Micron Q4 revenue jumps to $54.23 billion, guides Q1 to $61.5 billion

Micron's latest results mark a dramatic acceleration from the prior year, with fiscal fourth-quarter 2026 revenue of $54.23 billion compared with $11.32 billion a year ago. For the full fiscal year 2026, revenues reached $133.19 billion, up from $37.38 billion in fiscal 2025. The company's guidance for the first quarter of fiscal 2027 points to continued momentum, targeting $61.5 billion plus or minus $1.5 billion.

The data center business has become Micron's key growth engine, benefiting from rising AI-related demand. Profit margins have also expanded, with non-GAAP gross margin rising from 84.9% in the fiscal third quarter of 2026 to 87% in the fiscal fourth quarter, supported by higher selling prices, a favorable product mix, and operating leverage. Management expects Strategic Customer Agreements to improve earnings visibility.

For comparison, NVIDIA reported fiscal second-quarter 2027 revenue of $96 billion, up 106% year over year, with Data Center revenue of $89 billion. NVIDIA guided fiscal third-quarter 2027 revenue to $108 billion, plus or minus 2%. While both companies benefit from AI infrastructure demand, U.S. chip export restrictions to China and stiff competition could limit NVIDIA's further growth, while Micron's evolution from a cyclical memory stock to a vital AI infrastructure supplier could drive sustained growth.