Micron Technology, Inc. Reports Record Fiscal Fourth-Quarter and Full-Year 2026 Results

AI-driven demand and strong operational execution position Micron for a record fiscal 2027

BOISE, Idaho, Sept. 30, 2026 (GLOBE NEWSWIRE) -- Micron Technology, Inc. (Nasdaq: MU) today announced results for its fourth quarter and full year of fiscal 2026, which ended September 3, 2026.

Fiscal Q4 2026 Highlights

• • Revenue of $54.23 billion versus $41.46 billion for the prior quarter and $11.32 billion for the same period last year
  • GAAP net income of $37.70 billion, or $32.87 per diluted share
  • Non-GAAP net income of $38.40 billion, or $33.42 per diluted share
  • Operating cash flow of $43.97 billion versus $25.39 billion for the prior quarter and $5.73 billion for the same period last year
    
    

Fiscal 2026 Highlights

• • Revenue of $133.19 billion versus $37.38 billion for the prior year
  • GAAP net income of $84.97 billion, or $74.33 per diluted share
  • Non-GAAP net income of $86.76 billion, or $75.52 per diluted share
  • Operating cash flow of $89.68 billion versus $17.53 billion for the prior year
    
    

“Micron delivered record fiscal 2026 results, and we expect an even stronger fiscal 2027,” said Sanjay Mehrotra, Chairman and CEO of Micron Technology. “AI is becoming Super Intelligence (SI), and memory enhances this intelligence and the competitiveness of our customers’ platforms. We are increasing our investments in technology, products and manufacturing to help drive SI forward with our customers, and our Strategic Customer Agreements provide added confidence in the durability of Micron’s financial performance.”

Quarterly Financial Results
(in millions, except per share amounts)	GAAP(1)										Non-GAAP(2)
	FQ4-26			FQ3-26			FQ4-25				FQ4-26			FQ3-26			FQ4-25
Revenue	$	54,229		$	41,456		$	11,315			$	54,229		$	41,456		$	11,315
Gross margin		47,047			35,056			5,054				47,204			35,199			5,169
Percent of revenue		86.8	%		84.6	%		44.7	%			87.0	%		84.9	%		45.7	%
Operating expenses		3,296			1,738			1,400				2,568			1,518			1,214
Operating income		43,751			33,318			3,654				44,636			33,681			3,955
Percent of revenue		80.7	%		80.4	%		32.3	%			82.3	%		81.2	%		35.0	%
Net income		37,701			28,243			3,201				38,398			28,857			3,469
Diluted earnings per share		32.87			24.67			2.83				33.42			25.11			3.03

Annual Financial Results
(in millions, except per share amounts)	GAAP(1)							Non-GAAP(2)
	FY-26			FY-25				FY-26			FY-25
Revenue	$	133,188		$	37,378			$	133,188		$	37,378
Gross margin		107,504			14,873				108,032			15,286
Percent of revenue		80.7	%		39.8	%			81.1	%		40.9	%
Operating expenses		8,164			5,103				6,841			4,440
Operating income		99,340			9,770				101,191			10,846
Percent of revenue		74.6	%		26.1	%			76.0	%		29.0	%
Net income		84,969			8,539				86,758			9,470
Diluted earnings per share		74.33			7.59				75.52			8.29

Investments in capital expenditures, net⁽²⁾ were $10.77 billion for the fourth quarter of 2026 and $27.37 billion for the full year of 2026. Adjusted free cash flow⁽²⁾ was $33.20 billion for the fourth quarter of 2026 and $62.31 billion for the full year of 2026. Micron ended the year with cash, marketable investments, and restricted cash of $73.48 billion. On September 30, 2026, Micron’s Board of Directors declared a quarterly dividend of $0.15 per share, payable in cash on October 29, 2026, to shareholders of record as of the close of business on October 14, 2026.

