Micron’s Record Q4 2026: $54.23B Revenue and a $61.5B Q1 Outlook

Micron closed fiscal 2026 with record quarterly revenue of $54.23 billion, up 379% from a year earlier. Adjusted earnings also beat LSEG estimates, and the company forecast $61.5 billion in revenue for fiscal Q1 2027. The strong quarter came amid higher memory prices and shipment growth, but Micron’s companywide margin and overall DRAM share should not be mistaken for a breakdown of profitability or market position in HBM specifically. 71116

Record results, with a higher Q1 forecast

Micron reported $54.23 billion in fiscal fourth-quarter revenue, compared with $11.32 billion in the same quarter a year earlier. Non-GAAP diluted earnings were $33.42 per share. 7

Using the LSEG estimates reported by CNBC, revenue beat expectations of $51.07 billion and adjusted EPS topped the $31.61 estimate. Analyst comparisons can differ across data providers; these figures use LSEG’s survey. 1116

For fiscal Q1 2027, Micron forecast revenue of $61.5 billion, plus or minus $1.5 billion, and adjusted EPS of $38.15, plus or minus $1. The company also projected non-GAAP gross margin of about 86.25%—below Q4’s reported 87%. These are management’s estimates, not guaranteed results. 27

How pricing and shipments fed into margins

The available figures point to both higher prices and increased shipments supporting the quarter. DRAM revenue reached $39.8 billion, or about 73% of total revenue. DRAM bit shipments rose in the mid-single-digit percentage range sequentially, while DRAM average selling prices increased in the high-teens percentage range, according to the earnings coverage. 523

Micron’s consolidated non-GAAP gross margin was about 87%. That overall figure shows how profitable the company was across its businesses, but it does not show how much margin came from DRAM, NAND, HBM or any other product group. The sources report broad pricing strength across DRAM and NAND, but the available details do not support a precise segment-by-segment margin attribution. 1321

Why Micron expects memory supply to stay tight

Micron management expects memory and storage supply-demand conditions to be much tighter in fiscal 2027 and 2028 than in 2026. It cited strengthening demand, structural limits on supply growth and HBM demand growing faster than conventional DRAM through calendar 2028. 121921

The company also said agreements cover the vast majority of its calendar-2027 HBM bit supply, at significantly higher year-over-year prices. Those agreements offer visibility into much of that supply, but the company’s longer-term view remains a forecast—not a guarantee that shortages or pricing conditions will persist exactly as expected. 1221

Micron’s DRAM share narrowed the gap with SK hynix

Counterpoint’s Q2 2026 estimates put Samsung first in DRAM revenue share, followed by SK hynix and Micron. Compared with the preceding quarter, Micron gained two percentage points while SK hynix lost four, narrowing their gap to one point. CXMT was also reported to have gained share. 2734

DRAM supplier	Previous quarter	Q2 2026
Samsung	38%	38%
SK hynix	29%	25%
Micron	22%	24%
CXMT	8%	10%

These are rounded, revenue-based estimates from Counterpoint—not shipment shares, Q3 figures or HBM-only shares. Other research firms publish different estimates, so comparisons should use one provider’s series rather than combine figures with potentially different methods or market definitions. 272831

Micron’s improving position makes its execution worth watching as HBM4 production ramps. But overall DRAM share alone cannot establish whether it has caught SK hynix in HBM: the figures describe a wider market, not the HBM segment. The results show Micron’s momentum and a tighter DRAM race; they do not, by themselves, settle the competition in high-bandwidth memory.