Micron Q4 2026 Revenue Hits $54.23B as Memory Prices Soar

Micron on Tuesday reported fiscal Q4 2026 financial results with revenue of $54.23 billion, up nearly five times year-over-year, and a record 87% gross margin overall. The company's Mobile and Client business unit, which supplies consumer memory, posted an 88% operating margin.

Mobile and Client was the only Micron business unit that shipped less memory in the quarter. Revenue in the unit rose 14% quarter-over-quarter, driven by higher pricing and partially offset by lower bit shipments.

The results mark a sharp swing from a year earlier, when Micron's Mobile and Client unit had a 29% operating margin in fiscal Q4 2025. Other units also expanded: Core Data Center margin rose from 25% to 85% year-over-year, Automotive and Embedded climbed from 20% to 79%, and Cloud Memory moved from 48% to 76%.

Micron guided fiscal Q1 2027 revenue to $61.5 billion, plus or minus $1.5 billion, with gross margin of 86.25%. The company said it expects memory and storage markets to be much tighter in 2027 and 2028 and that the industry will be supply-constrained in both years, adding that it has no line of sight to when supply and demand will return to balance.

Micron plans to increase capital expenditure in fiscal 2027, with a majority of the increase for clean room construction set for 2028 through the end of the decade. The pricing-driven growth echoes comments earlier this year from Intel CFO David Zinsner, who attributed 13% year-over-year growth in Intel's consumer business to higher average selling price rather than increased unit sales, as reported by tomshardware.com.