With margins this high the consumer is being ripped off, especially with most of the produced RAM sitting in warehouses waiting for datacentres to be built.
Micron Technology reported record fiscal fourth-quarter and full-year 2026 results on September 30, 2026, posting quarterly revenue of $54.23 billion and annual revenue of $133.19 billion for the fiscal year ended September 3, 2026.
Fourth-quarter revenue rose from $41.46 billion in the prior quarter and $11.32 billion in the same period a year earlier. GAAP net income was $37.70 billion, or $32.87 per diluted share, while non-GAAP net income was $38.40 billion, or $33.42 per diluted share. Operating cash flow reached $43.97 billion, compared with $25.39 billion in the prior quarter and $5.73 billion a year earlier.
For the full fiscal year, revenue totaled $133.19 billion versus $37.38 billion in fiscal 2025. GAAP net income was $84.97 billion, or $74.33 per diluted share, and non-GAAP net income was $86.76 billion, or $75.52 per diluted share. Operating cash flow was $89.68 billion versus $17.53 billion the prior year.
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Investments in capital expenditures, net, were $10.77 billion in the fourth quarter and $27.37 billion for the full year, and adjusted free cash flow was $33.20 billion for the quarter and $62.31 billion for the year. Micron ended fiscal 2026 with cash, marketable investments, and restricted cash of $73.48 billion.
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Micron reduced debt by approximately $500 million during the quarter, including a note redemption that reduced senior notes by approximately $300 million, and closed the period with $5.2 billion of debt and a net cash balance of $68.3 billion.
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Murphy said DRAM revenue was a record $39.8 billion in the fourth quarter, representing 73% of total revenue and up 343% year over year, while NAND revenue was a record $14.1 billion, 26% of revenue and up 526% year over year. The company’s earnings presentation lists full-year DRAM revenue of $100.679 billion, 76% of the annual total, and NAND revenue of $31.785 billion, or 24%.
Each of Micron’s four business units posted record quarterly revenue, Murphy said. The Core Data Center Business Unit generated $18.0 billion, the Cloud Memory Business Unit $16.3 billion, the Mobile and Client Business Unit $13.1 billion, and the Automotive and Embedded Business Unit $6.8 billion. Gross margins in the quarter were 90% for Core Data Center, 83% for Cloud Memory, 90% for Mobile and Client, and 84% for Automotive and Embedded, with Core Data Center posting an 85% operating margin.
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Source: Micron Posts Record Revenue and Earnings for Fiscal 2026 – Unite.AI
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