Micron Revenue Jumps 379% to $54.23B on Strong AI Demand

During the fiscal fourth quarter of 2026, Micron revenue reached an all-time high of $54.23 billion, marking a 379% increase from $11.32 billion during the same period last year. Driven by relentless demand for artificial intelligence memory that continues to outpace available supply, Micron earnings reached $33.42 per share, surpassing the $31.61 Wall Street consensus estimate. Net income rose substantially to $37.7 billion, up from $3.2 billion. This impressive top-line expansion brought full-year sales to $133.19 billion, though Micron stock showed little movement in after-hours trading.

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Micron Revenue Growth: Earnings, AI Demand And Stock Outlook

Chairman and CEO Sanjay Mehrotra attributed the surge in Micron revenue directly to artificial intelligence, stating:

“Micron delivered record fiscal 2026 results, and we expect an even stronger fiscal 2027. 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.”

Micron Earnings Top Estimates As DRAM Leads

Gross margin achieved a record 87%, with DRAM chips driving the majority of the performance by generating nearly 75% of total Micron revenue.

Chief Financial Officer Mark Murphy shared these remarks:

“Consolidated fiscal Q4 revenue was $54.2 billion, up 31% sequentially and up 379% year over year. Fiscal Q4 revenue was our sixth consecutive quarterly revenue record. Fiscal Q4 DRAM revenue was a record $39.8 billion, up 343% year over year and represented 73% of total revenue. Sequentially, DRAM revenue increased 27%.”

Looking ahead to the first quarter of fiscal 2027, Micron projects a midpoint of $38.15 per share and $61.5 billion in sales, exceeding analyst forecasts of $35.40 and $57 billion. If these projections hold, sales will grow by approximately another $7.3 billion in a single quarter.

Micron AI Memory Demand Keeps Supply Tight

As the sole US manufacturer of high-bandwidth memory (HBM)—a crucial component for AI chips running large models—Micron has secured commitments from customers for over 75% of its 2027 output, according to Mehrotra. Rising prices are also bolstering Micron revenue, with DRAM prices climbing by a high-teens percentage last quarter. Given the intensity of Micron AI memory demand, management currently cannot predict when market supply and demand will reach equilibrium.

Mehrotra noted:

“As strong as fiscal 2026 was, we expect fiscal 2027 to be even better. Industry demand has strengthened since our last earnings call, and we expect memory and storage supply-demand conditions to be much tighter in fiscal 2027 and 2028 than they were in 2026.”

Micron Stock Outlook After The Record Quarter

Shares remained flat in after-hours trading near $1,065, as market participants had already anticipated a major beat following a more than 500% rally in Micron stock over the past year. This marks the eighth consecutive quarter that Micron earnings have exceeded expectations, bringing the company’s market capitalization to over $1.2 trillion.

Micron anticipates fiscal 2027 to set new records, anticipating sequential revenue growth every quarter. Additionally, share buybacks are slated to increase starting December 9.

Supported by 26 long-term customer agreements securing over 35% of projected sales through 2030, future Micron revenue growth will rely heavily on how fast new fabrication facilities in Idaho and New York become operational.

Frequently Asked Questions

What was Micron’s revenue for the fiscal fourth quarter of 2026?

Micron reported a record revenue of $54.23 billion for the fiscal fourth quarter of 2026, representing a 379% increase compared to $11.32 billion during the same period last year.

How much did DRAM contribute to Micron’s quarterly revenue?

DRAM chips generated a record $39.8 billion, making up 73% of Micron’s total revenue for the quarter and growing 343% year-over-year.

What are Micron’s financial projections for the first quarter of fiscal 2027?

Micron anticipates $38.15 per share and $61.5 billion in sales at the midpoint for Q1 fiscal 2027, which is above Wall Street expectations of $35.40 per share and $57 billion in sales.

How much of Micron’s 2027 output is already spoken for?

According to CEO Sanjay Mehrotra, customers have already locked in more than 75% of Micron’s expected output for 2027.

Why did Micron stock trade flat after reporting record earnings?

Shares traded flat around $1,065 after hours because investors had largely priced in the strong financial results, especially after Micron stock surged more than 500% over the previous year.