Micron’s latest available earnings release, published September 30, 2026, reports fourth-quarter and full-year fiscal 2026 results. For the quarter ended September 3, Micron reported $54.229 billion in revenue, GAAP gross margin of 86.8%, and non-GAAP gross margin of 87.0%. To understand what those figures show, compare the quarter with both the prior quarter and the year-ago quarter, keep GAAP and non-GAAP results distinct, and read management’s next-quarter outlook separately from results already achieved.
Start with the fiscal period and the document
The release covers Micron’s fourth quarter and full fiscal year 2026. The quarter ended September 3, 2026; Micron published the release on September 30. Fiscal Q4 is a company-defined reporting period, not automatically calendar Q4. The release marks its income statement and balance sheet unaudited.
As an Amazon Associate I earn from qualifying purchases.
Use the earnings release for headline results. The company’s investor presentation and prepared remarks can add management context, while its SEC filing provides filing-level notes and risk disclosures. Keep the period label and accounting basis attached whenever you copy a number from one of these documents.
Recommended Free Tools
Compare revenue sequentially, year over year, and by fiscal year
Sequential comparison asks how the latest quarter differs from the immediately preceding quarter. Year-over-year comparison asks how it differs from the same fiscal quarter a year earlier. Full-year comparison is a separate view of the entire fiscal year; it should not be blended with quarterly growth.
#1 Best Overall
| Period | Revenue | What the comparison tells you |
|---|---|---|
| Q4 FY2026 | $54.229 billion | Latest quarter; compare with Q3 FY2026 and Q4 FY2025 separately. |
| Q3 FY2026 | $41.456 billion | Prior quarter; the comparison with Q4 FY2026 is sequential. |
| Q4 FY2025 | $11.315 billion | Same fiscal quarter one year earlier; the comparison with Q4 FY2026 is year over year. |
| FY2026 | $133.188 billion | Full-year total; compare with FY2025, not with a single quarter. |
| FY2025 | $37.378 billion | Prior full-year total. |
All figures are reported by Micron Technology, Inc. in its 2026 release. The quarter-to-quarter and year-over-year comparisons answer different questions, so name the comparison rather than presenting an unqualified growth figure.
Read gross margin as both dollars and a percentage
Gross margin is revenue remaining after cost of goods sold, before operating expenses. The dollar amount shows the scale of that remainder; the percentage shows how much of each revenue dollar remained. The percentage is useful when comparing periods with different revenue totals.
| Fiscal quarter | GAAP gross margin | Non-GAAP gross margin |
|---|---|---|
| Q4 FY2026 | $47.047 billion; 86.8% | $47.204 billion; 87.0% |
| Q3 FY2026 | 84.6% | 84.9% |
| Q4 FY2025 | 44.7% | 45.7% |
These figures are from Micron’s 2026 release. It gives dollar amounts for Q4 FY2026 and percentages for all three listed quarters in the supplied figures. Compare like with like: GAAP percentage against GAAP percentage, or non-GAAP against non-GAAP. A rising gross-margin percentage indicates a larger share of revenue remained after cost of goods sold; it does not by itself explain why.
Windows Errors? Fix Them Before They Spread
Repair common Windows errors and clear accumulated junk for a smoother, more stable PC - no reinstall needed.Free scan · no reinstallOutdated Drivers Are Slowing You Down
One free scan finds every outdated or missing driver and matches the right update for your exact hardware.Free scan · exact hardware matchFollow gross profit through operating expenses and income
Operating expenses sit below gross margin and include costs not counted in cost of goods sold. Operating income is what remains after those expenses. Reading these lines together helps distinguish a change in gross profitability from the effect of operating costs.
| Q4 FY2026 measure | GAAP | Non-GAAP |
|---|---|---|
| Operating expenses | $3.296 billion | $2.568 billion |
| Operating income | $43.751 billion; 80.7% of revenue | $44.636 billion; 82.3% of revenue |
Micron reported these Q4 FY2026 results in its 2026 release. Check revenue, gross margin, operating expenses, and operating income as a sequence. If they move differently, the expense lines and reconciliation are where to look for context; do not assign a cause the company’s disclosures do not establish.
