Micron posts record $54.2B quarter on AI memory demand and guides to $61.5B
On Sept 30, 2026 Micron reported fiscal Q4 2026 revenue of $54.23B, up from $11.32B a year earlier, with GAAP net income of $37.70B. Fiscal 2026 revenue was $133.19B against $37.38B the year before. It guided fiscal Q1 2027 revenue to $61.5B ± $1.5B, above analyst estimates. The AI build-out has turned memory into one of the most profitable parts of the chip industry.
Key facts
- Mehrotra (Oct 1, The Register): 'In calendar 2027 as well as 2028, we see demand exceeding supply'; 'We do not have line of sight to when supply and demand will return to balance'; customers will pay 'much higher prices' than in 2026; HBM demand is growing faster than server DRAM demand
- FQ4 2026 revenue $54.23B (vs $41.46B prior quarter, $11.32B a year earlier); GAAP net income $37.70B ($32.87/share); non-GAAP $33.42/share
- FY2026 revenue $133.19B (vs $37.38B in FY2025); GAAP net income $84.97B
- FQ1 2027 guidance: revenue $61.5B ± $1.5B; analysts had expected about $57B (CNBC)
- Micron's CEO used the White House's new term: 'AI is becoming Super Intelligence (SI), and memory enhances this intelligence...'
- Investor slides (Investing.com): AI demand keeps supply tight; most of calendar 2027 HBM supply reportedly already contracted at higher prices
- Micron also said humanoid robots could need 200GB+ of DRAM and terabytes of NAND each (Benzinga)
What happened
Micron's annual revenue more than tripled as AI data centers absorbed HBM, high-capacity server DRAM and SSDs. Quarterly net income was about 70% of revenue.
Why it matters
Memory has become a bottleneck and a profit center of the AI build-out. Micron's guidance is a leading indicator that AI infrastructure spending was still accelerating into late 2026. The CEO adopting "Super Intelligence (SI)" days after the executive order shows how fast the new term spread.
Unverified: the HBM contracting detail comes from a secondary summary of the slides, not the press release.
Changelog
- 2026-10-01: created
- 2026-10-02: added Mehrotra quote that shortages persist through 2028
Related events
- Trump signs executive order 'Inaugurating the Era of Super Intelligence', ordering federal agencies to replace 'AI' with 'Super Intelligence (SI)' ★★★
- Micron and Anthropic sign a memory supply, co-design and investment deal; Micron joins the Series H ★★
Sources (5)
- pressThe Register: RAM supply set to worsen, says Micron
- officialMicron FQ4 2026 press release (SEC 8-K Ex. 99.1)
- pressCNBC: Micron (MU) Q4 earnings report 2026
- pressInvesting.com: Micron FQ4 2026 slides: record revenue, AI demand drives supply tightness
- pressBenzinga: Micron says humanoid robots could drive future memory demand
id: 2026-09-30-micron-record-fq4-2026 · updated 2026-10-02 · open in the interactive timeline