EarningsQ4 2026 Earnings Report
MX:MU Q4 2026 EPS Results
Actual EPS$607.51
Consensus EPS$577.52
Beat/MissBeat by +$29.99
One Year Ago EPS$55.08
MX:MU Q4 2026 Revenue Results
Actual Revenue$985.78B
Expected Revenue$933.16B
Beat/MissBeat by +$52.62B
YoY Revenue Growth+379.27%
Earnings Announcement Details
QuarterQ4 2026
Date09/30/2026
TimeAfter Close
Conference CallWednesday, September 30, 2026
MX:MU Upcoming Earnings
Micron's next earnings date is estimated for December 23, 2026, based on past reporting schedules.
Q4 2026 Earnings Call Audio
MX:MU Q4 2026 Earnings Call
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Q4 2026 Earnings Slide Deck
Q4 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly constructive, with management citing robust and broadening AI-driven demand, more than 75% of fiscal 2027 shipments committed, expanding supply agreements, favorable pricing and mix, technology leadership, and continued investment in future capacity. The main challenges were sequential mobile and client bit shipment declines, NAND growth below the industry average, decelerating DRAM supply growth, clean room constraints, and start-up costs. The highlights significantly outweighed the lowlights.Company Guidance
Strong Demand Outlook Through 2028
Micron said stronger demand drivers are supporting its outlook for fiscal 2027 and 2028, including server units continuing to grow into 2027 and rapidly growing agentic AI creating a CPU-driven demand stream. More than 75% of fiscal 2027 shipments are already committed, and extended supply agreements provide additional confidence in long-term demand.
Tight Market Conditions Support Margin Expansion
For fiscal 2027, Micron expects margin expansion relative to Q1 from continued price increases, albeit at a more moderate pace, together with a better product mix. Management said market conditions are expected to remain tight through 2028 and should support strong financial performance.
HBM Demand and Pricing Momentum
HBM shipments are expected to grow faster than conventional DRAM through 2028, increasing HBM's share of industry capacity. Micron said HBM pricing has increased significantly for calendar 2027 and will reset at the beginning of the year to narrow the profitability gap with conventional DRAM.
HBM Market Position and NVIDIA HBM4E Collaboration
Micron said its HBM market share reached its broader DRAM market share about a year ago and expects HBM share to remain around its broader DRAM market share, without targeting a specific number. The company has worked with NVIDIA for over a year on HBM4E, or NV HBM, and sees substantial opportunity in the co-designed customized product.
Expanded Supply Agreements
Micron signed 10 new supply and capacity agreements in the quarter, bringing the total to 26. The agreements cover both DRAM and NAND through 2030; DRAM bit volume is approximately 35% and NAND bit volume is a little bit more. Management said the total could get higher as negotiations continue.
Supply Agreement Pricing Reflects Stronger Market Conditions
The framework for the newer supply agreements remains similar, with the majority of pricing frameworks using floor and ceiling bands, while newer agreements reflect current market conditions and the future market tightness Micron sees. About 3/4 of supply-agreement revenue has a defined pricing framework and about 1/4 is open to periodic negotiations or pricing that moves with market dynamics.
Technology Leadership Over China Competition
Micron said its technology leadership is currently at least 2 nodes ahead of China competition. Its 1-gamma DRAM technology is already the majority of company bits and is expected to be the largest node in the company's history, while next-generation 1-delta technology is well underway and focused on a ramp in the second half of next year.
Premium Mobile and Client Demand Supports Revenue
Although mobile and client bit shipments declined sequentially, revenue grew because of higher pricing and favorable mix. Micron said premium client segments and flagship smartphones are seeing robust demand for higher-content, higher-performance solutions, and it expects PC and mobile industry revenue to grow even as unit volumes decline.
Agentic AI Broadens Memory Demand
Micron said agentic workloads executed across CPUs are driving significant demand, with a large attach rate of LP and DDR memory and SSDs. These workloads are already being implemented in enterprise and consumer applications, contributing to server-unit growth in the high teens and creating more constraint on DRAM.
Long-Term Clean Room and Capacity Investment
The majority of the increase in fiscal 2027 construction CapEx versus prior plans is directed toward clean rooms expected to come online in late 2028 and beyond. Micron said it is investing ahead of demand, will equip clean rooms in line with demand trends, and has entered long-term supply agreements with equipment suppliers to secure access to equipment as needed.
NAND Technology and Capacity Roadmap
Micron expects NAND conditions to remain tight even as industry NAND growth is expected to be in the mid-20% range in calendar 2027 and 2028. The company said its continued ramp to G9 should provide high-ROI, cost-effective supply, and a new clean room that began construction earlier this year is expected to come online in the second half of calendar 2028.
First-Quarter Operating Guidance
Fiscal first-quarter guidance includes single-digit sequential bit growth and double-digit cost growth for both DRAM and NAND.
Increased R&D Investment
Excluding incentive compensation effects, Micron expects its year-over-year R&D increase in fiscal 2027 to be over $1 billion, higher than the amount discussed in the prior quarter, due to additional R&D activities.
MX:MU Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed