Micron Technology, Inc. Reports Record Fiscal Fourth-Quarter and Full-Year 2026 Results - NetDania News

  • Micron Technology, Inc. Reports Record Fiscal Fourth-Quarter and Full-Year 2026 Results

    Источник: Nasdaq GlobeNewswire / 30 Sep 2026 16:01:00   America/New_York

    BOISE, Idaho, Sept. 30, 2026 (GLOBE NEWSWIRE) -- Micron Technology, Inc. (Nasdaq: MU) today announced results for its fourth quarter and full year of fiscal 2026, which ended September 3, 2026.

    Fiscal Q4 2026 Highlights

      • Revenue of $54.23 billion versus $41.46 billion for the prior quarter and $11.32 billion for the same period last year
      • GAAP net income of $37.70 billion, or $32.87 per diluted share
      • Non-GAAP net income of $38.40 billion, or $33.42 per diluted share
      • Operating cash flow of $43.97 billion versus $25.39 billion for the prior quarter and $5.73 billion for the same period last year

    Fiscal 2026 Highlights

      • Revenue of $133.19 billion versus $37.38 billion for the prior year
      • GAAP net income of $84.97 billion, or $74.33 per diluted share
      • Non-GAAP net income of $86.76 billion, or $75.52 per diluted share
      • Operating cash flow of $89.68 billion versus $17.53 billion for the prior year

    “Micron delivered record fiscal 2026 results, and we expect an even stronger fiscal 2027,” said Sanjay Mehrotra, Chairman and CEO of Micron Technology. “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.”

    Quarterly Financial Results
    (in millions, except per share amounts)
    		GAAP(1) Non-GAAP(2)
    FQ4-26FQ3-26FQ4-25 FQ4-26FQ3-26FQ4-25
            
    Revenue$54,229 $41,456 $11,315  $54,229 $41,456 $11,315 
    Gross margin 47,047  35,056  5,054   47,204  35,199  5,169 
    Percent of revenue 86.8% 84.6% 44.7%  87.0% 84.9% 45.7%
    Operating expenses 3,296  1,738  1,400   2,568  1,518  1,214 
    Operating income 43,751  33,318  3,654   44,636  33,681  3,955 
    Percent of revenue 80.7% 80.4% 32.3%  82.3% 81.2% 35.0%
    Net income 37,701  28,243  3,201   38,398  28,857  3,469 
    Diluted earnings per share 32.87  24.67  2.83   33.42  25.11  3.03 


    Annual Financial Results
    (in millions, except per share amounts)
    		GAAP(1) Non-GAAP(2)
    FY-26FY-25 FY-26FY-25
          
    Revenue$133,188 $37,378  $133,188 $37,378 
    Gross margin 107,504  14,873   108,032  15,286 
    Percent of revenue 80.7% 39.8%  81.1% 40.9%
    Operating expenses 8,164  5,103   6,841  4,440 
    Operating income 99,340  9,770   101,191  10,846 
    Percent of revenue 74.6% 26.1%  76.0% 29.0%
    Net income 84,969  8,539   86,758  9,470 
    Diluted earnings per share 74.33  7.59   75.52  8.29 


    Investments in capital expenditures, net(2) were $10.77 billion for the fourth quarter of 2026 and $27.37 billion for the full year of 2026. Adjusted free cash flow(2) was $33.20 billion for the fourth quarter of 2026 and $62.31 billion for the full year of 2026. Micron ended the year with cash, marketable investments, and restricted cash of $73.48 billion. On September 30, 2026, Micron’s Board of Directors declared a quarterly dividend of $0.15 per share, payable in cash on October 29, 2026, to shareholders of record as of the close of business on October 14, 2026.

