Aug 2026 (Q4 FY26) — Sep 30, 2026
Micron Q4 FY26 — Record Revenue, Gross Margin, and EPS Driven by AI Demand
Read the full callMicron (MU) earnings
- Sep 2026
- Aug 2026 (Q4 FY26)
- Sep 2026
Micron earnings: last reported Wed, 30 Sep 2026, for the quarter ended Aug 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 54,229 | +379.3% YoY | Quarterly, as filed | Quarter to Sep 2026 | Revenue from operations as filed. |
| Operating margin | 80.7 | +48.4 pts YoY | Operating profit / revenue | Quarter to Sep 2026 | For the quarter; a change is in percentage points. |
| Net profit | 37,701 | +1077.8% YoY | Quarterly, as filed | Quarter to Sep 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
56 of 57 judged targets kept · 30 open · verdicts reflect calls analysed to May 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Quarterly diluted EPS (non-GAAP guidance) | a record $19.15 per share, plus or minus $0.40 | Feb 2026 | Non-GAAP diluted earnings per share in fiscal Q3 was $25.11, up 106% sequentially | Achieved |
| Quarterly operating expenses (non-GAAP guidance) | approximately $1.4 billion | Feb 2026 | Operating expenses in fiscal Q3 were $1.5 billion, up $97 million quarter-over-quarter | Missed |
| Fiscal 2027 capital expenditures | construction-related CapEx to increase by over $10 billion year-over-year in fiscal 2027 | Feb 2026 | Based on our comments, you may have come up with numbers that are sort of in the low to mid-40s. And we will be spending above that level as we look at it today | Revised Up |
1 of MICRON TECHNOLOGY INC's 87 targets was missed. See which ones, and which are quietly gone. The 3 above are the free sample; 84 more targets are in the full ledger.
Claimed
- Fiscal Q4 revenue was $54.2 billion, up 31% sequentially and 379% year-over-year, marking the sixth consecutive quarterly record.
- Fiscal Q4 gross margin reached 87%, up 210 basis points sequentially.
- Fiscal Q4 non-GAAP diluted EPS was $33.42, up 33% sequentially.
- Fiscal 2026 full-year revenue was a record $133.2 billion, up 256% year-over-year, with EPS up 811% to $75.52.
- Data center SSD revenue in fiscal Q4 was nearly $10 billion, more than 10x the year-ago quarter, representing over 2/3 of total NAND revenue.
Qualified
- Fiscal Q1 gross margin is expected to be a floor at 86.25% due to approximately $1 billion in higher costs from increased FY26 incentive compensation absorbed into inventory and start-up costs.
- Operating expenses are projected to increase by approximately $2.5 billion in fiscal 2027, primarily due to higher R&D and incentive compensation.
- Fiscal Q4 days of inventory increased by 9 days sequentially to 129 days, partially due to node end-of-life related build ahead.
Price
$904.9 +2.97% · +$26.06
Performance +347.1% 1Y
1Y: $202.38 on 17 Oct 2025 → $904.9. High $1,213.56 (25 Jun 2026), low $198.47 (22 Oct 2025).
- Previous close
- $878.84
- 52-week range
- $198.47 – $1,213.56
- One year
- +337.64%
Overview
- Symbol
- MU
- Sector
- Information Technology
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
56 of 57 judged targets kept · 30 open · verdicts reflect calls analysed to May 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Quarterly diluted EPS (non-GAAP guidance) | a record $19.15 per share, plus or minus $0.40 | Feb 2026 | Non-GAAP diluted earnings per share in fiscal Q3 was $25.11, up 106% sequentially | Achieved |
| Quarterly operating expenses (non-GAAP guidance) | approximately $1.4 billion | Feb 2026 | Operating expenses in fiscal Q3 were $1.5 billion, up $97 million quarter-over-quarter | Missed |
| Fiscal 2027 capital expenditures | construction-related CapEx to increase by over $10 billion year-over-year in fiscal 2027 | Feb 2026 | Based on our comments, you may have come up with numbers that are sort of in the low to mid-40s. And we will be spending above that level as we look at it today | Revised Up |
Claimed
- Fiscal Q4 revenue was $54.2 billion, up 31% sequentially and 379% year-over-year, marking the sixth consecutive quarterly record.
- Fiscal Q4 gross margin reached 87%, up 210 basis points sequentially.
- Fiscal Q4 non-GAAP diluted EPS was $33.42, up 33% sequentially.
- Fiscal 2026 full-year revenue was a record $133.2 billion, up 256% year-over-year, with EPS up 811% to $75.52.