Quarterly Business Unit Financial Results
	FQ4-26			FQ3-26			FQ4-25
Cloud Memory Business Unit
Revenue	$	16,283		$	13,769		$	4,543
Gross margin		83	%		83	%		59	%
Operating margin		76	%		78	%		48	%
Core Data Center Business Unit
Revenue	$	18,002		$	11,524		$	1,577
Gross margin		90	%		87	%		41	%
Operating margin		85	%		83	%		25	%
Mobile and Client Business Unit
Revenue	$	13,114		$	11,521		$	3,760
Gross margin		90	%		87	%		36	%
Operating margin		88	%		86	%		29	%
Automotive and Embedded Business Unit
Revenue	$	6,824		$	4,634		$	1,434
Gross margin		84	%		79	%		31	%
Operating margin		79	%		75	%		20	%

Business Outlook

The following table presents Micron’s guidance for the first quarter of 2027:

FQ1-27	GAAP(1) Outlook	Non-GAAP(2) Outlook
Revenue	$61.5 billion ± $1.5 billion	$61.5 billion ± $1.5 billion
Gross margin	Approximately 85.95%	Approximately 86.25%
Operating expenses	Approximately $2.31 billion	Approximately $2.06 billion
Diluted earnings per share	$37.84 ± $1.00	$38.15 ± $1.00

Further information regarding Micron’s business outlook is included in the prepared remarks and slides, which have been posted at investors.micron.com.

Product Highlights

• We began sampling the industry's first 512GB ultra dense high-capacity DDR5 RDIMM modules capable of speeds up to 9,200 MT/s.
• We have completed multiple customer qualifications of our 1-gamma based, 8,800 MT/s high-speed server RDIMM modules.
• Our industry leading server LPDDR SOCAMM portfolio revenue more than doubled sequentially in the fourth quarter of 2026.
• Our 7600 PCIe Gen 5 and 9650 PCIe Gen 6 SSD high-performance products are now shipping to market-leading customers for KV-cache applications.
• Our 6600 ION SSD achieved a strong volume ramp in the fourth quarter of 2026.
• We are now shipping 6-channel 1-gamma LPDDR5X for flagship mobile devices.
• We have secured design wins with every Tier 1 OEM customer for AI workstation product.
• Our 4600 SSD secured additional qualifications with leading PC OEMs.
• We began sampling 1-gamma based LPDDR6 products to multiple physical AI markets.
  
  

Investor Webcast

Micron will host a conference call on Wednesday, September 30, 2026 at 2:30 p.m. Mountain Time to discuss its fourth-quarter and full-year financial results and provide forward-looking guidance for its first quarter. A live webcast of the call will be available online at investors.micron.com. A webcast replay will be available for one year after the call.

We encourage you to visit our website at micron.com throughout the quarter for the most current information on the company, including information on financial conferences that we may be attending. You can also follow us on LinkedIn, X (@MicronTech) and YouTube (@MicronTechnology).

About Micron Technology, Inc.

Micron Technology, Inc. is a global leader in semiconductor memory and storage, powering AI and compute-intensive applications from cloud to edge. With a relentless focus on our customers, technology and product leadership, and manufacturing and operational excellence, Micron’s comprehensive portfolio of high-performance DRAM, NAND and NOR solutions deliver the speed, efficiency, and scale today’s workloads demand, accelerating intelligence to enrich life for all. To learn more about Micron Technology, Inc. (Nasdaq: MU), visit micron.com.

© 2026 Micron Technology, Inc. All rights reserved. Micron, the Micron logo, and all other Micron trademarks are the property of Micron Technology, Inc. All other trademarks are the property of their respective owners.

Forward-Looking Statements

This press release contains forward-looking statements regarding our industry, our strategic position, our customers, including customer demand, our investments and the goals for such investments, our business opportunity, our products and technology, and our financial and operating performance, including our guidance for the first quarter. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially. Please refer to the documents we file with the Securities and Exchange Commission, including our most recent Form 10-K and Form 10-Q. These documents contain and identify important factors that could cause our actual results to differ materially from those contained in these forward-looking statements. These certain factors can be found at investors.micron.com/risk-factor. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We are under no duty to update any of the forward-looking statements to conform these statements to actual results.

