On 30 September Micron reported $54.23 billion of revenue and $33.42 of non-GAAP earnings per share for its fiscal fourth quarter, against a consensus of $50.86 billion to $51.49 billion and $31.41 to $31.83. Both figures cleared the top of Micron's own June guide, by $3.2 billion and $1.42. The quarter was also longer. Fiscal 2026 was a 53-week year, so the quarter ended 3 September and ran 14 weeks against 13 in May.
Separating the headline from the trend takes one division. Revenue rose 30.8% sequentially, but $54.23 billion over 14 weeks is $3.87 billion a week, against $41.46 billion over 13, or $3.19 billion, in May. Per week, revenue rose 21.5%, close to the 20.6% slowdown the June guide implied. Micron's guide for the November quarter, a 13-week period by our count, is $61.5 billion; divided by 13, that is $4.73 billion a week, +22.1%. Growth fell from May's 73.7% and then held. Both calculations are ours: Micron does not publish weekly revenue, and pricing does not arrive evenly across a quarter.
The questions the preview asked
The preview listed six things to watch.
The November-quarter guide. Micron guided $38.15 ± $1.00 of non-GAAP EPS. Its midpoint sits above the top of the $32.16 to $37.77 range Nasdaq's nine analysts carried before the print. Prices have not flattened.
Gross margin against the ~86% guide. Non-GAAP gross margin was 87.0%, up 2.1 points on May. The CFO warned that the November quarter is "the floor for gross margins in fiscal 2027", because this year's raised bonuses were partly capitalised into inventory and will be expensed as it sells. November's guide is 86.25%.
The agreements and deposits. Micron now has 26 strategic customer agreements, up from 16 in June, estimated at over 35% of revenue through 2030. Remaining performance obligations are about $150 billion, against about $100 billion in June. Customers paid $12.3 billion of cash deposits in the quarter, more than the roughly $10 billion Micron had expected, and total commitments rose to $32 billion.
Capex. Gross spending on property and equipment was $11.1 billion; net of incentives it was $10.8 billion, against the roughly $10 billion guided. The November quarter is guided at about $11.5 billion net and the first half of fiscal 2027 at about $25 billion, with the second half higher.
Prices. DRAM prices rose in the high teens percent and NAND about 30%, down from the low-60s and mid-80s in May. Such moderation is what the CFO flagged in June, and it is smaller than a halving of the revenue step suggested.
Net cash. It reached $68.3 billion, from $24.4 billion. Free cash flow of $32.9 billion did most of that. The deposits added $12.3 billion on top, and they are owed back to customers in the second half of each agreement.
What we learned
- Micron beat the top of its guide on every line. Revenue was $54.23bn against a $51.0bn top, non-GAAP EPS $33.42 against $32.00, gross margin 87.0% against about 86%.
- The extra week flattered the headline. Revenue rose 30.8% on May, but only 21.5% per week across a 14-week quarter, close to the 20.6% the June guide implied.
- Growth per week is holding, not slowing. The $61.5bn November guide over 13 weeks implies +22.1% a week, and the $38.15 EPS midpoint is above every analyst's figure.
- Contracted revenue grew by half in a quarter. 26 agreements, about $150bn of remaining obligations against about $100bn in June, and $12.3bn of deposits received.
- Management named the November quarter the margin floor. Capitalised bonuses hit the 86.25% guide; the CFO expects higher margins for the rest of fiscal 2027.
What comes next
The fiscal 2026 10-K will split Micron's $5.2 billion of debt between borrowings and finance leases. On 9 December, the second anniversary of its CHIPS agreements, Micron says it will increase capital returns, with the aim of returning all excess cash over time. The November quarter reports in December, against a guide of $61.5 billion ± $1.5 billion. Every reported figure is on Micron's fourth-quarter earnings page and stock page.
Revenue, earnings per share, margins, business-unit results, cash flow, balance sheet and the November-quarter guidance are from Micron's fourth-quarter and fiscal 2026 release of 30 September 2026. DRAM and NAND pricing, the agreement count, remaining performance obligations, deposits, capex plans, the margin-floor remark and the capital-return plan are from Micron's prepared remarks for the same call; net cash is from its earnings presentation. The June guidance is from Micron's third-quarter release of 24 June 2026. The consensus and the November-quarter analyst range are press-reported from third-party estimate feeds and are neither stored nor verified by this site. Derived here: the quarter lengths, revenue per week and its growth, and the gaps to guidance.
