[News] Micron FY2026 Revenue Surges 256% to $133.2B, Locks In 35%+ of Revenue Through 2030
Micron closed fiscal 2026 with record-setting growth, fueled by strong memory pricing and surging AI-driven data center demand. According to Investing.com, the company reported fiscal Q4 revenue of $54.2 billion, up 31% sequentially and 379% year over year. Full-year revenue reached $133.2 billion, rising 256% from the prior year. The results also marked the first time Micron’s annual DRAM revenue surpassed $100 billion.
Profitability strengthened alongside revenue growth. Gross margin reached 87% in the fourth quarter, up 210 basis points sequentially, while operating income totaled $44.6 billion, representing an operating margin of 82%.
DRAM revenue reached $39.8 billion in Q4, accounting for 73% of total revenue, with average selling prices rising by a high-teens percentage sequentially. NAND revenue totaled $14.1 billion, or 26% of revenue, as bit shipments increased approximately 10% sequentially and ASPs climbed roughly 30%.
The Core Data Center Business Unit (CDBU) led the growth, with revenue jumping 56% sequentially to $18.0 billion, supported by strong demand for data center DRAM and SSDs used in AI workloads.
HBM continued to outpace Micron’s overall growth, with HBM revenue rising faster than total company revenue during the quarter, as the report indicates. Micron has now reached agreements covering the vast majority of its calendar 2027 HBM bit supply at prices significantly higher than a year earlier.
Data center SSDs delivered another major boost, with revenue approaching $10 billion in fiscal Q4, more than 10 times the year-ago level and accounting for over two-thirds of total NAND revenue, the report highlights.
Long-Term Agreements Expand Revenue Visibility
Micron is also locking in more of its future business through Strategic Customer Agreements (SCAs), which provide customers with supply assurance while giving the company greater financial visibility. As noted by the report, Micron has now signed 26 SCAs estimated to cover more than 35% of revenue through 2030, with several agreements extending into 2031. Customer financial commitments under these agreements have increased to $32 billion, the vast majority of which consists of cash deposits.
Micron Sees Tighter Memory Supply Through 2028
Micron expects the momentum to continue into fiscal 2027. According to Reuters, the company expects fiscal Q1 revenue of $61.5 billion, plus or minus $1.5 billion, well above analysts’ average estimate of $57.02 billion. Micron also expects fiscal 2027 to be another record year, with sequential revenue growth in each quarter.
Looking further ahead, according to Investing.com, Micron expects memory and storage supply-demand conditions to become significantly tighter in calendar 2027 and 2028 than in 2026. For DRAM, industry bit shipments are expected to grow in the low-20s percentage range in both 2027 and 2028, while the market is projected to remain supply-constrained in both years. Notably, according to MTN, Micron expects HBM shipment growth to continue outpacing conventional DRAM through 2028.
For NAND, industry bit shipments are expected to increase in the mid-20s percentage range in both 2027 and 2028, with supply conditions similarly remaining constrained, Investing.com notes.
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(Photo credit: Micron)
