Key Highlights

  • Micron (NASDAQ:MU) booked USD 84.97 billion of GAAP Net Income for fiscal 2026, versus USD 8.54 billion in fiscal 2025. Revenue for the year came to USD 133.19 billion, a 256% increase, and diluted EPS reached USD 74.33.
  • Results for the final quarter of fiscal 2026 showed revenue of USD 54.23 billion, GAAP net income of USD 37.70 billion and EPS of USD 32.87, with a gross Margin at 86.8%.
  • For the upcoming quarter, the company projects USD 61.5 billion of revenue, give or take USD 1.5 billion, with gross margin around 85.95% and EPS of USD 37.84, give or take USD 1.00.
  • Published market data put MU at USD 833.59, down 5.78% in the latest session, with a Market Value near USD 943.14 billion and a P/E of 11.23. Those screener numbers have not been verified.

Profit Nearly Multiplies in a Year

Micron's fiscal 2026 performance ranks among the most dramatic profit gains for large US firms. Net income climbed to USD 84.97 billion from USD 8.54 billion, while the gross margin expanded from 39.8% to 80.7%. The final quarter alone generated USD 37.70 billion of net income on USD 54.23 billion of revenue, against USD 3.20 billion a year earlier. Micron (NASDAQ:MU) gained as scarce memory met booming AI server orders, lifting chip prices and passing most of the extra revenue through to profit. Fourth-quarter revenue soared 379% from USD 11.32 billion a year earlier, so the change unfolded in a very short window.

How Memory Prices Drive Earnings

Memory producers carry large fixed costs, which means that once sale prices outpace per-unit costs, margins widen rapidly. Micron's 86.8% gross margin in the quarter is the clearest evidence of that leverage. Declining prices cut the other way, which is why memory profits have historically moved in cycles. On published data MU trades at a P/E of 11.23 against trailing EPS of USD 74.21, a modest multiple that could indicate investors expect Earnings are near a cyclical high, though that screener number is unverified. The annual figure filed with regulators, USD 84.97 billion, is consistent with the screener ranking.

Risks to Monitor

The main threat is the cycle. Capital expenditure, net of incentives, rose to USD 27.37 billion over the full year, versus USD 13.80 billion, and any extra industry Supply could press prices down later. Guidance points to USD 61.5 billion of revenue next quarter, about 13% above the fourth quarter, by our arithmetic. Concentration among AI server buyers and trade policy add to the list. Shares dropped 5.78% in the latest session on screener data, a reminder that MU reacts sharply to signs pricing has peaked. Margin direction will show up in the next release, and investors should also track any change in the way clients talk about stock levels, since customers holding extra memory stock can halt purchases abruptly and weaken pricing.

Where Things Stand

Micron's earnings nearly multiplied as scarce memory chips and booming server orders drove prices and margins sharply upward, lifting fiscal 2026 net income to USD 84.97 billion. The low earnings multiple on screener data suggests investors are not betting the surge lasts. Investors who sort on earnings will see Micron (NASDAQ:MU) in fifth place on the earnings screen, but cyclical sectors can turn quickly, so the upcoming margin figures will carry more weight than the previous ones.