Keep GAAP and non-GAAP results distinct
GAAP means U.S. Generally Accepted Accounting Principles. Micron’s non-GAAP measures begin with GAAP results and exclude selected items that management says it excludes when analyzing operating results and earnings trends. They are an additional presentation, not a replacement for the reported GAAP result.
For Q4 FY2026, Micron’s reconciliation includes stock-based compensation and a $500 million patent license charge among adjustments to operating income. The reconciliation also includes other items and tax effects for net income. Read the reconciliation to see which adjustments apply, rather than assuming every adjustment affects every line in the same way.
Do these 3 things before closing this tab:
1Repair Windows errors before they cause bigger problems2Scan for outdated or missing drivers - takes under a minute3Clear out junk files and repair common Windows errors- Keep the accounting label beside each number: for example, “GAAP gross margin” or “non-GAAP operating income.”
- Do not call non-GAAP results “cash earnings.” Adjustments to earnings do not make the measure a cash-flow figure.
- Do not assume Micron’s adjusted measures are standardized or directly comparable with another company’s measures. Micron cautions that its non-GAAP presentations may not be comparable to measures reported by other companies.
Read the next-quarter outlook as an estimate
Micron’s September 30, 2026 release gives management’s outlook for Q1 FY2027. It is a forward-looking estimate, not a realized result or a guarantee; the release warns that actual results may differ materially and that forward-looking statements are subject to risks and uncertainties.
| Q1 FY2027 outlook measure | 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 |
These are Micron management’s estimates in the September 30, 2026 release. Preserve the approximate wording and ranges, and compare each outlook measure with a subsequently reported result on the same accounting basis. An outlook figure should never be presented as if Micron had already earned or reported it.
Rank #4
Read cash flow beside earnings
Net income and operating cash flow are related, but they are not the same measure. The cash flow statement starts with net income and reconciles it to cash provided by operating activities, including non-cash 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. The cash flow statement reports $30.712 billion of expenditures for property, plant, and equipment. The release separately reports $27.37 billion of net investments in capital expenditures and $62.31 billion of adjusted free cash flow. Keep those labels intact: they are distinct reported measures, and adjusted free cash flow is Micron’s labeled measure. Consult the release’s definition and reconciliation rather than treating the figures as interchangeable or assuming adjusted free cash flow is simply operating cash flow minus the statement’s capital-expenditure line.
The Tool Desk
Outbyte PC Repair FREERepair Windows errors before they cause bigger problemsFix Now →Outbyte Driver Updater FREEFix the driver behind crashes, sound loss and screen glitchesFind Drivers →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. These are working-capital movements to investigate alongside the company’s explanations and filing disclosures; neither figure alone proves a collection problem or inventory risk.
Best Value
Use business-unit results to understand the mix
Micron reports four named business units. Their Q4 FY2026 results show how revenue and margins were distributed in that quarter; a single quarter does not establish that the same mix or profitability will persist.
| 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% |
These are unit results reported by Micron for Q4 FY2026. Use the unit names as given and treat them as a snapshot of the quarter. To assess whether the mix is changing over time, compare the same units across later releases rather than assuming one quarter identifies a durable trend.
Quick Recap
A practical checklist for each earnings release
- Confirm the period. Note the fiscal quarter, quarter-end date, release date, and whether the figures are quarterly or full-year.
- Compare revenue on two time scales. Use the prior fiscal quarter for sequential context and the same fiscal quarter a year earlier for year-over-year context; examine full-year totals separately.
- Trace profitability down the income statement. Review gross margin dollars and percentage, then operating expenses and operating income, on a consistent GAAP or non-GAAP basis.
- Inspect the reconciliation. Identify the adjustments behind Micron’s non-GAAP figures and retain the GAAP result alongside them.
- Separate outlook from results. Record the guidance date, target quarter, accounting basis, and any range or approximation. Later, compare it with the realized result.
- Check cash generation and investment labels. Read operating cash flow, capital spending, and any company-defined adjusted free cash flow with their separate definitions.
- Look beyond the headline release. Use the presentation, prepared remarks, SEC filing, and risk disclosures to add context without treating management’s explanations or outlook as certainty.
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.