(1)

GAAP represents U.S. Generally Accepted Accounting Principles.

(2)

Non-GAAP represents GAAP excluding the impact of certain activities, which management excludes in analyzing our operating results and understanding trends in our earnings; adjusted free cash flow; investments in capital expenditures, net; and business outlook. Further information regarding Micron’s use of non-GAAP measures and reconciliations between GAAP and non-GAAP measures are included within this press release.

MICRON TECHNOLOGY, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except per share amounts) (Unaudited)
	4th Qtr.			3rd Qtr.			4th Qtr.			Year Ended
	September 3, 2026			May 28, 2026			August 28, 2025			September 3, 2026			August 28, 2025
Revenue	$	54,229		$	41,456		$	11,315		$	133,188		$	37,378
Cost of goods sold		7,182			6,400			6,261			25,684			22,505
Gross margin		47,047			35,056			5,054			107,504			14,873
Research and development		1,913			1,316			1,047			5,650			3,798
Selling, general, and administrative		859			407			314			1,947			1,205
Other operating (income) expense, net		524			15			39			567			100
Operating income		43,751			33,318			3,654			99,340			9,770
Interest income		575			215			146			1,084			496
Interest expense		—			—			(124	)		(106	)		(477	)
Other non-operating income (expense), net		(88	)		(321	)		(45	)		(647	)		(135	)
		44,238			33,212			3,631			99,671			9,654
Income tax (provision) benefit		(6,583	)		(4,978	)		(429	)		(14,761	)		(1,124	)
Equity in net income (loss) of equity method investees		46			9			(1	)		59			9
Net income	$	37,701		$	28,243		$	3,201		$	84,969		$	8,539
Earnings per share
Basic	$	33.36		$	25.03		$	2.86		$	75.38		$	7.65
Diluted		32.87			24.67			2.83			74.33			7.59
Number of shares used in per share calculations
Basic		1,130			1,128			1,120			1,127			1,116
Diluted		1,147			1,145			1,131			1,143			1,125

MICRON TECHNOLOGY, INC. CONSOLIDATED BALANCE SHEETS (In millions) (Unaudited)
As of	September 3, 2026			May 28, 2026			August 28, 2025
Assets
Cash and equivalents	$	38,364		$	24,995		$	9,642
Short-term investments		5,070			1,027			665
Receivables		36,197			31,025			9,265
Inventories		10,372			8,567			8,355
Other current assets		1,067			1,123			914
Total current assets		91,070			66,737			28,841
Long-term marketable investments		30,019			4,106			1,629
Property, plant, and equipment		63,310			56,426			46,590
Goodwill		1,150			1,150			1,150
Other noncurrent assets		10,339			5,693			4,588
Total assets	$	195,888		$	134,112		$	82,798
Liabilities and equity
Accounts payable and accrued expenses	$	22,605		$	15,521		$	9,649
Current debt		491			582			560
Other current liabilities		4,386			3,385			1,245
Total current liabilities		27,482			19,488			11,454
Long-term debt		4,688			5,140			14,017
Noncurrent unearned government incentives		786			1,020			1,018
Noncurrent customer contract liabilities		12,895			568			142
Other noncurrent liabilities		11,659			7,172			2,002
Total liabilities		57,510			33,388			28,633
Commitments and contingencies
Shareholders’ equity
Common stock		128			128			127
Additional capital		14,974			14,442			13,339
Retained earnings		131,851			94,682			48,583
Treasury stock		(8,502	)		(8,502	)		(7,852	)
Accumulated other comprehensive income (loss)		(73	)		(26	)		(32	)
Total equity		138,378			100,724			54,165
Total liabilities and equity	$	195,888		$	134,112		$	82,798

