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Micron reported record fiscal fourth-quarter 2026 revenue of $54.229 billion and non-GAAP diluted earnings of $33.42 per share, then forecast Q1 FY2027 revenue of $61.5 billion, plus or minus $1.5 billion. After the earnings release came out following the market close on September 30, Micron shares fell more than 2% early on October 1 and later closed up 3%, according to market coverage. The earnings figures and the next-day stock move are separate events.
What Micron reported for fiscal Q4 2026
Micron Technology issued its fiscal Q4 and full-year 2026 results on September 30, 2026. The quarter ended September 3, so the announcement date and quarter-end date are not the same. The company reported Q4 revenue of $54.229 billion, compared with $41.456 billion in the prior quarter and $11.315 billion in the year-earlier quarter. That is a substantial sequential and year-over-year increase in reported revenue.
Micron reported GAAP net income of $37.701 billion and GAAP diluted EPS of $32.87. On a non-GAAP basis, net income was $38.398 billion and diluted EPS was $33.42. Those are different accounting measures and should not be treated as interchangeable.
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| Measure | Fiscal Q4 2026 | Fiscal 2026 |
|---|---|---|
| Revenue | $54.229 billion | $133.188 billion |
| GAAP diluted EPS | $32.87 | $74.33 |
| Non-GAAP diluted EPS | $33.42 | $75.52 |
| Operating cash flow | $43.97 billion | $89.68 billion |
All figures in the table are company-reported. Micron’s earnings release and financial statements are available in its SEC-filed earnings release.
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What Micron forecast for Q1 FY2027
Micron’s company guidance called for another increase in quarterly revenue, with a wide range around the central estimate. The outlook is forward-looking, not a reported result, and Micron cautioned that actual results may differ materially.
| Q1 FY2027 measure | Micron guidance |
|---|---|
| Revenue | $61.5 billion, plus or minus $1.5 billion |
| GAAP diluted EPS | $37.84, plus or minus $1.00 |
| Non-GAAP diluted EPS | $38.15, plus or minus $1.00 |
| Gross margin | Approximately 85.95% GAAP; approximately 86.25% non-GAAP |
Micron characterized its fiscal 2026 performance as a record and said it expected fiscal 2027 to be stronger. That is management’s outlook, not an independent confirmation of future demand. The full guidance and the company’s forward-looking-statements caution appear in the Q1 FY2027 outlook.
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How the shares reversed on October 1
The stock move followed the report by a trading day. Investing.com reported that Micron shares initially fell more than 2% after the October 1 opening bell, then recovered to finish the session up 3%. The Associated Press also reported a 3% gain. These accounts describe the share-price path; Micron’s earnings release reports financial results, not trading activity.
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Repair common Windows errors and clear accumulated junk for a smoother, more stable PC - no reinstall needed.Free scan · no reinstallThe Associated Press characterized Micron’s profit and forecasts as above analyst expectations, while Investing.com also described the results and outlook as beating expectations. The sources do not establish a single consistent consensus figure, so the comparison is best stated qualitatively rather than as a precise earnings surprise. The intraday reversal does not, by itself, prove why investors changed direction or establish a lasting market view.
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Investing.com also noted two considerations alongside the strong outlook: somewhat softer gross-margin guidance for the current quarter and higher forecast operating expenses for FY2027. Those points help explain why a beat-and-raise report need not settle every investor concern. They do not establish a single cause for the day’s price movement. See the October 1 market recap and the Associated Press market report.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Where the revenue came from, and what Micron is investing
Micron reported Q4 revenue across four business groups. These are company-reported segment figures, not separate forecasts:
| Business group | Fiscal Q4 2026 revenue |
|---|---|
| Cloud Memory | $16.283 billion |
| Core Data Center | $18.002 billion |
| Mobile and Client | $13.114 billion |
| Automotive and Embedded | $6.824 billion |
The release also highlighted sampling of 512GB DDR5 server memory modules and high-speed server RDIMMs, as well as SSD products shipping for data-center applications. These are business and product updates, not consumer purchase recommendations.
Micron paired its reported cash generation with substantial investment. It reported $10.77 billion in net capital expenditures for Q4 and $27.37 billion for fiscal 2026. The company’s adjusted free cash flow—a company-defined non-GAAP measure—was $33.20 billion for Q4 and $62.31 billion for the full year. The figures show both the scale of investment and cash generated under Micron’s adjusted measure; they are not a guarantee of future cash flow. See the company’s cash flow and capital-expenditure figures.
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