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

Q: What were Micron's fiscal fourth-quarter 2026 earnings?

Micron reported GAAP net income of $37.701 billion, or $32.87 per diluted share, for the quarter ended September 3, 2026. A year earlier, GAAP net income was $3.201 billion, or $2.83 per diluted share. Quarterly revenue increased to $54.229 billion from $11.315 billion.

Q: What is Micron's fiscal first-quarter 2027 guidance?

Micron expects revenue of $61.5 billion ± $1.5 billion and GAAP diluted earnings per share of $37.84 ± $1.00. Its GAAP outlook includes approximately 85.95% gross margin and approximately $2.31 billion in operating expenses.

Q: Who qualifies for Micron's October 2026 quarterly dividend?

Shareholders of record at the close of business on October 14, 2026, qualify for the quarterly cash dividend. The dividend is $0.15 per share and is payable October 29, 2026.

Annual debt repayments totaled $10.043 billion, while customer contract liability deposits supplied $12.747 billion in financing cash.

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Rhea-AI Summary

Micron Technology (Nasdaq: MU) reported fiscal fourth-quarter revenue of $54.229 billion, with earnings and cash flow also rising year over year. For the quarter ended September 3, 2026, GAAP net income reached $37.701 billion, or $32.87 per diluted share, versus $3.201 billion and $2.83 a year earlier. Gross margin rose to 86.8% from 44.7%.

Fiscal 2026 revenue reached $133.188 billion versus $37.378 billion; GAAP net income was $84.969 billion. Annual operating cash flow totaled $89.675 billion, with adjusted free cash flow of $62.31 billion. Year-end cash, marketable investments and restricted cash totaled $73.48 billion. Micron expects fiscal Q1 2027 revenue of $61.5 billion ± $1.5 billion and GAAP diluted earnings of $37.84 ± $1.00, with approximately 85.95% gross margin. A quarterly dividend of $0.15 per share is payable October 29, 2026.

38 points · 2 major

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0 major · 9 points

Hollow bars mark forward-looking points. How the balance works

Positive

Major pointQ4 revenue of $54.229 billion exceeded $41.456 billion sequentially and $11.315 billion a year earlier.
Major pointQ4 GAAP net income of $37.701 billion exceeded $28.243 billion sequentially and $3.201 billion year over year.
Moderate pointQ4 GAAP gross margin of 86.8% increased from 84.6% sequentially and 44.7% year over year.
Moderate pointQ4 operating cash flow of $43.97 billion exceeded $25.39 billion sequentially and $5.73 billion year over year.
Moderate pointQ4 adjusted free cash flow totaled $33.20 billion.
Moderate pointYear-end cash, marketable investments and restricted cash totaled $73.48 billion.
Moderate pointLong-term debt of $4.688 billion declined from $14.017 billion at fiscal 2025 year-end.
Moderate point. Forward-looking: it has not happened yet and may not happen.Micron guides fiscal Q1 2027 revenue to $61.5 billion ± $1.5 billion.