    Quarterly Business Unit Financial Results
     FQ4-26FQ3-26FQ4-25
        
    Cloud Memory Business Unit   
    Revenue$16,283 $13,769 $4,543 
    Gross margin 83% 83% 59%
    Operating margin 76% 78% 48%
        
    Core Data Center Business Unit   
    Revenue$18,002 $11,524 $1,577 
    Gross margin 90% 87% 41%
    Operating margin 85% 83% 25%
        
    Mobile and Client Business Unit   
    Revenue$13,114 $11,521 $3,760 
    Gross margin 90% 87% 36%
    Operating margin 88% 86% 29%
        
    Automotive and Embedded Business Unit   
    Revenue$6,824 $4,634 $1,434 
    Gross margin 84% 79% 31%
    Operating margin 79% 75% 20%


    Business Outlook

    The following table presents Micron’s guidance for the first quarter of 2027:

    FQ1-27GAAP(1) OutlookNon-GAAP(2) Outlook
       
    Revenue$61.5 billion ± $1.5 billion$61.5 billion ± $1.5 billion
    Gross marginApproximately 85.95%Approximately 86.25%
    Operating expensesApproximately $2.31 billionApproximately $2.06 billion
    Diluted earnings per share$37.84 ± $1.00$38.15 ± $1.00


    Further information regarding Micron’s business outlook is included in the prepared remarks and slides, which have been posted at investors.micron.com.

    Product Highlights

    • We began sampling the industry's first 512GB ultra dense high-capacity DDR5 RDIMM modules capable of speeds up to 9,200 MT/s.
    • We have completed multiple customer qualifications of our 1-gamma based, 8,800 MT/s high-speed server RDIMM modules.
    • Our industry leading server LPDDR SOCAMM portfolio revenue more than doubled sequentially in the fourth quarter of 2026.
    • Our 7600 PCIe Gen 5 and 9650 PCIe Gen 6 SSD high-performance products are now shipping to market-leading customers for KV-cache applications.
    • Our 6600 ION SSD achieved a strong volume ramp in the fourth quarter of 2026.
    • We are now shipping 6-channel 1-gamma LPDDR5X for flagship mobile devices.
    • We have secured design wins with every Tier 1 OEM customer for AI workstation product.
    • Our 4600 SSD secured additional qualifications with leading PC OEMs.
    • We began sampling 1-gamma based LPDDR6 products to multiple physical AI markets.

    Investor Webcast

    Micron will host a conference call on Wednesday, September 30, 2026 at 2:30 p.m. Mountain Time to discuss its fourth-quarter and full-year financial results and provide forward-looking guidance for its first quarter. A live webcast of the call will be available online at investors.micron.com. A webcast replay will be available for one year after the call.

    We encourage you to visit our website at micron.com throughout the quarter for the most current information on the company, including information on financial conferences that we may be attending. You can also follow us on LinkedIn, X (@MicronTech) and YouTube (@MicronTechnology).

    About Micron Technology, Inc.

    Micron Technology, Inc. is a global leader in semiconductor memory and storage, powering AI and compute-intensive applications from cloud to edge. With a relentless focus on our customers, technology and product leadership, and manufacturing and operational excellence, Micron’s comprehensive portfolio of high-performance DRAM, NAND and NOR solutions deliver the speed, efficiency, and scale today’s workloads demand, accelerating intelligence to enrich life for all. To learn more about Micron Technology, Inc. (Nasdaq: MU), visit micron.com.

    © 2026 Micron Technology, Inc. All rights reserved. Micron, the Micron logo, and all other Micron trademarks are the property of Micron Technology, Inc. All other trademarks are the property of their respective owners.

    Forward-Looking Statements

    This press release contains forward-looking statements regarding our industry, our strategic position, our customers, including customer demand, our investments and the goals for such investments, our business opportunity, our products and technology, and our financial and operating performance, including our guidance for the first quarter. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially. Please refer to the documents we file with the Securities and Exchange Commission, including our most recent Form 10-K and Form 10-Q. These documents contain and identify important factors that could cause our actual results to differ materially from those contained in these forward-looking statements. These certain factors can be found at investors.micron.com/risk-factor. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We are under no duty to update any of the forward-looking statements to conform these statements to actual results.

