Micron Reports Record Q4 Revenue as AI Memory Demand Tightens Supply

Micron reported $54.23 billion in revenue for its fiscal fourth quarter ended September 3, 2026, up from $41.46 billion in the prior quarter and $11.32 billion a year earlier. GAAP net income reached $37.70 billion, while operating cash flow was $43.97 billion.

For the full fiscal year, Micron reported $133.19 billion in revenue and $84.97 billion in GAAP net income. These are company-reported financial results, not a measure of consumer-memory performance or a guarantee that current market conditions will persist.

Micron guided fiscal first-quarter 2027 revenue to $61.5 billion, plus or minus $1.5 billion. The company also expects an approximately 85.95% GAAP gross margin for the quarter.

The guidance is forward-looking rather than a completed result. Actual revenue, margins and product demand can change with customer spending, supply additions, product mix, yields and broader market conditions.

Micron's Core Data Center Business Unit generated $18.00 billion in quarterly revenue, compared with $11.52 billion in the previous quarter and $1.58 billion a year earlier. Its Cloud Memory Business Unit reported $16.28 billion.

AI servers consume large amounts of HBM and conventional server memory, so the current cycle cannot be read only through desktop DDR5 or SSD retail demand. Supplier manufacturing capacity and capital spending increasingly span both AI and client products.

Micron recorded $10.77 billion of net capital expenditures in the fourth quarter and $27.37 billion for the full fiscal year. Capacity additions take time, so investment does not immediately translate into more retail DRAM or NAND supply.

Micron also said it has begun sampling LPDDR6 products built on its 1-gamma DRAM process to multiple physical-AI markets. That establishes sampling, not mass production, broad commercial availability or a PC launch date.