Micron Technology Reports Record Q4 and Full-Year 2026 Earnings

Executive Summary

On September 30, 2026, Micron Technology, Inc. filed a Current Report on Form 8-K under Item 2.02 announcing financial results for its fourth quarter and full fiscal year ended September 3, 2026.

Key Financial Highlights

• Fourth Quarter Fiscal 2026:

  • Revenue: $54.23 billion, compared to $41.46 billion in Q3 FY26 and $11.32 billion in Q4 FY25.
  • GAAP Gross Margin: $47.05 billion (86.8% of revenue); Non-GAAP Gross Margin: $47.20 billion (87.0%).
  • GAAP Operating Income: $43.75 billion; Non-GAAP Operating Income: $44.64 billion.
  • GAAP Net Income: $37.70 billion ($32.87 per diluted share); Non-GAAP Net Income: $38.40 billion ($33.42 per diluted share).
  • Operating Cash Flow: $43.97 billion, compared to $25.39 billion in Q3 FY26 and $5.73 billion in Q4 FY25.
  • Adjusted Free Cash Flow: $33.20 billion after net capital expenditures of $10.77 billion.

• Full-Year Fiscal 2026:

  • Revenue: $133.19 billion, up substantially from $37.38 billion in FY25.
  • GAAP Net Income: $84.97 billion ($74.33 per diluted share); Non-GAAP Net Income: $86.76 billion ($75.52 per diluted share).
  • Operating Cash Flow: $89.68 billion vs. $17.53 billion in the prior year.
  • Adjusted Free Cash Flow: $62.31 billion with capital expenditures of $27.37 billion.
  • Cash & Liquidity: Closed the fiscal year with $73.48 billion in cash, marketable investments, and restricted cash.

Business Unit Performance (Q4 FY26)

• Cloud Memory Business Unit: Revenue reached $16.28 billion (up from $4.54 billion YoY) with gross margin at 83% and operating margin at 76%.
• Core Data Center Business Unit: Revenue reached $18.00 billion (up from $1.58 billion YoY) with gross margin at 90%.

Capital Allocation

• The Board of Directors declared a quarterly dividend of $0.15 per share, payable on October 29, 2026, to shareholders of record as of October 14, 2026.