OpenNashEarnings

Semiconductors · Nasdaq: MU

Micron earnings: results, call transcripts & KPI history

2 quarters · fiscal year ends September · next results expected around 16 Dec 2026

Investor relations ↗SEC filings ↗KPIs as CSV

Latest: Q4 FY2026

Micron reported fiscal fourth-quarter 2026 revenue of $54.23 billion, GAAP net income of $37.70 billion, or $32.87 per diluted share, and non-GAAP net income of $38.40 billion, or $33.42 per diluted share.

Micron posted record fiscal fourth-quarter revenue of $54.23 billion, up from $11.32 billion a year earlier and $41.46 billion in the prior quarter. Non-GAAP gross margin reached 87.0% and non-GAAP diluted EPS was $33.42. Operating cash flow was $43.97 billion. Management said AI-driven demand for memory and storage is far outrunning supply, and full-year revenue was $133.19 billion.

Read the Q4 FY2026 summary →Q4 FY2026 slides (PDF) ↗

Quarters

KPI history

Revenue$54.2B+379.3% y/yQ4 FY26
Q1 FY25: $8.7BQ1 25$8.7BQ2 FY25: $8.1BQ2 25$8.1BQ3 FY25: $9.3BQ3 25$9.3BQ4 FY25: $11.3B (worked out from the annual figure)Q4 25$11.3BQ1 FY26: $13.6BQ1 26$13.6BQ2 FY26: $23.9BQ2 26$23.9BQ3 FY26: $41.5BQ3 26$41.5BQ4 FY26: $54.2B (worked out from the annual figure)Q4 26$54.2B

Fourth quarter worked out from the annual figure.

Data
Q1 FY25$8.7B
Q2 FY25$8.1B
Q3 FY25$9.3B
Q4 FY25$11.3B *
Q1 FY26$13.6B
Q2 FY26$23.9B
Q3 FY26$41.5B
Q4 FY26$54.2B *
Diluted EPS (GAAP)$24.67+1368.5% y/yQ3 FY26
Q1 FY25: $1.67Q1 25$1.67Q2 FY25: $1.41Q2 25$1.41Q3 FY25: $1.68Q3 25$1.68Q1 FY26: $4.60Q1 26$4.60Q2 FY26: $12.07Q2 26$12.07Q3 FY26: $24.67Q3 26$24.67
Data
Q1 FY25$1.67
Q2 FY25$1.41
Q3 FY25$1.68
Q1 FY26$4.60
Q2 FY26$12.07
Q3 FY26$24.67

Fourth-quarter EPS appears once the press release is read; filings report it only for the full year.

Operating margin80.7%+48.4 pts y/yQ4 FY26
Q1 FY25: 25.0%Q1 2525.0%Q2 FY25: 22.0%Q2 2522.0%Q3 FY25: 23.3%Q3 2523.3%Q4 FY25: 32.3%Q4 2532.3%Q1 FY26: 45.0%Q1 2645.0%Q2 FY26: 67.6%Q2 2667.6%Q3 FY26: 80.4%Q3 2680.4%Q4 FY26: 80.7%Q4 2680.7%
Data
Q1 FY2525.0%
Q2 FY2522.0%
Q3 FY2523.3%
Q4 FY2532.3%
Q1 FY2645.0%
Q2 FY2667.6%
Q3 FY2680.4%
Q4 FY2680.7%
Free cash flow$32.9B+45543.1% y/yQ4 FY26
Q1 FY25: $38.0MQ1 25$38.0MQ2 FY25: -$113.0MQ2 25-$113.0MQ3 FY25: $1.7BQ3 25$1.7BQ4 FY25: $72.0MQ4 25$72.0MQ1 FY26: $3.0BQ1 26$3.0BQ2 FY26: $5.5BQ2 26$5.5BQ3 FY26: $17.6BQ3 26$17.6BQ4 FY26: $32.9BQ4 26$32.9B
Data
Q1 FY25$38.0M
Q2 FY25-$113.0M
Q3 FY25$1.7B
Q4 FY25$72.0M
Q1 FY26$3.0B
Q2 FY26$5.5B
Q3 FY26$17.6B
Q4 FY26$32.9B

Operating cash flow minus capital expenditure, from cash flow statements.

Q1 FY25Q2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26
Revenue$8.7B$8.1B$9.3B$11.3Bd$13.6B$23.9B$41.5B$54.2Bd
Gross margin38.4%36.8%37.7%44.7%56.0%74.4%84.6%86.8%
Operating income$2.2B$1.8B$2.2B$3.7Bd$6.1B$16.1B$33.3B$43.8Bd
Operating margin25.0%22.0%23.3%32.3%45.0%67.6%80.4%80.7%
Net income$1.9B$1.6B$1.9B$3.2Bd$5.2B$13.8B$28.2B$37.7Bd
Diluted EPS$1.67$1.41$1.68—$4.60$12.07$24.67—
Operating cash flow$3.2B$3.9Bd$4.6Bd$5.7Bd$8.4B$11.9Bd$25.4Bd$44.0Bd
Capital expenditure$3.2B$4.1Bd$2.9Bd$5.7Bd$5.4B$6.4Bd$7.8Bd$11.1Bd
Free cash flow$38.0M-$113.0M$1.7B$72.0M$3.0B$5.5B$17.6B$32.9B
R&D expense$888.0M$898.0M$965.0M$1.0Bd$1.2B$1.2B$1.3B$1.9Bd

From XBRL data in 10-Q and 10-K filings. d derived: a fourth quarter is the full year minus the first nine months, and cash flows are year-to-date figures differenced.

10-Q and 10-K filings