Micron Technology, Inc. · Q4 FY2026

The quarter in short

Revenue $54.23B, up 379.3% year over year and 30.8% on the quarter. Non-GAAP EPS $33.42, up 33.1% on the quarter. GAAP EPS $32.87. Free cash flow $32.86B, up 87.1% on the quarter. Non-GAAP EPS beat consensus by 6%. Rule of 40 score +440.

What we learned

1. 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%.
2. 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.
3. 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.
4. 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.
5. 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.

Read moreRead preview