Micron Technology, Inc. Beats EPS and Beats Revenue in Q4 2026

Micron Technology, Inc. (Nasdaq: MU) reported impressive results for its fiscal fourth quarter and full year 2026, showcasing significant growth compared to the previous year. Revenue for Q4 2026 reached $54.23 billion, a substantial increase of $42.91 billion or 379% year-over-year from $11.32 billion in Q4 2025. This performance reflects Micron's strong operational execution and growing demand driven by AI technologies.

Key Financial Metrics

• Q4 2026 Revenue: $54.23 billion (up from $11.32 billion YoY)
• GAAP Net Income: $37.70 billion, or $32.87 per diluted share
• Non-GAAP Net Income: $38.40 billion, or $33.42 per diluted share
• Operating Cash Flow: $43.97 billion (up from $5.73 billion YoY)
• Full Year 2026 Revenue: $133.19 billion (up from $37.38 billion YoY)
• GAAP Net Income: $84.97 billion, or $74.33 per diluted share
• Non-GAAP Net Income: $86.76 billion, or $75.52 per diluted share
• Operating Cash Flow: $89.68 billion (up from $17.53 billion YoY)

Analyst View

This quarter is undoubtedly a positive outcome for shareholders. The remarkable growth in revenue and net income indicates that Micron is effectively capitalizing on the increasing demand for memory solutions, particularly in AI and data-intensive applications. The company's ability to generate a GAAP net income of $37.70 billion in Q4 2026, compared to just $3.20 billion in Q4 2025, is a clear testament to its operational strength and market positioning.

Micron's strategic investments in technology and manufacturing are paying off, as evidenced by the significant increase in operating cash flow, which reached $43.97 billion in Q4 2026, compared to $5.73 billion in the same quarter last year. This robust cash generation provides the company with ample resources to continue its growth trajectory and invest in future innovations.

Dividend and Share Buyback

Micron's Board of Directors declared a quarterly dividend of $0.15 per share, payable on October 29, 2026, to shareholders of record as of October 14, 2026. This move reflects the company's commitment to returning value to its shareholders amidst its strong financial performance.

Guidance for Q1 2027

Looking ahead, Micron provided guidance for the first quarter of fiscal 2027, projecting revenue of $61.5 billion with a margin of approximately 85.95%. The company expects diluted earnings per share to be around $37.84, indicating continued strong performance in the upcoming quarter.

Forward Catalyst

Investors should closely monitor Micron's progress in the AI sector and its ability to maintain its competitive edge through innovation and strategic partnerships. The company's ongoing investments in high-capacity memory solutions and its recent product launches, such as the industry's first 512GB ultra-dense high-capacity DDR5 RDIMM modules, position it well for sustained growth. Additionally, updates on customer qualifications and design wins with Tier 1 OEMs for AI workstation products will be critical indicators of future performance.

In summary, Micron's Q4 2026 results not only highlight its current success but also set a strong foundation for future growth, making it an attractive investment for shareholders looking for exposure to the semiconductor and AI markets.

Note: The following tables are in millions.

Quarterly Earnings — Revenue vs. Estimate

Revenue vs. Estimate — 5 Quarters

EPS vs. Estimate — 5 Quarters

Analyst Ratings & Price Targets

Micron Technology, Inc. (MU) has seen a series of positive analyst actions in recent months, reflecting growing optimism around the stock. BMO Capital Markets initiated coverage with an Outperform rating and a $1,300 price target on August 21, while New Street Research upgraded MU from Neutral to Buy with a $1,250 target on August 14. Earlier, Erste Group raised its rating from Hold to Buy in late June, and Needham reiterated its Buy rating twice that month, significantly increasing its target from $500 to $1,650. Wedbush also reaffirmed its Outperform rating, lifting its target from $500 to $1,300 on June 18. The consensus price target implies substantial upside from Micron’s current trading levels, with analysts broadly bullish on the memory chipmaker’s prospects amid improving industry conditions. The upgrades and raised targets suggest strong conviction in Micron’s earnings potential and cyclical recovery.

Technical Analysis — 90-Day Price Chart

Micron Technology, Inc. (MU) trades at $1065.11, firmly above its key moving averages—$1012.10 (SMA20), $951.59 (SMA50), and $852.45 (SMA200)—reinforcing a bullish trend as all averages slope upward without bearish crossovers. The RSI(14) at 64.5 suggests neutral-to-moderately bullish momentum, avoiding overbought territory (70+). Recent volume of 30.5M shares exceeds the 20-day average of 24.97M, supporting the uptick with stronger participation. Positioned at ~85% of its 52-week range ($737.88–$1254.81), MU faces near-term resistance near the $1254.81 peak, while the SMA200 and psychological $1000 level offer robust support. The stock’s sustained posture above ascending moving averages, coupled with elevated volume, signals continued bullish bias, though RSI proximity to overbought levels warrants caution against potential consolidation.