Micron Just Posted Its Eighth Straight Beat — And the Guidance Is Even Better
Micron beat fiscal Q4 estimates on both lines, with EPS of $33.42 topping consensus by $1.70 and revenue up 379% year-over-year to $54.23 billion — then guided next quarter's numbers well above what Wall Street was expecting.
Micron Technology ($MU) closed out its fiscal 2026 with another blowout quarter, beating on both earnings and revenue while guiding next quarter's numbers well above what Wall Street was modeling.
| Metric | Expected | Actual | Result |
|---|---|---|---|
| EPS (non-GAAP) | $31.72 | $33.42 | Beat by $1.70 |
| Revenue | $51.33B | $54.23B | Beat by ~5% |
| Non-GAAP gross margin | — | 87.0% | Up from 84.9% last quarter, 45.7% a year ago |
A quarter of records, again
Revenue rose 379.1% year-over-year to $54.23 billion, easily clearing the $51.33 billion FactSet consensus. Non-GAAP EPS of $33.42 came in $1.70 ahead of the $31.72 expected — up roughly 1,003% from $3.03 a year ago, and up about 33% sequentially from Q3's $25.11. Gross margin expanded to 87.0% on a non-GAAP basis, extending a run that started at just 45.7% in the year-ago quarter.
Where the growth came from
| Business Unit | Q4 Revenue | Q3 Revenue |
|---|---|---|
| Core Data Center | $18.0B | $11.5B |
| Cloud Memory | $16.3B | $13.8B |
| Mobile and Client | $13.1B | $11.5B |
The data center-facing segments led the acceleration, consistent with the broader AI-infrastructure memory demand story that's been driving the stock all year.
Guidance comes in well above consensus too
Micron didn't just beat the quarter — it raised the bar for the next one. The company guided fiscal Q1 EPS to $38.15 (plus or minus $1.00), against a $35.47 FactSet consensus, and revenue to $61.5 billion (plus or minus $1.5 billion), against a $57.4 billion consensus. Non-GAAP gross margin is expected to run around 86.25% next quarter, roughly in line with this quarter's level.
This platform, including MarketCatalyst LLC, is not a registered investment advisor and doesn't manage client assets. Content here is for informational and educational purposes only — not investment advice, and not a stock-picking or trade-alert service. Trading stocks and options carries risk, including possible loss of principal. Consider your own goals, time horizon, and risk tolerance, and consult a qualified financial advisor before making any investment decisions.