Micron’s September 30, 2026 earnings release reports $54.229 billion in Q4 FY2026 revenue and $133.188 billion for the full fiscal year. To understand what those figures say, compare the quarter with both the prior quarter and the year-earlier quarter, keep GAAP results distinct from Micron’s adjusted measures, and treat Q1 FY2027 guidance as an estimate—not a result.
Start with the fiscal period
The release covers Micron’s fourth quarter and full fiscal year 2026. Q4 ended September 3, 2026, and the release was published September 30. A fiscal quarter is not automatically the same as the corresponding calendar quarter, so keep Micron’s fiscal-year labels attached to every comparison.
The release’s income statement and balance sheet are marked unaudited. Use it for the headline results, then consult Micron’s investor presentation, prepared remarks, and SEC filing for additional context, filing-level notes, and risk disclosures. Dollar amounts below are expressed in billions unless otherwise specified.
How did revenue change?
Sequential and year-over-year comparisons answer different questions. Q3 to Q4 shows movement from one fiscal quarter to the next; Q4 FY2025 to Q4 FY2026 compares the same fiscal quarter across years. Full-year totals provide a separate view and should not be substituted for a quarterly trend.
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| Period | Revenue | Comparison use |
|---|---|---|
| Q4 FY2026 | $54.229 billion | Quarter ended September 3, 2026 |
| Q3 FY2026 | $41.456 billion | Prior fiscal quarter |
| Q4 FY2025 | $11.315 billion | Year-earlier fiscal quarter |
| FY2026 | $133.188 billion | Full fiscal year |
| FY2025 | $37.378 billion | Prior full fiscal year |
These are Micron Technology, Inc.’s reported figures. When describing a change, name the comparison period rather than saying only that revenue “grew” or “fell.” The quarter’s direction and the full-year comparison are related, but they are not interchangeable measures.
What do gross and operating margins show?
Gross margin is the amount left after cost of goods sold, shown both as dollars and as a share of revenue. The percentage makes results easier to compare across periods with different revenue levels. Operating expenses and operating income come below gross margin in the income statement, so they help show what remains after expenses such as research and development and selling, general, and administrative costs.
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| Period and basis | Gross margin dollars | Gross margin as share of revenue |
|---|---|---|
| Q4 FY2026 GAAP | $47.047 billion | 86.8% |
| Q4 FY2026 non-GAAP | $47.204 billion | 87.0% |
| Q3 FY2026 GAAP | Not stated in the cited release figures summarized here | 84.6% |
| Q3 FY2026 non-GAAP | Not stated in the cited release figures summarized here | 84.9% |
| Q4 FY2025 GAAP | Not stated in the cited release figures summarized here | 44.7% |
| Q4 FY2025 non-GAAP | Not stated in the cited release figures summarized here | 45.7% |
For Q4 FY2026, Micron reported GAAP operating expenses of $3.296 billion and operating income of $43.751 billion, or 80.7% of revenue. On a non-GAAP basis, operating expenses were $2.568 billion and operating income was $44.636 billion, or 82.3% of revenue. Read revenue, gross margin, and operating income together, then examine expenses and adjustments; the figures alone do not establish why a change occurred.
How are GAAP and non-GAAP different?
GAAP means U.S. Generally Accepted Accounting Principles. Micron’s non-GAAP measures exclude selected activities that management leaves out when analyzing operating results and earnings trends. The company provides reconciliations between the two presentations.
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For Q4 FY2026, Micron’s reconciliation includes stock-based compensation and a $500 million patent license charge among operating-income adjustments. It also includes other items and tax effects in the net-income reconciliation. These adjustments explain why the adjusted result differs; they do not replace the GAAP result.
- Attach the accounting basis to each figure: for example, “Q4 FY2026 GAAP operating income” or “Q4 FY2026 non-GAAP operating income.”
- Do not call non-GAAP earnings “cash earnings.” Earnings measures and cash flow are different statements and concepts.
- Do not assume Micron’s adjusted measure is standardized or directly comparable with another company’s non-GAAP measure. Micron cautions that adjusted presentations vary from GAAP and may not be comparable across companies.
What does Micron’s guidance say about next quarter?
In its September 30, 2026 release, Micron management provided an outlook for Q1 FY2027. The figures below are estimates, not realized results. The company warns that actual results may differ materially and that forward-looking statements are subject to risks and uncertainties.
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| Q1 FY2027 outlook | GAAP | Non-GAAP |
|---|---|---|
| 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 EPS | $37.84 ± $1.00 | $38.15 ± $1.00 |
Keep the range or approximation and accounting basis intact when reporting outlook. Micron Chairman and CEO Sanjay Mehrotra said, “Micron delivered record fiscal 2026 results, and we expect an even stronger fiscal 2027.” That is management’s characterization and expectation, not a guarantee of the next quarter’s outcome.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How should you read cash flow beside earnings?
The cash flow statement starts with net income and reconciles it to cash provided by operating activities, including noncash adjustments and changes in operating assets and liabilities. For FY2026, Micron reported net income of $84.969 billion and net cash provided by operating activities of $89.675 billion.
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| FY2026 cash-flow figure | Amount | What the label means |
|---|---|---|
| Net cash provided by operating activities | $89.675 billion | Cash generated from operating activities in the cash flow statement |
| Property, plant, and equipment expenditures | $30.712 billion | Cash-flow-statement expenditures |
| Net investments in capital expenditures | $27.37 billion | A separately reported net investment figure |
| Adjusted free cash flow | $62.31 billion | Micron-labeled adjusted measure; consult its definition and reconciliation |
These capital-spending and free-cash-flow figures have different labels and should not be treated as interchangeable. In particular, adjusted free cash flow is Micron’s measure, so use the company’s stated definition and reconciliation when interpreting it.
The FY2026 operating-asset and liability reconciliation shows a $25.206 billion use of cash from receivables and a $2.017 billion use from inventory. Those movements are reasons to look more closely at working capital and the accompanying disclosures; by themselves, they do not prove collection problems or inventory risk.
What do business-unit results add?
Micron reports four named business units. Their Q4 FY2026 revenue and margins indicate how reported results were distributed across the units during that quarter. They do not, on their own, establish that the mix will continue in later periods.
| Business unit | Q4 FY2026 revenue | Gross margin | Operating margin |
|---|---|---|---|
| Cloud Memory | $16.283 billion | 83% | 76% |
| Core Data Center | $18.002 billion | 90% | 85% |
| Mobile and Client | $13.114 billion | 90% | 88% |
| Automotive and Embedded | $6.824 billion | 84% | 79% |
Use unit results to see where revenue and margins were concentrated in the reported quarter. Avoid assigning a demand driver or projecting durability unless Micron’s release or supporting materials substantiate that explanation.
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How to make a like-for-like comparison
When reading another Micron report, align the periods and accounting bases before interpreting a trend. Compare a fiscal quarter with its prior quarter for sequential movement and with the same fiscal quarter a year earlier for year-over-year movement; assess full-year totals separately. Then check the filing, presentation, management discussion, and risk disclosures for context that the headline tables do not provide.
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