Micron Technology Fiscal Q4 2026 Earnings

Actual Outcomes

• • Fiscal Q4 revenue was $54.229 billion, 8.46% above the prior $50.0 billion guidance midpoint; non-GAAP gross margin was 87.0% and non-GAAP diluted EPS was $33.42.
• • Operating cash flow was $43.973 billion and adjusted free cash flow was $33.199 billion after $10.774 billion of net capital expenditure.
• • Fiscal Q1 2027 guidance was $61.5 billion of revenue, 86.25% non-GAAP gross margin, and $38.15 of non-GAAP diluted EPS at the midpoint.
• • Management expects sequential revenue growth in every fiscal 2027 quarter and described fiscal Q1 as the gross-margin floor.
• • Twenty-six take-or-pay supply agreements carry approximately $150 billion of minimum-price remaining performance obligations; more than 75% of calendar 2027 output is committed across agreement and non-agreement customers.
• • Most calendar 2027 HBM supply is sold at prices substantially above 2026, while first-half fiscal 2027 capital expenditure is approximately $25 billion and second-half spending is expected to be higher.
• • Micron has exceeded its own revenue guidance midpoint in each of the last eight quarters.

Market Reaction