Micron just posted the most absurd numbers in memory-chip history: record fiscal-2026 revenue of $133.19 billion - up 256% from $37.38 billion a year ago - with GAAP net income of $84.97 billion, or $74.33 per share. The fourth quarter alone did $54.23 billion in sales (+379%) and $37.7 billion in profit, both records, Unite.ai reported.
The beats were clean across the board: adjusted EPS of $33.42 versus $31.61 expected (and just $3.03 a year ago), on revenue well above the $51.07 billion consensus. Data-center revenue jumped 11-fold as AI infrastructure demand swallowed everything Micron could ship, CNBC reported.
Guidance: $63 billion is on the table
Micron guided fiscal-Q1 revenue to about $61.5 billion at the midpoint - a $60-63 billion range against $57 billion expected - with adjusted EPS of $38.15 versus $35.40 consensus. At the midpoint, sales grow another $7.3 billion in a single quarter, Watcher Guru reported.
CEO Sanjay Mehrotra's message: fiscal 2027 will be even stronger. DRAM and NAND demand has so far outrun supply that "no one truly knows when the two will find a balance" - and conditions will be even tighter in 2027 and 2028 because supply can't catch up, CNBC reported.
75% of 2027 already sold
Roughly 75% of Micron's expected 2027 output is already locked in by customers, who are now negotiating 2028 allocations. As America's only maker of high-bandwidth memory - the stuff AI chips need to run big models - Micron is also working with Nvidia on the industry's first custom HBM implementation, CNBC reported.
The full-year split shows where the money lives: DRAM revenue topped $100 billion (76% of sales), NAND added $31.8 billion, and all four business units posted record quarters, per the company's official results, GlobeNewswire reported.
Baked in?
Here's the catch the bulls must answer: the stock is up more than 500% in the past year, running from ~$500 to ~$1,000 - and barely budged after hours on the print. The market is treating the beat as merely "good enough to support the rally." With Asian chip stocks rallying into the numbers, the next test is simple: $1,000 needs to become a floor, not a ceiling.