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What Micron’s 88% margin means
Micron’s fiscal fourth quarter ended September 3, 2026, and the company released results on September 30. In that quarter, Mobile and Client generated $13.114 billion in revenue, with a 90% gross margin and an 88% operating margin. Those are separate measures: gross margin reflects revenue after cost of goods sold, while operating margin also accounts for operating expenses. The 88% figure is the unit’s operating margin.
The distinction matters because Micron reported an even higher 90% gross margin for Core Data Center. Mobile and Client therefore did not have the company’s sole highest margin by every measure; it had an 88% operating margin, while Core Data Center matched its 90% gross margin.
How the business units compared in Q4 FY2026
Micron reported the following quarterly revenue and margins. Revenue is in U.S. dollars; the business-unit margin figures are reported percentages.
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| Business unit | Q4 FY2026 revenue | Gross margin | Operating margin | Q3 FY2026 revenue | Q4 FY2025 revenue |
|---|---|---|---|---|---|
| Cloud Memory | $16.283 billion | 83% | 76% | $13.769 billion | $4.543 billion |
| Core Data Center | $18.002 billion | 90% | 85% | $11.524 billion | $1.577 billion |
| Mobile and Client | $13.114 billion | 90% | 88% | $11.521 billion | $3.760 billion |
| Automotive and Embedded | $6.824 billion | 84% | 79% | $4.634 billion | $1.434 billion |
The comparison shows that growth was broad rather than limited to the consumer-facing shorthand in the headline. Core Data Center was Micron’s largest listed unit by Q4 revenue, followed by Cloud Memory, Mobile and Client, and Automotive and Embedded.
Why revenue rose while bit shipments fell
Mobile and Client revenue increased to $13.114 billion from $11.521 billion in Q3 FY2026. Tom’s Hardware reports that Micron attributed the increase to higher pricing, partially offset by lower bit shipments. In other words, the price effect was sufficient to lift revenue despite a decline in the amount of memory shipped, measured in bits.
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- Optimized DDR5 compatibility: Best for 12th Gen Intel Core and AMD Ryzen 7000 Series processors — Intel XMP 3.0 and AMD EXPO also supported on the same RAM module
- Trusted Micron Quality: Backed by 42 years of memory expertise, this DDR5 RAM is rigorously tested at both component and module levels, ensuring top performance and reliability
- ECC type = non-ECC, form factor = SODIMM, pin count = 262-pin, PC speed = PC5-44800, voltage = 1.1V, rank and configuration = 2Rx8
“Bits” describes memory capacity, not the count of individual chips or packages. A decline in bit shipments does not by itself establish that fewer physical packages shipped. The cited reporting gives the direction of the change and its qualitative explanation, but does not quantify the bit decline or break the revenue change into price and volume contributions.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Companywide results and the next-quarter outlook
Micron reported Q4 FY2026 company revenue of $54.229 billion, up from $41.456 billion in Q3 FY2026 and $11.315 billion in Q4 FY2025. Full-year FY2026 revenue was $133.188 billion. For the quarter, companywide GAAP gross margin was 86.8%, compared with 87.0% on a non-GAAP basis; GAAP operating margin was 80.7%, compared with 82.3% non-GAAP.
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- ECC Type = Non-ECC, Form Factor = SODIMM, Pin Count = 260-pin, PC Speed = PC4-25600, Voltage = 1.2V, Rank and Configuration = 1Rx8 or 2Rx8
For fiscal Q1 2027, Micron’s guidance—not a reported result—was:
- Revenue of $61.5 billion, plus or minus $1.5 billion.
- GAAP gross margin of approximately 85.95% and non-GAAP gross margin of approximately 86.25%.
- Non-GAAP diluted earnings per share of $38.15, plus or minus $1.00.
Micron CEO Sanjay Mehrotra said in the September 30 earnings release, “Micron delivered record fiscal 2026 results, and we expect an even stronger fiscal 2027.” That statement expresses the company’s outlook; it is not a guarantee of future performance.
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- Optimized DDR5 compatibility: Best for latest Intel Core Ultra series 2 & 14th Gen Core CPUs and AMD Ryzen 9000 Series desktop CPUs and above
- Trusted Micron Quality: Backed by 42 years of memory expertise, this DDR5 RAM is rigorously tested at both component and module levels, ensuring top performance and reliability
- ECC type = non-ECC, form factor = UDIMM, pin count = 288-pins, PC speed = PC5-44800, voltage = 1.1V, rank and configuration = 2Rx8
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Sources
- Micron Technology, Inc., fiscal Q4 and full-year 2026 results and guidance, September 30, 2026
- U.S. Securities and Exchange Commission, Micron fiscal Q4 and full-year 2026 earnings release filing, September 30, 2026
- Jake Roach, Tom’s Hardware, reporting on Mobile and Client shipments and pricing, October 2, 2026
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
