37.378 billion in FY2025; full-year reported revenue increased. |
| Micron Q4 FY2026 | $54.229 billion | Compared with $41.456 billion in Q3 FY2026 and $11.315 billion in Q4 FY2025; revenue increased sequentially and year over year. |
| Qualcomm Q3 FY2026 | $9.9 billion GAAP revenue; $9.9 billion non-GAAP revenue | The company’s overview displays both measures at $9.9 billion. The reviewed pages do not provide a detailed comparative series from which to calculate a growth rate. |
Micron’s FY2026 revenue was roughly 3.6 times its FY2025 figure, calculated from the company-reported amounts. That describes the change between those two reported fiscal years; it should not be taken as a sustainable annual growth rate. One year of rapid growth cannot establish how revenue will behave across a full industry cycle.
Micron’s September 30, 2026 results release provides the quarterly and annual figures. Qualcomm’s investor-relations overview displays its latest revenue figures, and the company’s release page identifies the July 29, 2026 announcement as Q3 FY2026.
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Why revenue growth is not directly comparable here
The reporting periods do not line up
A full fiscal year should be compared with another full fiscal year, and a quarter with the same quarter in another year or with the immediately preceding quarter. Micron’s latest release includes Q4 and FY2026; Qualcomm’s latest reviewed result is Q3 FY2026. A direct comparison of Micron’s annual figure with Qualcomm’s quarterly figure would mix periods of different lengths, while the two Q3 labels do not by themselves prove the quarters ended on the same date.
The available Qualcomm figure is not a trend
Qualcomm’s $9.9 billion Q3 FY2026 revenue is a point-in-time result. Without matched prior-period values from the reviewed official pages, it is not possible to establish Qualcomm’s year-over-year or sequential revenue growth from that number alone. A responsible growth comparison needs the underlying revenue for comparable fiscal periods, using a consistent accounting basis.
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The companies earn revenue from different businesses
Micron describes itself as a memory and storage company, selling DRAM, NAND, and NOR products. Its Q4 FY2026 reporting breaks revenue into four business units:
| Micron business unit, Q4 FY2026 | Revenue |
|---|---|
| Cloud Memory | $16.283 billion |
| Core Data Center | $18.002 billion |
| Mobile and Client | $13.114 billion |
| Automotive and Embedded | $6.824 billion |
These are Micron-reported Q4 FY2026 amounts from its quarterly results release. They show that the company reports revenue across several end-market units, while its products remain centered on memory and storage.
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Qualcomm Incorporated combines its QTL licensing business and most of its patent portfolio with a corporate structure in which Qualcomm Technologies, Inc. and its subsidiaries operate substantially all product and services businesses, including QCT semiconductor. That licensing-and-products mix differs from Micron’s memory and storage-centered reporting. A dollar of revenue therefore does not necessarily carry the same costs, margins, or economic characteristics at both companies. Qualcomm’s investor-relations site describes the company and its investor materials.
Micron’s outlook is guidance, not a reported result
Micron management forecast Q1 FY2027 revenue of $61.5 billion ± $1.5 billion. This is company guidance for a future quarter, not completed revenue. The company’s CEO, Sanjay Mehrotra, said in the September 30 release, “Micron delivered record fiscal 2026 results, and we expect an even stronger fiscal 2027.” The outlook and executive statement are forward-looking; Micron cautions that risks and uncertainties could cause actual results to differ materially.
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The guidance range can help investors understand management’s near-term expectations, but it should be kept separate from actual results when comparing periods or assessing performance.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What investors should check beyond revenue
Revenue is a measure of sales, not a complete investment thesis. To judge whether growth is translating into a stronger business, investors need to examine other evidence alongside comparable revenue periods:
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- Margins and earnings: Revenue can rise while profitability changes in a different direction.
- Cash generation: Cash flow helps show how much operating performance converts into cash after business needs.
- Demand and supply conditions: Micron’s memory and storage business and Qualcomm’s licensing and product activities have different drivers; revenue alone does not explain their outlook or cyclicality.
- Customer concentration: Dependence on a limited number of buyers can affect the risk behind a revenue trend.
- Guidance versus results: Keep forecasts distinct from completed reporting periods and compare management’s expectations with later reported outcomes.
- Valuation and stock performance: Higher revenue growth does not automatically mean a better-returning stock; valuation and other financial factors matter.
The reported figures support a clear conclusion about Micron’s recent revenue acceleration, but they do not establish that Micron is a better investment than Qualcomm. The available Qualcomm figure is not enough to rank the companies by growth, and revenue alone cannot settle profitability, risk, or valuation.
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