    (1)GAAP represents U.S. Generally Accepted Accounting Principles.
    (2)Non-GAAP represents GAAP excluding the impact of certain activities, which management excludes in analyzing our operating results and understanding trends in our earnings; adjusted free cash flow; investments in capital expenditures, net; and business outlook. Further information regarding Micron’s use of non-GAAP measures and reconciliations between GAAP and non-GAAP measures are included within this press release.


    MICRON TECHNOLOGY, INC.
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (In millions, except per share amounts)
    (Unaudited)

     4th Qtr.3rd Qtr.4th Qtr.Year Ended
     September 3,
    2026    		May 28,
    2026    		August 28,
    2025    		September 3,
    2026    		August 28,
    2025
          
    Revenue$54,229 $41,456 $11,315 $133,188 $37,378 
    Cost of goods sold 7,182  6,400  6,261  25,684  22,505 
    Gross margin 47,047  35,056  5,054  107,504  14,873 
          
    Research and development 1,913  1,316  1,047  5,650  3,798 
    Selling, general, and administrative 859  407  314  1,947  1,205 
    Other operating (income) expense, net 524  15  39  567  100 
    Operating income 43,751  33,318  3,654  99,340  9,770 
          
    Interest income 575  215  146  1,084  496 
    Interest expense —  —  (124) (106) (477)
    Other non-operating income (expense), net (88) (321) (45) (647) (135)
      44,238  33,212  3,631  99,671  9,654 
          
    Income tax (provision) benefit (6,583) (4,978) (429) (14,761) (1,124)
    Equity in net income (loss) of equity method investees 46  9  (1) 59  9 
    Net income$37,701 $28,243 $3,201 $84,969 $8,539 
          
    Earnings per share     
    Basic$33.36 $25.03 $2.86 $75.38 $7.65 
    Diluted 32.87  24.67  2.83  74.33  7.59 
          
    Number of shares used in per share calculations     
    Basic 1,130  1,128  1,120  1,127  1,116 
    Diluted 1,147  1,145  1,131  1,143  1,125 


    MICRON TECHNOLOGY, INC.
    CONSOLIDATED BALANCE SHEETS
    (In millions)
    (Unaudited)

    As ofSeptember 3,
    2026    		May 28,
    2026    		August 28,
    2025
        
    Assets   
    Cash and equivalents$38,364 $24,995 $9,642 
    Short-term investments 5,070  1,027  665 
    Receivables 36,197  31,025  9,265 
    Inventories 10,372  8,567  8,355 
    Other current assets 1,067  1,123  914 
    Total current assets 91,070  66,737  28,841 
    Long-term marketable investments 30,019  4,106  1,629 
    Property, plant, and equipment 63,310  56,426  46,590 
    Goodwill 1,150  1,150  1,150 
    Other noncurrent assets 10,339  5,693  4,588 
    Total assets$195,888 $134,112 $82,798 
        
    Liabilities and equity   
    Accounts payable and accrued expenses$22,605 $15,521 $9,649 
    Current debt 491  582  560 
    Other current liabilities 4,386  3,385  1,245 
    Total current liabilities 27,482  19,488  11,454 
    Long-term debt 4,688  5,140  14,017 
    Noncurrent unearned government incentives 786  1,020  1,018 
    Noncurrent customer contract liabilities 12,895  568  142 
    Other noncurrent liabilities 11,659  7,172  2,002 
    Total liabilities 57,510  33,388  28,633 
        
    Commitments and contingencies   
        
    Shareholders’ equity   
    Common stock 128  128  127 
    Additional capital 14,974  14,442  13,339 
    Retained earnings 131,851  94,682  48,583 
    Treasury stock (8,502) (8,502) (7,852)
    Accumulated other comprehensive income (loss) (73) (26) (32)
    Total equity 138,378  100,724  54,165 
    Total liabilities and equity$195,888 $134,112 $82,798 


    MICRON TECHNOLOGY, INC.
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (In millions)
    (Unaudited)