- Data center SSD revenue in fiscal Q4 was nearly $10 billion, more than 10x the year-ago quarter, representing over 2/3 of total NAND revenue.
Qualified
- Fiscal Q1 gross margin is expected to be a floor at 86.25% due to approximately $1 billion in higher costs from increased FY26 incentive compensation absorbed into inventory and start-up costs.
- Operating expenses are projected to increase by approximately $2.5 billion in fiscal 2027, primarily due to higher R&D and incentive compensation.
- Fiscal Q4 days of inventory increased by 9 days sequentially to 129 days, partially due to node end-of-life related build ahead.
The full ledger
Open MICRON TECHNOLOGY INC’s full ledger
A free account opens 5 company ledgers a month. All 87 tracked commitments, with each call’s wording and source.
Call summaries
May 2026 (Q3 FY26) — Jun 24, 2026
Micron Technology Q3 FY26 — Record Revenue, Gross Margin, and EPS Driven by AI Demand and Strategic Customer Agreements
Read the full callFeb 2026 (Q2 FY26) — Mar 18, 2026
Micron Q2 FY26 — AI-Driven Demand Outstrips Supply, Driving Robust Pricing and Significant CapEx
Read the full callNews
Latest news
From the news desk, item by item, hours after each call.
Every analysed call
Micron earnings calls (MU)
Financials
What the filings say
Net profit, year on year: +1078% (quarter to sep 2026 against aug 2025).
| Line item | Nov 2024 | Feb 2025 | May 2025 | Aug 2025 | Nov 2025 | Feb 2026 | May 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 8,709 | 8,053 | 9,301 | 11,315 | 13,643 | 23,860 | 41,456 | 54,229 |
| Operating profit | 2,174 | 1,773 | 2,169 | 3,654 | 6,136 | 16,135 | 33,318 | 43,751 |
| Operating margin | 25.0% | 22.0% | 23.3% | 32.3% | 45.0% | 67.6% | 80.4% | 80.7% |
| Interest | 118 | 112 | 123 | 124 | 74 | 32 | 0 | 0 |
| Profit before tax | 2,152 | 1,758 | 2,113 | 3,631 | 6,061 | 16,160 | 33,212 | 44,238 |
| Tax rate | 13.2% | 10.1% | 11.1% | 11.8% | 13.7% | 14.7% | 15.0% | 14.9% |
| Net profit | 1,870 | 1,583 | 1,885 | 3,201 | 5,240 | 13,785 | 28,243 | 37,701 |
| EPS ($ per share) | 1.68 | 1.42 | 1.69 | — | 4.66 | 12.25 | 25.03 | — |
| Line item | Aug 2019 | Sep 2020 | Sep 2021 | Sep 2022 | Aug 2023 | Aug 2024 | Aug 2025 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 118 | 119 | 122 | 123 | 124 | 125 | 127 | 128 |
| Reserves | 30,761 | 33,384 | 39,051 | 47,274 | 40,824 | 40,877 | 48,583 | 131,851 |
| Total liabilities | 12,019 | 14,682 | 14,916 | 16,376 | 20,134 | 24,285 | 28,633 | 57,510 |
| Fixed assets | 28,240 | 31,031 | 33,213 | 38,549 | 37,928 | 39,749 | 46,590 | 63,310 |
| Total assets | 48,887 | 53,678 | 58,849 | 66,283 | 64,254 | 69,416 | 82,798 | 195,888 |
| Line item | Aug 2019 | Sep 2020 | Sep 2021 | Sep 2022 | Aug 2023 | Aug 2024 | Aug 2025 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 13,189 | 8,306 | 12,468 | 15,181 | 1,559 | 8,507 | 17,525 | 89,675 |
| Cash from investing | -10,085 | -7,589 | -10,589 | -11,585 | -6,191 | -8,309 | -14,087 | -61,641 |
| Cash from financing | -2,438 | -317 | -1,781 | -2,980 | 4,983 | -1,842 | -850 | 630 |
| Net cash flow | 692 | 411 | 139 | 510 | 317 | -1,604 | 2,594 | 28,745 |
| Capital expenditure | -9,780 | -8,223 | -10,030 | -12,067 | -7,676 | -8,386 | -15,857 | -30,712 |
| Free cash flow | 3,409 | 83 | 2,438 | 3,114 | -6,117 | 121 | 1,668 | 58,963 |
MU revenue by segment
| Segment | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | Q3 FY2026 | Q4 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| CDBU | — | — | — | — | 17% | 24% | 28% | 33% | — |
| CMBU | — | — | — | — | 39% | 32% | 33% | 30% | — |
| MCBU | — | — | — | — | 31% | 32% | 28% | 24% | — |
| AEBU | — | — | — | — | 13% | 11% | 11% | 13% | — |
| All Other Segments | <1% | <1% | <1% | <1% | <1% | <1% | <1% | <1% | +200.0% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
MU operating KPIs by quarter
| KPI | May 2026 Q3 FY26 | Aug 2026 Q4 FY26 | Change vs prior quarter |
|---|---|---|---|
| Remaining performance obligation (RPO) | $5B+RPO at the end of fiscal Q3 was over $5 billion.Source: earnings call transcript | ~$150BTo date, we have signed 26 SCAs in total, and our remaining performance obligations, or RPO, is approximately $150 billion.Source: earnings call transcript | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
424 filings between Oct 20, 2025 and Oct 15, 2026.