MICRON TECHNOLOGY, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited)
For the year ended	September 3, 2026			August 28, 2025
Cash flows from operating activities
Net income	$	84,969		$	8,539
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense and amortization of intangible assets		9,503			8,352
Stock-based compensation		1,333			972
Change in operating assets and liabilities:
Receivables		(25,206	)		(1,776	)
Inventories		(2,017	)		520
Accounts payable and accrued expenses		8,707			862
Other current liabilities		3,141			(272	)
Other noncurrent liabilities		9,633			381
Other		(388	)		(53	)
Net cash provided by operating activities		89,675			17,525
Cash flows from investing activities
Purchases of available-for-sale securities		(34,871	)		(1,890	)
Expenditures for property, plant, and equipment		(30,712	)		(15,857	)
Purchases of non-marketable equity securities		(1,046	)		(34	)
Proceeds from government incentives		3,316			2,005
Proceeds from maturities and sales of available-for-sale securities		1,988			1,698
Other		(316	)		(9	)
Net cash used for investing activities		(61,641	)		(14,087	)
Cash flows from financing activities
Proceeds from customer contract liability deposits		12,747			—
Proceeds from issuance of debt		—			4,430
Repayments of debt		(10,043	)		(4,619	)
Repurchases of common stock - withholdings on employee equity awards		(1,127	)		(340	)
Repurchases of common stock - repurchase program		(650	)		—
Payments of dividends to shareholders		(610	)		(522	)
Other		313			201
Net cash provided by (used for) financing activities		630			(850	)
Effect of changes in currency exchange rates on cash, cash equivalents, and restricted cash		81			6
Net increase in cash, cash equivalents, and restricted cash		28,745			2,594
Cash, cash equivalents, and restricted cash at beginning of period		9,646			7,052
Cash, cash equivalents, and restricted cash at end of period	$	38,391		$	9,646

MICRON TECHNOLOGY, INC. RECONCILIATION OF GAAP TO NON-GAAP MEASURES (In millions, except per share amounts)
	4th Qtr.			3rd Qtr.			4th Qtr.			Year Ended
	September 3, 2026			May 28, 2026			August 28, 2025			September 3, 2026			August 28, 2025
GAAP gross margin	$	47,047		$	35,056		$	5,054		$	107,504		$	14,873
Stock-based compensation		157			143			115			528			409
Other		—			—			—			—			4
Non-GAAP gross margin	$	47,204		$	35,199		$	5,169		$	108,032		$	15,286
GAAP operating expenses	$	3,296		$	1,738		$	1,400		$	8,164		$	5,103
Stock-based compensation		(207	)		(198	)		(147	)		(754	)		(566	)
Patent license charges		(500	)		—			—			(500	)		(57	)
Other		(21	)		(22	)		(39	)		(69	)		(40	)
Non-GAAP operating expenses	$	2,568		$	1,518		$	1,214		$	6,841		$	4,440
GAAP operating income	$	43,751		$	33,318		$	3,654		$	99,340		$	9,770
Stock-based compensation		364			341			262			1,282			975
Patent license charges		500			—			—			500			57
Other		21			22			39			69			44
Non-GAAP operating income	$	44,636		$	33,681		$	3,955		$	101,191		$	10,846
GAAP net income	$	37,701		$	28,243		$	3,201		$	84,969		$	8,539
Stock-based compensation		364			341			262			1,282			975
Patent license charges		500			—			—			500			57
Loss on debt prepayments		9			325			9			511			59
Other		22			23			39			50			40
Estimated tax effects of above and other tax adjustments		(198	)		(75	)		(42	)		(554	)		(200	)
Non-GAAP net income	$	38,398		$	28,857		$	3,469		$	86,758		$	9,470
GAAP weighted-average common shares outstanding - Diluted		1,147			1,145			1,131			1,143			1,125
Adjustment for stock-based compensation		2			4			14			6			18
Non-GAAP weighted-average common shares outstanding - Diluted		1,149			1,149			1,145			1,149			1,143
GAAP diluted earnings per share	$	32.87		$	24.67		$	2.83		$	74.33		$	7.59
Effects of the above adjustments		0.55			0.44			0.20			1.19			0.70
Non-GAAP diluted earnings per share	$	33.42		$	25.11		$	3.03		$	75.52		$	8.29