    For the year endedSeptember 3,
    2026    		August 28,
    2025
       
    Cash flows from operating activities  
    Net income$84,969 $8,539 
    Adjustments to reconcile net income to net cash provided by operating activities:  
    Depreciation expense and amortization of intangible assets 9,503  8,352 
    Stock-based compensation 1,333  972 
    Change in operating assets and liabilities:  
    Receivables (25,206) (1,776)
    Inventories (2,017) 520 
    Accounts payable and accrued expenses 8,707  862 
    Other current liabilities 3,141  (272)
    Other noncurrent liabilities 9,633  381 
    Other (388) (53)
    Net cash provided by operating activities 89,675  17,525 
       
    Cash flows from investing activities  
    Purchases of available-for-sale securities (34,871) (1,890)
    Expenditures for property, plant, and equipment (30,712) (15,857)
    Purchases of non-marketable equity securities (1,046) (34)
    Proceeds from government incentives 3,316  2,005 
    Proceeds from maturities and sales of available-for-sale securities 1,988  1,698 
    Other (316) (9)
    Net cash used for investing activities (61,641) (14,087)
       
    Cash flows from financing activities  
    Proceeds from customer contract liability deposits 12,747  — 
    Proceeds from issuance of debt —  4,430 
    Repayments of debt (10,043) (4,619)
    Repurchases of common stock - withholdings on employee equity awards (1,127) (340)
    Repurchases of common stock - repurchase program (650) — 
    Payments of dividends to shareholders (610) (522)
    Other 313  201 
    Net cash provided by (used for) financing activities 630  (850)
       
    Effect of changes in currency exchange rates on cash, cash equivalents, and restricted cash 81  6 
       
    Net increase in cash, cash equivalents, and restricted cash 28,745  2,594 
    Cash, cash equivalents, and restricted cash at beginning of period 9,646  7,052 
    Cash, cash equivalents, and restricted cash at end of period$38,391 $9,646 


    MICRON TECHNOLOGY, INC.
    RECONCILIATION OF GAAP TO NON-GAAP MEASURES
    (In millions, except per share amounts)

     4th Qtr.3rd Qtr.4th Qtr.Year Ended
     September 3,
    2026    		May 28,
    2026    		August 28,
    2025    		September 3,
    2026    		August 28,
    2025
          
    GAAP gross margin$47,047 $35,056 $5,054 $107,504 $14,873 
    Stock-based compensation 157  143  115  528  409 
    Other —  —  —  —  4 
    Non-GAAP gross margin$47,204 $35,199 $5,169 $108,032 $15,286 
          
    GAAP operating expenses$3,296 $1,738 $1,400 $8,164 $5,103 
    Stock-based compensation (207) (198) (147) (754) (566)
    Patent license charges (500) —  —  (500) (57)
    Other (21) (22) (39) (69) (40)
    Non-GAAP operating expenses$2,568 $1,518 $1,214 $6,841 $4,440 
          
    GAAP operating income$43,751 $33,318 $3,654 $99,340 $9,770 
    Stock-based compensation 364  341  262  1,282  975 
    Patent license charges 500  —  —  500  57 
    Other 21  22  39  69  44 
    Non-GAAP operating income$44,636 $33,681 $3,955 $101,191 $10,846 
          
    GAAP net income$37,701 $28,243 $3,201 $84,969 $8,539 
    Stock-based compensation 364  341  262  1,282  975 
    Patent license charges 500  —  —  500  57 
    Loss on debt prepayments 9  325  9  511  59 
    Other 22  23  39  50  40 
    Estimated tax effects of above and other tax adjustments (198) (75) (42) (554) (200)
    Non-GAAP net income$38,398 $28,857 $3,469 $86,758 $9,470 
          
    GAAP weighted-average common shares outstanding - Diluted 1,147  1,145  1,131  1,143  1,125 
    Adjustment for stock-based compensation 2  4  14  6  18 
    Non-GAAP weighted-average common shares outstanding - Diluted 1,149  1,149  1,145  1,149  1,143 
          
    GAAP diluted earnings per share$32.87 $24.67 $2.83 $74.33 $7.59 
    Effects of the above adjustments 0.55  0.44  0.20  1.19  0.70 
    Non-GAAP diluted earnings per share$33.42 $25.11 $3.03 $75.52 $8.29 


