Micron's FY26 Q4 Revenue Hits $54.2B, Crushing Estimates on AI Memory Demand

Micron reported FY2026 Q4 results that beat expectations across the board: revenue of $54.23 billion (vs. market expectations of about $51.07 billion / consensus $51.49 billion), up a stunning 379% year over year; adjusted EPS of $33.42 (vs. $31.61 expected); adjusted gross margin of 87.0% and operating margin of 82.3%. The Cloud Memory business led the way with $16.28 billion in revenue. AI compute demand is the core driver of this memory upcycle.

Confirmed

Revenue of $54.23 billion beat expectations, up 379% YoY, with adjusted EPS of $33.42, gross margin of 87.0%, and operating margin of 82.3%
Cloud Memory revenue came in at $16.28 billion
On the earnings call, management said industry demand has strengthened further since last quarter, and memory and storage supply-demand will be "much tighter" in FY2027 and FY2028 than in FY2026, with FY2027 overall better than FY2026
Gross margin guidance: FY2027 Q1 marks the gross margin trough, with sequential improvement thereafter; Q1 pressure stems mainly from the company booking increased FY2026 manufacturing-related incentive compensation into Q4 inventory costs, which will hit the P&L as that high-cost inventory ships in Q1

Why it matters

Analyst Ben Bajarin noted that despite the beat, the after-hours stock reaction was muted because the market was unsatisfied with the gross margin guidance; he also pointed out the irony that the memory industry historically ran single-digit average gross margins, yet the market is now disappointed margins aren't heading toward 90%
The call's comments on tighter FY2027/2028 supply-demand further confirm AI compute's sustained pull on the memory industry—a key signal for tracking the memory cycle

2026-10-01 ~ 2026-10-01 · 8 related posts

Full story(3 episodes)→

Episode 1: Tessara Predicts Micron Revenue to Smash Street High Estimates(2026-09-25, 4 posts)
Episode 2: Tessara Bets Micron Q4 Revenue Will Top $52 Billion(2026-09-29, 4 posts)
Episode 3: Micron's FY26 Q4 Revenue Hits $54.2B, Crushing Estimates on AI Memory Demand(2026-10-01, 8 posts)

Primary sources

Micron Q4 revenue hits $54.23B, up 379% YoY, crushing estimates on AI memory demand — zephyr_z9 · 2026-10-01 04:05 (UTC+08:00)
Micron FQ4 Revenue Hits $54.2B, Up 379% YoY; Guides Record $61.5B Next Quarter — Beth_Kindig · 2026-10-01 05:03 (UTC+08:00)
Micron: FY2027 memory and storage supply-demand will be much tighter than FY2026 — firstadopter · 2026-10-01 04:35 (UTC+08:00)

[source] Micron Q4 revenue hits $54.23B, up 379% YoY, crushing estimates on AI memory demand — zephyr_z9 · 2026-10-01
Micron beats earnings but stock cools as market frowns at margin guidance — BenBajarin · 2026-10-01
[source] Micron: FY2027 memory and storage supply-demand will be much tighter than FY2026 — firstadopter · 2026-10-01
Micron says fiscal Q1 is the gross margin floor, higher margins ahead — firstadopter · 2026-10-01
Micron Crushes Estimates as Quarterly Revenue Nearly Quadruples to $54.2B — Polymarket · 2026-10-01
[source] Micron FQ4 Revenue Hits $54.2B, Up 379% YoY; Guides Record $61.5B Next Quarter — Beth_Kindig · 2026-10-01
Micron net income up 'only' 11X, tempering AI memory boom expectations — firstadopter · 2026-10-01

1 near-duplicate retellings: McDonaghMatthew