Micron Q4 2026 earnings — quick answer (October 1, 2026): Micron Technology reported fiscal Q4 2026 revenue of $54.23 billion on September 30, above the $50 billion midpoint of its own prior outlook. GAAP diluted earnings were $32.87 a share, and the company guided to $61.5 billion in fiscal Q1 2027 revenue at the midpoint. For MU stock, the forward revenue guide and whether exceptionally high memory margins hold matter as much as the record quarter itself. A strong earnings report does not establish the next share-price move.
This analysis uses Micron’s September 30 earnings release and its prior fiscal Q3 release. The quarter ended September 3, 2026. Figures below separate reported results from management’s next-quarter outlook.
Micron Q4 2026 earnings: the numbers at a glance
| Measure | Fiscal Q4 2026 actual | Comparison that matters |
|---|---|---|
| Revenue | $54.23 billion | $41.46 billion in Q3; $50 billion midpoint of prior Q4 company guide |
| GAAP gross margin | 86.8% | 84.6% in Q3; about 86% in prior Q4 company guide |
| GAAP diluted EPS | $32.87 | $24.67 in Q3; $30.73 midpoint of prior Q4 company guide |
| Operating cash flow | $43.97 billion | $25.39 billion in Q3 |
| Fiscal Q1 2027 revenue outlook | $61.5 billion ± $1.5 billion | Forward-looking company guidance, not a reported result |
Revenue rose about 30.8% from Q3, calculated from Micron’s reported $54.229 billion and $41.456 billion. It exceeded the prior $50 billion guidance midpoint by $4.229 billion, or about 8.5%. These comparisons use Micron’s own guidance; they are not a comparison with Wall Street consensus estimates. The year-earlier Q4 revenue was $11.315 billion, so the annual comparison has a very different base.
What changed beneath the headline?
Micron reported $18.002 billion of revenue in its Core Data Center Business Unit, up from $11.524 billion in Q3. Cloud Memory Business Unit revenue was $16.283 billion, up from $13.769 billion. Together those two units contributed $34.285 billion, or roughly 63% of total quarterly revenue. This is a calculation from the company’s business-unit table, not a separately reported “AI revenue” figure. Micron did not break out a separate HBM-only revenue figure in the earnings release.
| Business unit | Q4 revenue | Q3 revenue | Q4 gross margin |
|---|---|---|---|
| Core Data Center | $18.002B | $11.524B | 90% |
| Cloud Memory | $16.283B | $13.769B | 83% |
| Mobile and Client | $13.114B | $11.521B | 90% |
| Automotive and Embedded | $6.824B | $4.634B | 84% |
Micron also reported $10.77 billion of net capital expenditures and $33.20 billion of adjusted free cash flow for Q4. “Adjusted free cash flow” is a company-defined non-GAAP measure; readers should use Micron’s reconciliation before comparing it with another company’s cash flow. High demand does not remove the need to watch capacity spending and future pricing.
The Q1 guide: higher revenue, slightly lower margin
The fiscal Q1 2027 revenue guidance midpoint of $61.5 billion is about 13.4% above Q4’s reported revenue. Micron’s accompanying GAAP gross-margin outlook is approximately 85.95%, versus 86.8% reported in Q4. Its non-GAAP gross-margin outlook is approximately 86.25%, versus 87.0% reported in Q4. That distinction matters: the company is forecasting another revenue increase, while its margin assumptions are modestly below the just-reported quarter. These are management estimates, not future results.
The company also guided to GAAP diluted EPS of $37.84 ± $1.00 and non-GAAP diluted EPS of $38.15 ± $1.00 for fiscal Q1. GAAP and non-GAAP measures are not interchangeable. Micron’s full release includes the reconciliation and assumptions.
What could move MU stock next?
- Guidance versus expectations: Compare the $61.5 billion Q1 midpoint with current market expectations from a clearly dated source; do not treat the prior Q4 guide as today’s consensus.
- Memory pricing and mix: Watch whether higher-value data-center products keep supporting margins as capacity expands.
- Cash and investment: Track operating cash flow, capital expenditure and the company’s non-GAAP free-cash-flow reconciliation together.
- Valuation and market context: A stock can fall after strong reported numbers if investors expected even more, or rise if forward guidance changes expectations. The release alone does not determine the price.
Before the release, our Micron earnings preview identified the company guidance and HBM questions to watch. The table above now shows how actual results compared with that earlier baseline. For a broader framework on reacting to sharp share-price moves, see our market sell-off checklist.
Micron Q4 2026 earnings FAQ
How much revenue did Micron report in fiscal Q4 2026?
$54.229 billion, which rounds to $54.23 billion. The comparison quarter, fiscal Q3 2026, was $41.456 billion.
Did Micron beat its own prior Q4 guidance?
Yes. Actual revenue was $4.229 billion above the $50 billion midpoint and $3.229 billion above the $51 billion high end of its prior company range. This does not measure a beat against analyst consensus.
What is Micron’s fiscal Q1 2027 revenue guidance?
Management guided to $61.5 billion, plus or minus $1.5 billion. The outlook is forward-looking and can differ from the eventual result.
Is this a recommendation to buy MU stock?
No. This article explains reported company data and a forward outlook. It does not set a price target or assess an individual investor’s circumstances.
Sources and method
Primary source: Micron fiscal Q4 and full-year 2026 earnings release, September 30, 2026. Prior company outlook: Micron fiscal Q3 2026 earnings materials. Percentage changes and the 63% business-unit share are MGI Editions calculations from Micron’s published, unrounded figures. Last checked October 1, 2026.
Editorial note: This article distinguishes reported GAAP results, company-defined non-GAAP figures, and forward guidance. The featured illustration is conceptual and does not depict a Micron facility. For general information only; not individualized investment advice.