MarketsMUOCT 02, 2026

Micron prints $54.23B Q4, guides Q1 to $61.5B as DRAM supply stays locked through 2028

Fiscal Q4 revenue rose 379% YoY and management says it has no line of sight to supply-demand balance — a cost floor under every AI tool a small business is evaluating.

BY HENLEY MARRAST · MARKETS DESK

Micron Technology reported $54.23 billion in fiscal Q4 revenue on September 30, up 379% from $11.32 billion a year earlier, and guided fiscal Q1 2027 to $61.5 billion plus or minus $1.5 billion. LSEG consensus had looked for $51.07 billion in revenue and $31.61 in adjusted EPS. The read-through isn’t that Micron beat; it’s that the memory bottleneck underneath the AI buildout is now being formally priced through 2030.

DRAM did the work. The segment printed $39.77 billion in Q4, 73% of the top line and up 343% year over year, with mid-single-digit sequential bit growth and ASPs rising in the high teens. NAND revenue of $14.10 billion grew 42% sequentially on roughly 10% bit growth and roughly 30% ASP gains. Core Data Center revenue hit $18.00 billion at an 85% operating margin, and data center SSD revenue approached $10 billion, more than ten times the year-ago level.

Non-GAAP Q4 gross margin reached 87.0%, up from 45.7% a year earlier, with Q1 guidance of roughly 86.25% and non-GAAP EPS guidance of $38.15 plus or minus $1.00. Full fiscal 2026 revenue came in at $133.19 billion against $37.38 billion the prior year, up 256%, with GAAP net income of $84.97 billion, GAAP EPS of $74.33, and non-GAAP EPS of $75.52. DRAM alone contributed $100.68 billion.

The forward book is where the structural story lives. Micron disclosed 26 strategic customer agreements running through 2030, covering more than 35% of revenue, with $150 billion in remaining performance obligations at determined pricing and $32 billion in customer financial commitments. More than 75% of calendar 2027 output is already committed. The company is spending $250 billion to build two new HBM campuses and is working with Nvidia on the industry’s first custom HBM implementation.

Management projects industry DRAM bit shipment growth in the low-20s and NAND in the mid-20s through 2027 and 2028, and President and COO Manish Bhatia told analysts the company does not have line of sight to when supply and demand balance. The stock is up more than 500% in the past year, with market cap above $1.2 trillion. The cost floor under every AI workload is now contractually locked. Falling inference prices in 2027 were a 2025 assumption. The 2026 facts say otherwise.

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About the author

Henley Marrast

MARKETS DESK

Henley Marrast covers AI-equity flow, accelerator demand, and earnings prints for AI Sheet Report. She leads coverage of the public AI complex from the New York markets desk, with a focus on the daily tape and quarterly results. She has been writing about technology markets for several years.