Micron Technology

Micron makes memory and storage chips: DRAM, including high-bandwidth memory (HBM) for AI accelerators, NAND flash and NOR flash. It sells them as chips, modules and solid-state drives to cloud companies, server and PC makers, phone makers and the car and industrial markets. It has four business units: Cloud Memory, Core Data Center, Mobile and Client, and Automotive and Embedded. Micron is one of three large DRAM makers in the world.

It has fabs in the United States, Japan, Taiwan and Singapore, and it is building new DRAM fabs in Idaho and New York. Revenue was $133.19 billion in fiscal 2026, up from $37.38 billion in fiscal 2025, because AI data centers caused a shortage of memory. Its fiscal year ends on the Thursday nearest August 31, and fiscal 2026 had 53 weeks.

The market prices Micron for a memory cycle that ends, even with record AI demand. In the past, memory prices rose for one or two years and then fell when the industry added supply. In Q4 fiscal 2026, Micron had a gross margin of 86.8% and EPS of $32.87. It guides Q1 fiscal 2027 revenue to $61.5 billion and GAAP EPS to $37.84.

In 2026, it signed multi-year Strategic Customer Agreements with take-or-pay volumes and price floors, and customers paid $12.75 billion of deposits. Micron says that margins at the price floors are above its peak quarterly margins in any past cycle. The market doubts that these earnings last. It prices Micron as if memory prices will fall when new fabs at Micron, Samsung and SK hynix start from 2027, as in past cycles.

The price already reflects most of the expected cycle, so the next results can move it either way. Three results can move it up. Revenue and margins can stay near the Q1 fiscal 2027 guidance through 2027. Customers can take their committed volumes under the agreements when spot prices fall.

Industry supply, including Micron's first Idaho fab in mid-2027, can grow no faster than AI demand. Three results can move it down: a Q2 fiscal 2027 guidance below Q1, falling DRAM or HBM prices, or customers that try to renegotiate the agreements. The Q1 fiscal 2027 report, expected in mid-December 2026, gives the next test. The supply added in 2027 and 2028 shows how long the cycle lasts.

1. Dec 16, 2026 · est.Pending

   Q1 fiscal 2027 results: prices and marginsRevenue at or above $61.5 billion with a gross margin near 86% and a Q2 guidance at a similar level pass; a lower guidance or falling prices fail.
2. Jun 2027 · est.Pending

   First DRAM output from the Idaho fabFirst wafer output in mid-2027 with prices that stay high passes; a delay, or a fall in prices as the industry adds supply, fails.

Every passed and failed checkpoint across all picks

• October 9, 2026Micron filed its fiscal 2026 annual report. It said that it received $12.75 billion of customer deposits under Strategic Customer Agreements in 2026, and that nearly all of them are due back to customers between 2029 and 2031. Customers also gave $7 billion of letters of credit.
• September 30, 2026Micron reported record Q4 fiscal 2026 results. Revenue was $54.23 billion, up from $11.32 billion a year earlier, and GAAP EPS was $32.87. Fiscal 2026 revenue was $133.19 billion and adjusted free cash flow was $62.31 billion. Micron guided Q1 fiscal 2027 revenue to $61.5 billion, plus or minus $1.5 billion, and GAAP EPS to $37.84, plus or minus $1.00.
• June 24, 2026Micron reported Q3 fiscal 2026 results. Revenue was $41.46 billion, up from $23.86 billion in Q2, and GAAP EPS was $24.67. It announced its first multi-year Strategic Customer Agreements.

Last earnings

September 30, 2026 (8-K on sec.gov)

Next earnings

Expected about December 16, 2026. The company has not confirmed the date.

• 8-KChange of directors or officersFiled November 5, 2026 · Read it on sec.gov
• 10-KAnnual report for the period ended Sep 3, 2026Filed October 9, 2026 · mu-20260903
• 8-KEarnings releaseFiled September 30, 2026 · mu-20260930
• 8-KChange of directors or officersFiled August 26, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended May 28, 2026Filed June 25, 2026 · mu-20260528
• 8-KEarnings releaseFiled June 24, 2026 · mu-20260624
• 8-KChange of directors or officersFiled June 9, 2026 · Read it on sec.gov
• 8-KOther company newsFiled April 1, 2026 · Read it on sec.gov
• 8-KOther company newsFiled March 25, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Feb 26, 2026Filed March 19, 2026 · mu-20260226

Every filing on SEC EDGAR (CIK 723125)

• Memory prices move in cycles. Revenue rose from $37.38 billion in fiscal 2025 to $133.19 billion in fiscal 2026. When Micron, Samsung, SK hynix and Chinese makers add supply, prices can fall fast, and the stock can fall before results do.
• Demand depends on AI data center spending by a small number of large customers. If they spend less, or buy fewer chips per server, demand for HBM and server DRAM can fall.
• The Strategic Customer Agreements are new and untested in a downturn. Pricing for most of them moves inside minimum and maximum bands, and customers can try to renegotiate. Nearly all of the $12.75 billion of deposits are due back between 2029 and 2031.
• Micron is building large new fabs in Idaho and New York. They need high capital spending, and they add supply in mid-2027, late 2028 and 2030. Delays raise costs, and new supply can lower prices.
• Trade rules between the United States and China can limit sales or raise costs, and China is building its own memory makers.

Micron has much more cash than debt. At September 3, 2026, cash and equivalents were $38.36 billion, short-term investments were $5.07 billion and long-term marketable investments were $30.02 billion, for $73.45 billion; with restricted cash, the release gives $73.48 billion. Read more

Dividend yield

0.1% (last 12 months, at today’s price of $733.15)

Paid per share

$0.565 in the last 12 months (4 payments)

Current annual rate

$0.60 ($0.15 × 4 a year)

Payout ratio

1% of the last fiscal year’s earnings (the year that ended September 3, 2026)

Latest ex-dividend date

October 14, 2026, $0.15 per share

Dividends per share by year

Source: company filings and market data, read on November 9, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.