Open market
decisions to buy or sellPurchases
$7.82M
3 purchases by 1 insider
Sales
$379.02M
332 sales by 12 insiders
94% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 17
- Award — granted as compensation
- 16
- Option exercise — converted options into shares
- 47
- Tax withheld — shares kept back by the company to cover tax
Also filed: 7 gifts, 2 other filings.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| MEHROTRA SANJAY | — | $199.96M | Aug 21, 2026 |
| ARNZEN APRIL S | — | $61.41M | Jul 1, 2026 |
| Sadana Sumit | — | $34.87M | Aug 18, 2026 |
| Murphy Mark J. | — | $28.39M | Oct 30, 2025 |
| Deboer Scott J | — | $18.27M | Oct 27, 2025 |
| RAY MICHAEL CHARLES | — | $14.97M | Oct 14, 2026 |
| BHATIA MANISH H | — | $10.41M | Jan 22, 2026 |
| Liu Teyin M | $7.82M | — | Jan 14, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 15, 2026 | ALLEN SCOTT R. CVP, Chief Accounting Officer | Tax withheld | 218 | $199.3K |
| Oct 15, 2026 | ALLEN SCOTT R. CVP, Chief Accounting Officer | Tax withheld | 583 | $532.9K |
| Oct 14, 2026 | RAY MICHAEL CHARLES SVP, Chief Legal Officer | Sale 10b5-1 plan | 200 | $185.4K |
| Oct 14, 2026 | RAY MICHAEL CHARLES SVP, Chief Legal Officer | Sale 10b5-1 plan | 200 | $188.2K |
| Oct 14, 2026 | RAY MICHAEL CHARLES SVP, Chief Legal Officer | Sale 10b5-1 plan | 40 | $37.3K |
| Oct 14, 2026 | RAY MICHAEL CHARLES SVP, Chief Legal Officer | Sale 10b5-1 plan | 240 | $222.8K |
| Oct 14, 2026 | RAY MICHAEL CHARLES SVP, Chief Legal Officer | Sale 10b5-1 plan | 240 | $226.5K |
| Oct 14, 2026 | RAY MICHAEL CHARLES SVP, Chief Legal Officer | Sale 10b5-1 plan | 160 | $149.4K |
| Oct 14, 2026 | RAY MICHAEL CHARLES SVP, Chief Legal Officer | Sale 10b5-1 plan | 200 | $183.9K |
| Oct 14, 2026 | RAY MICHAEL CHARLES SVP, Chief Legal Officer | Sale 10b5-1 plan | 40 | $37.9K |
| Oct 14, 2026 | RAY MICHAEL CHARLES SVP, Chief Legal Officer | Sale 10b5-1 plan | 200 | $187.2K |
| Oct 14, 2026 | RAY MICHAEL CHARLES SVP, Chief Legal Officer | Sale 10b5-1 plan | 200 | $183.6K |
| Oct 14, 2026 | RAY MICHAEL CHARLES SVP, Chief Legal Officer | Sale 10b5-1 plan | 160 | $147.9K |
| Oct 14, 2026 | RAY MICHAEL CHARLES SVP, Chief Legal Officer | Sale 10b5-1 plan | 120 | $111.7K |
| Oct 14, 2026 | RAY MICHAEL CHARLES SVP, Chief Legal Officer | Sale 10b5-1 plan | 240 | $223.2K |
| Oct 14, 2026 | RAY MICHAEL CHARLES SVP, Chief Legal Officer | Sale 10b5-1 plan | 160 | $149.6K |
| Oct 14, 2026 | RAY MICHAEL CHARLES SVP, Chief Legal Officer | Sale 10b5-1 plan | 160 | $150.2K |
| Oct 14, 2026 | RAY MICHAEL CHARLES SVP, Chief Legal Officer | Sale 10b5-1 plan | 320 | $301.6K |
| Oct 14, 2026 | RAY MICHAEL CHARLES SVP, Chief Legal Officer | Sale 10b5-1 plan | 120 | $113.5K |
| Oct 14, 2026 | RAY MICHAEL CHARLES SVP, Chief Legal Officer | Sale 10b5-1 plan | 488 | $446.1K |
| Oct 14, 2026 | RAY MICHAEL CHARLES SVP, Chief Legal Officer | Sale 10b5-1 plan | 200 | $189.0K |
