Micron Technology, Inc. Q4 FY2026 Earnings Results vs. Expectations
ReportsSep 30, 2026
SlotAfter Market Close
Results are out
This quarter has reported. The consensus below is what we expected going in.
What the Street expects
EPS · NON-GAAP
$31.62
Range $31.41 to $31.83 per share
QoQ+25.9%
YoY+944%
Revenue
$51.18B
consensus · see the release
QoQ+23.4%
YoY+352%
QoQ and YoY are what the consensus implies against the prior quarter and the prior year.
Also on the card
Company guidance
Revenue $50.0B ± $1.0B; gross margin ~86%; non-GAAP EPS $31.00 ± $1.00 on ~1.15B diluted shares
Revenue consensus range
$50.86B (Zacks) to $51.49B (Bloomberg); $51.18B is the midpoint
Prior quarter
Q3 FY2026 non-GAAP EPS $25.11, GAAP $24.67; revenue $41.46B
Consensus source
Nasdaq $31.41 (n=10, analyst range $30.93 to $32.09), Zacks $31.45, Bloomberg $31.83; press-reported 25–30 September 2026. Nasdaq's reported figure has run below Micron's own non-GAAP (Q3: $24.89 vs $25.11), so pair the actual with Micron's non-GAAP line
What to watch
- The first-quarter fiscal 2027 guide against the $32.16 to $37.77 range. A midpoint near the bottom says prices have flattened. One near the top says the June moderation was temporary.
- Gross margin against the ~86% guide. Above it means price held up better than Micron planned. At or below it means the price curve is bending.
- Remaining performance obligations and the deposit schedule. Whether the ~$100 billion figure grew, how much of the ~$10 billion cash deposit arrived, and whether more agreements were signed.
- Capex for the quarter and the fiscal 2027 plan. Micron guided about $10 billion for the quarter and about $27 billion for fiscal 2026, with fiscal 2027 quarters above the August level.
- The DRAM and NAND price commentary. The release does not print price moves; the CFO's script does. In May DRAM prices rose in the low-60s percent and NAND in the mid-80s.
Estimate against reported
Our published estimate
Reported EPS
| Quarter | Estimate | Reported | Surprise |
|---|---|---|---|
| FY2025 Q1 | — | $1.67 | — |
| FY2025 Q2 | — | $1.41 | — |
| FY2025 Q3 | — | $1.68 | — |
| FY2025 Q4 | — | $2.83 | — |
| FY2026 Q1 | — | $4.60 | — |
| FY2026 Q2 | — | $12.07 | — |
| FY2026 Q3 | $20.98 | $24.89 | +19% |
| FY2026 Q4 | $31.62 | $33.42 | +6% |
Estimates are the consensus we published on our own preview for that quarter; quarters we did not preview carry the reported figure only. Where a consensus was set on a non-GAAP basis, the reported column shows that same measure.
Every quarter
Read the full preview → Q4 FY2026 release page View MU stock page