Micron Q4 Revenue Hits $54.2B, Up 379% YoY; DRAM Tops $100B

Oct 1, 2026 09:41 ET · 2h ago · 1

TREE NEWS reports: Micron reported fourth-quarter revenue of $54.2 billion, up 379% year over year and 31% quarter over quarter, with gross margin of 87% and non-GAAP EPS of $33.42, beating the high end of guidance. For fiscal 2026, total revenue reached $133.2 billion, up 256%, gross margin was 81.1% and EPS $75.52, with annual DRAM revenue surpassing $100 billion for the first time. The company also raised fiscal 2026 employee incentive compensation.

Original source

AI take

The scale of the beat, not just the growth rate, is the signal: 87% gross margin on a memory business implies pricing power that historically belonged to logic, not DRAM. That matters for anyone modeling AI infrastructure costs, since memory has quietly become a larger share of the bill of materials. The raised employee incentive compensation suggests management expects this margin structure to persist rather than mean-revert. Whether DRAM pricing holds as capacity expands is the open question.

Generated by AI for reference only.

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