| Oct 14, 2026 | RAY MICHAEL CHARLES SVP, Chief Legal Officer | Sale 10b5-1 plan | 560 | $526.3K |
| Oct 14, 2026 | RAY MICHAEL CHARLES SVP, Chief Legal Officer | Sale 10b5-1 plan | 200 | $185.2K |
| Oct 14, 2026 | RAY MICHAEL CHARLES SVP, Chief Legal Officer | Sale 10b5-1 plan | 280 | $262.5K |
| Oct 14, 2026 | RAY MICHAEL CHARLES SVP, Chief Legal Officer | Sale 10b5-1 plan | 120 | $109.9K |
| Oct 14, 2026 | RAY MICHAEL CHARLES SVP, Chief Legal Officer | Sale 10b5-1 plan | 80 | $73.3K |
| Oct 14, 2026 | RAY MICHAEL CHARLES SVP, Chief Legal Officer | Sale 10b5-1 plan | 480 | $442.4K |
| Oct 14, 2026 | RAY MICHAEL CHARLES SVP, Chief Legal Officer | Sale 10b5-1 plan | 200 | $184.1K |
| Oct 14, 2026 | RAY MICHAEL CHARLES SVP, Chief Legal Officer | Sale 10b5-1 plan | 320 | $295.6K |
| Oct 14, 2026 | RAY MICHAEL CHARLES SVP, Chief Legal Officer | Sale 10b5-1 plan | 400 | $369.1K |
| Oct 13, 2026 | Murphy Mark J. EVP & Chief Financial Officer | Option exercise | 22,774 | $0 |
| Oct 13, 2026 | Murphy Mark J. EVP & Chief Financial Officer | Tax withheld | 11,825 | $11.70M |
| Oct 13, 2026 | RAY MICHAEL CHARLES SVP, Chief Legal Officer | Tax withheld 10b5-1 plan | 3,035 | $3.00M |
| Oct 13, 2026 | Murphy Mark J. EVP & Chief Financial Officer | Tax withheld | 4,212 | $4.17M |
| Oct 13, 2026 | Murphy Mark J. EVP & Chief Financial Officer | Tax withheld | 6,438 | $6.37M |
| Oct 13, 2026 | Murphy Mark J. EVP & Chief Financial Officer | Option exercise | 22,774 | $0 |
| Oct 13, 2026 | Deboer Scott J Pres. & Chief Tech & Prod Offr | Option exercise | 16,490 | $0 |
| Oct 13, 2026 | Deboer Scott J Pres. & Chief Tech & Prod Offr | Tax withheld | 8,318 | $8.23M |
| Oct 13, 2026 | Deboer Scott J Pres. & Chief Tech & Prod Offr | Tax withheld | 7,060 | $6.98M |
| Oct 13, 2026 | MEHROTRA SANJAY President and CEO | Tax withheld | 14,080 | $13.93M |
| Oct 13, 2026 | MEHROTRA SANJAY President and CEO | Tax withheld | 9,807 | $9.70M |
| Oct 13, 2026 | Deboer Scott J Pres. & Chief Tech & Prod Offr | Tax withheld | 9,961 | $9.85M |
| Oct 13, 2026 | MEHROTRA SANJAY President and CEO | Tax withheld | 47,143 | $46.63M |
| Oct 13, 2026 | MEHROTRA SANJAY President and CEO | Option exercise | 70,224 | $0 |
| Oct 13, 2026 | MEHROTRA SANJAY President and CEO | Tax withheld | 40,575 | $40.13M |
| Oct 13, 2026 | MEHROTRA SANJAY President and CEO | Option exercise | 82,721 | $0 |
| Oct 13, 2026 | MEHROTRA SANJAY President and CEO | Tax withheld | 34,438 | $34.06M |
| Oct 13, 2026 | MEHROTRA SANJAY President and CEO | Option exercise | 82,721 | $0 |
| Oct 13, 2026 | Murphy Mark J. EVP & Chief Financial Officer | Tax withheld | 9,320 | $9.22M |
| Oct 13, 2026 | Deboer Scott J Pres. & Chief Tech & Prod Offr | Option exercise | 19,424 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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