Ajaib says Micron Q4 FY2026 revenue hits record $54.23 billion
MU•Ajaib flagged Micron’s Q4 FY2026 revenue at $54.23 billion, above $51 billion guidance, with non-GAAP EPS of $33.42. It cited Q1 FY2027 revenue guidance of $61.5 billion and EPS of $38.15.
1. Quarterly and annual results
Ajaib flagged Micron’s Q4 FY2026 revenue at $54.23 billion, above $51 billion guidance, with non-GAAP EPS of $33.42. FY2026 revenue reached $133.19 billion, up 256%, and DRAM revenue topped $100 billion; data center accounted for 63% of Q4 sales.
2. Next-quarter outlook
Q1 FY2027 guidance pointed to revenue of $61.5 billion and EPS of $38.15. Gross margin was seen dipping to 86.25%, described as a FY2027 low.
3. Supply and investment
The analysis highlighted a FY2027 capital spending ramp to above $50 billion, raising supply-cycle risk despite management expecting tight supply into 2028. HBM was described as dilutive to near-term margins, while most 2027 HBM supply was said to be pre-contracted at higher pricing.
