Micron Drives 605% EPS Surge as Memory Cycle Extends Through 2027
Micron accounts for 51% of S&P 500 EPS revisions, supporting a projected 605% profit surge in 2026 after estimates rose 93% since February. KeyBanc sees the memory cycle extending through 2027 as Micron’s inventory drops to 79 days and 2026 ex-memory revenue growth forecast rises to 22%.
1. Micron Leads S&P Earnings Revisions
Goldman Sachs data show Micron accounts for 51% of all S&P 500 EPS revisions since the onset of the conflict, driving Wall Street’s consensus to a 605% earnings growth projection for 2026 and a 93% jump in estimates since late February. This outsized influence reflects surging memory demand tied to AI infrastructure and defense spending.
2. KeyBanc Sees Extended Memory Upcycle
KeyBanc analysis indicates the semiconductor recovery is in its early innings, with Micron’s inventory levels falling to 79 days—near the five-year average—and quarter-on-quarter shipments down 2.1% but up 3.5% year-on-year. The firm now forecasts 22% ex-memory revenue growth for 2026—up from 19%—and expects the upcycle to continue through at least 2027.