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Micron just delivered arguably the most spectacular quarter in memory-chip history — and the market’s reaction was a collective shrug. Revenue of $54.23 billion, up 379% from a year ago, crushed the roughly $51.1 billion consensus, while adjusted earnings of $33.42 per share topped the $31.61 Zacks consensus for a 5.7% surprise. Then Micron guided fiscal Q1 2027 revenue to $61.5 billion at the midpoint, far above the ~$57 billion Street estimate. After-hours trading was choppy — an initial spike faded into a tug-of-war between small gains and small losses.
That disconnect is the whole story of this print. Full fiscal 2026 brought record revenue of $133.2 billion (up 256%) and adjusted EPS of $75.52 (up 811%) — but with shares up roughly 273% since January, perfection was priced in. A beat and a raise still weren’t enough to move the needle.
- Q4 FY26 revenue: $54.23B (vs ~$51.1B consensus) — +379% YoY, vs $11.32B a year ago
- Adjusted EPS: $33.42 (vs $31.61 Zacks consensus) — vs $3.03 a year ago
- Adjusted gross margin: 87.0% (vs 86.1% estimated)
- Q1 FY27 guide: revenue $61.5B ± $1.5B, adjusted EPS $38.15 ± $1.00, gross margin ~86.25%
- Remaining performance obligations: ~$150B across 26 signed strategic customer agreements
“As strong as fiscal 2026 was, we expect fiscal 2027 to be even better,” said CEO Sanjay Mehrotra. “We expect memory and storage supply-demand conditions to be much tighter in fiscal 2027 and 2028 than they were in 2026.” That is the bullish engine under this entire report: demand has strengthened since last quarter, and Micron says it has no line of sight to when supply and demand return to balance, even with new industry clean-room capacity plans in the works.
The fine print leans constructive too. Micron’s CFO called Q1 FY27 the floor for gross margins, with revenue expected to rise sequentially in every quarter of FY27. Most of fiscal 2027 supply is now locked in at much higher prices, and agreements for the vast majority of calendar 2027 HBM supply carry significant price increases. The one blemish: the guided ~86.25% gross margin sits a hair below the ~86.40% consensus — the single metric where Micron didn’t clear the bar. Capital spending goes vertical alongside the cycle: $25 billion of CapEx in the first half of FY27 alone, with the second half running even higher.
Related reading: Baird raises Micron price target to $1,520 on agentic AI demand · Citi raises Micron target to $1,300 ahead of Wednesday’s blockbuster earnings
With memory running this hot and Micron itself saying it can’t see supply catching up, what’s your read — are we mid-supercycle with years left to run, or is this the kind of blowout quarter that tends to mark the top?
Sources:
Zacks: Micron Q4 Earnings and Revenues Beat Estimates
CoinDesk live: Micron tops earnings and guidance estimates
AI Stock Wire: Micron Q4 FY2026 — $54.2B revenue, $150B RPO
Wccftech: Micron on margins, CapEx and humanoid robot memory demand
Investopedia: How much Micron stock is expected to move after earningsAuto-posted by the Bull Lounge news desk.
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