Micron reported fiscal fourth-quarter 2026 revenue of $54.229 billion and non-GAAP diluted earnings per share of $33.42, then forecast $61.5 billion in revenue for its fiscal first quarter of 2027. The earnings release came after the market closed on September 30; on October 1, Micron shares fell more than 2% early in the session before recovering to finish up 3%, according to contemporaneous market reports.
Micron’s fiscal Q4 results: record revenue and earnings
Micron Technology’s fiscal fourth quarter ended September 3, 2026. The company announced its Q4 and full-year results on September 30, after the close. Its Q4 revenue was $54.229 billion, up from $41.456 billion in the previous quarter and $11.315 billion in the year-earlier quarter, according to the SEC-filed earnings release.
| 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 |
Micron reported Q4 GAAP net income of $37.701 billion and non-GAAP net income of $38.398 billion. GAAP and non-GAAP figures use different accounting treatments, so the EPS measures should not be treated as interchangeable.
What Micron forecast for fiscal Q1 2027
Micron’s company guidance for fiscal Q1 2027 was sharply above its Q4 revenue, with the company projecting another increase in sales and earnings. These are forecasts, not reported results.
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| Fiscal Q1 2027 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 |
| GAAP gross margin | Approximately 85.95% |
| Non-GAAP gross margin | Approximately 86.25% |
The outlook is Micron’s estimate and comes with the company’s warning that forward-looking statements involve risks and actual results may differ materially. No single, consistent analyst-consensus figure is available in the cited coverage; the Associated Press characterized Micron’s profit and forecasts as above analyst expectations without specifying a consensus number.
Why Micron shares reversed higher on October 1
The reversal describes the trading session after the earnings announcement, not the announcement itself. Investing.com reported that Micron shares dropped more than 2% after the October 1 opening bell, recovered during the session and closed up 3%. The Investing.com market recap and the Associated Press recap both reported the 3% gain.
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Those accounts link the session’s context to Micron’s stronger-than-expected profit report and higher-than-expected forecast, but a one-day price move cannot establish a lasting investor verdict or prove a single cause. The earnings release reports company results and guidance; it does not report share trading.
What else investors may weigh
The headline outlook was positive, but market coverage also noted considerations alongside it. Investing.com described Micron’s current-quarter gross-margin guidance as somewhat softer and reported that the company forecast higher operating expenses for fiscal 2027. That context does not, by itself, explain the share-price path.
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Micron’s Q4 business-unit revenue was $16.283 billion for Cloud Memory, $18.002 billion for Core Data Center, $13.114 billion for Mobile and Client, and $6.824 billion for Automotive and Embedded, according to its SEC-filed release. The company also highlighted sampling of 512GB DDR5 server memory modules and high-speed server RDIMMs, as well as shipping SSD products for data-center applications; these are business and product updates, not consumer product recommendations.
Cash generation and investment
Micron reported $43.97 billion in Q4 operating cash flow and $89.68 billion for fiscal 2026. It also reported net capital expenditures of $10.77 billion in Q4 and $27.37 billion for the year, alongside adjusted free cash flow—a company-defined non-GAAP measure—of $33.20 billion in Q4 and $62.31 billion for the full year. These figures show substantial investment as well as cash generation; adjusted free cash flow should not be confused with operating cash flow.
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Management’s outlook and its limits
Micron Chairman and CEO Sanjay Mehrotra said: “Micron delivered record fiscal 2026 results, and we expect an even stronger fiscal 2027.” He also said the company was increasing investment in technology, products and manufacturing, and that Strategic Customer Agreements provided “added confidence” in the durability of its financial performance. Those are management’s statements, not independent confirmation of future demand or results; the company’s release cautions that actual outcomes may differ from forward-looking statements.
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