30 minor points

Minor pointQ4 GAAP diluted EPS of $32.87 increased from $24.67 sequentially and $2.83 year over year.
Minor pointQ4 GAAP operating income of $43.751 billion exceeded $33.318 billion sequentially and $3.654 billion year over year.
Minor pointQ4 GAAP operating margin of 80.7% increased from 80.4% sequentially and 32.3% year over year.
Minor pointFiscal 2026 revenue of $133.188 billion increased from $37.378 billion in fiscal 2025.
Minor pointFiscal 2026 GAAP net income of $84.969 billion increased from $8.539 billion in fiscal 2025.
Minor pointFiscal 2026 GAAP diluted EPS of $74.33 increased from $7.59 in fiscal 2025.
Minor pointFiscal 2026 GAAP gross margin of 80.7% increased from 39.8% in fiscal 2025.
Minor pointFiscal 2026 GAAP operating income of $99.340 billion increased from $9.770 billion in fiscal 2025.
Minor pointFiscal 2026 GAAP operating margin of 74.6% increased from 26.1% in fiscal 2025.
Minor pointFiscal 2026 operating cash flow of $89.675 billion increased from $17.525 billion in fiscal 2025.
Minor pointFiscal 2026 adjusted free cash flow totaled $62.31 billion.
Minor pointFiscal 2026 debt repayments totaled $10.043 billion.
Minor pointCustomer contract liability deposits provided $12.747 billion in fiscal 2026 financing cash.
Minor pointFiscal 2026 share repurchases under the repurchase program totaled $650 million.
Minor pointCloud Memory Q4 revenue of $16.283 billion exceeded $13.769 billion sequentially and $4.543 billion year over year.
Minor pointCloud Memory Q4 gross margin of 83% was unchanged sequentially and above 59% year over year.
Minor pointCore Data Center Q4 revenue of $18.002 billion exceeded $11.524 billion sequentially and $1.577 billion year over year.
Minor pointCore Data Center Q4 gross margin of 90% exceeded 87% sequentially and 41% year over year.
Minor pointCore Data Center Q4 operating margin of 85% exceeded 83% sequentially and 25% year over year.
Minor pointMobile and Client Q4 revenue of $13.114 billion exceeded $11.521 billion sequentially and $3.760 billion year over year.
Minor pointMobile and Client Q4 gross margin of 90% exceeded 87% sequentially and 36% year over year.
Minor pointMobile and Client Q4 operating margin of 88% exceeded 86% sequentially and 29% year over year.
Minor pointAutomotive and Embedded Q4 revenue of $6.824 billion exceeded $4.634 billion sequentially and $1.434 billion year over year.
Minor pointAutomotive and Embedded Q4 gross margin of 84% exceeded 79% sequentially and 31% year over year.
Minor pointAutomotive and Embedded Q4 operating margin of 79% exceeded 75% sequentially and 20% year over year.
Minor pointServer LPDDR SOCAMM portfolio revenue more than doubled sequentially in fiscal Q4 2026.
Minor pointAI workstation design wins were secured with every Tier 1 OEM customer.
Minor point. Forward-looking: it has not happened yet and may not happen.Micron guides fiscal Q1 2027 GAAP diluted EPS to $37.84 ± $1.00.
Minor point. Forward-looking: it has not happened yet and may not happen.Micron guides fiscal Q1 2027 GAAP operating expenses to approximately $2.31 billion, below Q4's $3.296 billion.
Minor point. Forward-looking: it has not happened yet and may not happen.Micron plans increased investments in technology, products and manufacturing.

Negative

Moderate pointQ4 GAAP operating expenses of $3.296 billion exceeded $1.738 billion sequentially and $1.400 billion year over year.
Moderate pointNet capital expenditures totaled $10.77 billion in Q4 and $27.37 billion in fiscal 2026.
Moderate pointReceivables used $25.206 billion of operating cash in fiscal 2026, versus $1.776 billion in fiscal 2025.
Moderate pointNoncurrent customer contract liabilities of $12.895 billion increased from $142 million at fiscal 2025 year-end.
Minor pointFiscal 2026 GAAP operating expenses of $8.164 billion increased from $5.103 billion in fiscal 2025.

4 minor points

Minor pointPatent license charges totaled $500 million in fiscal Q4 and fiscal 2026.
Minor pointCloud Memory Q4 operating margin of 76% fell from 78% sequentially, but exceeded 48% year over year.
Minor point. Forward-looking: it has not happened yet and may not happen.Micron guides fiscal Q1 2027 GAAP gross margin to approximately 85.95%, below Q4's 86.8%.
Minor pointInventories used $2.017 billion of operating cash in fiscal 2026, versus providing $520 million in fiscal 2025.

News Explained

Micron reported $12,747 million of cash proceeds from customer contract liability deposits in FY26; at year-end, noncurrent customer contract liabilities were $12,895 million.

