MU · Fundamental & earnings

Micron reported fiscal Q4 2026 revenue of $54.23 billion, versus $41.46 billion in the prior quarter and $11.32 billion a year earlier. GAAP net income was $37.70 billion, or $32.87 per diluted share; non-GAAP net income was $38.40 billion, or $33.42 per diluted share. [12]

Normalized SEC evidence records fiscal 2026 revenue of USD 133,188,000,000 and GAAP net income of USD 84,969,000,000 for August 29, 2025 through September 3, 2026. These annual figures are distinct from the quarterly results. [15]

Micron's business-unit table shows fiscal Q4 Cloud Memory revenue of $16,283 million and operating margin of 76%, versus $13,769 million and 78% in Q3. Core Data Center revenue was $18,002 million with an 85% operating margin, versus $11,524 million and 83%. Cloud Memory's lower sequential operating margin is a counterpoint to rising revenue. [12]

Micron reported fiscal Q4 Mobile and Client revenue of $13,114 million and operating margin of 88%, versus $11,521 million and 86% in Q3. Automotive and Embedded revenue was $6,824 million with a 79% operating margin, versus $4,634 million and 75%. The reported expansion therefore extended beyond data-center businesses. [12]

Micron attributed product momentum to server memory and storage: server LPDDR SOCAMM revenue more than doubled sequentially in fiscal Q4, and its 7600 PCIe Gen 5 and 9650 PCIe Gen 6 SSDs were shipping for KV-cache applications. These are issuer claims, not independently verified product-market results. [12]

Fiscal 2026 operating cash flow was USD 89,675,000,000, and property, plant and equipment expenditure was USD 30,712,000,000 in the normalized SEC evidence. These are full-year cash flows, not quarterly or annualized amounts. [15]

The supplied Zilnon calculation gives fiscal 2026 free cash flow of USD 58,963,000,000, defined as operating cash flow less property, plant and equipment expenditure. It should not be conflated with Micron's non-GAAP adjusted free cash flow of $62.31 billion: the issuer's reconciliation also incorporates government incentives and property-sale proceeds. [15][12]

At September 3, 2026, normalized SEC evidence records cash and equivalents of USD 38,364,000,000 and debt-and-capital-lease obligations of USD 5,179,000,000. The latter is a debt-and-lease concept, not a debt-only measure; no net-debt or leverage ratio is calculated. [15]

Micron's September 30 guidance for fiscal Q1 2027 calls for revenue of $61.5 billion ± $1.5 billion on both GAAP and non-GAAP bases. Diluted EPS guidance is $37.84 ± $1.00 GAAP and $38.15 ± $1.00 non-GAAP. These are management forecasts; no accepted pre-release consensus is supplied for a beat-or-miss assessment. [12]

Fiscal Q1 2027 guidance specifies approximately 85.95% GAAP gross margin and 86.25% non-GAAP gross margin, with operating expenses of approximately $2.31 billion and $2.06 billion, respectively. Management also expects a stronger fiscal 2027, but the captured outlook does not provide a full-year numerical earnings forecast. [12]

Cash-generation durability warrants scrutiny despite strong headline results. Micron's fiscal 2026 cash-flow statement shows a $25,206 million receivables outflow and $2,017 million inventory outflow. Separately, $12,747 million of customer contract liability deposits appears in financing activities, not operating cash flow; those deposits should not be treated as operating cash generation. [12]

The evidence does not support a comprehensive filing-level risk assessment. The bundle identifies the fiscal 2026 Form 10-K through filing-index metadata but does not supply its full text. Moreover, Micron cautions that non-GAAP adjustments may recur, so adjusted earnings should not be treated as a clean measure of permanently recurring profitability. [17][12]

Track customer validation and conversion to volume production for the 512GB DDR5 RDIMM. Micron expects volume production sometime in the second half of 2027, aligned with customer needs; successful demonstration or sampling alone does not establish realized volume revenue. [7]

Monitor spending cadence and delivery milestones against Micron's expected U.S. fab and technology spend of more than $250 billion through 2035. The Indium agreement could improve supply resilience if expanded refining capacity and the planned long-term supply arrangement materialize; the announcement does not establish realized cost savings or returns. [3]