Micron Technology closed fiscal 2026 with $54.23 billion in fourth-quarter revenue, pushing full-year revenue to $133.19 billion, a 256% jump from fiscal 2025's $37.38 billion. The Boise, Idaho-based chipmaker also posted $84.97 billion in full-year GAAP net income and diluted EPS of $74.33, up 811% year-on-year.

Fourth-quarter GAAP net income reached $37.70 billion. Adjusted EPS hit $33.42 against the Wall Street consensus of $31.61, per CNBC. Full-year gross margin landed at 81.1%, with fourth-quarter gross margin reaching 87%, up 210 basis points sequentially.

What did Micron actually sell?

DRAM carried the quarter. The segment generated approximately $39.8 billion in revenue, up 343% year-on-year and 73% of company sales. NAND added $14.1 billion, with data-center SSDs accounting for nearly $10 billion, or roughly two-thirds of NAND revenue, per Yahoo Finance's earnings-call summary.

The split matters at retail. When two-thirds of a company's flash output is pulled toward data centers paying premium prices, less supply remains for consumer drives.

What did management say?

CEO Sanjay Mehrotra framed the cycle as structural rather than cyclical. "Overall, the supply-demand environment is only getting tighter," Mehrotra told analysts, per PCMag. He added: "Micron delivered record fiscal 2026 results, and we expect an even stronger fiscal 2027."

Six consecutive record quarters preceded the September print, per 247WallSt.

The forward signal is concrete. Mehrotra said Micron locked in HBM prices with customers last year, with most 2027 volume already sold out at prices above 2026 levels. Micron also works with Nvidia on what both firms describe as the industry's first custom HBM implementation. Micron remains the only U.S.-based HBM maker, per CNBC.

Why did the stock barely move?

CNBC's own headline called the move "barely budged" despite the beat. Two factors explain the disconnect.

Six prior record quarters had pulled expectations forward, leaving a beat that matched consensus with little room to surprise. Second, Morningstar's same-day note cut its fair-value estimate to $700 from $850. Morningstar warned that industry supply could roughly double by 2028, opening a sharp pricing decline between 2029 and 2031.

The analyst spread is wide. CNBC reported a $1,550 price target, implying roughly 46% upside from the pre-earnings close. Wedbush's Matt Bryson kept his bullish stance, expecting memory prices to keep climbing through 2027. Morningstar's $700 fair value cuts the other way. The gap will keep Micron shares choppy even as revenue keeps setting records.

What is the fiscal Q1 2027 outlook?

Micron guided to roughly $61.5 billion in revenue and $38.15 in adjusted EPS at the midpoint, per MarketBeat. That implies a seventh consecutive record quarter and a 13.4% sequential lift over the $54.23 billion just reported. Both figures came in above analyst models.

What does this mean for buyers?

Consumer RAM and SSD pricing has no near-term ceiling visible in these numbers. Micron management expects demand to outstrip supply through calendar 2027 and 2028.

The company's 2GB GDDR7 discontinuation earlier in 2026 tightened supply for Nvidia's RTX 50-series. Steam Hardware Survey data already showed 32GB system RAM overtaking 16GB as the most common configuration among gamers, suggesting buyers upgraded despite rising prices. AMD and Intel have separately pushed through roughly 10% price increases tied to TSMC manufacturing costs.

What should readers watch next?

• A seventh consecutive record quarter is likely if Micron hits $61.5 billion Q1 FY2027 guidance.
• 2027 HBM pricing is contracted above 2026 levels, locking in higher memory costs for AI accelerator makers.
• Consumer RAM and SSD prices are unlikely to ease materially before 2027 at the earliest.
• Rival results from Samsung and SK Hynix will test whether the squeeze is Micron-specific or industry-wide.
• The bullish $1,550 target versus Morningstar's $700 estimate points to ongoing stock volatility.