    RECONCILIATION OF GAAP TO NON-GAAP MEASURES, Continued

     4th Qtr.3rd Qtr.4th Qtr.Year Ended
     September 3,
    2026    		May 28,
    2026    		August 28,
    2025    		September 3,
    2026    		August 28,
    2025
          
    GAAP net cash provided by operating activities$43,973 $25,388 $5,730 $89,675 $17,525 
          
    Expenditures for property, plant, and equipment (11,110) (7,826) (5,658) (30,712) (15,857)
    Proceeds from sales of property, plant, and equipment 9  9  20  29  48 
    Proceeds from government incentives 327  733  711  3,316  2,005 
    Investments in capital expenditures, net (10,774) (7,084) (4,927) (27,367) (13,804)
    Adjusted free cash flow$33,199 $18,304 $803 $62,308 $3,721 


    The tables above reconcile GAAP to non-GAAP measures of gross margin, operating expenses, operating income, net income, diluted shares, diluted earnings per share, and adjusted free cash flow. The non-GAAP adjustments above may or may not be infrequent or nonrecurring in nature, but are a result of periodic or non-core operating activities. We believe this non-GAAP information is helpful in understanding trends and in analyzing our operating results and earnings. We are providing this information to investors to assist in performing analysis of our operating results. When evaluating performance and making decisions on how to allocate our resources, management uses this non-GAAP information and believes investors should have access to similar data when making their investment decisions. We believe these non-GAAP financial measures increase transparency by providing investors with useful supplemental information about the financial performance of our business, enabling enhanced comparison of our operating results between periods and with peer companies. The presentation of these adjusted amounts varies from amounts presented in accordance with U.S. GAAP and therefore may not be comparable to amounts reported by other companies. Our management excludes the following items as applicable in analyzing our operating results and understanding trends in our earnings:

    • Stock-based compensation;
    • Gains and losses from settlements;
    • Gains and losses from debt prepayments;
    • Restructure and asset impairments; and
    • The estimated tax effects of above, non-cash changes in net deferred income taxes, assessments of tax exposures, certain tax matters related to prior fiscal periods, and significant changes in tax law. The divergence between our GAAP and non-GAAP income tax (provision) benefit relates to the difference in our GAAP and non-GAAP estimated annual effective tax rates, which are computed separately.

    Non-GAAP diluted shares are adjusted for the impact of additional shares resulting from the exclusion of stock-based compensation from non-GAAP income.

    MICRON TECHNOLOGY, INC.
    RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK

    FQ1-27GAAP Outlook Adjustments Non-GAAP Outlook
             
    Revenue$61.5 billion ± $1.5 billion —    $61.5 billion ± $1.5 billion
    Gross marginApproximately 85.95% 0.30
    		% A Approximately 86.25%
    Operating expensesApproximately $2.31 billion $253 million
    		 B Approximately $2.06 billion
    Diluted earnings per share(1)$37.84 ± $1.00 $0.31
    		 A, B, C $38.15 ± $1.00


    Non-GAAP Adjustments
    (in millions)    		 
       
    AStock-based compensation – cost of goods sold$174 
    BStock-based compensation – research and development 166 
    BStock-based compensation – selling, general, and administrative 87 
    CTax effects of the above items and other tax adjustments (65)
      $362 


    (1)GAAP earnings per share and non-GAAP earnings per share based on approximately 1.15 billion diluted shares.


    The tables above reconcile our GAAP to non-GAAP guidance based on the current outlook. The guidance does not incorporate the impact of any potential business combinations, divestitures, additional restructuring activities, balance sheet valuation adjustments, strategic investments, financing transactions, and other significant transactions. The timing and impact of such items are dependent on future events that may be uncertain or outside of our control.


    Contacts:

Satya Kumar
Investor Relations
satyakumar@micron.com
(408) 450-6199

Mark Plungy
Media Relations
mplungy@micron.com
(408) 203-2910

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