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Key Figures

FQ4 revenue: $54.23 billion GAAP diluted EPS: $32.87 per share Full-year revenue: $133.19 billion +5 more

FQ4 revenue: $54.23 billion; Fiscal Q4 2026
GAAP diluted EPS: $32.87 per share; Fiscal Q4 2026
Full-year revenue: $133.19 billion; Fiscal 2026
GAAP net income: $84.97 billion; Fiscal 2026
Adjusted free cash flow: $62.31 billion; Fiscal 2026
Revenue outlook: $61.5 billion ± $1.5 billion; Fiscal Q1 2027, GAAP and non-GAAP outlook
Non-GAAP diluted EPS outlook: $38.15 ± $1.00; Fiscal Q1 2027
Quarterly dividend: $0.15 per share; Declared Sept. 30, 2026; payable Oct. 29, 2026

Key Terms

gaap, non-gaap, ddr5, rdimm, +1 more

5 terms

gaap financial

"GAAP net income of $37.70 billion"

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

View in glossary

non-gaap financial

"Non-GAAP net income of $38.40 billion"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

View in glossary

ddr5 technical

"512GB ultra dense high-capacity DDR5 RDIMM modules"

DDR5 is the latest generation of high-speed volatile memory used as the short-term workspace for computers and servers, like a faster, larger desk where a processor keeps information it’s actively using. It matters to investors because upgrades to DDR5 drive demand across chip makers, computer builders and data-centre operators, affecting sales, pricing power and product cycles; companies that lead in DDR5 production or adoption can gain a competitive and financial edge.

rdimm technical

"512GB ultra dense high-capacity DDR5 RDIMM modules"

A RDIMM is a type of server memory module with a small built-in buffer that helps stabilize and coordinate data moving between the processor and many memory chips, making large amounts of memory more reliable and scalable. For investors, RDIMMs matter because they influence the cost, performance and reliability of data centers and enterprise hardware — factors that affect spending by cloud providers, server makers and companies that build or sell memory components, similar to how stronger building materials affect the cost and longevity of a construction project.

pcie gen 5 technical

"7600 PCIe Gen 5 and 9650 PCIe Gen 6 SSD"

PCIe Gen 5 is the latest version of a common connection standard that lets computer parts—like processors, graphics cards and fast storage—talk to each other much faster than before. For investors it matters because higher data transfer speed is like widening a highway: it lets servers, data centers and advanced devices handle more traffic and newer workloads, which can boost demand for chips, systems and equipment from companies that build or use this technology.

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09/30/2026 - 04:01 PM

AI-driven demand and strong operational execution position Micron for a record fiscal 2027

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⁾
(in millions, except per share amounts)	FQ4-26			FQ3-26			FQ4-25			FQ4-26			FQ3-26			FQ4-25

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⁾
(in millions, except per share amounts)	FY-26			FY-25			FY-26			FY-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
	FQ4-26			FQ3-26			FQ4-25

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:

FQ1-27	GAAP⁽¹⁾Outlook	Non-GAAP⁽²⁾Outlook

Revenue	$61.5 billion ± $1.5 billion	$61.5 billion ± $1.5 billion
Gross margin	Approximately 85.95%	Approximately 86.25%
Operating expenses	Approximately $2.31 billion	Approximately $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 of	September 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 ended	September 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
FQ1-27	GAAP Outlook	Adjustments			Non-GAAP Outlook

Revenue	$61.5 billion ± $1.5 billion	—			$61.5 billion ± $1.5 billion
Gross margin	Approximately 85.95%	0.30	%	A	Approximately 86.25%
Operating expenses	Approximately $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)

A	Stock-based compensation – cost of goods sold	$	174
B	Stock-based compensation – research and development		166
B	Stock-based compensation – selling, general, and administrative		87
C	Tax 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

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Micron's fiscal fourth-quarter 2026 earnings?

Micron reported GAAP net income of $37.701 billion, or $32.87 per diluted share, for the quarter ended September 3, 2026. A year earlier, GAAP net income was $3.201 billion, or $2.83 per diluted share. Quarterly revenue increased to $54.229 billion from $11.315 billion.

What is Micron's fiscal first-quarter 2027 guidance?

Micron expects revenue of $61.5 billion ± $1.5 billion and GAAP diluted earnings per share of $37.84 ± $1.00. Its GAAP outlook includes approximately 85.95% gross margin and approximately $2.31 billion in operating expenses.

Who qualifies for Micron's October 2026 quarterly dividend?

Shareholders of record at the close of business on October 14, 2026, qualify for the quarterly cash dividend. The dividend is $0.15 per share and is payable October 29, 2026.

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