Micron Technology FY-26 Revenue Reaches $133.2 Billion Amid High AI Demand

Key highlights

• Full-year revenue reached $133,188 million, supported by robust AI demand for HBM and server DRAM
• Operating income rose to $101.19 billion following an increase in average selling prices
• Net income for the fiscal year totaled $84,969 million, or $74.33 per diluted share
• Customer supply agreements generated $12.75 billion in cash deposits to support future capacity
• Committed demand for fiscal 2027 reached $32,000 million as of late September 2026

How the Period Went

Micron Technology reported a fiscal year 2026 defined by significant expansion, with revenue totaling $133,188 million. This trajectory was underpinned by a surge in demand for high-bandwidth memory (HBM) and server DRAM, which are essential components for artificial intelligence infrastructure. The bottom line reflected this growth, as the company generated $84,969 million in net income, translating to a diluted earnings per share of $74.33. These results indicate a transition toward high-value memory solutions, with the company securing substantial long-term customer supply agreements to support future production capacity and maintain market momentum.

Margins and Profitability

Profitability reached elevated levels during the fiscal year, with gross profit totaling $107,504 million. Operating income climbed to $101.19 billion, benefiting from higher average selling prices across the product portfolio. The company’s strategic shift toward AI-optimized memory architectures allowed for improved margin capture. Additionally, Micron reported $12.75 billion in cash deposits from customer agreements, providing a significant liquidity cushion as the firm prepares for massive capital expenditures in fiscal 2027. Pretax income for the period stood at $99,671 million, reflecting robust operational efficiency and limited non-operating headwinds throughout the fiscal year.

Business Overview

• Primary focus on DRAM and NAND memory solutions for data centers and automotive sectors
• Strategic emphasis on HBM3E and HBM4 technologies to meet generative AI requirements
• Expanding manufacturing footprint with new fabrication facilities in Idaho and New York
• Strong liquidity supported by strategic customer deposits for long-term supply
• Ongoing technological transition to advanced memory nodes to lower cost-per-bit

Financial Context

Micron's market capitalization currently stands at approximately $1.17 trillion, reflecting its dominant position in the semiconductor industry. The stock's price-to-earnings ratio is 13.94, which provides a valuation benchmark against the broader technology sector. Technical indicators show a Relative Strength Index of 51.2, suggesting a neutral momentum profile following a recent monthly price increase of 3.56%. For fiscal year 2027, management has guided for Q1 revenue of approximately $61.5 billion, according to Quartr data, which would represent continued growth from the quarterly revenues reported throughout fiscal 2026.

Down 8.0% since our story on 9 Oct: $1,035.84 when we broke it → $953.19 at the close on 13 Oct. Daily closing prices. Source: Yahoo Finance.

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14 Sep	$924.03
15 Sep	$927.60
16 Sep	$926.55
17 Sep	$977.50
18 Sep	$1,015.80
21 Sep	$1,043.96
22 Sep	$1,096.16
23 Sep	$1,071.88
24 Sep	$1,080.53
25 Sep	$1,082.28
28 Sep	$1,053.98
29 Sep	$1,065.08
30 Sep	$1,065.11
1 Oct	$1,097.39
2 Oct	$1,074.89
5 Oct	$1,063.96
6 Oct	$1,045.56
7 Oct	$1,088.00
8 Oct	$1,035.84
9 Oct	$1,029.00
12 Oct	$989.04
13 Oct	$953.19

Industry Landscape

The semiconductor industry is experiencing a cyclical upswing driven by the transition to AI-centric computing. Micron faces a competitive landscape alongside peers such as SK Hynix and Samsung, particularly in the race to secure HBM market share. Supply conditions remain tight, as evidenced by Micron’s $32 billion order book, with over 75% of fiscal 2027 shipments already committed as of late September 2026. Regulatory factors also play a role; restrictions on share buybacks under the CHIPS Act agreement are scheduled to expire on December 9, 2026, potentially altering the company's capital allocation strategy.

MICRON TECHNOLOGY INC · financial snapshot

Share price	$1,035.84
Market cap	$1.17T
Revenue (annual)	$37.4B
P/E (TTM)	13.9×
1-month price change	+3.56%
Sector	TechnologySemiconductors

Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.