MU Q4 2026 Earnings

Call Details

• Call Title: Micron Technology, Inc. Q4 2026 Earnings Call
• Date: September 30, 2026 at 8:30 PM UTC
• Management Team:
  • Sanjay Mehrotra (President and CEO)
  • Mark Murphy (CFO)
  • Satya Kumar (Corporate Vice President, Investor Relations and Treasury)
  • Manish Bhatia (President and Chief Operating Officer)
  • Scott DeBoer (President and Chief Technology and Products Officer)

Call Summary

Financial Performance

• Consolidated fiscal Q4 revenue was $54.2B, up 31% sequentially and up 379% year over year.
• Full-year fiscal 2026 revenue was a record $133.2B, up 256% year over year.
• Consolidated fiscal Q4 gross margin was 87%, up 210 basis points sequentially, and full-year gross margin expanded to 81.1%, a 40 percentage point improvement from fiscal 2025.
• Consolidated operating income for fiscal Q4 was $44.6B, yielding an operating margin of 82.3%.
• Fiscal Q4 non-GAAP diluted EPS was $33.42, up 33% sequentially, and fiscal 2026 EPS was $75.52, up 811% year over year.
• Fiscal Q4 operating cash flow was $44.0B, capital expenditures were $10.8B, and free cash flow was $33.2B.

Guidance

• Fiscal Q1 revenue guidance is $61.5B plus or minus $1.5B.
• Fiscal Q1 gross margin is guided to approximately 86.25% with the company stating Q1 is expected to be the floor for fiscal 2027 gross margins.
• Fiscal Q1 operating expenses are guided to be approximately $2.06B, and fiscal Q1 EPS is guided to $38.15 per share plus or minus $1 based on ~1.15B shares.
• Fiscal Q1 and fiscal 2027 tax rate is projected to be around 15.5%.
• Fiscal Q1 capex is projected to be around $11.5B with first half fiscal 2027 capex of approximately $25B and higher capex expected in the second half of fiscal 2027.
• Operating expenses for fiscal 2027 are projected to increase by approximately $2.5B, primarily from higher R&D and incentive compensation.