During the fiscal fourth quarter of 2026, Micron reported a record revenue of $54.23 billion, marking a 379% increase compared to $11.32 billion during the same period last year. Driven by artificial intelligence memory demand that continues to heavily outpace supply, earnings reached $33.42 per share, surpassing Wall Street’s forecast of $31.61. Net income rose substantially to $37.7 billion from $3.2 billion. This surge in sales brought total revenue for the full year to $133.19 billion, though Micron stock showed little movement in after-hours trading.
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Micron Revenue Growth: Earnings, AI Demand And Stock Outlook
Chairman and CEO Sanjay Mehrotra attributed the dramatic rise in revenue to artificial intelligence, stating:
“Micron delivered record fiscal 2026 results, and we expect an even stronger fiscal 2027. AI is becoming Super Intelligence (SI), and memory enhances this intelligence and the competitiveness of our customers’ platforms. We are increasing our investments in technology, products and manufacturing to help drive SI forward with our customers, and our Strategic Customer Agreements provide added confidence in the durability of Micron’s financial performance.”
Micron Earnings Top Estimates As DRAM Leads
The company achieved a record gross margin of 87%, with DRAM chips generating nearly three-quarters of overall revenue and serving as the primary growth driver.
Chief Financial Officer Mark Murphy shared these figures:
“Consolidated fiscal Q4 revenue was $54.2 billion, up 31% sequentially and up 379% year over year. Fiscal Q4 revenue was our sixth consecutive quarterly revenue record. Fiscal Q4 DRAM revenue was a record $39.8 billion, up 343% year over year and represented 73% of total revenue. Sequentially, DRAM revenue increased 27%.”
Looking ahead to the first quarter of fiscal 2027, Micron projects midpoint figures of $38.15 in earnings per share and $61.5 billion in sales, exceeding analyst predictions of $35.40 and $57 billion respectively. If achieved, this would represent a sales increase of roughly $7.3 billion in a single quarter.
Micron AI Memory Demand Keeps Supply Tight
As the sole United States producer of high-bandwidth memory (HBM)—a crucial component for AI chips executing large models—Micron noted through Mehrotra that buyers have already secured more than 75% of the company’s projected 2027 production. Rising price points are also bolstering revenue, as DRAM prices climbed by a high-teens percentage in the previous quarter. Due to sustained demand, the firm cannot yet determine when market supply and demand will reach equilibrium.
Mehrotra added:
“As strong as fiscal 2026 was, we expect fiscal 2027 to be even better. Industry demand has strengthened since our last earnings call, and we expect memory and storage supply-demand conditions to be much tighter in fiscal 2027 and 2028 than they were in 2026.”
Micron Stock Outlook After The Record Quarter
After-hours shares remained stable near $1,065, reflecting an environment where investors had already anticipated strong results following a more than 500% surge in the stock over the past year. With a market capitalization exceeding $1.2 trillion, Micron has now beaten earnings projections for eight consecutive quarters.
Management anticipates fiscal 2027 will bring sequential revenue gains every quarter, establishing another record year alongside share buybacks slated to expand starting December 9.
Supported by 26 long-term customer agreements accounting for over 35% of projected sales through 2030, future revenue expansion will depend largely on the speed at which new fabrication facilities in Idaho and New York become operational.