RECONCILIATION OF GAAP TO NON-GAAP MEASURES, Continued
	4th Qtr.			3rd Qtr.			4th Qtr.			Year Ended
	September 3, 2026			May 28, 2026			August 28, 2025			September 3, 2026			August 28, 2025
GAAP net cash provided by operating activities	$	43,973		$	25,388		$	5,730		$	89,675		$	17,525
Expenditures for property, plant, and equipment		(11,110	)		(7,826	)		(5,658	)		(30,712	)		(15,857	)
Proceeds from sales of property, plant, and equipment		9			9			20			29			48
Proceeds from government incentives		327			733			711			3,316			2,005
Investments in capital expenditures, net		(10,774	)		(7,084	)		(4,927	)		(27,367	)		(13,804	)
Adjusted free cash flow	$	33,199		$	18,304		$	803		$	62,308		$	3,721

The tables above reconcile GAAP to non-GAAP measures of gross margin, operating expenses, operating income, net income, diluted shares, diluted earnings per share, and adjusted free cash flow. The non-GAAP adjustments above may or may not be infrequent or nonrecurring in nature, but are a result of periodic or non-core operating activities. We believe this non-GAAP information is helpful in understanding trends and in analyzing our operating results and earnings. We are providing this information to investors to assist in performing analysis of our operating results. When evaluating performance and making decisions on how to allocate our resources, management uses this non-GAAP information and believes investors should have access to similar data when making their investment decisions. We believe these non-GAAP financial measures increase transparency by providing investors with useful supplemental information about the financial performance of our business, enabling enhanced comparison of our operating results between periods and with peer companies. The presentation of these adjusted amounts varies from amounts presented in accordance with U.S. GAAP and therefore may not be comparable to amounts reported by other companies. Our management excludes the following items as applicable in analyzing our operating results and understanding trends in our earnings:

• Stock-based compensation;
• Gains and losses from settlements;
• Gains and losses from debt prepayments;
• Restructure and asset impairments; and
• The estimated tax effects of above, non-cash changes in net deferred income taxes, assessments of tax exposures, certain tax matters related to prior fiscal periods, and significant changes in tax law. The divergence between our GAAP and non-GAAP income tax (provision) benefit relates to the difference in our GAAP and non-GAAP estimated annual effective tax rates, which are computed separately.
  
  

Non-GAAP diluted shares are adjusted for the impact of additional shares resulting from the exclusion of stock-based compensation from non-GAAP income.

MICRON TECHNOLOGY, INC. RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK
FQ1-27	GAAP Outlook		Adjustments					Non-GAAP Outlook
Revenue	$61.5 billion ± $1.5 billion		—					$61.5 billion ± $1.5 billion
Gross margin	Approximately 85.95%		0.30	%		A		Approximately 86.25%
Operating expenses	Approximately $2.31 billion		$253 million			B		Approximately $2.06 billion
Diluted earnings per share(1)	$37.84 ± $1.00		$0.31			A, B, C		$38.15 ± $1.00

Non-GAAP Adjustments (in millions)
A	Stock-based compensation – cost of goods sold	$	174
B	Stock-based compensation – research and development		166
B	Stock-based compensation – selling, general, and administrative		87
C	Tax effects of the above items and other tax adjustments		(65	)
		$	362

(1)	GAAP earnings per share and non-GAAP earnings per share based on approximately 1.15 billion diluted shares.

The tables above reconcile our GAAP to non-GAAP guidance based on the current outlook. The guidance does not incorporate the impact of any potential business combinations, divestitures, additional restructuring activities, balance sheet valuation adjustments, strategic investments, financing transactions, and other significant transactions. The timing and impact of such items are dependent on future events that may be uncertain or outside of our control.

Contacts:

Satya Kumar
Investor Relations
satyakumar@micron.com
(408) 450-6199

Mark Plungy
Media Relations
mplungy@micron.com
(408) 203-2910